We've had a few deals recently where the buyer did not qualify at first. We ran the buyers' credit through credit analyzing software that we have, and in each case, if the buyer paid down the balance a bit on just one credit account, their scores would rise enough to get approved. Credit scores go up when balances go below 70%, 50%, or 30% of the available limits for an account.
Once the buyer paid the balances down the appropriate amount (all we needed as proof was a print-out of the new balance), we ordered a rapid re-score from the credit company and got the approvals. The longest we've ever had to wait for a rapid re-score was three days.
www.judesandvallloans.com
thanks for your post
Hi Jude, Isn't this kind of credit manipulation one reason we ended up in this mess? I also remember posters bragging about how they could temporarily inflate a buyer credit profile.
Bill-
This isn't credit manipulation it is simply helping an individual realize their maximum credit score. Many people don't know or understand how the reporting companies rate them. By helping them understand and remedy certain situations it often helps them realize the opportunity of qualifying for a loan and purchasing a home.