Rapid Rescore – Jaad Nicholas

Many people think that if their credit score is “too low” and they need to move within 45 days, they have to rent. This is not always true. I’m Jaad Nicholas & I’m a Mortgage Planner. My client John wanted to purchase a home in June, so he came to me in May to get pre-qualified for a mortgage. John had a budget of up to $1,350 per month for his new home. His credit score was 637 and with that score, his total payment on the home he wanted would have been $1,410. I showed John how we could get his payment down to $1,347 by simply raising his score to 640 or above. We were able to do something called a “Rapid Rescore” with John by showing the credit bureau that he had paid down one of his credit cards to a $300 balance since they had last reported it at a $2,800 balance. John’s new score was 645 and he is closing on his beautiful new home in June with a monthly payment of $1,347! I’m a great referral for your friend Mark who wants to purchase a home, but he’s not sure if he can afford it. 

6 Responses to Rapid Rescore – Jaad Nicholas
  1. Wendy Kinney
    August 16, 2018 | 4:08 pm

    1: Blue card (new, usable, valuable information) – 15 seconds
    needs to be about rapid rescore.

    2: Missing Purple card (what makes me good at this) – 5 seconds
    Without a Purple card you’re marketing for the competition.

    3: Story is
    P = John’s problem
    A = your (you, Jaad – not “we”) action
    R = John’s result

    And … 15 seconds!
    There is a lot of redundancy here –
    a: you don’t need $1,347 twice.
    b: you don’t need “or above”
    c: you don’t need “for his new home”
    d: you don’t need … you get it!

    3: Green is WHO + HOW
    WHO = a person (your friend)
    HOW = a behaviour we would see
    >>we can not see a want.
    >>we can not see that he’s not sure he can afford it.
    What behaviour would tell us who John is?

    4: Golden Card – Commander’s Intent
    WHY does John want this house? WHY does he want to keep his payment below $1,350?
    (Say your answer out loud: mine is, “his daughter starts kindergarden next year and his wife wants her to have a specific teacher.”)
    Now ask the question
    >Why is that important?
    >>Why is THAT important?
    >>>Why is THAT important – and bingo! you’ve got a powerful Golden card.

    5: Kindling Question. What can we say to start a conversation with John? (It will not EVER be about a mortgage)

    My question would be “Is your daughter excited about starting school?”
    so now you can’t use that one! think of another one!

  2. Clay Jeffreys
    November 5, 2018 | 4:39 pm

    GOLD CARD: John wants a new home for….
    – another bedroom with their third child on the way
    – to be closer to work so he doesn’t need to be in his car for 2 hours a day
    – to create lifetime memories playing with his kids outside
    – a yard big enough for a pool

    PLATINUM CARD:
    – ask how the new nursery is coming along?
    – how does he pass the time during his commute?
    – what is John’s favorite radio station?

  3. Jason Conn
    November 7, 2018 | 10:52 am

    Possible Blue/Purple/Red:
    A rapid re-score is a tool used to increase a client’s credit score and achieve a lower mortgage payment as a result. If something is incorrect on a credit report, buyers normally have to wait until the new score comes out the next month or take a higher rate.
    Susie recently told me that her prior lender was charging $30/month more than their original quote. By completing a rapid re-score for her, she can now afford the monthly cooking class she’s been wanting to sign up for. Susie had not been presented this offer from her prior bank because this wasn’t offered by their company.

  4. Chris Coulter
    November 7, 2018 | 11:05 pm

    I would change the 1st sentence to my company has a way to put more people who are renting into a home with easy qualifying. more green and gold also

  5. Rodney Shaffer
    November 12, 2018 | 3:16 pm

    Possible green / gold / platinum combo….

    I’m a great referral for your friend Mark. He won’t watch Sunday football games with you because he’s always preparing his lunches for the week, he says he wants to save money. He dreams of tinkering with his car in his own garage. Ask him what is the best way to save money on car maintenance. Then refer him to me….

  6. Vance Blew
    November 13, 2018 | 5:23 pm

    Here is a possible purple card.
    As a Certified Mortgage Planner I’ve invested time into learning what goes into the credit scoring process.

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