HaVE QUESTIONS?
Frequently Asked Questions
Bluestar’s foundation emerged from 30 years of collective credit repair experience coupled with new technology to create a hands-on and effective process for lenders and consumers nationwide. Expertise and insight matter because we see the potential in everyone’s credit report.
There are different scoring brands and variations of scoring algorithms utilized by each brand to create credit scores. Credit scores are fluid, they can change daily. To make complicated easy, if a mortgage lender ran your credit, chances are they ran a FICO 2, 4 & 5. If you were to run your own credit through your credit monitoring service the same day your lender ran credit and your scores are lower, that’s likely because the online reporting service is providing scores derived from a different scoring brand and scoring model. Oftentimes online credit monitoring services are using VantageScore. VantageScore has many versions of scoring models as does their competitor, FICO. Furthermore, if you had your credit run by a mortgage lender and a car dealership on the same day, expect to see different scores because there are FICO scoring models designed for mortgage lending and FICO models designed for auto financing. We can help you plan ahead before financing so you know what to expect and we can prepare your credit so you get the best possible rate.
Of course with careful research and effort anyone can increase their credit scores. But why take chances? Credit impacts daily life and can determine family finances. Relying on credit experts will help you see the path ahead and expedite credit score increases. With the data overload on the internet, there is a lot of credit advice available, but how do you know what is the best solution for your individual report? Improving credit is a combination of timing, consistent action and eliminating what isn’t serving your report. We can see what is working for your credit scores and against your credit scores when we conduct a credit analysis before enrollment.
Before a lender runs your hard inquiry credit report always check with us because this can negatively impact your results and timing is everything! Running a soft credit inquiry through your credit monitoring service will not interfere or negatively impact your credit scores.
Slight credit score decreases can be normal (1-15 points), especially if you just used a credit card for a large purchase or opened a new loan. A larger score drop (16+ points) could indicate a negative action has reported to your credit. If this happens before enrollment with Bluestar, we will isolate the problem and provide a projected outcome for improvement. If a score drop occurs during enrollment with Bluestar, chances are our Processing Team is already aware, however reach out to us as soon as possible so we can help!
The short answer is 40-90 days. All credit reports are unique to the individual and increases vary. Someone that is emerging out of a financial crisis, health crisis or life-altering situation oftentimes has a complex report that might require 6 months or more to recover. We are experts, before enrollment we will provide an estimated timeframe.