You can’t initiate a rapid rescore on your own. Instead, you’ll need to work with a creditor that provides these services, such as a credit card company or another type of lender. Rescoring is commonly offered by mortgage lenders because securing a mortgage is usually more time-sensitive than other loans.

Most of the time, it may not matter when your credit scores update. However, if you’re applying for a mortgage or another new credit account, differences in your credit score could have a big impact on whether you’re approved for the loan and at what terms.

That’s where a rapid rescore comes in.

For example, let’s say you’re applying for a mortgage and only have a short amount of time to complete the process. Your lender informs you that you could qualify for a lower interest rate if you had a slightly higher credit score. You realize that you have enough money in one of your savings accounts to pay off a significant amount of credit card debt. So, you make that payment, understanding that paying off large debts may positively impact your credit scores.

Your lender can then initiate a rapid rescore by requesting a new copy of your credit report from one or more of three nationwide consumer reporting agencies (CRAs) —Equifax, TransUnion and Experian.

From here, your lender can reevaluate your credit scores based on the most recent information available, including the large debt payment you just made to help increase your credit scores.

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