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Speaker 1: Earners. What's up.

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Speaker 2: You ever walk into a small business and everything just

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Speaker 2: works like the checkout is fast, their seats are digital,

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Speaker 2: tipping is a breeze, and you're out the door before

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Speaker 2: the line even builds odds are they're using Square. We

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Speaker 2: love supporting businesses that run on Square because it just

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Speaker 2: feels seamless. Whether it's a local coffee shop, a vendor

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Speaker 2: at a pop up market, or even one of our

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Speaker 2: merch partners. Square makes it easy for them to take payments,

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Speaker 2: manage inventory, and run their business with confidence, all from

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Speaker 2: one simple system. One of the things we love most

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Speaker 2: is seeing neighborhood businesses level up. Business West Indian spired

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Speaker 2: writing our community that started with a small takeout counter.

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Speaker 2: Now with Square, they've been able to expand into a

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Speaker 2: full sit down restaurant and even started catering events across

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Speaker 2: the city. That's the kind of growth that aspires us,

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Speaker 2: and it's powered by Square. Square is built for all

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Speaker 2: types of businesses, from the corner bagel shop that turned

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Speaker 2: into a local chain, to the specialty market with that

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Speaker 2: thousands of unique items, to the stylists who's been holding

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Speaker 2: you down for years. If you're a business owner or

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Speaker 2: even just thinking about launching something soon. Square is hands

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Speaker 2: down one of the best tools out there to help

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Speaker 2: you start, run and grow. It's not just about payments,

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Speaker 2: it's about giving you time back so you can focus

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Speaker 2: on what matters most ready. To see how Square can

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Speaker 2: transform your business, visit Square dot com backslash go backslash

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Speaker 2: e y L to learn more that Square dot Com backslash,

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Speaker 2: go backslash e y L, don't wait, don't hesitate. Let's

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Speaker 2: Square handle the back end so you can keep pushing

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Speaker 2: your vision forward.

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Speaker 3: The first thing is you gotta check your credit. Right,

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Speaker 3: you're gonna you're gonna you're trying to buy a house.

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Speaker 3: You're trying to uh, you know, whether it's a multi family,

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Speaker 3: whether the case is a living one, doesn't really matter, right,

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Speaker 3: I think where what a lot of people forget to

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Speaker 3: do is check their credit before they apply with Matt,

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Speaker 3: before they apply with Kevin. And what you need to

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Speaker 3: do is you need to be able to know what's

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Speaker 3: on your credit report. Guess what They're gonna ask you, Hey,

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Speaker 3: what is this And if you say I don't know,

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Speaker 3: it's like, come on, like, how serious are you with

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Speaker 3: your credit? If you're applying for a three hundred thousand

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Speaker 3: dollars mortgage. You're five hundred thousand dollars mortgage and you

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Speaker 3: don't even you have me check your credit in six months?

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Speaker 3: Seven months, you know what I mean? So you have

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Speaker 3: to make sure you check your credit report. I would

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Speaker 3: say every month, right, and at a bare minimum. But

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Speaker 3: if you're gonna apply with Matt, check it every week,

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Speaker 3: check it every day, like it's one of those things.

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Speaker 3: I wake up in the morning, I'm checking my credit

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Speaker 3: first thing, you know what I mean. So you want

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Speaker 3: to check your credit report because you have to know

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Speaker 3: what's on there.

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Speaker 1: Am I own time? Am I late?

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Speaker 3: What's going on? What's the deal with my credit? Because,

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Speaker 3: like I said, when Matt runs your credit report and

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Speaker 3: he asks you, hey, what's this bill? What's that bill?

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Speaker 3: Don't you think it's a little bit better to have

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Speaker 3: a little bit of information for him for when he

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Speaker 3: runs your credit or he might not. You might go

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Speaker 3: out and say, hey, Matt, listen, don't run my credit yet.

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Speaker 3: I have these things on here, so let's save that inquiry.

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Speaker 1: Right.

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Speaker 3: So the biggest thing is is credit data. Credit data

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Speaker 3: is more important than any credit score, right because credit

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Speaker 3: data is what drives the credit score. So you could

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Speaker 3: have a seven to fifty credit score with a repossession

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Speaker 3: and a charge off right, and you can have a

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Speaker 3: six to fifty credit score with no lay payments. So

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Speaker 3: these are the five categories. Usually see people breaking down

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Speaker 3: in percentages thirty five percent, thirty percent, you know, fifteen,

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Speaker 3: ten to ten. But when you look at how many

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Speaker 3: points right, your credit score ranges from three hundred to

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Speaker 3: eight fifty. Payment history alone one hundred and ninety two

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Speaker 3: point five points. The data is payment history. Your data

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Speaker 3: is what drives the credit score. So if you're late

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Speaker 3: one time, two times, three times on multiple credit cards,

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Speaker 3: it'll drop your score. Like I had a client today

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Speaker 3: they were late. I called one of my clients today,

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Speaker 3: I said, hey, listen, you were late on your Capital

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Speaker 3: one card and it dropped his credit score sixty points.

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Speaker 3: His monthly payment was fifteen dollars a month. Fifteen thousand

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Speaker 3: a month, dropped his credit score six dollars. Do whatever

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Speaker 3: you can, guys, to have your stuff on all the

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Speaker 3: pay It's the most important thing you can do with

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Speaker 3: your credit, especially if you're trying to get a mortgage.

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Speaker 3: Debt utilization one hundred and sixty five points. Your cards

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Speaker 3: are maxed out. Guess what, guys, your score is gonna tank.

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Speaker 1: Right. This was one of my problems a few years ago.

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Speaker 3: I didn't really have anything negative, but all my credit

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Speaker 3: cards were maxed out, So that can easily take you

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Speaker 3: from sevens to the fives very very quickly. All right,

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Speaker 3: time and file eighty two point five points. This is

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Speaker 3: pretty much why people buy trade lines, or why people

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Speaker 3: get put on as authorized users is because of their history.

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Speaker 3: It adds eighty two point five points, all right. Credit

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Speaker 3: mix fifty five points, pretty much easiest category. You have

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Speaker 3: a mortgage, you have an all the loan and a

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Speaker 3: credit card, you're gonna get all fifty five points, all right,

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Speaker 3: and inquiries of fifty five points, so you even notice.

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Speaker 3: I'm sure Matt and Kevin have heard us all the time. Man,

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Speaker 3: don't roll my credit. I don't want my score to drop.

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Speaker 3: But then you have like late payments and collections. Those

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Speaker 3: affect your score more than an inquiry. So people are

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Speaker 3: always so cared about inquiries. And the most important thing

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Speaker 3: you have to understand about inquiries is the only affect

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Speaker 3: you fifty five points, which is ten percent. But any

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Speaker 3: mortgage inquiries usually done within the thirty to forty five

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Speaker 3: day period only count as one. So if you got

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Speaker 3: your mortgage, your credit report ran by four different mortgage companies,

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Speaker 3: it's not going to be four different inquiries if done

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Speaker 3: within the thirty to forty five day period, all right,

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Speaker 3: So don't be don't get so scared when it comes

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Speaker 3: to inquiries.

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Speaker 1: It tricks me out how people are more worried about

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Speaker 1: inquiries than lay payments. All right. So credit karma is

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Speaker 1: another thing.

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Speaker 3: A lot of people check credit carm every single day,

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Speaker 3: not saying anything's wrong with it, but just don't use

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Speaker 3: it as a source when it comes to getting a mortgage,

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Speaker 3: all right, because when Matt checks your credit he's not

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Speaker 3: going to be going off of credit karma. Credit karma

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Speaker 3: only shows two credit reports, doesn't show all three, okay,

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Speaker 3: So it doesn't provide experience. So you might tell Matt, hey,

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Speaker 3: I got a six' eighty on The equifax On, TransUnion

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Speaker 3: but guess what happens there's that collection or charge. Off

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Speaker 3: that's an, experience and you think you're. Good the reporting is.

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Speaker 3: Inaccurate our clients have a preferred credit monitor that we.

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Speaker 3: Use we like The IDENTITY iq only because it's cheap all,

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Speaker 3: right it does provide all three.

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Speaker 1: And you can pretty much go with my fight, go

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Speaker 1: you can go with. Experience you, know something that.

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Speaker 3: Provides all three credit bureaus is what you want because

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Speaker 3: When matt runs your, credit you want to be able

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Speaker 3: to explain every single line item that's on your credit. Report,

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Speaker 3: Okay the next thing is is that when it comes

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Speaker 3: to your, credit, right and when it comes to buying

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Speaker 3: the more getting approof for a. Mortgage one of the

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Speaker 3: biggest things that we see besides maxed out credit cards

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Speaker 3: is lack of credit or no credit.

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Speaker 1: History.

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Speaker 3: Right we deal with a lot of celebrities and a

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Speaker 3: lot of people that deal with, Cash LIKE i don't

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Speaker 3: want to use THAT i got.

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Speaker 1: Cash you, KNOW i could buy that car.

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Speaker 3: Full, well guess what are you going to buy a

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Speaker 3: million dollar property housing?

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Speaker 1: FULL i mean you.

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Speaker 3: Shouldn't if you, can you still, shouldn't, right use use

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Speaker 3: the mortgage to leverage. It so these are some credit

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Speaker 3: cards right here that can help you with building credit

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Speaker 3: and typically with no increase or only one inquiry pre. Bureau,

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Speaker 3: Right so you have self. Lender self lender is one

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Speaker 3: of the easiest ways to build. Credit it's a savings

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Speaker 3: account that reports to your credit. Report so you pay

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Speaker 3: like twenty five dollars a, month boom they. Reported paint

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Speaker 3: a credit card to your credit. Report pedal P E

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Speaker 3: t A L pedal credit. Card they're one of a

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Speaker 3: new credit card that just came. Out they check, experience.

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Speaker 1: They do a pre.

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Speaker 3: Qualification they approve up to ten thousand dollars credit card

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Speaker 3: and you can use that credit card. Anywhere another. One

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Speaker 3: everybody's pretty familiar With Capital. One they will prequalify you

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Speaker 3: and let you know if you are pre approved for

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Speaker 3: a credit.

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Speaker 1: Card any local credit union is typically.

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Speaker 3: Good you know you have other ones LIKE, Dcu Navy Federal,

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Speaker 3: Pentagon Federal Credit. Union credit unions are a really good

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Speaker 3: place to build. Credit tradelines when it comes to mortgages

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Speaker 3: don't hold as much. Weight SO i would say when

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Speaker 3: it comes to, MORTGAGES i don't suggest to you buying a.

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Speaker 3: Tradeline try to do it on your own or have

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Speaker 3: a family member add you as an authorized user without

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Speaker 3: a trade. Line, okay because remember building credit isn't is

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Speaker 3: more important than than than than what you, think because

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Speaker 3: you could have bad credit and still going to prove

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Speaker 3: for a. Mortgage but if you have no, credit there's no.

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Speaker 3: Chance and one of the most important things to understand

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Speaker 3: about building credit is it takes six months for a

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Speaker 3: trade line to be reporting in order to generate a

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Speaker 3: Fight go. Score so let's say if you're brand, new fresh,

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Speaker 3: today you have nothing on your credit, report and you

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Speaker 3: add a credit, card it is typically gonna take six

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Speaker 3: months for a credit card reporting every single month in

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Speaker 3: order for that Fight go score to really be.

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Speaker 1: Generated all, right current credit.

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Speaker 3: Cards one of the things that we see with a

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Speaker 3: lot of, Clients LIKE i said, before max style, cards

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Speaker 3: don't don't try to just pay your credit cards down

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Speaker 3: to thirty percent forty. Percent when it comes to a, Mortgage,

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Speaker 3: listen if you can pay it down as much as

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Speaker 3: you can pay it, down it's just gonna increase your borrowing.

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Speaker 3: Power that's pretty much what it's gonna, do is gonna

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Speaker 3: eliminate those monthly payments that you have on the credit

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Speaker 3: cards and things like. That so pay it down as

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Speaker 3: much as you can see if you're eligible for a

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Speaker 3: limit increase without an, inquiry because then that's also gonna

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Speaker 3: raise your credit. Score so right, now your goal with

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Speaker 3: getting the mortgage is.

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Speaker 1: Lowering your credit.

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Speaker 3: SCORE i mean lowering your, debt increasing your credit, score

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Speaker 3: and and and by paying down your debt and increasing

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Speaker 3: your credit, limits it's gonna do just, that all.

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Speaker 1: Right if they're.

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Speaker 3: Gonna, say, hey we're gonna run your credit for the

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Speaker 3: inquiry for the credit limit, increase tell them not to do,

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Speaker 3: it because you do want to try to limit any

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Speaker 3: inquiries up until the point of view getting approved for a.

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Speaker 1: Mortgage.

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Speaker 3: Okay and then, also do not use your credit cards

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Speaker 3: at all if you know you're going for a. Mortgage

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Speaker 3: so if you know you're going for a, mortgage don't

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Speaker 3: go to you, know don't, mean don't MEAN eyl down In,

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Speaker 3: miami and now max all your credit cards, out you

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Speaker 3: know WHAT i. Mean the next, thing you, know your

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Speaker 3: your your your credit score is gonna, drop you know

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Speaker 3: a lot of, points right and guess What you're gonna

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Speaker 3: have to wait until those credit cards are paid down

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Speaker 3: or do a rapper rescore in order for that score

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Speaker 3: to get back.

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Speaker 1: Up all. Right so this is.

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Speaker 3: Another biggest thing that we, SEE i KNOW map posting

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Speaker 3: something about an income based. Rate this is where you

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Speaker 3: guys can go right. Now student loans are and for.

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Speaker 3: Bearans student loans are and For. Barents you can go

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Speaker 3: to student loans dot gov and consolidate or refinance your

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Speaker 3: student loans that are in collections into a new loan

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Speaker 3: even though they're not collecting on. It if your student

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Speaker 3: loans are, negative it is still affecting your. Credit you

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Speaker 3: can go to this website consolidate them or refinance them for.

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Speaker 3: Free if you're in, default you know you do have

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Speaker 3: to do a rehabilitation.

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Speaker 1: Program for about nine.

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Speaker 3: Months all, right, NOW i didn't want to just touch

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Speaker 3: on this right, quick because a lot of people have

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Speaker 3: to understand that when it comes to business, credit it doesn't.

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Speaker 1: Report on your personal.

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Speaker 3: Credit Right so remember everything THAT i was saying about

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Speaker 3: maxing out your credit cards don't apply for.

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Speaker 1: Anything whatever the case.

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Speaker 3: Is if you have business credit, available you can max

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Speaker 3: it out all you, want it's not going to show.

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Speaker 3: Up so my problem WHEN i bought my house WAS

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Speaker 3: i didn't have any business, credit SO i really couldn't

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Speaker 3: use any credit. Cards you couldn't use any. Money but

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Speaker 3: now if you're using your business credit, cards you can

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Speaker 3: still do what you gotta do on a daily and

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Speaker 3: in a, sense you're not hiding the, money you're just

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Speaker 3: using it on a different means. Right and the other

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Speaker 3: thing that we've been telling a lot of our clients

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Speaker 3: to do is, is if you have a car right

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Speaker 3: now on your personal credit and you have AN, llc

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Speaker 3: trade that car, in get it off of your personal,

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Speaker 3: credit and get a car on your business because now

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Speaker 3: that car is also not going to show up on

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Speaker 3: your personal, credit once again increasing your borrowing.

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Speaker 1: Power so check it.

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Speaker 3: Out imagine now you go To, matt zero credit card,

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Speaker 3: debt no car, payments you show up your. Income he's

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Speaker 3: going to be, like you know, what you can now

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Speaker 3: get approved of a maximum amount because you have no car,

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Speaker 3: payment you have no credit card, debt you have. Nothing

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Speaker 3: so that's going to be the difference of you getting

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Speaker 3: approved maybe from two hundred two fifty three hundred.

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Speaker 1: To five hundred six.

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Speaker 3: Hundred and if you have a, business that's where you

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Speaker 3: want everything to show because guess, what When matt runs your,

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Speaker 3: credit he ain't checking your business. Credit when it comes

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Speaker 3: to a, mortgage he's checking your personal. Credit so you

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Speaker 3: can have six seven eight cars on your business credit doesn't, Matter,

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Speaker 3: Okay so definitely definitely check that out because you want

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Speaker 3: to make sure that you're not putting yourself in a bad,

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Speaker 3: position my graduates from my school being forced back and

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Speaker 3: drop drop Or mike drop bad Drop.

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Speaker 2: Drop this episode is brought to you BY p AND C.

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