Everyone has their comfort zone. Many mortgage loan originators defer an applicant with a credit score below 620 (the minimum to qualify for a conventional or VA loan). Others are satisfied when an applicant’s score is in the good range, around the low 700s.
But these lenders are missing big opportunities to improve customer satisfaction and increase referrals. If you use CreditXpert® solutions for a broader credit score range (520-730), you can close more loans or get better terms, outshining your competitors. Here are some benefits our expert users know:
- Some applicants at lower scores just need help to qualify. With the right tools, you can demonstrate your expertise by offering step-by-step instructions for actions that will help boost the credit score.
- Going beyond “just qualifying” gives you a competitive advantage. Credit score improvement isn’t just about getting people to a minimum qualification – it’s about making your loan offer more competitive.
- A small improvement can make all the difference. Whether a customer pursues a mortgage loan or gives up can depend on a few strategic actions — especially for refi applicants or those who thought they had a higher score.
These are only some of the benefits of working with borrowers who have a less-than-perfect credit score or one that’s “good enough”. Don’t let the 20-point-rule, a bias toward minimally qualifying prospects, or lower-than-expected scores keep you from making the right lending decision every time for every client.
Interested in learning more? You can read additional tips and tricks for improving every score here.