Help with opportunity - Need help with financing deal on contract

I found a good opportunity to purchase a SFH that needs approximately $50K in updates and repairs, ARV is about $425,000. Submitted offer for $245,000 and it was accepted.
My contractor inpected the house and it is in good shape.

My credit score two weeks ago was in the mid 600 when I ran my own credit on “True Credit” however, when I submitted my loan application the lender tells me that my mid score dropped to 536, WOW. He tells me that the reason is that my balances on my credit cards are to the limit even though everything is current.

He suggested to pay down the credit card below 30% of credit limit and to do a “rapid re-scoring”.

This has affected the ability to purchase the house, but I want to buy it because there is a good profit.

is there such thing “rapid re-scoring”?
If I pay down my credit cards, can my score go up to the mid-600s or higher?

I’m looking for a lender that can finance the deal based on ARV, LTV? But at the same time I dont want to kill on high interest.

I recommend finding private lenders. How long is your contract in force for? 30 days? 60 days? You might also look at hard money lenders that aren’t as hard on credit, although those are narrowing with the credit market being what it is right now. You might also think about a combination of hard money and private money.

Good luck.


There is such a thing as rapid re-scoring. It has gotten more popular lately since Fannie/Freddie instituted “Risk Based Pricing” meaning the lower your score the more expensive your loan is. The company I use Landsafe charges $75 per line per bureau so it can get expensive. Basically all it is is that you pay down your cards and the bureaus call to verify the new balances and then update your report.

ReScoring can be much more affordable…LandSafe is notorious for charging ridiculous fees to do this. My bureau charges 1/3 what LandSafe does and is actually more efficient in getting it done. If you need help getting a re-score or hard money contacts for this project drop me a line.


The information you are being provided with is very, very accurate, if you have the ability to pay down your credit cards do it, and a rapid rescore is very common now within the credit reporting world, however, you generally need a broker to do it for you, and often there is a charge of up to $400.00 to get the score fixed, some lenders will do it for free.

You have a great property there, what state are you in?

That is so true. Lenders don’t really care that you pay your bills on time, they want to see how much credit you have ACCESS to. Weird but true. This market is hard on some of us to find money.