Thursday, October 16, 2008

Rapid Re-Score Saves the Deal

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.

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