1SD Newsletter: May 2004
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Credit Tips

CREDIT TIPS: Credit Analyzer and Rapid Rescore Save the Loan

Scott is a Loan Originator with a large Net Branch organization. Early in March he found himself sitting across the desk from a lady who needed a super jumbo loan – nearly $1 million. Her income was fine, but her credit was sub-prime. He knew what to do.

Smart Credit Moves from Credit Analyzer

Big loans are big opportunities. Everyone works a little harder when the loan amounts reach upwards of $900,000, and Scott was not exception. Then he saw the credit report.

The borrower’s revolving credit balances were too high, pushing her credit scores below 580. She had plenty of money to pay down the balances. Scott needed to gain her confidence, enough to get her to pay down over $12,000 in credit. He also needed to be sure he paid down the right accounts.

Scott selected the score he wanted to increase and ran Credit Analyzer. The results looked promising and he shared the report with the borrower. It let her see the steps that were needed and gave her the confidence to continue.

Next, Scott worked with our customer service group to be certain the Rapid Rescores he ordered would have the maximum effect.

It worked. The new score was over 640 – high enough to close the deal the customer really wanted.

If you still haven’t tried Credit Analyzer, call us today for a demonstration.