To get the lowest possible mortgage rate, you may want to consider doing a rapid rescore.

Understanding Rapid Rescore to Improve Your Credit Score

Rapid rescore is the process of taking out errors on your credit report. These errors decrease your credit score drastically and can inhibit your ability to receive the lowest possible mortgage rate available.

For example, if you have a balance on a credit card that you didn’t know about because of either an error on the creditor’s part or from identity theft, your credit score could be lowered by as much as 100 points. Once this error is corrected, you can have a rapid rescore done, which will increase your credit score and give you a better mortgage rate. The difference in mortgage rate from one credit score to another depends on how much it jumped after the credit rescore. With a 100 point jump however, …