February 1st, 2011 4:25 PM by Eric Fang
On Nov of 2010, one of my clients needed to a refinance.And I checked his credit score, it was 646. The rate wasbad if we refinanced then(5/1ARM program). And I suggestedto fix the credit score.
And in Dec and Jan, borrower paid down some balanceon the credit cards, closed some small loans.And we checked the credit score again, it is 713.
And the borrower can get very good rates now.It's 0.5% higher than we quoted last time when the score was low.
Everyone is happy.