TheCreditGuyTV Podcast: Recent Episodes
Dave Sullivan
This podcast is my attempt to END the credit repair industry. Since 1991 I have been providing credit reports to the lending community. I have always felt that the credit repair industry has taken advantage of people. If you want to fix your own credit it is not that hard, you just have to know what to do.
Dave Sullivan graduated from Western Michigan University in 1989 with a bachelor’s degree in Finance. He started in the mortgage industry as a loan officer in 1991. Less than one year later started selling credit reports to Mortgage Companies, Banks and Credit Unions. On September 19, 1997, he started AIR Credit Midwest out of his car. Over the next two years, Air Credit Midwest grew to a multi-million dollar company. In 2000 he was approached by one of the largest Credit Reporting Bureau’s in the nation to purchase AIR Credit Midwest. He sold it and worked for that company as Sales Manager of the Michigan and Ohio market for the next ten years. During his career in the credit industry, he has personally reviewed thousands of credit reports and credit scores.
The CARES Act Section 4021 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, amended the Fair Credit Reporting Act The “covered period” is either period beginning on January 1, 2020, and ending on the later of (i) 120 days after the enactment of the CARES Act or (ii) 120 days after the termination of the national emergency declared on March 13, 2020. Under the new subsection, [I]f a furnisher makes an accommodation with respect to 1 or more payments on a credit obligation or account of a consumer, and the consumer makes the payments or is not required to make 1 or more payments pursuant to the accommodation, the furnisher shall— (I) report the credit obligation or account as current; or (II) if the credit obligation or account was delinquent before the accommodation— (aa) maintain the delinquent status during the period in which the accommodation is in effect; and (bb) if the consumer brings the credit obligation or account current during the period described in (aa), report the credit obligation or account as current. While the language of the CARES Act fails to specify, it would be wise for furnishers to assume that the new subsection applies retroactively and implement these changes to any account for which accommodation was made on or after January 31, 2020. Note, however, that these changes do not apply to charged-off accounts.
3 tips for a better 2020 budget! Dave: Hello this week we are talking about 3 tips for a better 2020 budget. I am Dave Sullivan here part of the marketing team with People Driven Credit Union. I've got a special guest!
Matt: I'm Matthew Gage with Greenpath Financial Wellness.
Dave: Matthew, why don't you tell us three things people can do to get their budget in line for 2020. What are the first three steps an individual should take to start to black on track with their 2020 budget.
Matt: Yes absolutely, that is a question we're getting a lot of people asking right now. We have been very busy this year and budgeting is a big part of that. The first thing individuals need to do is look to simplify everything. There can be a lot of chaos in budgets in 2020, people are kind of scrambling all over the place especially with the holidays behind us.
Experian Boost® Score Today we’re going to take an in-depth look at Experian Boost score,
One of the problems that FICO® has had in the past with other versions of a new FICO® score was trying to score people with a thin repository file. FICO® was trying to create a reliable scoring model that used fewer data inputs.
The Experian Boost® score is the first-time additional data has been used from a financial intuition to supplement the repository file. They’re connecting bank payment history into this repository file, looking for consistent payments to creditors. Experian Boost® will be included in FICO 8 and FICO 9 credit scores
FICO® has tried this in the past, they called it XP, they called it new FICO®, many times over the years they’ve tried to create a FICO® score using less information and it never worked. What’s different about this is that they are getting more information from financial institutions.
What Experian Boost® is looking for is a series of payments to a creditor like a utility company or a cell phone provider, something that the consumer has set up to automatically pay or to pay through a bank account. Experian Boost® is linking consumer accounts much like an online mortgage application or TurboTax, they’re interfacing with the consumer’s financial institutions. Creating a credit history based on past payments that the consumers have made and adding it to the Experian repository file.
I had made some payments out of my Bank of America account and when Experian Boost® reviewed that information. it gave me a few more points now this is not designed for somebody with a long credit history is really designed for somebody with a thin credit history somebody who does not have a lot of credit.
The drawbacks from a lending perspective is that Experian Boost® will not look at derogatory information. It looks at payment history in consumer’s bank accounts. In my specific situation, it found a few payments out of one of my accounts and added it to my repository file.
My DTE account added to my Experian® Boost score; 19 payments, a utility, average payment amount, then it calculates my score new score. In this situation, my score happened to go up, a few points from the boost.
Experian Boost® will improve both FICO 8 and FICO 9 scores if your financial institution uses one of those scoring models then it could help you get a better rate on some financing.
If a consumer is planning to apply for a mortgage Fannie and Freddie do not accept any other credit score other than FICO5 score. The Experian Boost® score will not impact a consumer’s mortgage credit score. Right now, Fannie and Freddie still require FICO5 I’ll be at the Building Community Conference in Lansing speaking about all the latest developments in credit scoring.
Subscribe http://www.youtube.com/subscription_c... For more free information on credit and credit scoring check out my blog at http://www.thecreditguy.tv Join me on LinkedIn at http://www.linkedin.com/in/thecreditg... Follow me on Twitter at http://www.twitter.com/TheCreditGuyTV Like the Facebook Page http://www.facebook.com/TheCreditGuy Follow my Pinterest board http://www.pinterest.com/thecreditguy All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website
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All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website
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All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website
Subscribe http://www.youtube.com/subscription_c... For more free information on credit and credit scoring check out my blog at http://www.thecreditguy.tv Join me on LinkedIn at http://www.linkedin.com/in/thecreditg... Follow me on Twitter at http://www.twitter.com/TheCreditGuyTV Like the Facebook Page http://www.facebook.com/TheCreditGuy Follow my Pinterest board http://www.pinterest.com/thecreditguy All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website
Transform Your Credit https://www.amazon.com/Transform-Your-Credit-Financial-Freedom-ebook/dp/B078VV42ZD
TU Announcement
https://portal.mybig.net/documents/Public%20Records_TransUnion%20Customer%20Announcement_3%2019%20183.pdf
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Your Credit Score could cost you 5K a year in extra insurance costs
Nerd wallet story http://www.thedrive.com/news/19819/states-where-poor-credit-has-the-biggest-impact-on-car-insurance-rates
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https://www.amazon.com/Transform-Your-Credit-Financial-Freedom-ebook/dp/B078VV42ZD
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All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website
Subscribe http://www.youtube.com/subscription_c... For more free information on credit and credit scoring check out my blog at http://www.thecreditguy.tv Join me on LinkedIn at http://www.linkedin.com/in/thecreditg... Follow me on Twitter at http://www.twitter.com/TheCreditGuyTV Like the Facebook Page http://www.facebook.com/TheCreditGuy Follow my Pinterest board http://www.pinterest.com/thecreditguy All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website
To Watch the full interview click here https://youtu.be/VbfEW_lEd8E
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All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website
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All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website
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Subscribe http://www.youtube.com/subscription_c... For more free information on credit and credit scoring check out my blog at http://www.thecreditguy.tv Join me on LinkedIn at http://www.linkedin.com/in/thecreditg... Follow me on Twitter at http://www.twitter.com/TheCreditGuyTV Like the Facebook Page http://www.facebook.com/TheCreditGuy Follow my Pinterest board http://www.pinterest.com/thecreditguy All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website
The USA Today story implied that young people may not understand how credit works but it has more to do with what generation has the longest credit history. Younger generations have lower credit scores because they don’t have the opportunity to have a 20 or 30-year-old credit account. If a consumer has never been late and they have a credit card that is two years old vs someone that has a 30-year-old credit card; the person who has the 30-year-old credit card is going to have a higher score.
If the older person has missed payments has collections on their credit or public record then obviously they are going to have a lower credit score. For the most part, people pay their bills on time, just having a longer credit history is going to give consumers a better score.
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To get the links to the repositories go to www.thecredithuy.tv/freeze
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All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website
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https://thecreditguy.tv/handle-collections-credit-reports/
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https://thecreditguy.tv/national-consumer-assistance-plan-2017/
The National Consumer Assistance Plan
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A good friend of mine call me last week, he told me that his father had passed away. He wanted to make sure that his father’s credit profile was appropriately handled. Subscribe http://www.youtube.com/subscription_center?add_user=sullythecreditguy
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Medical Debt Advanced Strategies to get it removed!
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I believe so, I went to the hospital in 2012 and my insurance paid my bill in full and never got a bill. In 2014, I went back to the hospital. At that time I was informed about two old accounts for small amounts of money that were sold to collection companies. This has hurt my credit score. Subscribe http://www.youtube.com/subscription_c...
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Question: I was reviewing my credit report and I decided on disputing something negative. The result was that it was deleted however that same negative account is on the other two repositories. Will they tell the other two repositories and how long should long would one have to wait for the update. Subscribe http://www.youtube.com/subscription_c...
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This week we’re going to talk more about trended credit data in 2017. Trended credit data is really huge in the credit industry. People don’t realize it is has been around for going on six months now and it impacts everyone who applies for a mortgage through Fannie Mae right now
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Young people go to college and they take out all this debt at a young age they don't realize, the choices that they're making. More importantly, and what it is like to live with it. If you become a doctor you could wind up with two hundred thousand or a quarter-million dollars in debt.
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This week I talk with Kevin Elsenheimer, the executive director of Michigan State Housing Development Authority.
http://www.michigan.gov/ownmihome
Dave: Kevin thank you for being here I wanted to let people know a little bit about MSHDA and what is MSHDA. What function is it serving here in Michigan?
Kevin: MSHDA is the state’s housing bank basically we are part of state government but we’re a little bit different because we can provide loans to individuals. The Constitution says the state of Michigan can’t do that. We have a particular charter that allows us to act as the state’s bank and we do several different things for example; we do multifamily development and lending for low-income housing projects around the state but we also have a very robust single-family loan program where we’ll go out and buy mortgages from banks credit unions around the state that we have clients that will be interested in our products.
Big Changes are coming to Rural Development October 1st 2016. Mike Archer and I get together to talk about them in this interview.
Dave: I wanted to talk about the changes coming up next week with the Rural Development loans, can you tell us a little bit about RT loans?
Mike: Absolutely! A Rural Development loan is one of our favorite products here in Jackson. We are rural community and RD is designed for people purchasing homes this type of community. It is a fantastic product. It's a 0% down; interest rates are fantastic. They do charge funding fees which were going to talk about in a minute. They do not have Private Mortgage Insurance but they do have a monthly guarantee fee, but no PMI.
Dave: So zero down?
Mike: Zero down.
Dave: A lot of people think that it has to do with farms.
Mike: Actually we cannot do farms on this product. With RD loans anything income producing does not qualify. It's designed for people purchasing a home, a single-family residence within a rural area.
Dave: It's really based on where the home falls on the map that USDA designates?
Mike: Exactly there's a map, that will be linked below, so just plug in your property address and it tells you if you're eligible, it very simple.
Dave: Mortgage 1 is one of the largest providers of that type of loan in Michigan?
Mike: We are a market leader in the RT lending which were all very proud of.
Dave: Mike could you talk a little bit about the changes that are coming up for October.
Mike: October first we have huge changes in the RD funding fee. Rural Development charges an upfront funding fee very similar to a VA loan for people that know what a VA loan is like. RD charges a funding fee of 2.75 percent which is financed into the loan. That fee is dropping from 2.75 to one percent.
Dave: That's a huge savings.
Mike: On $150,000 loan that's a savings of about $2,600 dollars.
Dave: That's a lot of money!
Mike: Also, the monthly guarantee fee is dropping from .50 Percent to .35 which is a savings of about ninety dollars a month.
Dave: On that hundred fifty thousand loan?
Mike: Right
Dave: That's not a lot, but it's something and Mortgage Rates are so low right now.
Mike: Rates are fantastic right now, again near historic lows, and who know where rates are going. It's a tremendous time to take advantage of this product especially.
Dave: We have branches all over Michigan but if they want to reach you directly here in Jackson, how would they go about doing that?
Mike: In Jackson we have an awesome website its www.mortgage1jackson.com or our phone number here 517-315-4626.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
I have transitioned out of the Tiny house and I am now staying at an AirBNB. I wanted to get some advise on how to start making some money on the side with AirBnB. Dave: …with Airbnb proprietor Sharon, I am actually staying with Sharon here in North Muskegon. A lot of people try to repair their credit and what they struggle with is raising money. I think Airbnb is a great way for consumers to raise money and then pay off some of their bills to improve their credit score. Sharon what was it like starting to become an Airbnb provider?
Remove Collections using the National Consumer Assistance Plan.
In March of 2015 the New York Attorney General entered into an agreement with the three major repositories. They agreed that changes would be made regarding how some debts would show up on consumers credit reports.
One of those things was how a debt was showing up without the consumer actually signing for that debt. Meaning that if a consumer received a parking ticket those things were showing up on consumers credit reports. That’s not really a debtor agreement that a consumer entered into. The consumer did not agree to pay back that debt.
Trended Credit Data unintended consequences.
Fannie Mae has postponed(until further notice) the new automated underwriting system DU 10, including introducing Trended Credit Data.
Fannie Mae was expecting all three of the repositories to be ready with their trended credit data. Unfortunately, Experian® is not ready with their account history. Fannie initially considered moving forward using the old FICO®5 scoring model with Trended, but that is now on hold.
Trended credit data is an important improvement to the FICO® scoring model. FICO® scores were designed to predict the likelihood of repayment based on a consumers past payment behavior.
What consumer below do you think is more likely to pay their bills in the future?
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The consumer that keeps their balances low and pays more than the minimum amount over the course of two years?
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The consumer that keeps their balances maxed out during the same time period and makes the minimum payments. Then that consumer pays off their credit cards in the current month?
Fannie Mae is making more announcements on how they’re going to handle trended credit data.
Trended Credit Data live June 25th, The repositories TransUnion and Equifax have introduced the trended credit data on all credit reports, Experian has not. I believe that’s why Fannie is delaying the roll-out of the credit scores that include this information; FICO® 9 scores and Vantage 4.0
http://thecreditguy.tv/trended-credit-data-live/
Michigan’s Big Show Interview I was invited on a Lansing radio show last week. This was the interview…
Michael Patrick Shields: What if your credit score was 1000? If I had a credit score like that could you get anything you wanted?
The Credit Guy: Well the scoring model does not go up that high, anything above 760 you can have whatever you want and you get the best rate available.
Michael Patrick Shields: You can imagine why people are disturbed by this credit number because when you and I were younger there was no such thing as credit scores.
The Credit Guy: True, Yes.
Michael Patrick Shields: Now we’re judged immediately by the Credit Score Number, this mysterious number that comes from, we don’t know where…
The Credit Guy: Right
Michael Patrick Shields: …and they’re different credit reporting agencies and this number controls your life.
http://thecreditguy.tv/what-if-your-credit-score-was-1000/
LIVE on ~~#~~Periscope: Ask the TheCreditGuyTV on 103.7 the beat Muskegon MI
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Tiny Credit Tip. Will reactivating an old account help my credit score? I really do love it here in the tiny house. This week I will show you the bathroom and the bedroom today in episode number four.
I had a question come through on facebook about a borrower that a mortgage lender was working with, and the borrower had no revolving
accounts except for one that had gone dormant.
The loan officer’s question was, “If the borrower reactivated an old account, would the borrower see a boost in their credit score?” and of course it will. Especially, if the borrower only has one revolving account. Revolving accounts are very important to a credit score, If the borrower has one revolving account reactivated and it has seven years of good payment history, the borrowers credit score will improve because of the benefit from all of that good history on the account.
I want to talk about is trended credit reports. Fannie Mae has been working on trended credit reports for two years now. In the past when consumers make their payments on time and that is all that is recorded on their credit profile. The repositories only recorded if the payment was on time, they did not record any other information. The repositories didn’t record how much consumers owed, what was the high credit, if they paid more than the minimum payment. This is what trended credit reports will include in the future.
Trended credit reports will create less fluctuations in credit scoring. Consumers will have a more consistent score although people who have a bad credit habits, will not be able to quickly turn it around. They will no longer be able to quickly improve their scores through paying down their credit utilization ratio right before they apply for a loan.
Trended credit reports will look more closely at how consumers really paid the past, not just before the application anymore and depending on the reporting date consumers could wind up hurting their score by paying their bills on the due date.
A lot of people think budgeting when they think about improving their credit. They cut down on expenses and take all the fun out of their budget. I just really never liked that strategy, I always preferred looking for ways to save money on your regular bills. That’s one thing that I put into the six steps to better credit score. I put a bonus at every step with one way you could save money. Then use that money that you saved to pay down your bills every month. Go over towww.getloanready.com to get the free six steps to better credit score and then at the end of each step there’s an additional bonus of one way you can save some money on your regular bills.
Credit score impact of ignoring sold derogatory accounts. What is the impact of a sold derogatory on your credit score?
The CFPB has been working very diligently in the credit industry and they actually have been doing some good things. One of the complaints that the CFPB is getting are how sold derogatory accounts are handled.
Currently, when a collection is sold, that collection should be reported as zero. The balance would be transfer to the new reporting company. What the CFPB is putting pressure on how collection companies are reporting accounts. In response to this CFPB pressure the collection industry is actually considering not reporting sold collections anymore.
Basically when consumer’s collection accounts are sold to another collection company first collector would then not report the original collection anymore. The collection account would come off the report. There still will be one collection as opposed to four, five or six collections.
They proposed that consumers would only have the one collection that was active the other ones would not report anymore. A recent study from Vantage said that the material impact of removing the sold collections is not material enough to reduce consumer’s credit score.
Vantage’s findings that really no predictor whether you had five collections were stolen your credit report or one it doesn't predict how you're going to pay back the bill it just predicts the behavior of the credit and collection companies that keep selling the data
Hopefully, I believe that collection companies will stop reporting the accounts when it is sold. In the future if a consumer that had collection sold five times it will only show up at one time and then the other four will come off. It is not law yet but it's something that they're looking in to. They have evaluated the impact from a scoring perspective and it is really no impact.
Credit score impact of ignoring sold derogatory debt (5)
If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If you are a mortgage lender please share this on your Facebook or LinkedIn page. If you have any questions, leave them down below I'd be happy to answer them.
Here at the tiny house again, I am going to show the living room today. First I wanted to talk about what North Carolina did recently. They passed a law that allowed parents to freeze their kids credit profile before they turn 18. In the past you really did not have the ability to freeze a child’s credit report until they were 18, officially, kids don’t have a credit profile. North Carolina passes law to change that. Now people who live in North Carolina can freeze their child’s credit report. Child identity theft is the fasted growing demographic of identity theft. I am going to try do something about that here in Michigan. I think really all the states should pass a similar law, so I am going to work with my contacts to see what would take to get something like that moving along in Michigan. I think it’s a good move to freeze your credit report. There is a way to freeze your kids credit report before they turn 18.
7 secrets of a perfect credit score
Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you Why is my credit score different when a lender pulls it? 90% of Top Lenders Use FICO® Scores
Warning about Small Banks Dave Sullivan here with Blog number two from the tiny house series. I’m here in Muskegon and things went very well at the credit union today. We’ve got all of the social media website set up, we are the only credit union in Michigan with all of social media accounts set up.
Tomorrow we’re going to be talking about getting a spot on a local radio channel to do weekly show and we’re talking about reporting to all three repositories, it is very common for small credit unions to report to one or two of the three major repositories. In the past I’ve recommended that you be careful about using a small Credit Union or Bank because many times they don’t report too all three of the repositories it is very common. I’m going to make sure that First General Credit Union reports to all three repositories. We’re meeting on that again tomorrow.
Update on the tiny house, this time I wanted to show you the kitchen and then we’re going to wrap it up. Tomorrow morning I’m hoping that we can actually do an outside presentation. The lake is right across the street and it is roaring right now. It’s pretty cool and I think it’s a little bit different than you would get from the ocean. There is there something about it.
The kitchen is small or tiny but it’s got everything you need it’s got a full fridge, microwave, stove and sink it actually has a dishwasher. It was for a weekend is what this was designed for you know it’s really everything you need here with the with the kitchen
The credit tip is to remember that some local small credit unions and some banks could report to only one or two of the three repositories.
If you go to a small credit union or a bank ask them if they report to all three, if they don’t say yes, I would not get a credit card with them. It doesn’t do you any good to build up one or two of the three major repository credit scores because you need all three to apply for a mortgage.
If you want to see more videos about credit and credit scoring check these out atwww.thecreditguy.tv. If you are a mortgage lender please share this on yourFacebook or LinkedIn page. If you have any questions, leave them down below I’d be happy to answer them.
7 secrets of a perfect credit score
Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you Why is my credit score different when a lender pulls it? 90% of Top Lenders Use FICO® Scores
What is the most important thing to do before you go to college? I had a friend going into their second term at Kettering University and they needed to apply for a student loan. The loan that they were applying for consider credit scores. Many times young adults who are in their first year of college have not built up a sufficient credit history for a good credit score. College loans are based on the credit history of the student not the parents.
The most important thing students should do before they go to college is to build a great credit history. With one or two credit cards they can start off on the right foot hopefully they have one or two bank credit cards. Store credit card are better than nothing just make sure to maintain three to seven percent balance on the credit cards on the reporting date the month prior to you applying for a loan.
If the student loan company is going to pull your credit report in January you want to make sure that at the end of December you have three to seven percent balances reporting in order to boost your credit score as high as it can be when you apply for that student loan. Zero is not as good as 3 to 7 percent really 5 to 9% is what I have been saying in the past. 3 to 7 is a more cautious, especially if you only have a few credit cards in their small balance's you really want to be at the lower end. That's why I'm saying now three to seven percent rather than five to nine.
The other thing to consider is if your parents have a credit card that they've had for a long time and never had a late payment, you may want to ask them to add you as a joint card holder or an authorized user. I would prefer that you go to a joint card holder status. You don't have to ask for a card from your parents or grandparents. You can just be listed on that account then wait about three months before you apply for the loan. The reporting may be just one month but it may take longer so three months should be safe.
Three months before you apply for the loan, if you can get recorded on a parent or grandparent's credit card that has;
long credit history
low balance
never late
Then when you apply for these new student loans you will get the best possible rate. Student loans can be fixed rate loans. If Students have not built up a good credit history they're going to be penalized because they don't have that great credit history established. If you want more information go to my free six steps to a better score at GetLoanReady.com is all free to follow the six steps in your credit score as high as possible will be better every month moving forward.
For ideas to get your student loans forgiven click here If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If you are a mortgage lender please share this on your Facebook or LinkedIn page. If you have any questions, leave them down below I'd be happy to answer them.
7 secrets of a perfect credit score
Go to www.getloanready.com to find other ways to improve your credit score. I'm Dave Sullivan here for the credit guy TV so you with a little bit me we're going to change the credit industry thank you Why is my credit score different when a lender pulls it? 90% of Top Lenders Use FICO® Scores
Risked Based Pricing on Cellular Contracts in 2016 Risk-based pricing is coming to your cell phone! The Federal Trade Commission recently fined cell phone provider Sprint three million dollars because they failed to disclose they were using risk-based pricing with credit scores when offering cell phone service. You already know credit scores are used for mortgages, insurance and by the IRS during during an audit, along with most other loans.
Now credit scores are also used by cellphone companies. Cell phone companies could start charging more to consumers with lower credit scores than they other consumers with higher credit scores. In the past cell phone companies used credit on strictly a accept or deny basis.
What the Federal Trade Commission found was Sprint was actually billing between seven and eight dollars more for clients with a low credit score . It is very important to make sure that your credit score is as high as it could be at all times. I did set up a free website you can go and follow my six steps to better credit score, go to GetLoanReady.com for 6 steps to actually improve your credit score, it doesn't cost anything it's just really instructions on how to change your credit behavior. I hope you take advantage of that this year.
If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If you are a mortgage lender please share this on your Facebook or LinkedIn page. If you have any questions, leave them down below I'd be happy to answer them.
7 secrets of a perfect credit score
Commercial Lender Training provided by the Small Business Finance Institute with Founder Charles Green Interview. Hi everybody Dave Sullivan here for the Credit Guy TV with special guest...
Charles Green of the Small Business Finances Institute
Dave: Charles thanks for reaching out to me on LinkedIn, I have really enjoyed our relationship. You have found a niche, something that the commercial banking industry needs. Tell me a little bit more about that.
Charles: Dave, I have been a career banker since the late seventies, when I joined the industry, I was given about eight weeks of training in my first two years of employment. I was really not worth much to the company that hired me, but after the S&L crisis internal training programs for most banks sort of went away and it's never really come back, although there have been some really good times since.
I started a training operation to create content to train commercial lenders the fundamental skills needed to evaluate, fund and close commercial loans across all different product types. We plan to deliver this through streaming video across the nation.
Dave: Training is so important and has been overlooked in the commercial space. The mortgage lender has really been trained to death today and commercial lending is ignored completely. There is a real need for this don't you agree?
Charles: I do, mortgage brokers are licensed and that gives them particularly standards that they have to adhere to. They can be evaluated in a simpler way against those standards. In commercial lending, you have a diversity of product lines you've got regulated banks and non-regulated finance companies that provide different financing products. It can be a big sea of people floating around with different kinds of experience with products to offer, that just sort of gets lost to them in the fray and customers suffer consequences, because commercial customers don't always know who can help them and the person that they find might not know where to send them if they can't deal with the situation.
Dave: Many times commercial loan officers are really thrust into that position with little or no training. I think this product is very important and I flew down to Atlanta to meet with you to record a session on business credit. I was very impresses with the professionalism of the organization you have down there, talk a little bit about the teachers that you found for the program as well as your background.
Charles: I have been away from active banking for almost five years, so I had adopted the job title of "Recovering Banker". I still retained quite a bit of this knowledge from my thirty five year career. I have also have recruited a lot of other leaders who have different perspective and experience in particular credit lines like:
- Asset based lending
- Commercial real estate
- Government guaranteed products
In addition, we're putting together a group of professionals who haven't been lending the money but they've been supporting the lending industry through providing their professional services for the due diligence. You're joining us was one such instance where you're an expert on credit data, credit histories and how the FICO(r) score stacks up. How credit scores can be accurate or sometimes not so accurate for business owners. Explaining these kinds of lessons, giving commercial lenders more context around the job that they have to do. Similarly we have been working with a real estate appraiser and an environmental engineer that is going to help teach bankers how to evaluate property in terms of the environmental risk. We have an attorney creating content about the different closing functions, the different contracts banks use, the different issues that can arise with the property title and so forth.
Dave: I think that is all key information and to have it all in a concise video format. I don't think it has been done before for the commercial lender and I'm very excited to be a part of it. Charles how can people find the products or take a look at what you have to offer?
Charles: Our website SBFI.ORG that stands for Small Business Finance Institute SBFI.ORG and there's a tab there that says “lender training” just follow the navigation from there to see everything we offer.
Dave: Thank you so much for being on the blog today, do you want to give out your email address so people can contact you directly?
Charles: Certainly director@SBFI.ORG thank you so much Dave.
Commercial Lender Training provided by the Small Business Finance Institute
Never Pay A Collection
If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If you are a mortgage lender please share this on your Facebook or LinkedIn page. If you have any questions, leave them down below I'd be happy to answer them.
7 secrets of a perfect credit score
Go to www.getloanready.com to find other ways to improve your credit score. I'm Dave Sullivan here for the credit guy TV so you with a little bit me we're going to change the credit industry thank you Why is my credit score different when a lender pulls it? 90% of Top Lenders Use FICO® Scores
I get a lot of questions about how long will a collection stay on a credit report? It is required under the Fair Credit Reporting Act to be removed seven years after the first delinquency date. The first time that a borrower was late that resulted in that becoming a charge off or sold to a collection company. The date of first delinquency is the starting point. Seven years from the date of first delinquency is when that account will fall off. It’s not based on when the creditor wrote the account off or anything like that. It is the delinquency that caused the account to go bad. Seven years from that date, all bankruptcies also come off seven years except for chapter seven, which will stay on credit reports for ten years from the discharge date is when chapter 10 will be removed.
Unpaid tax liens will stay on forever, you can’t beat Uncle Sam. Good accounts will actually stay for ten years after they are closed. Most other accounts come off in seven years except for chapter 7 bankruptcy which goes ten years.
I was in front of the CFPB a while ago in Detroit. We were talking about credit and one gentleman stood up and he said collection companies are selling his debt over and over again, collection companies were selling his debt to other collection companies and the collection companies just keep reporting the same account over and over again....more
Never Pay Collections as a short-term strategy to improve your FICO®5 credit score In the mortgage industry we are required to use FICO®5 and that is dictated by Fannie and Freddie. The version that we use to underwrite a mortgage in 2015 is FICO®5 with that version of the FICO® score if a borrower pays a collection that has a two year old reporting date and you make a payment, it changes the reporting date on that collection to today. Bringing the reporting date current will decrease your credit score every time (except one specific situation that we will talk about shortly) FICO®5 looks at the collection Like it just occurred.
In some of the newer versions of the FICO® scoring model(8&9) When collections are paid if will not count toward your credit score at all. I think that is a important improvement but we’re not quite there yet.
As of 2015, when old collections are paid, (even when the reporting date is current) a consumer’s credit score will go down initially for a month or two. Then it will start to improve slowly, PROVIDED nothing else is paid late and the revolving balances on other accounts are paid down.
The most important thing to remember is paying a collection will cause short-term pain for long-term gain except for one specific situation.
I found that if the collection is being reported recently (current month) and the balance is being reported as currently past due. If a consumer has that specific situation and they pay off the collection, then the next month their score will increase.
There are two caveats;
This is a very specific example, in every other situation paying off a collection is going to hurt your score initially. As time goes by consumers scores will increase if they have good credit habits.
If you’re looking for other ways to improve your credit score please go toGetLoanReady.com you can get free videos and worksheets to increase your credit score from a more holistic perspective. Never Pay Collections
Never Pay A Collection
If you want to see more videos about credit and credit scoring check these out atwww.thecreditguy.tv. If you are a mortgage lender please share this on yourFacebook or LinkedIn page. If you have any questions, leave them down below I’d be happy to answer them.
7 secrets of a perfect credit score
Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you Why is my credit score different when a lender pulls it? 90% of Top Lenders Use FICO® Scores
http://thecreditguy.tv/holiday-credit-card-offers-their-effect-on-your-fico/
Warning the 10 % off may be on more than the merchandise. Big box stores credit card offers can hit your credit score in a big way make sure the discount is worth it. how many points will you lose? watch now and find out.
I was a guest on one of my friends first video blogs, Kelly Ross!!! She did great!!!
My friends at Ross Mortgage recently invited me to guest blog on their At Any Rate blog to talk about the dos and don'ts of using credit cards during the holiday season. It was Kelley's first time doing a video blog, and she did great! Here's a sneak peak of what we discussed:
Don't be tempted to open new credit cards (no matter how good the deal is)
In the spirit of Black Friday and the holiday shopping season, credit card companies and merchants alike will be offering "special deals," such as cash-back bonuses, reward points and exclusive discounts for opening new credit cards. Don't let these offers tempt you to open new lines of credit, especially if you plan on purchasing a home in the near future.
Do spread your credit card debt over multiple credit cards
Spreading your purchases across three to five credit cards, as opposed to putting every purchase on one card, will help keep your balance for each card below 50% and minimize the impact on your credit score.
To get more tips on using credit wisely during the holidays, read the full blog post on Ross Mortgage's At Any Rate blog.
In this video we talk about credit and credit scoring to follow the YouTube channel free click here= http://www.youtube.com/subscription_center?add_user=sullythecreditguy
Credit Scores Explained, Credit Explained, Scores Explained
This time I want to explain what a credit score is and what it’s really indicating. There are many different versions of credit scores available and there are many different companies that provide credit scores. FICO® for example has 49 different scores available to lenders that they pick from, depending on their specific needs.
VantageScore® is the new company on the block, that has come along and created a scoring models similar to FICO®’s and Vantage is on their third version of credit score. A credit score is not judge of your good or bad credit behavior. It is simply trying to predict the likelihood that a borrower is going to have problems paying in the future based in past payment behavior. Credit scores only look at your past payment history, it does not look at your age, race, where you live, it doesn’t look at your income it doesn’t look at ethnic background credit scores don’t look at anything like that.
It simply looks at how someone paid in the past and predicts how they will pay in the future. That is all that is included when you create a credit score.
If a borrower has a 600 credit score, every other loan is probably going to be a collection problem. If you look at loans provided to borrowers at 680 credit score you have one bad loan for every twenty one good loans.
A bad loan is not predicting that the borrower will default, but that there will be a collection problem. It may default, but there is a wide variety of things it indicate a bad loan. Someone who pays late all the time, somebody who misses some payments, that’s what they’re predicting.
Credit scores predict the likelihood that you’ll pay your bills on time in the future based on how you paid in the past. I can tell you very recently FICO® has entered into an agreement with a company to do some research on Facebook activity and how that could impacts credit scores so there looking at more sources of data than ever before.
What is trended credit data? Fannie Mae made an announcement last week regarding their desktop underwriting system. In 2016 they are going to start using trended credit data. You may not have heard this term before but trended credit data is really looking at your utilization ratio and they’re looking further back in credit history than they have in the past. This is primarily because Fannie believes trended credit data is a better predictor of someone’s ability to repay a debt.
What is trended credit data really looking at? Like I said it’s really looking at how consumers are paying down balances every month, are they transferring balances between credit cards, are they someone who leaves the balance high and just pays the minimum. What Fannie is trying to predict is will a borrower pay this mortgage back and how consumers carry balances on their credit cards is a very good indicator of whether or not they are ultimately going to repay a mortgage loan in addition to credit cards How will this change impact mortgage industry?
Are you credit score invisible?
A recent publication from the CFPB stated concerns about credit invisibility. According to the CFPB 19.4 million Americans, representing 8.3 percent of the adult population do not have enough credit to generate a credit score.
hidden-consumers
Remember that with FICO® you need a six-month credit history with at least one open credit card before you can get a FICO® score. I think the CFPB is talking about people who are just starting out with credit or people who don’t use credit very much.
Maybe those people don’t want a credit score and that’s fine for them. They should consider that credit scores are used for auto insurance, homeowners and other insurance policies. Consumers should keep their credit profile open and active to avoid credit invisibility. One great way to do that is to have a utility bill or cable bill automatically paid with a credit card. If a consumer wanted to keep a low credit profile they could use just one credit card and then every month pay their credit card in full. That way you keep at least one account open and active so you avoid credit invisibility. That is a quick tip on credit invisibility.
credit-invisible-by-age
Be sure to check out my www.getloanready.com website it is free, there are worksheets and videos to help you take six steps to a better credit score. They can really help anyone and I hope you take advantage of it.
Credit Invisibility
If you are a mortgage lender please share this on your Facebook or LinkedIn page. If you have any questions, leave them down below I’d be happy to answer them.
Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you Why is my credit score different when a lender pulls it?
4 tips to help you improve your credit score right after bankruptcy. How to improve your credit score after bankruptcy. I've seen people go through bankruptcy and then suffer for five or six years because they don't actively engage in their credit history after the Bankruptcy. Consumer’s think they have ruined their credit and give up. It is the wrong time to do that.
The day after the consumer’s bankruptcy settlement date, they should go through their credit report and make sure that every account that should have been included in the bankruptcy is showing that way on their report. Be sure to check all three repository files; TransUnion, Experian, and Equifax.
The second thing to look for is an account that was not included in the bankruptcy but has a pretty good history. One or two accounts that maybe were not used in a while. See if you can keep them active. Let’s say a Lowe's or a Home Depot. Something that was not included in bankruptcy that can be pulled through the bankruptcy. That will give you a long history. A long credit history is very important for a good credit score. So pull as many accounts through bankruptcy as you can. Accounts that have never been late are the best, that's a great way to rebound credit scores quickly.
Mitch Kider was our special guest at the MMLA conference this year. I just want to say thank you to Mitch for spending sometime with me. (I apologize for the lighting.) Mitch Kider Interview, Edited for read ability Dave: Hello everyone Dave Sullivan here for the MMLA membership committee with…
Mitch: Mitch Kider with The WBK law firm located in Washington D.C.
Dave: Thank you for coming out to northern Michigan. This is a beautiful part of the state. We certainly like to have you out here. The October third TRID implementation date is coming up, what kind of things can we anticipate whenTRID comes to fruition?
Mitch: TRID comes to fruition October third, lenders need to be ready for it. I think that it will take some time to get used to it, quite frankly but I think the regulators atThe CFPB as long as the lender is acting in good faith, and making good faith effort, I think they will be fine. I think it will be quite some time before the CFPB begins to really scrutinize it and audit for it.
Dave: What advice would you give mortgage lenders to survive this craziness that is going on with the CFPB?
Mitch: There is a lot of craziness going on with the CFPB. They certainly have a bent that leans away from lenders they think that mortgage servicers for example are not fully doing their job and originators have some origination problems as well. To survive in today’s environment you have to have an excellent compliance management system and you need to make compliance your number one priority.
Dave: It really comes back to how much of an effort, how much time and resources lenders are dedicating to their compliance effort.
Mitch: That’s absolutely right, it is the effort, the resources. It is making sure that everyone in the company is a part of that as well.
Dave: I think many times as lenders go through their day they forget that everyone in the organization needs to know what the compliance policies are.
Mitch: That’s absolutely right, but believe me when the CFPB does a supervisory examination, they talk to everyone from the top to the bottom. They need to be sure everyone understand their role in compliance.
Dave: One of the things we talked about today was the RESPA interpretation by the CFPB and their interpretation the 40 year old RESPA laws. What should lenders be concerned about?
Mitch: It comes down to this, for a period of 40 years RESPA section 8 has been interpreted the same way. That is 8c especially 8c2 is an exemption to 8a, as long as you are paying someone that is referring business to you. If you are paying them for the value of other goods or facilities or if you are paying them for bonafide compensation for services they provide, then you are ok. The CFPB says no. If in fact you are getting referrals the CFPB says that you cannot be in a business relationship with that party. One has to tread very lightly over here, and recognize that the CFPB believes that any payments you make, even if they are legitimate payments, for other services rendered that they are being made to parties that are referring business to you, it violates section 8 of RESPA.
Dave: Thank you for coming out Mitch, how can people reach out to you or follow you?
Mitch: I would love for people to follow me, you can go to my websitewww.thewbkfirm.com or email at kider@thewbkfirm.com
Dave: Are you on Twitter?
Mitch: I am on twitter, my handle is @mitchkider
Dave: Thank you.
Interview with “The Oracle of the Interest Rate” Barry Habib of MBS Highway
In this interview we talk about how Barry got started in the mortgage industry and the mortgage company he founded. We also discuss his acting career, the Rock of Ages Musical and his current passion, The MBS Highway. Barry Habib shares with us what made him one of the leading lenders in the country before he turned thirty. It is a great interview, THANK YOU Barry Habib, for more please check out this months Mortgage Professional Magazine.
Barry Habib (born January 15, 1960) is an entrepreneur, mortgage industry expert, and CEO of MBS Highway. Barry was the Chairman of the Board at Mortgage Success Source, a provider of marketing products for the lending professional. He was the founder of Mortgage Market Guide, which helped disseminate and forecast activity in the mortgage interest rate and bond markets. In 2007 Habib sold the company, remaining on as CEO until October 2010. He appears on Fox and CNBC Networks, including his Monthly Mortgage Report show, which ran for thirteen years on Squawk Box.
People always ask "How can I get a perfect credit score?" The truth is anything above 760 will get you the very best rates in lending. If you make it above 800 the only benefit that you could get is a slightly better insurance rate. What is the formula for a perfect credit score? I've seen a few perfect credit scores seen a few that we're almost there. I think the ones that are close to perfect tell a very interesting story. 7 steps to the perfect 850 credit score;
If you are a mortgage lender please share this on your Facebook or LinkedIn page. If you have any questions, leave them down below I’d be happy to answer them.
Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you Why is my credit score different when a lender pulls it?
How do I get my credit score ready to buy a home? Eric & Yanci a first hand story of success Dave: Hi everyone Dave Sullivan here with special guest Eric and Yanci, one of my very early fans on YouTube. I’m so glad that they’re here with me today. Thank you both for coming on the show.
Eric & Yanci: Thank you for inviting us.
Dave: They’ve been working very hard on their credit. We have been emailing back and forth. Now they are at the point now when they just about ready to start shopping for a new home. You get your credit scores from MyFICO.com correct?
Eric & Yanci: Yes
Dave: One of the things I like to tell people about MyFICO.com is that they need to be careful because you’re getting more than one credit score, originally you used to get only FICO9 and now MyFico.com is providing FICO5 as well as others. In the mortgage industry we use FICO5 so your scores may vary slightly.
I think Yanci is in really good shape and Eric is right there 620 is considered the minimum, but if you can get to 640 you both will be in very good shape, interest rates are so low right now it is a great time to buy a home. What is your goal? What is your time frame?
Eric & Yanci: Well our apartment lease is up June 15, we really wanted to find our own home. We opened an account with a credit union. My main reason was to start a relationship with a lender and get ready for our lease expiration. Eric and I are interested in applying for a Mortgage and seeing what happens from there.
Dave: You said that you opened an account at the credit union, what type of account?
Eric & Yanci: It was just a checking account.
Dave: Good you’re establishing a relationship, a good idea, credit unions are always a good choice in a financial partner. I would definitely tell you to shop at more than one lender. People normally will call the first company they see on TV.
Companies who advertise on TV are paying thousands and thousands of dollars for that exposure. Those companies have to make that money up somehow and usually it is on your loan, maybe not your specific loan but over the course of all the loans that they originate. Although it might feel like they’re making it up on your specific loan.
Eric & Yanci: How do we find a good lender?
Dave: I would recommend looking for your local Mortgage Association in your state. In Michigan it would be the Michigan Mortgage Lenders Association, find that group in your state then go to the president of that group because they are someone who cares about his industry to take a volunteer position like that. What state were you guys located?
Eric & Yanci: North Carolina
Dave: I’m sure there is a North Carolina Association of Mortgage Brokers. Eric specifically your credit situation, there is a variation in between your three scores. One is about forty points higher than the lowest one.
Eric & Yanci: Yes.
Dave: As you know mortgage lenders look at the middle score, that is the only score the lender care about. What I do, when there is a forty point difference, I try to figure out why there’s such a wide variation. If you take your three credit reports lay them down next to each other. Go through and find where the differences are in between your repositories files.
If you find the differences then you can figure out what your next move is. Sometimes collection companies may not reporting to all three repositories or even a balance that is not being reported correctly.
Eric & Yanci: I think I know why. I had a collection on my credit report and I tried to get it removed. I paid it and they said that they would remove it, but they never did. I called and called to try and get them to remove it but they never would.
Dave: You have to be careful when trying to get a pay for delete. If you don’t get something in writing from them before you pay it off. It can be very hard to get them to work with you after they get the payment.
Eric & Yanci: I actually got into contact with them, I was going to offer to pay it in order to get it removed from my credit report. I went ahead and made the payment. Later, when I accessed my credit report it was still there. They keep giving me the run around, telling me that they were going to take care of it, but the collection company never did.
Dave: You made the right move, at least you got some documentation from them that said it was paid. As long as it’s showing paying on your credit report that is all you can do now. As it gets older and older, further back in time, the collection account will have a reduced impact on your score.
I’m sure you’ve seen this already as you work on your credit, your scores have come up obviously, when we first we emailed your scores were very low.
Eric & Yanci: Oh yeah! It was Yanci, She did most of the work.
Dave: It is a team effort. I don’t know if you watched the interview I did with Wes a couple weeks ago? He works in state government and he had very bad credit. He fixed his credit on his own. The most important thing he said was “don’t give up”. Obviously you guys have not given up. It is really important that people realize that it doesn’t happen overnight. If you can stick with it, you can get there. One thing that you can do is bring down your revolving balances to 5 percent of the high credit.
I probably would start the mortgage process right now. Yanci you look stressed?
Eric & Yanci: Very nervous Dave.
Dave: It will be fine, like I said if you go to the right person. You should be fine. In the mortgage industry which I’ve been a part of for twenty years now, there were a lot very bad apples. Now because of all the regulations that are in place, almost all of them are gone. Go to your local mortgage association president or officer. They will take good care of you.
Eric & Yanci: Last year we tried, I work in a Doctor’s office and a lady came in there and asked me if I knew of anyone looking for a mortgage. I told her I was and I gave her all of our bank statements and w-2’s. She tried to work with us, but our credit was just not ready. So we have been trying to establish a good credit history ever since. That is when I found you and your website.
Dave: I think that you are ready to talk to a mortgage lender again. One thing I would tell you is to go to more than one. I think that is the best advice I could give. Get all your documentation together because like before the lenders are required to document to death. They’re going to ask you for all kinds of stuff but don’t get freaked out it is just part of the process now.
Eric & Yanci: okay, I get a little tensed up, they question you about everything.
Dave: I know it can feel that way. Don’t feel like it is only you, it is everybody. It is just all of the regulations that the government has brought on the industry. As long as you guys have all your ducks the row and it looks like you do you will be fine. Don’t make any career changes how long have you been at your jobs?
Eric & Yanci: Eric has been there two years, Yanci has been at her job for almost three years.
Dave: You guys are fine then. Get your bank statements and tax statements together, then you’ll be prepared. Let them pull your credit before you give them anything. You guys have done a great job and I want to congratulate you both. I definitely want to hear back from you when you move in to your new home.
Eric & Yanci: I have a question though, with our tax returns, Do they have to go behind our back to the IRS and pull the 4506T?
Dave: They’re not looking behind your back, it is just that HUD mandate that they go and get copy of the tax forms that you filed with the IRS directly. It’s not that they’re doing this to go around behind you. It is just mandated by the government.
Eric & Yanci: Well the reason I ask is because we’ve been doing it separate for the past three years. I had some debt and I wanted to get it paid before we started to file jointly. Last year they questioned me about it.
Dave: People are allowed to do that, you’re not required to file joint returns. I think there is some advantages from a tax perspective that you might want to take advantage of by filing joint. If Eric is not ready to make that commitment I understand. J It’s not a big deal. You guys will be fine don’t stress out.
Eric & Yanci: Alright.
Dave: I’m very excited for both you please keep in touch.
Eric & Yanci: Thank you very much.
Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you How do I get my credit score ready to buy a home?
Should you buy or lease a car from a credit perspective? What is the impact on a person’s credit history, if they buy or lease a car? With both situations a borrower will have a new installment loan and a new inquiry. So expect your credit score to dip down just a little bit when you first apply for auto financing. As time passes, it will help you establish a good payment history on that new account and the inquiry will fall off.
An individual’s credit score will actually improve quite a bit more than it would have without the auto account, provided you make the payments on time. I would say about eight to nine months, from that point forward your score is going to be higher than it would have been without the loan. Long term, an auto loan is probably the best choice, from a credit perspective because you will add an installment type of account. Provided that you make all the payments on time. When you enter into a lease agreement those are usually a shorter term agreement.
Borrowers are going to have an inquiry ether way and are going to have the new installment type of agreement. The same reasons a car buyer’s credit score will drop, a auto lease will also create a temporary drop. After five to seven months borrowers can expect their score to start to improve.
The problem with a car lease is that it is a shorter term obligation. Consumers will have a shorter period of time when their credit score will benefit from the lease account. Normally, you will need a new lease sooner than a car loan. Consumers could have two or three leases in the time that they would have had one car alone. That situation is not as good for a credit score as just buying a car and then keeping that car until the loan is paid off. Leasing is not hugely negative from a credit score perspective, but not as good as just financing the purchase of a car.
If you are a mortgage lender please share this on your Facebook or LinkedIn page. If you have any questions, leave them down below I’d be happy to answer them.
Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you Why is my credit score different when a lender pulls it?
Update on the removal IRS tax lien. These videos have been very helpful to people and those people are reaching back to me telling me their stories of success. You can watch Michael’s interview here he removed his IRS tax lien in 30 days. I had somebody touch base with me about how they removed an IRS tax lien that was above the maximum amount allowed by the IRS for the Fresh Start Program. Originally when the IRS set up this program, the maximum was lien amount was $30,000 (there is talk about upping it to $50,000). What my viewer told me was she negotiated her debt down from above $70,000 to the level that was acceptable for this program. Then she went through the process to remove the tax lien and was very successful. She used two forms the IRS Form-656 an the Offer-in-Compromise) She now has a credit report with out any mention of the IRS tax lien.
3 ways to improve your credit before you go home shopping. More than ever, it is important to you peak your score before you get pre-approved for a home loan. A 700 credit score is no longer good enough to get the best mortgage rate. I am going to give you three ways to really peak your score right before your next a loan application.
- Pay down your credit card balances to 5-9 percent of the high credit and you need to do that before the statement date. If you want more information about that Click here.
How to get your student loans forgiven? There are a few ways to do it. I had an interview with the chairman of the Mortgage Bankers Association and student debt was his biggest concern the way student loans are killing the first time home buyer. Young people fresh out of college are not able to qualify because they are graduating on average with $30,000 in debt.
That includes the people who graduate with zero debt meaning that half the students are above that amount and half are below, When you consider the costs of buying a new home. income that could go to housing costs has to go to student loans instead.
Last year at this conference as I started to cover this strategies on how to handle student loans, someone from the audience said “what about debt forgiveness?”
Is there anyone here that was actually able to get someone’s loan debt forgiven? How many?
Audience: I had four!
Dave: Could you come here for a second please?
Dave: My strategic is when you come home from college you will have one loan for every term, that is killing your credit score because it looks like you have 10-15 accounts all at the high balance. The first step to repairing your credit after college is to get a consolidation loan.
Unless you can get the debt forgiven, can you tell me the story of how you were able to get college loan debt forgiven?
Audience: Unfortunately, it was because the borrower became permanently disabled. When someone becomes permanently disabled you can get student loans forgiven. That is the only way I was able to get the debt forgiven.
Dave: ok great thank you, well that is an option but not a great option.
From my presentation from the Building Michigan Communities Conference. I am talking about how you should never pay your bills on time for a great credit score and When to pay your credit cards early for the best credit score. The date when the creditor sends the information to the repository that is the reporting date. When the consumer looks at their credit statement online they will have all the current charges listed in date order for the month. Then one day the consumer logins and the current charges are all gone. There will be no current charges. That is the reporting date. It is the date consumer’s credit information goes from the credit card company to the repositories (TransUnion, Equifax, Experian), consumers should strive to have their credit card balances at a five to nine percent balance on the reporting date. If they do that they will get the most possible points from that credit card account. If you want to then pay the reporting date in full that is the time to do it. That is why I say “never pay your credit card balances on the due date for the best credit score.” Consumers should always pay before the reporting date.
If your credit card balance is due on the thirteenth of the month and you charge purchases just prior to that your reported balance will be higher than normal and your credit score will suffer.
Let’s say you pay off your credit cards every month and you charge purchases right up to your high balance every month. If consumers wait to make the payment until the due date their score will be lower because of the higher reported balance. If consumers make their payment before their reporting/statement date they will have higher scores for the entire month because that information is only reported once a month. This is how you take advantage of that, consumers should pay their balances before the reporting/statement date.
How do you know what the reporting date is? Have consumers log into their account every day for a month and go to current activity. They will watch the current activity, as the month goes by, the transaction list will get longer and longer. Then the one day it will be zero. The day before that date is the reporting day or statement date.
The three major repositories in the olden days collected the data from the credit card companies using large magnetic tapes. the credit card companies would put all the consumers’ information for the month on the tapes. The tapes would be sent pony express to the repositories.
The repository took that information and added it into the main repository database. The date when they took the consumers account history and added it to the main repository database that is the reporting date. That is the date when the information goes from Visa to Equifax.
So if consumers can get their balances down to five to nine percent the day before the reporting date they will get the most point from the FICO® scoring model.
If consumers pay on the due date let’s say July 13th and the reporting date is July 4th. If consumers get their balance down on the third and the balance is reported on the fourth. They could then pay the rest off on the due date, if that is important to them. Thank you everyone for coming out and I would like to thank MSHDA for asking me to present today. Pay credit cards early for the best credit score.
Go to www.getloanready.com to find other ways to improve your credit score. I’m Dave Sullivan here for the credit guy TV so you with a little bit me we’re going to change the credit industry thank you Why is my credit score different when a lender pulls it?
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