Credit score too low? Not for long!

In December one of my Reatlor partners referred a client to me. A recent transplant to the Tri-Cities they were anxious to purchase a new home. A new business, low credit scores to name the top two challenges. Since the business was new, I could not count the income so the husband and his debts were removed from the loan. Her credit score was 560 when we started. After running a credit simulation I determined that in order to get the score over 620 some debts would need to be paid down...not off just down. She did that and the score was immediately improved to 660. We were in business. She was pre-approved to $250,000. Of course the home she loved was $300,000....more debts would need to be taken care of and a larger down payment was made.

Without letting the client know, I went back and had another rescore done. Her score again improved and was now up over 700. When the client arrived at closing she found that her rate was improved by 25%. Now that is the type of surprise clients should be happy to have!