In the last post, I mentioned to you that we are never going to put you in a position that you think you're pre-approved and then three weeks later you find out you're denied. We've had too many customers come to us upset that their bank or credit union pulled out the rug from underneath them. Honestly, that's not how we think people should be treated. At Two Rivers Mortgage Company, we'll give you a Yes or a Not Yet.
You might be thinking to yourself, what does a Not Yet mean?
A Not Yet primarily means your credit score is challenged and needs some work. Luckily for you, we LOVE working on credit scores. We have credit improvement services to help our customers quickly move from a Not Yet to a Yes. Here's how we do it:
Step One: We give you a credit improvement plan. This will outline exactly what you need to do. The plan might ask you to make a $137 payment on your Kohl's card. It might ask you to open up a credit card because you don't have one. It might ask you to refinance your auto loan and pay off a collection with your equity. Each plan is unique to your situation and to the specific credit bureaus scoring model that we are trying to improve. We'll guide you and give you the exact steps you need to take and how many points it will increase your score by.
Step Two: Execute the plan. As you check off items off the list, get a letter or a receipt from each item on your credit report you address. In the next step, we will need that evidence so that we can get you re-scored.
Step Three: Order a Rapid Re-Score. This is the fun part. Give us evidence that you've completed the plan and order a Rapid Re-Score. This will force the credit bureaus to re-score you based on the new information we provide them.
If you follow the exact steps, it works exactly as planned. Last week we had a customer address two lines on his credit report. He gained 66 points. Three weeks ago, we had a customer address one line on his credit report. He gained 48 points. Both customers went from a Not Yet to a Yes in 3 business days.
If you're wanting to purchase a home this year and you live in the State of Illinois, let's talk. We have all the tools and the expertise to get you qualified. We're ready to help you, develop a solid working relationship with you, and someday help your family and friends that you refer to us.