What Is a Rapid Rescore?
8 Min Read | Published: August 30, 2024
This article contains general information and is not intended to provide information that is specific to American Express products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product.
Rapid rescoring is a process that allows borrowers to quickly update their credit reports to reflect recent changes. This may help you to improve your credit scores for a mortgage application.
At-A-Glance
- Rapid rescore is an expedited process to have new payment information added to your credit reports quickly.
- Since individuals cannot submit a rapid rescore request, you’ll need to work with a lender or creditor to do so.
- It may be beneficial to request a rapid rescore when you’ve made financial moves that may improve your score, like paying down a debt that lowers your credit utilization ratio.
Getting a mortgage is a huge financial decision, so it makes sense that you’ll want to have the highest credit score possible to secure the best rate. Wise money moves like paying down a significant debt can drastically alter your credit utilization, which may positively impact your score. Naturally, you’ll want your future mortgage lender to receive that information and consider it when deciding your rate.
Unfortunately, changes to your credit score can sometimes take a few months to reflect. But there may be a way to circumvent the process thanks to rapid rescoring. In this article, we’ll look at how rapid rescore works and when you may want to use it.
What Is a Rapid Rescore?
A rapid rescore is a process to have new payment information added to your credit reports quickly. This could potentially improve your credit score.
A rapid rescore may be done when applying for a mortgage, where having strong credit can make a big difference in the loan terms that you qualify for. You can’t request a rapid rescore on your own; you’ll need to do so through your lender.
Without intervention, lenders typically report to credit bureaus every 30 to 45 days, and your credit score updates about once a month.1 So, if you’ve made positive financial moves like paying down credit card debt, you’ll likely need to wait a few months for your score to increase. That is, of course, unless you request a rapid rescore.
The most important thing about a rapid rescore is that it’s not a quick fix to improve your credit. It will only update based on the most accurate and recent information. You’ll typically only want to request it once you know which factors impact your credit score the most and ensure the changes you’ve made can meaningfully move your score.
For example, if you have three credit cards with balances and pay one down, it might boost your score a bit. However, if the debt you paid is the lowest balance of the three and your credit utilization is still higher than lenders want to see, you may not get the dramatic increase you wish from a rapid rescore.
Keep in mind that negative changes will also show with a rapid rescore. If you recently submitted several credit applications or closed a credit card, be prepared for the potentially negative impacts of those changes, too.
Did you know?
Since it can take months to see changes in your credit score, it makes sense to start intentionally tracking your score at least six months before you need to borrow money. That way, you have time to review your credit report, open a dispute with credit bureaus for any potential errors, and have your score adjusted before meeting with a lender.
How to Get a Rapid Rescore
If you believe a rapid rescore is right for you, you can follow these steps to request one:
- Confirm Financial Transactions are Complete
Before initiating the rapid rescore process, confirm you’ve completed all the financial transactions you need to make, including processing debt payments. You’ll want to check the lender’s site to verify that transactions have cleared and that your account reflects the proper balance. - Request the Rescore Through Your Lender
Lenders that offer rapid rescoring will pay a fee to credit bureaus to review and update information quickly. The good news is that a rapid rescore shouldn’t cost you anything. The mortgage lender pays a fee for the rapid rescore, and they can’t pass that fee to you, the consumer.2 You’ll face plenty of other closing costs on a house that will require spending money, so count this one as a small victory. - The Credit Bureau Provides an Updated Report
Within a few days, the credit bureau will provide an updated credit report to your lender. - The Lender Provides New Rates and Terms Based on the Updated Score
Assuming the lender sees an improved credit report and score from the rapid rescore, they may issue you new loan terms and interest rates accordingly. You’ll need to discuss with your lender to understand how much of a difference you’ll see in your rate as a result.
How Long Does a Rapid Rescore Take?
The time it takes to process a rapid rescore can vary depending on your lender, other creditors, and the credit bureau. But generally, once the mortgage lender begins the rapid rescoring process and submits the required documentation, the process is completed within 2-3 days.3
Could Rapid Rescoring Benefit You?
Rapid rescoring may be beneficial in the following situations:
- Request the Rescore Through Your Lender
Whether you’re applying for a car loan or mortgage, your credit score is a big factor in your loan eligibility and the interest rates offered. If you have the ability to make quick changes to boost your score, like taking a lump sum from a savings account and using it to pay off debt, a rapid rescore could benefit you by getting that information into the hands of your lender faster. Keep in mind that you can’t request a rapid rescore with every type of financing, so it’s important to talk to your lender before applying if you believe your score has changed.
- You’re a Few Points Shy of Qualifying for a Loan (Or Accessing a Better Rate)
A rapid rescore generally makes sense if you only need to improve your credit score by a few points to qualify for a better rate. For example, if your current score is 650 and your lender wants to see a 670 to qualify for a mortgage, that difference may potentially be made up by a rapid rescore. However, if your current score is around 500, you may need more time to make enough good financial moves to change your score by 170 points.
- You’re Applying for a Top-Tier Credit Card
If you’ve had your eye on a premium rewards credit card, your credit score will be a factor when applying. Depending on the credit card issuer and how badly they want to offer you the card, you may be able to ask them to request a rapid rescore. However, since the lender needs to pay a fee for the rescore, they may not be willing to do so. In that case, you may simply need to wait a few months to see the changes reflected in your score and reapply at that time.
Did you know?
It’s smart to check your credit score and report before going to a lender for a loan. You can use a tool like American Express® MyCredit Guide to get your free credit score and report. This allows you to review your report and determine whether it reflects the latest information.
Frequently Asked Questions
Rapid rescore may work for borrowers actively trying to obtain credit who know their latest credit score does not reflect positive financial changes. This can be used by borrowers who are trying to qualify for a mortgage and have recently improved their credit score.
A rapid rescore may help your credit when you request it after making beneficial financial decisions. However, if you’ve recently missed payments, closed lines of credit, or spent more money on a credit card, a rapid rescore could reflect a lower credit score.
The Takeaway
A rapid rescore can expedite getting your lender the most up-to-date information on your credit report. Talk to your lender if you’ve made significant financial changes that are not reflected in your score and believe you’d be a good candidate for rapid rescore. Even a small increase in your credit score could mean big savings over the life of a mortgage or car loan.
1 “How Often Do Credit Scores and Reports Update?,” TransUnion
2 “FCRA § 611 (15 U.S.C. § 1681I) PROCEDURE IN CASE OF DISPUTED ACCURACY,” Federal Trade Commission
3 “What Is a Rapid Rescore?,” Experian
Brooke Joly is a writer on a mission to unravel the mysteries of personal finance and make them accessible to the everyday reader. When she’s not behind the keyboard, you can find her enjoying the outdoors in Charleston, SC.
All Credit Intel content is written by freelance authors and commissioned and paid for by American Express.
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