Have you heard about the new credit score simulator, and does it work?
What if you could increase your credit score in less time than you could have ever imagined? MetLife has the perfect solution to help you gain control of the low credit score that you may currently have. MetLife uses software called CreditXpert which helps customers increase their credit scores to be able to qualify for a loan and decrease the price adjustments lenders charge on conventional loans with risk based pricing. CreditXpert also automates the analysis of credit files and identifies opportunities to raise scores.
When buying a home the first step is to be approved by a lender to see what your credit score ranks and what your debt ratio is. The creditXpert software called credit assure will normally merge a credit infile report that will be derived at this point. Credit assure, automatically scans your credit files from each credit reporting agency and presents the key applicable score improvement opportunities based on consumer credit-worthy behavior. It even highlights credit scores that could be artificially low due to inaccurate information. The three credit reports that will be pulled are Equifax which will give you a beacon score, an Experian which will give you a fair ISAAC score and the Transunion which will give you a FISCO risk score. A summary report will then be available to view after each credit report has been itemized. In this report you will find any real estate balances and payments, any revolving credit lines and any debt that is in collections. The summary will also notify the Lender of any liens, judgments, foreclosures or Bankruptcy that has been filed. Credit assure runs in the background of the lenders system, and when a score improvement opportunity is found, it alerts the lender to use the creditXpert software that should be used for more greater details.
Once the debt and credit score has been established, your next question may be in what order should I pay down my debt to raise my credit score the fastest? The second step creditXpert will arrive at, is to use the credit essential software to evaluate the potential credit score change. Reducing the number of revolving accounts that are 50% or more used is how to arrive at what debt will be paid down first. Many banks require a credit score to be no lower than 640 to be approved for a loan. Depending on the credit score, will then determine how many rapid rescore points you will need to gain to qualify for a loan. For example letís say you have $6,000 in disposable cash to pay down your debt to qualify for a home loan. If your score is 622, then you would need to raise your credit score by at least 18 points. The creditXpert what-if-simulator will then calculate a cash value that will be needed to pay down debt to arrive at 18 points. In this example $1452 is only needed out of the $6,000 of disposable cash to pay down the debt.
These three easy steps can turn your upside down credit upwards in no time! Credit assure will start the process by determining the credit score that you have. The credit essential optimization tool will automatically determine the best action you may take to maximize your credit score. Plus, it helps you understand either the least expensive way to achieve a particular score changes or the maximum score change for a given amount of cash. The final step is to use the creditXpert What-If-Simulator, which is the most powerful credit simulator available. It includes predefined scenarios for full flexibility. The simulator analysis your credit data and allows you to see what will happen with your credit score under certain scenarios. CreditXpert empowers every individual working with applicants by providing helpful insights, predictions and analysis. You can quickly explore options, communicate with applicants and confidently take action!

Posted By: Heather Moorefield on Friday, March 05, 2010