1
00:00:01,240 --> 00:00:03,680
Speaker 1: Earners. What's up. You ever walk into a small business

2
00:00:03,680 --> 00:00:06,800
Speaker 1: and everything just works like The checkout is fast, the

3
00:00:06,880 --> 00:00:10,760
Speaker 1: receipts are digital, tipping is a breeze, and you're out

4
00:00:10,760 --> 00:00:14,040
Speaker 1: the door before the line even builds. Odds are they're

5
00:00:14,200 --> 00:00:17,680
Speaker 1: using Square. We love supporting businesses that run on Square

6
00:00:17,720 --> 00:00:20,840
Speaker 1: because it just feels seamless. Whether it's a local coffee shop,

7
00:00:21,040 --> 00:00:23,560
Speaker 1: a vendor at a pop up market, or even one

8
00:00:23,560 --> 00:00:26,680
Speaker 1: of our merch partners, Square makes it easy for them

9
00:00:26,720 --> 00:00:30,680
Speaker 1: to take payments, manage inventory, and run their business with confidence,

10
00:00:31,040 --> 00:00:34,320
Speaker 1: all from one simple system. If you're a business owner

11
00:00:34,520 --> 00:00:37,920
Speaker 1: or even just thinking about launching something soon, Square is

12
00:00:38,040 --> 00:00:40,080
Speaker 1: hands down one of the best tools out there to

13
00:00:40,120 --> 00:00:44,080
Speaker 1: help you start, run, and grow. It's not just about payments,

14
00:00:44,479 --> 00:00:47,120
Speaker 1: it's about giving you time back so you can focus

15
00:00:47,159 --> 00:00:49,879
Speaker 1: on what matters most Ready. To see how Square can

16
00:00:49,880 --> 00:00:54,720
Speaker 1: transform your business, visit Square dot com backslash go backslash

17
00:00:54,800 --> 00:00:58,960
Speaker 1: eyl to learn more that Square dot com backslash, go

18
00:00:59,360 --> 00:01:03,560
Speaker 1: backslash eyl. Don't wait, don't hesitate. Let's Square handle the

19
00:01:03,640 --> 00:01:06,160
Speaker 1: back end so you can keep pushing your vision forward.

20
00:01:09,760 --> 00:01:12,000
Speaker 1: This episode is brought to you by P and C Bank,

21
00:01:12,400 --> 00:01:15,160
Speaker 1: a lot of people think podcasts about work are boring,

22
00:01:15,360 --> 00:01:19,200
Speaker 1: and sure they definitely can be, but understanding of professionals

23
00:01:19,319 --> 00:01:22,559
Speaker 1: routine shows us how they achieve their success little by little,

24
00:01:22,920 --> 00:01:26,600
Speaker 1: day after day. It's like banking with P and C Bank.

25
00:01:27,040 --> 00:01:29,839
Speaker 1: It might seem boring to save, plan and make calculated

26
00:01:29,880 --> 00:01:33,000
Speaker 1: decisions with your bank, but keeping your money boring is

27
00:01:33,000 --> 00:01:36,360
Speaker 1: what helps you live or more happily fulfilled life. P

28
00:01:36,440 --> 00:01:41,280
Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

29
00:01:41,319 --> 00:01:43,960
Speaker 1: Boring since eighteen sixty five is a service mark of

30
00:01:44,000 --> 00:01:47,240
Speaker 1: the PNC Financial Service Group, Inc. P and C Bank

31
00:01:47,680 --> 00:01:53,320
Speaker 1: National Association Member FDIC. Yeah, yeah, we live. We love.

32
00:01:53,360 --> 00:01:58,120
Speaker 1: What's going on, y'all, sir? What's the deal? Thursday? Thursday?

33
00:01:58,120 --> 00:02:01,080
Speaker 1: How you feeling. There was a lot of prayers out

34
00:02:01,080 --> 00:02:03,480
Speaker 1: there for you? Appreciate it? Yeah? Yeah. I stopped about

35
00:02:03,560 --> 00:02:06,320
Speaker 1: uh high school. It was like yo, we do okay.

36
00:02:06,320 --> 00:02:08,480
Speaker 1: I'm like ye, I'm good. They're like shout okay, Mike

37
00:02:09,200 --> 00:02:14,320
Speaker 1: fighting fighting getting there. We all, y'all, we're getting there.

38
00:02:15,280 --> 00:02:17,959
Speaker 1: Everybody that sent their prayers. Man, everything looking better on

39
00:02:18,120 --> 00:02:19,000
Speaker 1: up and up. Yeah.

40
00:02:19,200 --> 00:02:23,920
Speaker 2: Sure, so we're back another great live ahead. We're gonna

41
00:02:23,960 --> 00:02:28,000
Speaker 2: be going or how to improve your credit pretty straightforward

42
00:02:28,320 --> 00:02:32,720
Speaker 2: as fast as possible. And that's something that obviously is

43
00:02:32,800 --> 00:02:35,200
Speaker 2: vitally important in life. You know a lot of people

44
00:02:36,160 --> 00:02:37,880
Speaker 2: might have made a bad decision here and there just

45
00:02:37,919 --> 00:02:39,960
Speaker 2: got caught up. They didn't realized that they paid a

46
00:02:39,960 --> 00:02:42,639
Speaker 2: bill too late. And you know, I want to buy

47
00:02:42,639 --> 00:02:44,520
Speaker 2: a home now, or want to get a car, or

48
00:02:44,800 --> 00:02:46,919
Speaker 2: do a variety of different things in your credit score

49
00:02:47,800 --> 00:02:51,840
Speaker 2: is stopping you or slowing down the process. So improving

50
00:02:51,840 --> 00:02:54,799
Speaker 2: your credit score is something that's very, very very beneficial help.

51
00:02:55,120 --> 00:02:57,919
Speaker 2: So we're going to bring our guests on in a minute.

52
00:02:58,680 --> 00:03:01,880
Speaker 2: John the Martin, somebody that's she's been an investments, she's

53
00:03:01,919 --> 00:03:05,640
Speaker 2: done episodes, she's done events with us when we was

54
00:03:05,639 --> 00:03:09,400
Speaker 2: in Oakland Chase, so expert in the field of somebody

55
00:03:09,440 --> 00:03:12,240
Speaker 2: that's just been like a really good communicator as far

56
00:03:12,240 --> 00:03:14,959
Speaker 2: as helping people and teaching people like you know, no gimmicks, no,

57
00:03:16,120 --> 00:03:19,920
Speaker 2: you know, strings attached, just like real information. That's important,

58
00:03:20,000 --> 00:03:22,560
Speaker 2: especially in this space. A lot of times just you

59
00:03:22,600 --> 00:03:25,200
Speaker 2: know a lot of strings attached when it comes to

60
00:03:25,240 --> 00:03:29,280
Speaker 2: the credit situation. But this is straightforward, so we're going

61
00:03:29,320 --> 00:03:31,360
Speaker 2: to be getting into it. But before we do it.

62
00:03:31,520 --> 00:03:35,240
Speaker 2: Do remember if you haven't get your copy You Deserve

63
00:03:35,600 --> 00:03:39,400
Speaker 2: to Be Rich. Yeah, it was vitally important. You know,

64
00:03:39,480 --> 00:03:43,920
Speaker 2: that's the blueprint for financial freedom. We put together New

65
00:03:44,000 --> 00:03:47,800
Speaker 2: York Times Bestseller in less than a week. It's been

66
00:03:47,800 --> 00:03:49,720
Speaker 2: out for around two and a half weeks now, so

67
00:03:49,800 --> 00:03:55,120
Speaker 2: Shotry White. I did get a copy, Yes, downloadable version,

68
00:03:55,400 --> 00:03:58,920
Speaker 2: hard copy, large print. Everything that you could think of, man,

69
00:03:58,960 --> 00:04:03,360
Speaker 2: But yeah, don't forget man, that's something that you know,

70
00:04:04,240 --> 00:04:07,840
Speaker 2: timeless piece of work that you could pass, you can

71
00:04:07,880 --> 00:04:11,040
Speaker 2: give to other people, you can gift it vitally important.

72
00:04:11,080 --> 00:04:13,360
Speaker 2: So get your copy of You Deserve to Be Rich

73
00:04:13,480 --> 00:04:15,480
Speaker 2: New York Times Bestseller.

74
00:04:14,960 --> 00:04:16,680
Speaker 1: And that when you purchase it. Man, we love shout

75
00:04:16,680 --> 00:04:19,080
Speaker 1: out that everybody that has been showing love posting the

76
00:04:19,080 --> 00:04:20,760
Speaker 1: buok tagging us and then I'm trying to post as

77
00:04:20,760 --> 00:04:23,480
Speaker 1: many as possible. We appreciate the love. But we got

78
00:04:23,520 --> 00:04:25,120
Speaker 1: to keep this thing going. So when people ask us

79
00:04:25,120 --> 00:04:27,039
Speaker 1: where do I start? Where do I start? My new

80
00:04:27,040 --> 00:04:29,400
Speaker 1: ands aer going forward is you Deserve to Be Rich.

81
00:04:29,839 --> 00:04:32,080
Speaker 1: Everything you need is inside that book to get your

82
00:04:32,080 --> 00:04:34,880
Speaker 1: game on track. And so we hope that you get it,

83
00:04:35,000 --> 00:04:38,080
Speaker 1: enjoy it the most importantly, implement and execute on the

84
00:04:38,120 --> 00:04:40,560
Speaker 1: information inside. You gotta do it, got to do it.

85
00:04:40,600 --> 00:04:43,839
Speaker 2: Yes, sir, all right, So now we're going to bring

86
00:04:43,960 --> 00:04:44,640
Speaker 2: our guest up.

87
00:04:45,279 --> 00:04:50,159
Speaker 1: Let's do it. Let's do it. Let's do it. Hey hey, hey, hey, hey,

88
00:04:51,200 --> 00:04:52,640
Speaker 1: it's not what's going on. How you feeling.

89
00:04:53,040 --> 00:04:56,599
Speaker 3: I'm good, I'm excited. I'm excited. Man, Listen. I love

90
00:04:56,640 --> 00:04:59,880
Speaker 3: talking about credit. I love teaching people how to, you know,

91
00:05:00,040 --> 00:05:02,800
Speaker 3: improve their credit score. So I'm in seventh heaven right now,

92
00:05:02,920 --> 00:05:03,800
Speaker 3: like I'm ready.

93
00:05:04,240 --> 00:05:06,960
Speaker 1: Yeah, our audience loves every time you are on the platform.

94
00:05:07,080 --> 00:05:10,120
Speaker 1: You notice a pattern here, These numbers go crazy because

95
00:05:10,120 --> 00:05:12,600
Speaker 1: every credit is something that we don't know a lot

96
00:05:12,600 --> 00:05:16,159
Speaker 1: of information about, but we definitely need it. If we

97
00:05:16,240 --> 00:05:18,000
Speaker 1: have it, we definitely need to improve it or find

98
00:05:18,000 --> 00:05:20,520
Speaker 1: ways to improve it and update ourselves on it because

99
00:05:20,560 --> 00:05:25,320
Speaker 1: information changes. Information changes from the year the year. So

100
00:05:25,360 --> 00:05:26,279
Speaker 1: I'm happy we have you.

101
00:05:27,160 --> 00:05:30,640
Speaker 3: Yes, No, I'm excited and shout out to yah audience

102
00:05:30,640 --> 00:05:32,560
Speaker 3: because I feel like they just get me.

103
00:05:32,640 --> 00:05:34,080
Speaker 4: They always show me love.

104
00:05:33,920 --> 00:05:37,679
Speaker 3: And yeah and and and their action takers like that's

105
00:05:37,960 --> 00:05:41,160
Speaker 3: my probably my favorite part about them. It's nothing better

106
00:05:41,240 --> 00:05:45,520
Speaker 3: than like providing information or resources and being able to

107
00:05:45,560 --> 00:05:50,280
Speaker 3: witness the person actually implementing those changes nothing better. So

108
00:05:50,760 --> 00:05:51,520
Speaker 3: I'm all for it.

109
00:05:52,279 --> 00:05:55,240
Speaker 1: That's a fact. That's a fact. So Okay, we're gonna

110
00:05:55,240 --> 00:05:56,839
Speaker 1: get into it. And we got a lot to talk about.

111
00:05:58,120 --> 00:05:59,920
Speaker 1: So I'll let you. I'll let you. I let you

112
00:06:00,040 --> 00:06:00,560
Speaker 1: kick it off.

113
00:06:01,279 --> 00:06:01,640
Speaker 4: Okay.

114
00:06:01,680 --> 00:06:04,640
Speaker 3: So first, I want to say that I was tasked

115
00:06:04,800 --> 00:06:10,560
Speaker 3: with probably the hardest, most simplest task ever, and that

116
00:06:10,800 --> 00:06:14,679
Speaker 3: was accumulate a list or a set.

117
00:06:14,520 --> 00:06:17,640
Speaker 4: Of tips to help people boost their credit scores.

118
00:06:17,960 --> 00:06:20,880
Speaker 3: Now, as an expert in the field, with all of

119
00:06:20,920 --> 00:06:23,480
Speaker 3: my experience, it should be like super easy, Like that

120
00:06:23,600 --> 00:06:25,880
Speaker 3: question is like, sup, it should be super easy. But

121
00:06:26,560 --> 00:06:31,320
Speaker 3: for me, questions like that always pose like the hardest,

122
00:06:31,480 --> 00:06:33,320
Speaker 3: Like it's always the hardest for me because I always

123
00:06:33,320 --> 00:06:36,640
Speaker 3: want to make sure that I am giving actionable advice

124
00:06:36,800 --> 00:06:41,280
Speaker 3: that is not only practical, but it isn't like they

125
00:06:41,279 --> 00:06:45,159
Speaker 3: can start implementing it immediately. And that's usually like that's

126
00:06:45,360 --> 00:06:48,480
Speaker 3: the lane that I like to take. And I wanted

127
00:06:48,520 --> 00:06:52,520
Speaker 3: to also approach this with like not not necessarily like

128
00:06:52,560 --> 00:06:54,800
Speaker 3: surface level information that like people can just go on

129
00:06:54,839 --> 00:06:58,240
Speaker 3: Google or have been hearing routinely, Like I wanted to

130
00:06:58,320 --> 00:07:02,880
Speaker 3: really take take a look back at, like at all

131
00:07:02,920 --> 00:07:07,560
Speaker 3: of my most consistent strategies that just work and are

132
00:07:07,640 --> 00:07:11,040
Speaker 3: tried and true and that I'm willing to bet the

133
00:07:11,120 --> 00:07:14,720
Speaker 3: form on. And uh, I've been able to compile a list,

134
00:07:14,840 --> 00:07:19,160
Speaker 3: a pretty extensive list of a very strategic, but actionable

135
00:07:19,400 --> 00:07:23,440
Speaker 3: and specific key points that I want to focus on today.

136
00:07:23,480 --> 00:07:27,800
Speaker 3: So again I'm excited. But like I said, it was hard, and.

137
00:07:27,720 --> 00:07:30,960
Speaker 1: That's why we appreciate you because your attention to detail.

138
00:07:31,040 --> 00:07:33,360
Speaker 1: But more importantly, you care about people and you care

139
00:07:33,360 --> 00:07:37,080
Speaker 1: about their results. And so again we're happy to have you. Man.

140
00:07:37,120 --> 00:07:39,360
Speaker 1: So where do we start? Where do you want to start?

141
00:07:39,560 --> 00:07:43,880
Speaker 4: Where do we start? Okay, that's a loaded question.

142
00:07:43,960 --> 00:07:44,160
Speaker 1: Now.

143
00:07:45,160 --> 00:07:49,000
Speaker 3: When when it comes to credit scores, a lot of

144
00:07:49,040 --> 00:07:52,400
Speaker 3: times people are often only focused on like the numerical

145
00:07:52,680 --> 00:07:55,080
Speaker 3: value of their score, like their credit score. I want

146
00:07:55,120 --> 00:07:56,720
Speaker 3: to get a seven hundred credit score. I want to

147
00:07:56,760 --> 00:07:58,920
Speaker 3: get a eight hundred credit score. Is usually like the

148
00:07:59,000 --> 00:08:04,320
Speaker 3: request that I that I received daily. But I'm a big, big,

149
00:08:04,360 --> 00:08:09,320
Speaker 3: big believer of focusing on your credit profile strengthening that

150
00:08:10,520 --> 00:08:13,000
Speaker 3: it does more for not only your credit score, but

151
00:08:13,040 --> 00:08:16,320
Speaker 3: your borrowing power overall and your entire credit standing. So

152
00:08:16,560 --> 00:08:20,080
Speaker 3: every time that I approach advising someone on how to

153
00:08:20,200 --> 00:08:23,960
Speaker 3: repair or improve their credit score. It is never solely

154
00:08:24,000 --> 00:08:27,760
Speaker 3: based on points. So I just wanted to say that first.

155
00:08:29,000 --> 00:08:32,680
Speaker 3: And also in order for anything that I'm going to

156
00:08:32,720 --> 00:08:35,640
Speaker 3: say to make sense, you have to the uh, the

157
00:08:35,720 --> 00:08:39,920
Speaker 3: audience has to be willing to unlearn certain certain things

158
00:08:39,920 --> 00:08:41,880
Speaker 3: that we've been accustomed to when it comes to like

159
00:08:41,960 --> 00:08:45,000
Speaker 3: the credit game, that are just flat out wrong, right,

160
00:08:45,120 --> 00:08:48,160
Speaker 3: And so yes, I wanted to first give that disclaimer

161
00:08:48,240 --> 00:08:50,040
Speaker 3: before we kind of get into these tips.

162
00:08:50,520 --> 00:08:52,480
Speaker 4: And uh, if.

163
00:08:52,360 --> 00:08:53,959
Speaker 3: You guys are ready, I can, I can already, I

164
00:08:54,000 --> 00:08:56,840
Speaker 3: can start with with I'll start with the most effective

165
00:08:56,880 --> 00:08:59,080
Speaker 3: one or the or the or the one that will

166
00:08:59,080 --> 00:09:01,319
Speaker 3: cause the most emailia boost.

167
00:09:01,840 --> 00:09:03,640
Speaker 1: Let's get it going. Let's do it all right.

168
00:09:04,240 --> 00:09:08,600
Speaker 3: So my first, my number one non conventional tip that

169
00:09:08,640 --> 00:09:11,120
Speaker 3: I would recommend for a person seeking to boost their

170
00:09:11,160 --> 00:09:15,960
Speaker 3: credit rating is to number one, target the late payments.

171
00:09:16,160 --> 00:09:18,720
Speaker 3: The reason why you want to target the late payments

172
00:09:18,760 --> 00:09:21,280
Speaker 3: anytime you are trying to improve your credit score is

173
00:09:21,280 --> 00:09:24,360
Speaker 3: because of the impact that the payment history has on

174
00:09:24,360 --> 00:09:27,839
Speaker 3: our credit scores because it's the largest factor. It's responsible

175
00:09:27,880 --> 00:09:30,840
Speaker 3: for thirty five percent of our credit score. Also, it

176
00:09:31,000 --> 00:09:34,199
Speaker 3: holds over one hundred and ninety two point five points

177
00:09:34,640 --> 00:09:37,440
Speaker 3: so we want to get as many of those points

178
00:09:37,440 --> 00:09:41,439
Speaker 3: as possible in order to reach a high credit score.

179
00:09:41,559 --> 00:09:44,640
Speaker 3: So with that being said, the first thing that everyone

180
00:09:44,720 --> 00:09:47,480
Speaker 3: needs to evaluate on their credit report when they're seeking

181
00:09:47,600 --> 00:09:51,040
Speaker 3: immediate change in their credit score is trying to reverse

182
00:09:51,120 --> 00:09:53,560
Speaker 3: the impact of the late payments that they have on

183
00:09:53,600 --> 00:09:55,400
Speaker 3: their credit report.

184
00:09:56,080 --> 00:09:58,120
Speaker 4: This happens only one way.

185
00:09:59,600 --> 00:10:01,520
Speaker 3: Number So, the way that they will do that is

186
00:10:02,840 --> 00:10:05,240
Speaker 3: because late payments are the number one reason people will

187
00:10:05,280 --> 00:10:08,680
Speaker 3: lose fifty to one hundred points per instant sometimes, and

188
00:10:08,760 --> 00:10:11,760
Speaker 3: like I said, because it's the largest factor, the only

189
00:10:11,800 --> 00:10:14,600
Speaker 3: way to undo that impact or neutralize the effects is

190
00:10:14,640 --> 00:10:18,600
Speaker 3: to flood their reports with on time payments. How to

191
00:10:18,640 --> 00:10:21,960
Speaker 3: do that, It's very It's easy if you think of

192
00:10:22,000 --> 00:10:24,920
Speaker 3: it from this lens. Think of I call it the

193
00:10:25,080 --> 00:10:26,600
Speaker 3: eleven to one rule.

194
00:10:26,880 --> 00:10:27,080
Speaker 4: Right.

195
00:10:27,160 --> 00:10:30,160
Speaker 3: So what that means is for every single late payment

196
00:10:30,280 --> 00:10:33,240
Speaker 3: that is reporting on their credit report within the last

197
00:10:33,280 --> 00:10:37,520
Speaker 3: three years, they're going to need eleven one time payments

198
00:10:37,559 --> 00:10:41,600
Speaker 3: to neutralize that negative impact on their score. How do

199
00:10:41,640 --> 00:10:44,400
Speaker 3: they get that. You can do it by multiple ways.

200
00:10:44,720 --> 00:10:48,080
Speaker 3: Number One, you can allow time to pass. You know,

201
00:10:48,320 --> 00:10:50,400
Speaker 3: that's about a year. Eleven months is about a year

202
00:10:51,240 --> 00:10:57,440
Speaker 3: before most late payments will neutralize. But being super super

203
00:10:58,040 --> 00:11:02,080
Speaker 3: strategic and intentional about making sure that they are trying

204
00:11:02,120 --> 00:11:04,280
Speaker 3: to cancel out the late payments within the last three

205
00:11:04,360 --> 00:11:07,480
Speaker 3: years by specifically making sure that they have accounts that

206
00:11:07,520 --> 00:11:10,600
Speaker 3: are currently reporting every single month to every single credit

207
00:11:10,640 --> 00:11:14,640
Speaker 3: bureaus in on time payment and it has to be

208
00:11:14,720 --> 00:11:16,719
Speaker 3: within that same category. So what that means is like,

209
00:11:16,760 --> 00:11:18,920
Speaker 3: if they have two lay payments on a credit card

210
00:11:18,960 --> 00:11:21,920
Speaker 3: within the last two years, then their goal is for

211
00:11:22,000 --> 00:11:25,680
Speaker 3: the next eleven months is to get twenty two what

212
00:11:25,760 --> 00:11:29,200
Speaker 3: is it twenty two on time payments reported within a

213
00:11:29,240 --> 00:11:32,080
Speaker 3: credit card account? Right, it doesn't have to be the

214
00:11:32,160 --> 00:11:33,920
Speaker 3: same account, it just has to be the same type.

215
00:11:33,960 --> 00:11:34,720
Speaker 4: Does that make sense.

216
00:11:35,360 --> 00:11:38,600
Speaker 1: I'm with you. I'm with you, Okay.

217
00:11:39,280 --> 00:11:41,040
Speaker 3: Then the next thing that they would do to target

218
00:11:41,120 --> 00:11:43,240
Speaker 3: late payments on a credit report is to request a

219
00:11:43,240 --> 00:11:46,640
Speaker 3: good will adjustment from their lender. Right now, there are

220
00:11:46,679 --> 00:11:50,200
Speaker 3: going to be some payments that they will struggle with

221
00:11:50,280 --> 00:11:54,040
Speaker 3: getting removed or some payments that they probably will not

222
00:11:54,120 --> 00:11:58,120
Speaker 3: be able to amass enough on time payments in a

223
00:11:58,160 --> 00:12:01,000
Speaker 3: timely fashion, depending on how many that they have. So

224
00:12:01,120 --> 00:12:04,160
Speaker 3: my rule of thumb is for any accounts that is

225
00:12:04,200 --> 00:12:06,600
Speaker 3: still open, So it's still reporting. You still have a

226
00:12:06,640 --> 00:12:10,600
Speaker 3: standing relationship with the creditor, you would you should always

227
00:12:10,960 --> 00:12:13,960
Speaker 3: request a good will adjustment from them. And that's simply

228
00:12:14,000 --> 00:12:15,920
Speaker 3: just going to the creditor saying, hey, I made a mistake.

229
00:12:15,960 --> 00:12:19,240
Speaker 3: You know I was late. I'm not denying it. Things

230
00:12:19,280 --> 00:12:22,800
Speaker 3: came up, things happened, I learned. Will you are you

231
00:12:22,880 --> 00:12:26,760
Speaker 3: willing to erase that late payment record from my credit report?

232
00:12:27,240 --> 00:12:29,839
Speaker 3: And that's called a good will adjustment. Now, a lot

233
00:12:29,880 --> 00:12:34,160
Speaker 3: of lenders will will will grant this. Capital one is

234
00:12:34,240 --> 00:12:36,960
Speaker 3: one company. Credit one is one company that that are

235
00:12:37,040 --> 00:12:41,679
Speaker 3: not that is notorious for accepting and honoring good real recrests. Right,

236
00:12:42,880 --> 00:12:45,400
Speaker 3: So yes, if you have Capital one, you have Credit Won,

237
00:12:45,480 --> 00:12:47,480
Speaker 3: or any bank that you have, make sure you are

238
00:12:47,559 --> 00:12:51,160
Speaker 3: mailing a good will request ladder to the creditor to

239
00:12:52,240 --> 00:12:54,480
Speaker 3: ask for a good will adjustment for every single late

240
00:12:54,520 --> 00:12:55,120
Speaker 3: payment within the.

241
00:12:55,120 --> 00:12:55,920
Speaker 4: Last three years.

242
00:12:56,000 --> 00:12:56,200
Speaker 1: Right.

243
00:12:57,000 --> 00:12:59,959
Speaker 3: So that's that's that's sort of like the first tip

244
00:13:00,640 --> 00:13:02,400
Speaker 3: all in one was it was two tips all on one,

245
00:13:02,400 --> 00:13:05,960
Speaker 3: which is to target your the lay payments within the

246
00:13:06,000 --> 00:13:09,280
Speaker 3: last three years and trying to erase as many of

247
00:13:09,280 --> 00:13:10,160
Speaker 3: those as possible.

248
00:13:10,960 --> 00:13:13,760
Speaker 1: So the good will adjustment, this is a one time

249
00:13:13,880 --> 00:13:16,240
Speaker 1: letter that can knock out a few payments, right, So

250
00:13:16,280 --> 00:13:17,920
Speaker 1: this is not like I was late once? Can you

251
00:13:17,920 --> 00:13:21,000
Speaker 1: forgive me once? I might have been late four times

252
00:13:21,040 --> 00:13:23,839
Speaker 1: in twenty twenty four. I'm sending this letter on behalf

253
00:13:23,880 --> 00:13:26,400
Speaker 1: of twenty twenty four for this adjustment? Can you forgive

254
00:13:26,480 --> 00:13:28,160
Speaker 1: all four exact? Correct?

255
00:13:29,040 --> 00:13:31,080
Speaker 4: Yeah, you are correct, So you can ask.

256
00:13:31,720 --> 00:13:36,080
Speaker 3: You can technically ask for any amount right now, Keep

257
00:13:36,120 --> 00:13:38,600
Speaker 3: in mind, granting a good will letter is up to

258
00:13:38,640 --> 00:13:41,760
Speaker 3: the company. Is at their you know, they can decide

259
00:13:41,880 --> 00:13:44,960
Speaker 3: to obviously deny it, and it is based on like

260
00:13:45,160 --> 00:13:48,679
Speaker 3: the history that you are building with them, so they

261
00:13:48,679 --> 00:13:52,240
Speaker 3: can say no. However, I want to if you guys

262
00:13:52,240 --> 00:13:55,200
Speaker 3: on mind, I want to show an example of a

263
00:13:55,559 --> 00:13:57,800
Speaker 3: template that they can use to send. All they have

264
00:13:57,800 --> 00:13:59,360
Speaker 3: to do is plug and play their information and send

265
00:13:59,360 --> 00:14:02,719
Speaker 3: it to their creditor. And so let me share that

266
00:14:02,880 --> 00:14:05,640
Speaker 3: really quick. And it's just a good letter to have

267
00:14:06,320 --> 00:14:09,640
Speaker 3: just in in your fiul just in case, you know.

268
00:14:10,559 --> 00:14:12,760
Speaker 4: So, are you guys able to see that clearly?

269
00:14:13,240 --> 00:14:14,199
Speaker 1: Yeah? Yeah, we got it?

270
00:14:14,720 --> 00:14:15,040
Speaker 4: Okay?

271
00:14:15,040 --> 00:14:15,280
Speaker 1: Good?

272
00:14:15,800 --> 00:14:18,400
Speaker 3: So yes, So this is an example of a perfect

273
00:14:18,840 --> 00:14:22,040
Speaker 3: formatted goodwill template.

274
00:14:22,160 --> 00:14:22,320
Speaker 5: Right.

275
00:14:22,680 --> 00:14:25,160
Speaker 3: All they would do is obviously the red writing they

276
00:14:25,160 --> 00:14:27,680
Speaker 3: would replace it with their information and then send it

277
00:14:27,760 --> 00:14:32,880
Speaker 3: via mail, either send it via mail with only one

278
00:14:32,880 --> 00:14:36,760
Speaker 3: exception if they have access to the CEO's email address,

279
00:14:37,160 --> 00:14:41,520
Speaker 3: which is a hugely slept on method of of good

280
00:14:41,560 --> 00:14:47,840
Speaker 3: will adjustments. That burns me that people don't utilize that method, however, Yeah,

281
00:14:47,880 --> 00:14:49,920
Speaker 3: so just send a good will letter, send it in

282
00:14:49,960 --> 00:14:52,760
Speaker 3: a mail, or if you have access to the executive

283
00:14:52,840 --> 00:14:55,600
Speaker 3: or ceo CEO's email address, then just send it directly

284
00:14:55,600 --> 00:14:56,920
Speaker 3: to the to the email.

285
00:14:57,760 --> 00:14:59,680
Speaker 4: And yeah, so you would do that for each like

286
00:14:59,720 --> 00:15:00,440
Speaker 4: payment you can.

287
00:15:00,520 --> 00:15:02,720
Speaker 3: You can if you have seven lay payments, you can

288
00:15:02,720 --> 00:15:05,120
Speaker 3: literally fill out seven of these or if they're with

289
00:15:05,160 --> 00:15:07,000
Speaker 3: the same if they're on the same account, of course,

290
00:15:07,520 --> 00:15:11,840
Speaker 3: then you could just list them all out. You want

291
00:15:11,840 --> 00:15:14,840
Speaker 3: to specifically focus on the lay payments within the last

292
00:15:14,840 --> 00:15:17,440
Speaker 3: three years because those are the ones that's like weighing

293
00:15:17,520 --> 00:15:21,800
Speaker 3: the heaviest on your score, affecting your barring power the most,

294
00:15:22,280 --> 00:15:26,120
Speaker 3: and really are like probably the reason why you're like

295
00:15:26,360 --> 00:15:30,320
Speaker 3: a person's score is just stagnant or you know, being

296
00:15:30,320 --> 00:15:33,320
Speaker 3: affected the most. So targeting lay payments within the last

297
00:15:33,320 --> 00:15:38,680
Speaker 3: three years is rule number one. That's gonna any lay payment,

298
00:15:38,720 --> 00:15:41,240
Speaker 3: any single instance of a lay payment that is removed,

299
00:15:41,240 --> 00:15:46,160
Speaker 3: that is forgiven, they stand to see an increase of

300
00:15:46,480 --> 00:15:50,320
Speaker 3: thirty to sixty points per lay payment. Like it's that

301
00:15:51,400 --> 00:15:54,840
Speaker 3: big of a deal. And as I stated, like you

302
00:15:54,880 --> 00:15:59,200
Speaker 3: would be so surprised to see how often the good

303
00:15:59,200 --> 00:16:04,000
Speaker 3: will request are granted. And also how effective the making

304
00:16:04,040 --> 00:16:06,600
Speaker 3: sure that you are flooding your credit report with on

305
00:16:06,680 --> 00:16:08,760
Speaker 3: time payments to neutralize.

306
00:16:09,280 --> 00:16:10,360
Speaker 4: Previous late payments.

307
00:16:10,400 --> 00:16:14,200
Speaker 3: How effective that method is in the night and day

308
00:16:14,240 --> 00:16:16,680
Speaker 3: difference that it makes on you know, within a person's

309
00:16:16,720 --> 00:16:19,040
Speaker 3: credit profile. So that's like rule number one, target lay

310
00:16:19,080 --> 00:16:20,640
Speaker 3: payments within the last three years.

311
00:16:21,360 --> 00:16:24,240
Speaker 1: So I got a second follow up, right, So I

312
00:16:24,280 --> 00:16:27,760
Speaker 1: got the goodwill adjustment letter right? But sometimes I might

313
00:16:27,800 --> 00:16:30,760
Speaker 1: have paid it and it registered as a late payment.

314
00:16:31,240 --> 00:16:34,520
Speaker 1: How do I dispute how do I try to get

315
00:16:34,560 --> 00:16:37,960
Speaker 1: that error off of the report right? Because sometimes it's

316
00:16:37,960 --> 00:16:40,240
Speaker 1: not my error, it might be on the lenders era.

317
00:16:41,400 --> 00:16:44,360
Speaker 3: So was it about way of a mistake, So you

318
00:16:44,480 --> 00:16:47,080
Speaker 3: were not late, but some somehow, some way they.

319
00:16:47,120 --> 00:16:49,240
Speaker 1: Reported you late or they reported me late, but it

320
00:16:49,320 --> 00:16:50,200
Speaker 1: really wasn't.

321
00:16:50,440 --> 00:16:53,240
Speaker 3: Oh well, if it was their fault, then that's you

322
00:16:53,520 --> 00:16:55,440
Speaker 3: definitely need to take that up with the company first,

323
00:16:55,480 --> 00:16:59,560
Speaker 3: like request that they send you a copy of your

324
00:16:59,640 --> 00:17:00,360
Speaker 3: record to your.

325
00:17:00,240 --> 00:17:03,640
Speaker 4: Payment record, or if you have proof that you paid this.

326
00:17:03,720 --> 00:17:05,440
Speaker 3: So like if you pay with your bank account or

327
00:17:05,440 --> 00:17:07,480
Speaker 3: credit card, and you have a record of you paying

328
00:17:07,480 --> 00:17:10,000
Speaker 3: off your credit card in a timely fashion, then you

329
00:17:10,000 --> 00:17:11,439
Speaker 3: can just go ahead and send the proof to the

330
00:17:11,440 --> 00:17:15,000
Speaker 3: credit bureaus letting them know that you know the company

331
00:17:15,040 --> 00:17:17,240
Speaker 3: is wrong. But if you don't have proof of it,

332
00:17:17,280 --> 00:17:20,920
Speaker 3: you are at the you are you're at the mercy

333
00:17:20,960 --> 00:17:24,159
Speaker 3: of them providing you their records, and you know you

334
00:17:24,200 --> 00:17:26,199
Speaker 3: are going against them, so they can definitely be like, well, no,

335
00:17:26,240 --> 00:17:27,359
Speaker 3: we don't have a record of it, you know. So

336
00:17:27,400 --> 00:17:32,240
Speaker 3: it's always best to obviously keep our own documentation because yeah,

337
00:17:32,280 --> 00:17:35,520
Speaker 3: they they're never on our side when we're up against them.

338
00:17:36,280 --> 00:17:41,080
Speaker 3: Document the process, gotch you keep keep everything, keep everything.

339
00:17:43,400 --> 00:17:47,720
Speaker 1: Okay, all right? So that would be the first step,

340
00:17:48,440 --> 00:17:49,280
Speaker 1: first step.

341
00:17:49,080 --> 00:17:55,000
Speaker 3: Yes, and then the next the next thing that I

342
00:17:55,119 --> 00:17:58,000
Speaker 3: would advise that would, like I said, make the most

343
00:17:58,000 --> 00:18:02,680
Speaker 3: immediate or biggest impact on one's credit score, it would be.

344
00:18:04,320 --> 00:18:07,080
Speaker 4: So I want to first frame this one.

345
00:18:07,160 --> 00:18:12,119
Speaker 3: The next tip is is is relating to credit utilization

346
00:18:12,200 --> 00:18:15,919
Speaker 3: as well. However it's in a different capacity. So what

347
00:18:15,960 --> 00:18:18,280
Speaker 3: I mean by that is like my second tip is.

348
00:18:18,240 --> 00:18:20,760
Speaker 4: To lower your lower.

349
00:18:22,680 --> 00:18:27,760
Speaker 3: Let me rephrase that lower your credit utilization before their

350
00:18:27,800 --> 00:18:31,439
Speaker 3: next statement day, right, and what that does? Or just

351
00:18:31,480 --> 00:18:35,200
Speaker 3: in general, learning how to properly pay your credit card,

352
00:18:35,600 --> 00:18:38,480
Speaker 3: learning how to pay your credit card in a way

353
00:18:38,520 --> 00:18:43,280
Speaker 3: that it maximizes your credit score and increases your borrowing

354
00:18:43,320 --> 00:18:47,680
Speaker 3: worthiness will always be something that, like I always say,

355
00:18:47,960 --> 00:18:49,959
Speaker 3: everyone that has a credit card needs to know how

356
00:18:49,960 --> 00:18:52,080
Speaker 3: to properly pay a credit card and needs to know

357
00:18:52,119 --> 00:18:54,400
Speaker 3: that there is a strategic way of.

358
00:18:54,359 --> 00:18:57,960
Speaker 4: Paying it that as to increasing your credit score.

359
00:18:58,200 --> 00:19:01,159
Speaker 3: In the stereo typical or the standard way that we

360
00:19:01,200 --> 00:19:05,240
Speaker 3: are paying our credit cards actually leaves about eighty points

361
00:19:05,240 --> 00:19:08,440
Speaker 3: on the table that most people can literally access within

362
00:19:08,600 --> 00:19:13,440
Speaker 3: thirty to sixty days by just reframing how they are

363
00:19:13,480 --> 00:19:14,800
Speaker 3: paying their credit cards.

364
00:19:16,119 --> 00:19:19,720
Speaker 4: And obviously I'll get into exactly how, but.

365
00:19:21,480 --> 00:19:23,359
Speaker 3: Let me put an example on the screen, give me

366
00:19:23,400 --> 00:19:25,800
Speaker 3: one moment just to make it make a little more sense.

367
00:19:25,880 --> 00:19:31,320
Speaker 3: But okay, now when it comes to when it comes

368
00:19:31,320 --> 00:19:34,400
Speaker 3: to paying off your credit card, the first the first

369
00:19:34,440 --> 00:19:37,320
Speaker 3: thing that I need everyone to evaluate for every single

370
00:19:37,359 --> 00:19:41,840
Speaker 3: credit card that they have is to identify these two

371
00:19:41,880 --> 00:19:45,040
Speaker 3: important dates. The first day is the first date I

372
00:19:45,040 --> 00:19:46,720
Speaker 3: want them to identify is their du date.

373
00:19:47,320 --> 00:19:48,120
Speaker 4: That's not.

374
00:19:49,560 --> 00:19:51,280
Speaker 3: Yeah, the first day I want them to identify as

375
00:19:51,280 --> 00:19:53,439
Speaker 3: their due date, it's not up yet. And then the

376
00:19:53,480 --> 00:19:55,760
Speaker 3: second date I want them to identify as their statement date.

377
00:19:55,840 --> 00:19:58,959
Speaker 3: And understanding the difference, the biggest difference between these two

378
00:19:59,040 --> 00:20:02,639
Speaker 3: dates makes the biggest difference in your credit score, because

379
00:20:02,680 --> 00:20:06,959
Speaker 3: your statement date is the dates that will determine how

380
00:20:07,280 --> 00:20:10,560
Speaker 3: many credit points you are getting as a result of

381
00:20:10,600 --> 00:20:14,000
Speaker 3: your credit utilization. And then your due date only matters

382
00:20:14,000 --> 00:20:16,040
Speaker 3: to your bank. It does not affect your credit score,

383
00:20:16,800 --> 00:20:20,320
Speaker 3: It does not affect how your credit cards are reporting,

384
00:20:20,800 --> 00:20:24,320
Speaker 3: So that that is not the date that is important.

385
00:20:25,080 --> 00:20:27,720
Speaker 3: The date that is important is your statement date, right,

386
00:20:28,119 --> 00:20:31,639
Speaker 3: and that it's so important to the fact that, like,

387
00:20:31,960 --> 00:20:35,320
Speaker 3: if you are not ensuring that your balance is below

388
00:20:35,400 --> 00:20:38,840
Speaker 3: ten percent of your credit limit at least two to

389
00:20:38,920 --> 00:20:43,000
Speaker 3: three days prior to your statement date, then you are

390
00:20:43,080 --> 00:20:45,679
Speaker 3: leaving a wealth of points on the floor. You are

391
00:20:45,760 --> 00:20:49,399
Speaker 3: leaving a wealth of points just sitting there, and you

392
00:20:49,400 --> 00:20:52,840
Speaker 3: are not being credited for really having that credit card. Right,

393
00:20:56,680 --> 00:20:59,560
Speaker 3: So I can either go through how I typically pay

394
00:20:59,560 --> 00:21:01,919
Speaker 3: my credit cards or if you guys have like a

395
00:21:01,920 --> 00:21:05,159
Speaker 3: specific question in regards to like the differences of it.

396
00:21:05,200 --> 00:21:07,560
Speaker 2: I can you know if you go through how you

397
00:21:07,640 --> 00:21:09,080
Speaker 2: do it, that would be helpful for sure.

398
00:21:11,200 --> 00:21:16,120
Speaker 3: Okay, cool, Now what I do is there's two going

399
00:21:16,119 --> 00:21:17,960
Speaker 3: to rules that I have from my credit cards. Is

400
00:21:18,280 --> 00:21:21,680
Speaker 3: I have I have a rule that by my due date,

401
00:21:22,040 --> 00:21:23,840
Speaker 3: I make sure that my balance is zeroed.

402
00:21:24,040 --> 00:21:28,640
Speaker 4: So I zero out my credit card by my due date.

403
00:21:29,240 --> 00:21:32,240
Speaker 3: And that's simply because I want to avoid paying interest. Right,

404
00:21:32,240 --> 00:21:34,399
Speaker 3: So that's just that's a personal form for me. I

405
00:21:34,440 --> 00:21:39,359
Speaker 3: don't like paying unnecessary fees, right. However, that doesn't help

406
00:21:39,400 --> 00:21:41,800
Speaker 3: my credit when it specifically comes to my credit report.

407
00:21:42,160 --> 00:21:45,960
Speaker 3: I also I also make sure that three days prior

408
00:21:46,000 --> 00:21:48,840
Speaker 3: to my statement date in every billing cycle, so every

409
00:21:48,880 --> 00:21:51,920
Speaker 3: month that I have reduced my balance down to ten

410
00:21:52,560 --> 00:21:56,639
Speaker 3: or reduce my balance down to under ten percent. And

411
00:21:56,840 --> 00:21:59,399
Speaker 3: that way I can ensure that the balance is being

412
00:21:59,440 --> 00:22:04,400
Speaker 3: reported to the credit bureaus is favorable. And also it

413
00:22:04,440 --> 00:22:06,679
Speaker 3: is it is it is showing that I am a

414
00:22:06,760 --> 00:22:09,919
Speaker 3: responsible borrower. I not only use my credit card, but

415
00:22:09,960 --> 00:22:13,040
Speaker 3: I can be trusted to pay it back, right, That's

416
00:22:13,080 --> 00:22:16,560
Speaker 3: super important. Most people are usually under the guys that

417
00:22:16,920 --> 00:22:18,880
Speaker 3: as long as they pay their credit cards by their

418
00:22:18,920 --> 00:22:22,320
Speaker 3: due date, then they're good, right, And also or or

419
00:22:22,320 --> 00:22:26,000
Speaker 3: the other thing that I see is a person would

420
00:22:26,280 --> 00:22:29,120
Speaker 3: zero out their their credit cards on their due date

421
00:22:29,680 --> 00:22:35,400
Speaker 3: and then not necessarily have any any inclination that how

422
00:22:35,440 --> 00:22:37,080
Speaker 3: important their statement date is. So they don't they don't

423
00:22:37,119 --> 00:22:39,320
Speaker 3: even they they don't even care what their balance is

424
00:22:39,359 --> 00:22:42,200
Speaker 3: on their statement day because they're unaware that that payment

425
00:22:42,200 --> 00:22:44,800
Speaker 3: that they made on their due date is not being

426
00:22:44,840 --> 00:22:49,080
Speaker 3: credited for their and used as their utilization, like I think.

427
00:22:49,560 --> 00:22:53,000
Speaker 3: So that's that's pretty much like the the Golden rule

428
00:22:53,080 --> 00:22:55,040
Speaker 3: with credit cards. You just have to make sure that

429
00:22:55,480 --> 00:23:01,760
Speaker 3: your statement date is being priority tized, prioritized, like you

430
00:23:01,800 --> 00:23:05,040
Speaker 3: have to make sure you are prioritizing the balance that

431
00:23:05,240 --> 00:23:07,480
Speaker 3: your credit card is reporting on your statement day. And

432
00:23:07,520 --> 00:23:10,359
Speaker 3: I always say, if you don't, if you don't know

433
00:23:11,720 --> 00:23:14,960
Speaker 3: or understand this, look at your most recent credit card statement.

434
00:23:15,480 --> 00:23:17,840
Speaker 3: Right on your credit card statement, you will have what's

435
00:23:17,840 --> 00:23:21,280
Speaker 3: called a statement balance that's required for every credit card statement,

436
00:23:21,600 --> 00:23:26,200
Speaker 3: your statement balance, that is your utilization that was reported

437
00:23:26,240 --> 00:23:29,880
Speaker 3: to the credit bureaus from that bank the month prior. Right,

438
00:23:29,960 --> 00:23:33,280
Speaker 3: So anytime you ever wonder what your utilization is, all

439
00:23:33,320 --> 00:23:35,040
Speaker 3: you have to do is look at your most recent

440
00:23:35,880 --> 00:23:39,119
Speaker 3: credit card statement because your statement balance is your utilization.

441
00:23:39,680 --> 00:23:41,840
Speaker 3: That statement balance is important because that's the key to

442
00:23:41,920 --> 00:23:47,320
Speaker 3: unlocking as many points as possible within the credit utilization

443
00:23:47,400 --> 00:23:50,600
Speaker 3: category right, which lends to one hundred and sixty five points.

444
00:23:50,600 --> 00:23:53,080
Speaker 3: So we need all of those points, was as many

445
00:23:53,119 --> 00:23:55,200
Speaker 3: of them as possible, And the only way that you

446
00:23:55,400 --> 00:23:59,320
Speaker 3: will have access to majority of those points is if

447
00:23:59,359 --> 00:24:04,080
Speaker 3: you are strategically paying your credit card based on your

448
00:24:04,119 --> 00:24:09,199
Speaker 3: statement date. And obviously keeping a low utilization low is

449
00:24:09,240 --> 00:24:14,560
Speaker 3: not thirty percent. Low is not anything other than what's

450
00:24:14,600 --> 00:24:18,240
Speaker 3: considered good and low to lenders. Is literally between one

451
00:24:18,359 --> 00:24:21,680
Speaker 3: and nine percent. That is like the prisine range, the

452
00:24:21,720 --> 00:24:25,520
Speaker 3: most optimal range. That is the range that if you

453
00:24:25,560 --> 00:24:27,680
Speaker 3: are wanting or seeking to improve.

454
00:24:27,400 --> 00:24:28,320
Speaker 4: Your credit score.

455
00:24:28,480 --> 00:24:31,800
Speaker 3: If you if you are reporting anything above nine percent

456
00:24:31,920 --> 00:24:35,080
Speaker 3: repeatedly on your credit on your as your credit.

457
00:24:35,000 --> 00:24:37,959
Speaker 4: Utilization, then you.

458
00:24:37,160 --> 00:24:38,919
Speaker 3: You are not going to increase your credit card like

459
00:24:39,000 --> 00:24:39,960
Speaker 3: it's just you are.

460
00:24:40,400 --> 00:24:41,800
Speaker 4: You don't you don't.

461
00:24:41,560 --> 00:24:44,760
Speaker 3: Want to increase your credit score because it just won't happen.

462
00:24:45,480 --> 00:24:45,680
Speaker 1: Now.

463
00:24:45,720 --> 00:24:47,879
Speaker 3: You may get a few points here and there, However,

464
00:24:47,920 --> 00:24:49,320
Speaker 3: if you want to see a real change in your

465
00:24:49,320 --> 00:24:53,000
Speaker 3: credit score, making sure that you are reporting between one

466
00:24:53,040 --> 00:24:56,280
Speaker 3: and nine percent by your statement date for every credit card.

467
00:24:57,520 --> 00:25:01,399
Speaker 3: That's what's going to unlock like that next level of

468
00:25:01,840 --> 00:25:05,640
Speaker 3: credit for any any literally any profile.

469
00:25:06,200 --> 00:25:09,040
Speaker 1: This is that pretty tricky, right because again, and I

470
00:25:09,119 --> 00:25:11,520
Speaker 1: like what you said there between one to nine percent.

471
00:25:11,960 --> 00:25:14,960
Speaker 1: You didn't say zero percent, right, So most people that

472
00:25:15,080 --> 00:25:16,840
Speaker 1: will just say I'm gonna use my credit card, I'm

473
00:25:16,840 --> 00:25:19,120
Speaker 1: gonna pay it off. Right, I'm gonna use my credit card,

474
00:25:19,119 --> 00:25:21,879
Speaker 1: I'm gonna pay the whole thing off. Probably not the

475
00:25:21,880 --> 00:25:23,879
Speaker 1: best method if you're trying to increase your credit score,

476
00:25:23,920 --> 00:25:26,640
Speaker 1: because it doesn't really show there's a payment history, right.

477
00:25:26,920 --> 00:25:29,760
Speaker 1: They actually want you to have some leftover right between

478
00:25:29,760 --> 00:25:32,600
Speaker 1: that one to nine percent, so that you can continuously

479
00:25:32,680 --> 00:25:36,080
Speaker 1: pay all pay them every month. Right. Paying off the

480
00:25:36,119 --> 00:25:39,840
Speaker 1: balance every month is not the best solution people, it's

481
00:25:39,920 --> 00:25:41,560
Speaker 1: like confusing, what's your thoughts around that?

482
00:25:42,520 --> 00:25:43,960
Speaker 4: Oh, no, you were spot on.

483
00:25:44,359 --> 00:25:46,639
Speaker 3: You were certainly spot on, because yeah, that is a

484
00:25:46,640 --> 00:25:49,320
Speaker 3: common misconception that people have when it comes to credit cards.

485
00:25:49,359 --> 00:25:53,159
Speaker 3: Is like reporting a zero dollar balance is good or

486
00:25:53,240 --> 00:25:56,960
Speaker 3: Linda would like prefer that, and nothing can be further

487
00:25:57,000 --> 00:26:00,720
Speaker 3: from the truth. In fact, I'll show you a visual

488
00:26:01,359 --> 00:26:05,320
Speaker 3: to make it easier for someone to like understand how

489
00:26:05,440 --> 00:26:11,680
Speaker 3: lenders view credit credit credit utilization ratios like they're super important,

490
00:26:12,200 --> 00:26:15,280
Speaker 3: and like I said, it's this is probably the number

491
00:26:15,280 --> 00:26:18,520
Speaker 3: one thing that affects barring power in terms of like

492
00:26:18,600 --> 00:26:21,960
Speaker 3: credit card limits. Uh, the interest rates that that that

493
00:26:22,119 --> 00:26:25,119
Speaker 3: one will receive when they're applying for anything. So if

494
00:26:25,119 --> 00:26:28,360
Speaker 3: you if you're a person that finds yourself only being

495
00:26:28,400 --> 00:26:31,160
Speaker 3: approved for up to a certain amount or never being

496
00:26:31,160 --> 00:26:34,400
Speaker 3: able to cross a certain threshold or or or tier

497
00:26:34,480 --> 00:26:37,840
Speaker 3: when it comes to borrowing, it's usually probably because of

498
00:26:37,880 --> 00:26:43,560
Speaker 3: your your your utilization. I'm pulling up that chart right.

499
00:26:43,440 --> 00:26:48,720
Speaker 2: Now, and for the while you're doing that, Like the

500
00:26:48,760 --> 00:26:51,040
Speaker 2: statement date, Can a statement date just be the same

501
00:26:51,119 --> 00:26:53,280
Speaker 2: day as your stayment date.

502
00:26:54,040 --> 00:26:56,479
Speaker 4: As the do date? No, so they they're they're different.

503
00:26:56,720 --> 00:26:59,440
Speaker 1: Your saming day is can you make it the same day?

504
00:27:00,080 --> 00:27:04,000
Speaker 4: Oh? Actually some banks will allow you. So it's it's.

505
00:27:03,920 --> 00:27:07,520
Speaker 3: Up to the bank, and some banks will will refuse it.

506
00:27:07,560 --> 00:27:09,639
Speaker 3: But like, honestly a lot of banks will allow you

507
00:27:09,680 --> 00:27:12,560
Speaker 3: because they want your they want your dates to be

508
00:27:13,920 --> 00:27:15,879
Speaker 3: to make sense for you. They want whatever's best for

509
00:27:15,920 --> 00:27:18,280
Speaker 3: you to pay them back. They are usually willing to

510
00:27:18,359 --> 00:27:22,520
Speaker 3: like accommodate that request. So I asks and also that

511
00:27:22,600 --> 00:27:25,560
Speaker 3: brings me to another point. If your credit card statement

512
00:27:25,640 --> 00:27:28,280
Speaker 3: date or your due date is during the time of

513
00:27:28,320 --> 00:27:30,760
Speaker 3: the month where like you don't you don't typically have

514
00:27:30,840 --> 00:27:33,680
Speaker 3: extra finances. If it's right after you have to pay

515
00:27:33,720 --> 00:27:35,800
Speaker 3: like a large bill like rent or something like that,

516
00:27:36,760 --> 00:27:39,480
Speaker 3: you are able to request for your your dates, to

517
00:27:39,600 --> 00:27:42,280
Speaker 3: change your payment dates to change on your credit cards.

518
00:27:42,800 --> 00:27:44,879
Speaker 3: Do what is best for you, Do what is do

519
00:27:44,920 --> 00:27:49,280
Speaker 3: what will help you to actually pay the pay the bill,

520
00:27:49,320 --> 00:27:52,119
Speaker 3: you know, Like, so, yeah, I'm glad you brought that

521
00:27:52,160 --> 00:27:52,600
Speaker 3: point up.

522
00:27:53,160 --> 00:27:55,679
Speaker 1: Yeah, if you ever had an American Express, you you

523
00:27:55,880 --> 00:27:59,120
Speaker 1: definitely are familiar with that like that, and that takes

524
00:27:59,160 --> 00:28:01,080
Speaker 1: a while to even figure out. Like what the statement

525
00:28:01,160 --> 00:28:04,280
Speaker 1: dates are is between the twenty fifth to the twenty fourth,

526
00:28:04,359 --> 00:28:06,239
Speaker 1: and then the do date. Obviously you know you can

527
00:28:06,320 --> 00:28:08,240
Speaker 1: change it if it's mid month, Like you said, a

528
00:28:08,280 --> 00:28:10,160
Speaker 1: lot of people get paid by weekly, some people get

529
00:28:10,160 --> 00:28:13,480
Speaker 1: paid monthly. Having the fifteenth that offset and day gives

530
00:28:13,520 --> 00:28:15,359
Speaker 1: you some time, or the sixteenth, it gives you some

531
00:28:15,400 --> 00:28:17,600
Speaker 1: time to get that money into the account. But yet

532
00:28:17,960 --> 00:28:19,960
Speaker 1: they are two different things. Man, I'm glad you brought

533
00:28:20,000 --> 00:28:20,320
Speaker 1: that up.

534
00:28:20,400 --> 00:28:25,320
Speaker 3: Very important different things they are, and I'm showing a screenshot.

535
00:28:25,400 --> 00:28:29,160
Speaker 3: Let me know when you guys can see it. Key,

536
00:28:29,280 --> 00:28:30,080
Speaker 3: are you able to see that?

537
00:28:31,240 --> 00:28:31,959
Speaker 1: Yep, we got it?

538
00:28:32,000 --> 00:28:36,600
Speaker 4: Okay, perfect? So this is this is just a quick.

539
00:28:36,400 --> 00:28:39,680
Speaker 3: Key, a quick reference point that everyone needs to remember

540
00:28:39,720 --> 00:28:41,880
Speaker 3: when it comes to paying your credit carding and understanding

541
00:28:42,680 --> 00:28:46,200
Speaker 3: utilization tiers and how they impact our credit scores. Now,

542
00:28:46,280 --> 00:28:49,360
Speaker 3: your credit utilization will affect both your credit score as

543
00:28:49,360 --> 00:28:51,200
Speaker 3: well as your bar and power. Like I said, it

544
00:28:52,600 --> 00:28:56,400
Speaker 3: affects pretty much everything with credit, so it's super important

545
00:28:56,400 --> 00:29:01,800
Speaker 3: that you understand it. Reporting the wrong utilization can cause

546
00:29:02,840 --> 00:29:06,840
Speaker 3: forty plus points. And when I say wrong utilization, I

547
00:29:06,840 --> 00:29:10,240
Speaker 3: want to stress how the wrong utilization is quite literally

548
00:29:10,280 --> 00:29:12,240
Speaker 3: what we are taught.

549
00:29:12,680 --> 00:29:15,360
Speaker 4: So it's it's it's the normal advice.

550
00:29:15,720 --> 00:29:21,160
Speaker 3: So majority of consumers are following the wrong utilization advice.

551
00:29:21,720 --> 00:29:25,400
Speaker 3: And that's the industry standard of making sure that you

552
00:29:25,520 --> 00:29:28,240
Speaker 3: report thirty percent of your credit or thirty percent of

553
00:29:28,240 --> 00:29:30,520
Speaker 3: your credit utilization or making sure that you stay under

554
00:29:30,560 --> 00:29:32,360
Speaker 3: thirty percent and you are fine.

555
00:29:33,240 --> 00:29:34,240
Speaker 4: No, if you look.

556
00:29:34,080 --> 00:29:37,120
Speaker 3: On this list, you would notice that thirty percent is red,

557
00:29:37,600 --> 00:29:40,480
Speaker 3: thirty percent is considered risky.

558
00:29:41,040 --> 00:29:41,240
Speaker 4: Right.

559
00:29:43,120 --> 00:29:46,040
Speaker 3: The next tip will go a little more into detail

560
00:29:46,080 --> 00:29:52,280
Speaker 3: about utilization specifically, but I cannot stress how important it is. If,

561
00:29:52,360 --> 00:29:53,800
Speaker 3: like I said, I keep on saying, if you are

562
00:29:53,840 --> 00:29:54,440
Speaker 3: a person that is.

563
00:29:54,360 --> 00:29:56,000
Speaker 4: Seeking to improve.

564
00:29:55,520 --> 00:30:00,400
Speaker 3: Your credit, then do not go do not go past

565
00:30:00,480 --> 00:30:04,640
Speaker 3: nine percent. Don't go past this second level if you want,

566
00:30:04,840 --> 00:30:06,360
Speaker 3: if you want to actually see a difference in your

567
00:30:06,360 --> 00:30:12,200
Speaker 3: credit profile, just just stop right there, because anything above

568
00:30:12,240 --> 00:30:13,720
Speaker 3: that then you are losing points.

569
00:30:13,800 --> 00:30:14,760
Speaker 4: You are losing points.

570
00:30:14,800 --> 00:30:18,480
Speaker 3: You're not maximizing the points that you are receiving for

571
00:30:18,600 --> 00:30:19,680
Speaker 3: your credit utilization.

572
00:30:19,720 --> 00:30:20,960
Speaker 4: You're just leaving points on the table.

573
00:30:21,240 --> 00:30:23,840
Speaker 3: Right, So this is this is just kind of like

574
00:30:23,880 --> 00:30:26,440
Speaker 3: my standard advice when it comes to.

575
00:30:28,160 --> 00:30:30,160
Speaker 4: The tiers, right, yeah.

576
00:30:29,920 --> 00:30:32,120
Speaker 1: Shot, quick question because and there might be some people

577
00:30:32,120 --> 00:30:34,560
Speaker 1: who are not even familiar with don't know their credit

578
00:30:34,560 --> 00:30:37,840
Speaker 1: score number one, not knowing that they can access access

579
00:30:37,840 --> 00:30:39,760
Speaker 1: to it for free. But number two, what is the

580
00:30:39,840 --> 00:30:42,440
Speaker 1: range now? Right? Because I remember eight hundred was the

581
00:30:42,440 --> 00:30:45,280
Speaker 1: max score. It's eight fifty out of max score, like

582
00:30:45,680 --> 00:30:48,560
Speaker 1: that's being the highest. This is really a trust system, right,

583
00:30:48,760 --> 00:30:51,480
Speaker 1: how much the banks trust you will determine how how

584
00:30:51,520 --> 00:30:54,520
Speaker 1: your score is. What's the range that that it falls into? Now?

585
00:30:54,920 --> 00:30:57,760
Speaker 3: Oh yeah, so credit scores range between three hundred, which

586
00:30:57,760 --> 00:31:00,440
Speaker 3: is the lowest in eight hundred and fifty. The reason

587
00:31:00,480 --> 00:31:02,200
Speaker 3: why it's eight hundred and fifty is because like the

588
00:31:02,840 --> 00:31:05,880
Speaker 3: most the most widely accepted version of our fight Goal

589
00:31:05,920 --> 00:31:09,160
Speaker 3: scores goes off that eight fifty, so we kind of

590
00:31:09,200 --> 00:31:12,440
Speaker 3: just you know, accept it as like the standard. So yeah,

591
00:31:12,480 --> 00:31:15,000
Speaker 3: so between three hundred and eight fifty, can't go below

592
00:31:15,040 --> 00:31:19,120
Speaker 3: three hundred, can't surpass a fifty, So we were giving

593
00:31:19,160 --> 00:31:21,880
Speaker 3: three hundred points. So it doesn't matter how bad your

594
00:31:21,880 --> 00:31:25,360
Speaker 3: credit report is or your credit how many collections you have,

595
00:31:25,480 --> 00:31:30,120
Speaker 3: you cannot go under three hundred credit points, right, So

596
00:31:30,240 --> 00:31:34,680
Speaker 3: the goal, the entire point and goal of maintaining or

597
00:31:34,720 --> 00:31:37,600
Speaker 3: obtaining good credit is seeking to get as close to

598
00:31:37,640 --> 00:31:42,960
Speaker 3: eight fifty as possible, which math wise, that's just the

599
00:31:43,040 --> 00:31:45,240
Speaker 3: difference between three hundred and eight hundred and fifty is

600
00:31:45,280 --> 00:31:48,160
Speaker 3: just five hundred and fifty points, right, So, if you

601
00:31:48,200 --> 00:31:50,200
Speaker 3: think of credit, if you think about if we think

602
00:31:50,240 --> 00:31:53,160
Speaker 3: of our credit scores in that capacity where you you

603
00:31:53,160 --> 00:31:55,480
Speaker 3: you realize that there there are five hundred and fifty

604
00:31:55,480 --> 00:31:59,080
Speaker 3: points that you could potentially get. Right in, those five

605
00:31:59,160 --> 00:32:04,160
Speaker 3: hundred and fifty points are broken down into five separate categories,

606
00:32:04,600 --> 00:32:09,080
Speaker 3: which is payment history. Payment history is takes up one

607
00:32:09,160 --> 00:32:12,040
Speaker 3: hundred and ninety two point five of those. Of those

608
00:32:12,080 --> 00:32:15,160
Speaker 3: five hundred and fifty points, credit utilization takes up one

609
00:32:15,200 --> 00:32:18,720
Speaker 3: hundred and sixty five, credit age takes up eighty two

610
00:32:18,760 --> 00:32:23,280
Speaker 3: point five, and then credit mix and hard increase both take.

611
00:32:23,200 --> 00:32:24,240
Speaker 4: Up fifty five each.

612
00:32:24,320 --> 00:32:26,560
Speaker 3: So if you add each of those categories together, it'll

613
00:32:26,560 --> 00:32:29,400
Speaker 3: equal five hundred and fifty points. Right, And in order

614
00:32:29,440 --> 00:32:31,520
Speaker 3: to get a perfect credit score, you would have to

615
00:32:32,520 --> 00:32:35,120
Speaker 3: have a perfect credit report and not have any derogatories

616
00:32:35,200 --> 00:32:39,480
Speaker 3: or be missing any of those points. There's no reason

617
00:32:39,520 --> 00:32:42,920
Speaker 3: to aim for a fifty credit score anyway, but that

618
00:32:43,080 --> 00:32:48,040
Speaker 3: is the highest possibility now. I always, when it comes

619
00:32:48,080 --> 00:32:51,120
Speaker 3: to boosting credit scores and increasing your credit scores, I

620
00:32:51,200 --> 00:32:54,680
Speaker 3: mainly focus on the top two categories, which is payment

621
00:32:54,760 --> 00:32:57,760
Speaker 3: history and credit utilization, because just.

622
00:32:57,800 --> 00:33:00,760
Speaker 4: Mathematically, if you are doing.

623
00:33:02,360 --> 00:33:05,760
Speaker 3: Even moderately good, and when I say moderately, I'm I'm

624
00:33:05,760 --> 00:33:09,760
Speaker 3: talking let's just say, for example, sixty or seventy to

625
00:33:09,760 --> 00:33:14,200
Speaker 3: seventy five percent doing good in those areas and getting

626
00:33:14,280 --> 00:33:17,320
Speaker 3: about you know, seventy five percent of those available points,

627
00:33:17,520 --> 00:33:20,000
Speaker 3: then the lowest that your credit score can even reach

628
00:33:20,800 --> 00:33:25,520
Speaker 3: is a six's eighty, right, And in case, in case,

629
00:33:25,680 --> 00:33:29,560
Speaker 3: someone is not familiar with how credit score ranges are graded.

630
00:33:29,760 --> 00:33:32,760
Speaker 3: A six eighty is the lowest possible score to be

631
00:33:32,800 --> 00:33:35,600
Speaker 3: considered to have good credit, right, So that's like the

632
00:33:35,640 --> 00:33:39,720
Speaker 3: floor of what's considered a good credit profile or a

633
00:33:39,760 --> 00:33:42,280
Speaker 3: good credit score. And I want to stress that. I

634
00:33:42,320 --> 00:33:46,160
Speaker 3: want to stress that point because I always tell people

635
00:33:46,160 --> 00:33:47,600
Speaker 3: that if you do not have at least a six

636
00:33:47,640 --> 00:33:51,320
Speaker 3: to eighty credit score, then there is something very wrong

637
00:33:51,400 --> 00:33:54,120
Speaker 3: within your payment history or your credit utilization. It needs

638
00:33:54,160 --> 00:33:58,080
Speaker 3: to be addressed immediately because as long as you fix

639
00:33:58,160 --> 00:34:00,160
Speaker 3: that or or pay attention to be intention you know

640
00:34:00,200 --> 00:34:03,480
Speaker 3: about fixing whatever it is within your payment history or

641
00:34:03,520 --> 00:34:06,840
Speaker 3: your credit utilization, which off the back I'm just goinging

642
00:34:06,920 --> 00:34:10,839
Speaker 3: from my experience is usually high utilization, utilization above thirty

643
00:34:10,880 --> 00:34:14,960
Speaker 3: percent or lay payments within the last twenty four months.

644
00:34:15,000 --> 00:34:17,560
Speaker 3: Those are the top two reasons why somebody usually does

645
00:34:17,600 --> 00:34:21,040
Speaker 3: not have a six eighty credit score. If those two

646
00:34:21,080 --> 00:34:25,080
Speaker 3: things are not does not apply to someone and they

647
00:34:25,080 --> 00:34:28,399
Speaker 3: have below a six eighty credit score, then it's usually

648
00:34:28,480 --> 00:34:30,560
Speaker 3: like maybe they had like a bankruptcy or something like

649
00:34:30,600 --> 00:34:34,040
Speaker 3: something like drastic. But if you don't have at least

650
00:34:34,080 --> 00:34:37,640
Speaker 3: a six's eighty, then there there are very actionable and practical,

651
00:34:37,960 --> 00:34:40,680
Speaker 3: easy changes and switches that you just need to make

652
00:34:41,840 --> 00:34:43,799
Speaker 3: like what we're going over today, and you can get

653
00:34:43,800 --> 00:34:46,279
Speaker 3: a six eighty within I don't want to promise a

654
00:34:46,280 --> 00:34:48,680
Speaker 3: certain time limit because it depends on a profile, but

655
00:34:48,840 --> 00:34:50,320
Speaker 3: very quickly, very quickly.

656
00:34:51,600 --> 00:34:54,800
Speaker 1: Now late payments, student loans count inside of those late payments.

657
00:34:55,239 --> 00:34:57,600
Speaker 4: Yes, every every account on your credit report.

658
00:34:57,640 --> 00:35:02,040
Speaker 3: Actually every late payment on your credit report counts towards

659
00:35:02,080 --> 00:35:04,560
Speaker 3: your payment bank or you know, your late payments.

660
00:35:04,560 --> 00:35:06,239
Speaker 4: So yeah, no matter how old, by.

661
00:35:06,160 --> 00:35:08,719
Speaker 1: The way pandemic, we had that pause, make sure you're

662
00:35:08,760 --> 00:35:11,640
Speaker 1: paying us to the loans. So we got target late

663
00:35:11,680 --> 00:35:15,680
Speaker 1: payments number one, we got lower utilization number two, what

664
00:35:15,760 --> 00:35:16,680
Speaker 1: we got at number.

665
00:35:16,440 --> 00:35:18,280
Speaker 4: Three, number three.

666
00:35:18,719 --> 00:35:22,000
Speaker 3: So this definitely is going to require a visual because

667
00:35:22,000 --> 00:35:25,040
Speaker 3: I want to make sure that people are following it,

668
00:35:25,280 --> 00:35:29,400
Speaker 3: because it's a little more nuanced than the last one.

669
00:35:29,880 --> 00:35:31,960
Speaker 3: Hold on't give me one. I'm actually I'm a focus

670
00:35:32,000 --> 00:35:35,480
Speaker 3: on one other one before I hit that one, just

671
00:35:36,360 --> 00:35:41,040
Speaker 3: for easier explanation. All right, Now, the next tip or

672
00:35:41,120 --> 00:35:43,319
Speaker 3: credit strategy that I would recommend to a person who

673
00:35:43,360 --> 00:35:45,919
Speaker 3: is trying to increase their credit score within the next year.

674
00:35:48,000 --> 00:35:50,200
Speaker 3: This is one of my low key favorite ones because

675
00:35:50,200 --> 00:35:52,560
Speaker 3: it's one of the ones that is usually never ever

676
00:35:52,640 --> 00:35:56,600
Speaker 3: ever thought of or mentioned or even talked. This is

677
00:35:56,600 --> 00:35:59,719
Speaker 3: specifically for people who have charge off charged off accounts.

678
00:36:00,120 --> 00:36:04,839
Speaker 3: Right now, at the mention of charge offs, there are

679
00:36:05,000 --> 00:36:07,400
Speaker 3: so many people that probably had a visceral reaction, like

680
00:36:08,040 --> 00:36:10,759
Speaker 3: I'm not getting the charge off removed, just a reputation

681
00:36:11,080 --> 00:36:16,120
Speaker 3: of a charge off is usually attributed to that being

682
00:36:16,200 --> 00:36:20,120
Speaker 3: the hardest account type to remove get removed from your

683
00:36:20,120 --> 00:36:23,719
Speaker 3: credit report. Right that's one of the worst credit instances

684
00:36:23,800 --> 00:36:27,120
Speaker 3: or the worst types of derogatory accounts that is on

685
00:36:27,160 --> 00:36:30,640
Speaker 3: our credit reports, and it causes a lot of damage,

686
00:36:30,800 --> 00:36:36,760
Speaker 3: right And so most people they either try to dispute

687
00:36:36,760 --> 00:36:39,040
Speaker 3: that account, but most people don't have luck with getting

688
00:36:39,040 --> 00:36:42,280
Speaker 3: them deleted. But that's simply because they usually are disputing

689
00:36:42,320 --> 00:36:46,439
Speaker 3: it incorrectly. Right now, I didn't want to get much

690
00:36:46,440 --> 00:36:50,239
Speaker 3: into credit repair or credit dispute tactics, however, this one

691
00:36:50,280 --> 00:36:53,360
Speaker 3: is worth mentioning. If you have a charge off on

692
00:36:53,400 --> 00:36:56,200
Speaker 3: your credit report, what I need you to do is

693
00:36:56,520 --> 00:36:58,760
Speaker 3: number one, you need to download your official credit report.

694
00:36:58,960 --> 00:37:00,920
Speaker 3: You would do so by going to and you will

695
00:37:00,960 --> 00:37:01,960
Speaker 3: credit report dot com.

696
00:37:02,000 --> 00:37:02,600
Speaker 4: It is free.

697
00:37:03,040 --> 00:37:04,920
Speaker 3: You get you get a free copy of all three

698
00:37:04,960 --> 00:37:07,760
Speaker 3: of your credit reports. You need your official credit report

699
00:37:07,800 --> 00:37:11,080
Speaker 3: and not like a credit monasoring app specifically because our

700
00:37:11,120 --> 00:37:14,840
Speaker 3: official credit reports contain so many, so much more information

701
00:37:15,320 --> 00:37:19,400
Speaker 3: and details about each account, right, and that information.

702
00:37:19,120 --> 00:37:21,360
Speaker 4: Is what you will use and what you will need.

703
00:37:21,200 --> 00:37:25,360
Speaker 3: To determine if that charge off is considered a valid

704
00:37:25,680 --> 00:37:30,000
Speaker 3: right now, the second thing that I want to want

705
00:37:30,400 --> 00:37:32,840
Speaker 3: them to do is once they get their credit reports,

706
00:37:33,560 --> 00:37:35,719
Speaker 3: look at their look at their charges off account and

707
00:37:35,800 --> 00:37:39,360
Speaker 3: look at how it's reporting on their credit report.

708
00:37:39,000 --> 00:37:39,160
Speaker 1: And.

709
00:37:41,239 --> 00:37:43,960
Speaker 3: They need to determine. They need to look for two things.

710
00:37:44,360 --> 00:37:46,120
Speaker 3: The first thing that they need to look for is

711
00:37:47,800 --> 00:37:52,959
Speaker 3: if that charge off account is stay If that charge

712
00:37:53,000 --> 00:37:56,440
Speaker 3: off account still is carrying a balance, right, is it

713
00:37:56,520 --> 00:37:59,560
Speaker 3: reporting a balance? Does it say zero dollars or does

714
00:37:59,600 --> 00:38:01,600
Speaker 3: it still if it was a repossession that was charged off,

715
00:38:01,640 --> 00:38:04,440
Speaker 3: for example, does it say you still owe twelve thousand

716
00:38:04,480 --> 00:38:06,080
Speaker 3: dollars or whatever on that account?

717
00:38:06,239 --> 00:38:06,439
Speaker 4: Right?

718
00:38:06,640 --> 00:38:11,879
Speaker 3: So, determine how determined a balance on that charge off account. Okay,

719
00:38:11,960 --> 00:38:15,359
Speaker 3: if that charge off account has a balance that has

720
00:38:15,480 --> 00:38:19,480
Speaker 3: been updated after the account was charged off, then you

721
00:38:19,800 --> 00:38:23,960
Speaker 3: need to challenge that. Most people are most people don't

722
00:38:24,040 --> 00:38:26,920
Speaker 3: challenge charge charge offs correctly. They usually challenge it the

723
00:38:26,960 --> 00:38:29,080
Speaker 3: standard way that we challenge our credit report, which is

724
00:38:29,200 --> 00:38:32,799
Speaker 3: usually like based off either random letter templates that they

725
00:38:32,840 --> 00:38:37,160
Speaker 3: found online or mainly focus on the fcr A loss

726
00:38:37,200 --> 00:38:40,839
Speaker 3: which is the Fair Credit Reporting Act. And those are

727
00:38:40,880 --> 00:38:43,279
Speaker 3: just a host of consumer laws that we usually you know,

728
00:38:43,480 --> 00:38:47,520
Speaker 3: use to challenge credit reports W charge off specifically, there

729
00:38:47,600 --> 00:38:52,560
Speaker 3: is a set of statutes that every consumer needs to

730
00:38:52,560 --> 00:38:56,600
Speaker 3: be aware of, right and without over complicating it or

731
00:38:56,840 --> 00:39:02,560
Speaker 3: or being too technical with it. I definitely uh know

732
00:39:02,640 --> 00:39:05,360
Speaker 3: that it's important that they under that that they that

733
00:39:05,480 --> 00:39:08,520
Speaker 3: they get this. So I want to make sure hold

734
00:39:08,560 --> 00:39:11,480
Speaker 3: on that. I am showing it just for them to

735
00:39:11,520 --> 00:39:12,800
Speaker 3: screenshot if anything.

736
00:39:13,640 --> 00:39:15,320
Speaker 4: Can you see it? Yeah?

737
00:39:16,800 --> 00:39:17,200
Speaker 1: All right?

738
00:39:18,800 --> 00:39:19,120
Speaker 4: Now?

739
00:39:19,560 --> 00:39:23,800
Speaker 3: This is this is This is the four four step

740
00:39:23,840 --> 00:39:27,600
Speaker 3: process on how to properly challenge a charge off. And

741
00:39:27,640 --> 00:39:30,280
Speaker 3: the reason why I'm placing so much emphasis on challenging

742
00:39:30,360 --> 00:39:33,960
Speaker 3: charge offs is because something that that most people don't

743
00:39:34,040 --> 00:39:37,279
Speaker 3: know is most charge offs that are reporting on our

744
00:39:37,320 --> 00:39:40,319
Speaker 3: credit report, they are valid charge offs, meaning they are

745
00:39:40,400 --> 00:39:44,080
Speaker 3: that person's account. The account was charged off. I'm sure

746
00:39:44,200 --> 00:39:48,120
Speaker 3: they did, oh the lender, right, That's not what we

747
00:39:48,280 --> 00:39:53,680
Speaker 3: are disputing. However, a part that is often misunderstood or

748
00:39:53,760 --> 00:39:57,000
Speaker 3: left out is while a charge While most charge offs

749
00:39:57,040 --> 00:39:59,640
Speaker 3: are valid, most are not accurate, and there is a

750
00:39:59,680 --> 00:40:02,800
Speaker 3: big difference between a charge off being being valid and accurate.

751
00:40:02,840 --> 00:40:06,160
Speaker 3: It's the difference of a person getting pulled over with

752
00:40:06,200 --> 00:40:09,760
Speaker 3: an expired license. They have a license, it's their information,

753
00:40:09,920 --> 00:40:14,600
Speaker 3: is their address. However, the status of that license make

754
00:40:14,880 --> 00:40:17,680
Speaker 3: you know, makes it illegal right like it doesn't. It

755
00:40:17,680 --> 00:40:20,080
Speaker 3: doesn't matter that the information is correct. That's that's sort

756
00:40:20,080 --> 00:40:23,319
Speaker 3: of the same thing that happens with charge offs. Specifically,

757
00:40:23,960 --> 00:40:26,720
Speaker 3: getting a charge off removed from your credit report legally,

758
00:40:26,880 --> 00:40:29,960
Speaker 3: I want to place ins on that leak legally and

759
00:40:30,080 --> 00:40:35,200
Speaker 3: doing it the proper way can can cause one hundred

760
00:40:35,280 --> 00:40:41,440
Speaker 3: plus point increase in a person's credit score, and it

761
00:40:41,480 --> 00:40:45,000
Speaker 3: does wonders for your borrowing power, especially if you are

762
00:40:45,040 --> 00:40:47,879
Speaker 3: trying to buy a home, specifically trying to buy a home,

763
00:40:47,960 --> 00:40:50,640
Speaker 3: trying to buy a car, or pursuing any sort of

764
00:40:50,760 --> 00:40:55,359
Speaker 3: installment based loan. Charge offs affect those drastically. So it's

765
00:40:55,400 --> 00:40:58,640
Speaker 3: super important that everyone knows how to properly challenge charge

766
00:40:58,640 --> 00:41:03,680
Speaker 3: offs because those are According to the most recent FYCO report,

767
00:41:04,239 --> 00:41:09,759
Speaker 3: charge offs, charge offs were actually the second largest quantitative

768
00:41:09,800 --> 00:41:13,880
Speaker 3: item that was on consumer's credit report that contained derogatory accounts,

769
00:41:13,920 --> 00:41:16,560
Speaker 3: which was insane. It's insane. This is the first time

770
00:41:16,560 --> 00:41:19,239
Speaker 3: that's ever happened in the history of since I've been

771
00:41:19,280 --> 00:41:22,400
Speaker 3: doing it. But there are so many, there are so

772
00:41:22,400 --> 00:41:25,520
Speaker 3: many illegal charge offs that are affecting our credit reports.

773
00:41:25,640 --> 00:41:27,560
Speaker 3: So as long as they follow these steps, which is

774
00:41:27,800 --> 00:41:31,319
Speaker 3: getting getting a copy of their official credit reports and

775
00:41:31,440 --> 00:41:33,840
Speaker 3: just going through this list. I don't know if you

776
00:41:33,840 --> 00:41:36,640
Speaker 3: guys want me to read through it, but just going

777
00:41:36,640 --> 00:41:38,000
Speaker 3: through this list looking for.

778
00:41:39,440 --> 00:41:44,160
Speaker 2: Two specific things and yeah, yeah, let's let's go through

779
00:41:44,200 --> 00:41:45,759
Speaker 2: because some people might be listening to audio they might

780
00:41:45,760 --> 00:41:46,600
Speaker 2: not okay.

781
00:41:46,440 --> 00:41:48,879
Speaker 4: Yeah, yeah, perfect, Okay, yeah, I can definitely do that. Okay.

782
00:41:48,920 --> 00:41:53,160
Speaker 3: So the statues that everyone needs to be aware of

783
00:41:53,239 --> 00:41:55,520
Speaker 3: and that that that they will use in order to

784
00:41:55,520 --> 00:41:58,239
Speaker 3: properly challenge the charge off is called the uh.

785
00:41:58,440 --> 00:42:01,240
Speaker 4: It's it's acronym. That's right now.

786
00:42:02,040 --> 00:42:05,440
Speaker 3: This is the law, the set of statues rather that

787
00:42:05,920 --> 00:42:09,480
Speaker 3: is the truth in lending acts. So it as an

788
00:42:09,480 --> 00:42:14,719
Speaker 3: overview it it deals heavily with the acquirement of a

789
00:42:14,760 --> 00:42:19,239
Speaker 3: debt or how lenders are possessing a debt, more so

790
00:42:19,280 --> 00:42:22,960
Speaker 3: than like reporting on a credit report. So the process

791
00:42:23,000 --> 00:42:26,840
Speaker 3: in which a lenders use matters the most. If lenders

792
00:42:26,880 --> 00:42:30,960
Speaker 3: fail to do prerequisite things before charging off an account,

793
00:42:31,120 --> 00:42:33,600
Speaker 3: things as simple as giving you sending you a letter

794
00:42:33,719 --> 00:42:35,600
Speaker 3: in writing a warning, right.

795
00:42:35,520 --> 00:42:36,719
Speaker 4: Like they legally have to do that.

796
00:42:36,880 --> 00:42:39,279
Speaker 3: They have to send your warning before they charge off

797
00:42:39,280 --> 00:42:41,480
Speaker 3: an account. They have to give you a chance uh

798
00:42:41,600 --> 00:42:45,680
Speaker 3: to to make uh to bring the account current. They

799
00:42:45,719 --> 00:42:48,760
Speaker 3: have to give you a chance to settle the account.

800
00:42:49,000 --> 00:42:52,240
Speaker 3: And then they also after after these are three notices,

801
00:42:52,280 --> 00:42:54,960
Speaker 3: by the way, and also after that, before they report

802
00:42:54,960 --> 00:42:57,680
Speaker 3: it to the credit bureaus, they have to have tried

803
00:42:57,719 --> 00:43:01,560
Speaker 3: to contact you at least ten on ten instances, right,

804
00:43:01,920 --> 00:43:05,600
Speaker 3: And I'm just going to say ninety percent of companies

805
00:43:05,640 --> 00:43:09,080
Speaker 3: do not ever follow that process to the t and

806
00:43:10,920 --> 00:43:12,800
Speaker 3: the burden of proof is on them. So I always

807
00:43:12,800 --> 00:43:15,080
Speaker 3: tell like, don't even try to stretch yourself out, like

808
00:43:15,080 --> 00:43:16,799
Speaker 3: did they send me No, No, the burden of proof is

809
00:43:16,840 --> 00:43:19,560
Speaker 3: on them. So what you do is you utilize your

810
00:43:19,560 --> 00:43:23,000
Speaker 3: consumer rights that are rightly attributed to you, and you

811
00:43:23,120 --> 00:43:25,839
Speaker 3: request that they provide proof that they have done all

812
00:43:25,840 --> 00:43:30,400
Speaker 3: of those things. Providing proof is demanding that they send

813
00:43:30,560 --> 00:43:31,560
Speaker 3: proof of ownership.

814
00:43:31,640 --> 00:43:31,839
Speaker 4: Right.

815
00:43:33,800 --> 00:43:37,360
Speaker 3: One of the other biggest instances with charge off accounts

816
00:43:37,840 --> 00:43:43,080
Speaker 3: is the original creditor selling the account to a collection

817
00:43:43,200 --> 00:43:50,200
Speaker 3: agency but not properly withdrawing ownership of that account. I

818
00:43:50,280 --> 00:43:52,719
Speaker 3: want to say, according to two years ago, I think

819
00:43:52,719 --> 00:43:55,839
Speaker 3: it was somewhere along the line of like sixty three

820
00:43:55,880 --> 00:44:00,560
Speaker 3: percent of charged off accounts that were in the hands

821
00:44:00,600 --> 00:44:03,600
Speaker 3: of collection agencies. They didn't even own them properly, Like,

822
00:44:03,680 --> 00:44:06,520
Speaker 3: they did not legally own them. And although they was

823
00:44:06,560 --> 00:44:10,760
Speaker 3: collecting on the dead, harassing citizens, they didn't even legally

824
00:44:10,760 --> 00:44:13,759
Speaker 3: own them. All they would have took is as a

825
00:44:13,760 --> 00:44:16,440
Speaker 3: consumer for us to demand what's called proof of ownership,

826
00:44:17,960 --> 00:44:21,280
Speaker 3: and that account would have to legally get removed. Doesn't

827
00:44:21,280 --> 00:44:23,640
Speaker 3: matter how much you are, like, none of that matters.

828
00:44:24,400 --> 00:44:28,200
Speaker 3: So the number one thing is demanding that they prove

829
00:44:28,760 --> 00:44:34,719
Speaker 3: the ownership of the account, demanding that these instances did

830
00:44:34,760 --> 00:44:37,840
Speaker 3: not happen, which is interest being added after the account

831
00:44:37,840 --> 00:44:40,760
Speaker 3: was charged off. That is illegal. That happens a lot.

832
00:44:41,480 --> 00:44:45,160
Speaker 3: Late fees being applied after the charge off. That also

833
00:44:45,200 --> 00:44:47,239
Speaker 3: happens a lot, because they'll add like attorney fees and

834
00:44:47,280 --> 00:44:51,840
Speaker 3: things of that nature. They cannot do that incorrect balance calculation,

835
00:44:52,000 --> 00:44:56,000
Speaker 3: so they're inflating it with interest. And like I said,

836
00:44:56,000 --> 00:45:00,520
Speaker 3: different sort of fees happens a lot unclear breakdown, So like,

837
00:45:01,080 --> 00:45:03,880
Speaker 3: if they don't send you an itemized list of every

838
00:45:03,880 --> 00:45:07,680
Speaker 3: single cent item on that account, they can't legally claim

839
00:45:07,719 --> 00:45:11,120
Speaker 3: that you owe them that. So yeah, those are the

840
00:45:11,120 --> 00:45:15,040
Speaker 3: main instances that a company would have to prove that

841
00:45:15,120 --> 00:45:17,880
Speaker 3: it's accurate. And like I said, over seventy percent of

842
00:45:17,840 --> 00:45:21,279
Speaker 3: the times it's not. So use that information, use the

843
00:45:21,280 --> 00:45:25,320
Speaker 3: statues that's presented before you and challenge that by sending

844
00:45:25,320 --> 00:45:28,879
Speaker 3: a letter to the credit bureaus saying exactly what I said.

845
00:45:29,680 --> 00:45:35,799
Speaker 6: The more you know, all right, yes, next tip good

846
00:45:35,800 --> 00:45:40,760
Speaker 6: to know, good to know, And and that happens usually

847
00:45:40,880 --> 00:45:43,160
Speaker 6: based off of like when does those type of situations

848
00:45:43,200 --> 00:45:43,600
Speaker 6: even happen?

849
00:45:43,640 --> 00:45:45,839
Speaker 4: As far as so it takes.

850
00:45:45,920 --> 00:45:47,640
Speaker 3: It usually takes about six months for an account to

851
00:45:47,680 --> 00:45:50,279
Speaker 3: be charged off, So six months of failure to pay

852
00:45:50,360 --> 00:45:53,560
Speaker 3: for an account. If you have a credit card that

853
00:45:53,680 --> 00:45:56,279
Speaker 3: you have just let go of, did have not made

854
00:45:56,280 --> 00:45:59,280
Speaker 3: a payment within you know, a few months, a company

855
00:45:59,280 --> 00:46:02,000
Speaker 3: will usually charge it off at six months. However, they

856
00:46:02,040 --> 00:46:04,640
Speaker 3: can charge off an account as soon as a ninety

857
00:46:04,719 --> 00:46:08,359
Speaker 3: days you know, ninety days late, right, but most most

858
00:46:08,360 --> 00:46:11,960
Speaker 3: companies will wait until at least six months, so they

859
00:46:11,960 --> 00:46:16,319
Speaker 3: do give you a while to you know, make right

860
00:46:16,360 --> 00:46:20,080
Speaker 3: on the account. However, even still after they charge, because

861
00:46:20,080 --> 00:46:23,960
Speaker 3: they didn't properly notify you and follow all of the

862
00:46:23,960 --> 00:46:25,640
Speaker 3: steps that they are supposed to a lot of them

863
00:46:26,880 --> 00:46:31,160
Speaker 3: are not legal. And so yes, people, that one is

864
00:46:31,200 --> 00:46:34,160
Speaker 3: so important because the amount of charge offs that I

865
00:46:34,200 --> 00:46:37,640
Speaker 3: see get deleted and removed from credit reports on a

866
00:46:37,640 --> 00:46:41,320
Speaker 3: weekly basis by a simple letter is outstanding. Like it,

867
00:46:41,520 --> 00:46:45,000
Speaker 3: I will never get over it. So one of the

868
00:46:45,520 --> 00:46:47,759
Speaker 3: another way that you can increase your credit score is

869
00:46:47,800 --> 00:46:52,480
Speaker 3: by increasing your credit limits because that impacts like your

870
00:46:52,560 --> 00:46:56,359
Speaker 3: credit utilization, and it helps you to have. The more

871
00:46:56,400 --> 00:46:59,279
Speaker 3: credit you have available to you, then the higher your

872
00:46:59,280 --> 00:47:02,680
Speaker 3: barring power is, and it's just increases, it just improves

873
00:47:02,719 --> 00:47:04,160
Speaker 3: your credit profile all around.

874
00:47:04,200 --> 00:47:06,759
Speaker 4: Right. So one of the tips that I.

875
00:47:06,680 --> 00:47:12,240
Speaker 3: Always recommend, and I love recommending, is increasing your credit

876
00:47:12,280 --> 00:47:15,040
Speaker 3: limits before applying for new credit So that seems so simple,

877
00:47:15,040 --> 00:47:17,919
Speaker 3: but the reason why somebody would somebody should do this

878
00:47:18,480 --> 00:47:20,360
Speaker 3: is before they apply for a new credit card. So

879
00:47:20,400 --> 00:47:22,319
Speaker 3: if you know that you are applying for a credit card,

880
00:47:22,360 --> 00:47:25,359
Speaker 3: before you apply for that credit card, look at all

881
00:47:25,360 --> 00:47:28,880
Speaker 3: of your existing credit cards and see if you qualify

882
00:47:28,920 --> 00:47:32,680
Speaker 3: for a credit limit increase. That's simply because you have

883
00:47:32,719 --> 00:47:35,080
Speaker 3: to understand that every single time you apply for a

884
00:47:35,120 --> 00:47:38,279
Speaker 3: credit card, your lender who you are applying with, they

885
00:47:38,320 --> 00:47:41,120
Speaker 3: will take a survey of all of your current credit

886
00:47:41,120 --> 00:47:45,800
Speaker 3: card accounts, and whatever your average limit is or whatever,

887
00:47:45,880 --> 00:47:49,160
Speaker 3: they will base your approved amount off of what you

888
00:47:49,200 --> 00:47:50,600
Speaker 3: already have on your credit report.

889
00:47:50,719 --> 00:47:50,919
Speaker 1: Right.

890
00:47:51,239 --> 00:47:51,879
Speaker 4: That's one.

891
00:47:52,239 --> 00:47:55,000
Speaker 3: So you if you only have credit cards under fifteen

892
00:47:55,040 --> 00:47:59,319
Speaker 3: hundred dollars, it's very rare and unlikely that a new

893
00:47:59,400 --> 00:48:03,120
Speaker 3: lender would trust you with ten thousand dollars or twenty

894
00:48:03,120 --> 00:48:03,760
Speaker 3: thousand dollars.

895
00:48:03,880 --> 00:48:04,040
Speaker 4: Right.

896
00:48:04,400 --> 00:48:09,640
Speaker 3: It is always best to seek to first increase your

897
00:48:09,640 --> 00:48:12,080
Speaker 3: current credit limits before you apply for a new credit card.

898
00:48:12,480 --> 00:48:17,040
Speaker 3: In fact, a huge red flag surlenders is if you

899
00:48:17,200 --> 00:48:19,920
Speaker 3: are if your credit limit is not increasing, that is

900
00:48:19,960 --> 00:48:22,799
Speaker 3: a red flag to new lenders and often the reason

901
00:48:22,800 --> 00:48:23,919
Speaker 3: why they will deny you.

902
00:48:23,920 --> 00:48:26,920
Speaker 4: For their credit card because that's risky.

903
00:48:26,960 --> 00:48:29,600
Speaker 3: Why have you had that credit card since for example

904
00:48:29,600 --> 00:48:33,320
Speaker 3: two thousand whatever, two thousand and nine and the limit

905
00:48:33,640 --> 00:48:37,480
Speaker 3: is still five hundred dollars or the limit is still

906
00:48:37,600 --> 00:48:38,400
Speaker 3: one thousand dollars.

907
00:48:38,520 --> 00:48:42,799
Speaker 4: Right, This is why I tell everyone when you have.

908
00:48:42,760 --> 00:48:47,200
Speaker 3: A credit card that should there should never be a

909
00:48:47,280 --> 00:48:50,840
Speaker 3: full year that surpasses that you do not have or

910
00:48:50,880 --> 00:48:54,160
Speaker 3: have not received at the very least one credit limit increase.

911
00:48:54,239 --> 00:48:56,720
Speaker 4: But really you you could have.

912
00:48:56,600 --> 00:49:01,120
Speaker 3: Received two plus at least two a year. That is

913
00:49:01,160 --> 00:49:06,479
Speaker 3: a standard operation on credit cards. How banking credit limit

914
00:49:06,520 --> 00:49:09,560
Speaker 3: increases work that is so standard too, is very minimal

915
00:49:09,640 --> 00:49:15,160
Speaker 3: and the usual the usual method or I'm sorry, the

916
00:49:15,239 --> 00:49:17,920
Speaker 3: usual frequency of a credit limit increase. So if you

917
00:49:17,960 --> 00:49:21,919
Speaker 3: are not getting those, then that's that's number one red flag.

918
00:49:21,960 --> 00:49:25,480
Speaker 3: But also too, you need to request them. Don't just

919
00:49:25,560 --> 00:49:29,319
Speaker 3: wait until the bank approves you for a credit limit increase. No,

920
00:49:29,560 --> 00:49:31,399
Speaker 3: you have to actually apply for them.

921
00:49:32,120 --> 00:49:37,719
Speaker 1: Mostly the credit increase actually helps because it lowers to utilization. Right,

922
00:49:37,760 --> 00:49:39,880
Speaker 1: So if I had one thousand dollars and now they

923
00:49:39,920 --> 00:49:42,560
Speaker 1: raise it to two and I was using ten percent,

924
00:49:42,640 --> 00:49:44,920
Speaker 1: now that ten percent is going down to five, so

925
00:49:45,040 --> 00:49:48,040
Speaker 1: you gotta we gotta start looking at that standpoint. I'm

926
00:49:48,040 --> 00:49:50,160
Speaker 1: glad you answered that because my kind of my question

927
00:49:50,280 --> 00:49:52,359
Speaker 1: was like, how often should you be applying for it?

928
00:49:52,760 --> 00:49:56,080
Speaker 1: And if you are applying it for it, does that

929
00:49:56,200 --> 00:49:59,120
Speaker 1: count towards like inquiries or is that not an inquiry

930
00:49:59,160 --> 00:49:59,520
Speaker 1: at all?

931
00:50:00,960 --> 00:50:04,920
Speaker 4: It does depend on the bank. So some banks, like Chase,

932
00:50:05,000 --> 00:50:07,960
Speaker 4: they will they it does cause a hard increy.

933
00:50:08,800 --> 00:50:14,400
Speaker 3: But American Express City and Apple and a lot of

934
00:50:14,400 --> 00:50:16,400
Speaker 3: other banks they won't. They they'll do a soft increase

935
00:50:16,440 --> 00:50:19,680
Speaker 3: so it will not count towards your your heart increase. However,

936
00:50:20,480 --> 00:50:23,600
Speaker 3: don't I would not be concerned about getting an increy

937
00:50:24,280 --> 00:50:25,960
Speaker 3: at the but has of like a request for a

938
00:50:26,000 --> 00:50:29,240
Speaker 3: credit limit increase that is not going to like impact

939
00:50:29,320 --> 00:50:33,040
Speaker 3: you at all, and I like, certainly don't let it.

940
00:50:33,360 --> 00:50:36,160
Speaker 3: Let getting an increase stop you from pursuing getting a

941
00:50:36,160 --> 00:50:38,279
Speaker 3: credit limit increase at the very least twice a year,

942
00:50:38,960 --> 00:50:41,759
Speaker 3: because not getting a credit limit increase will do more

943
00:50:41,800 --> 00:50:46,279
Speaker 3: detriment and harm to your barring like barring ability in

944
00:50:46,320 --> 00:50:49,719
Speaker 3: the future. So it you have to you have to

945
00:50:49,760 --> 00:50:52,280
Speaker 3: increase your credit limits. You should be seeking to increase

946
00:50:52,320 --> 00:50:55,600
Speaker 3: your credit limits or honestly, like, what is the point

947
00:50:55,600 --> 00:50:57,440
Speaker 3: of having a credit card, like you might as well

948
00:50:57,520 --> 00:50:59,520
Speaker 3: just use your debit card. You need to seek to

949
00:50:59,600 --> 00:51:03,040
Speaker 3: improve your credit or I'm sorry, increase your credit limits.

950
00:51:03,360 --> 00:51:04,400
Speaker 4: That is super important.

951
00:51:04,560 --> 00:51:08,480
Speaker 3: It helps you all across the board, and it helps

952
00:51:08,520 --> 00:51:12,400
Speaker 3: all of your future credit opportunities, like it helps all

953
00:51:12,440 --> 00:51:14,640
Speaker 3: of your other applications. If you are if your credit

954
00:51:14,719 --> 00:51:16,560
Speaker 3: Because by the way, I don't know if people realize this,

955
00:51:16,680 --> 00:51:19,879
Speaker 3: but when the lender sees our credit reports, they don't

956
00:51:19,880 --> 00:51:21,719
Speaker 3: see the same report that we see when we are

957
00:51:21,760 --> 00:51:24,279
Speaker 3: logging in on our credit monitoring app or downloading our

958
00:51:24,280 --> 00:51:26,920
Speaker 3: credit report. We have a consumer facing report, so we

959
00:51:26,960 --> 00:51:29,040
Speaker 3: are not privy to a lot of the things that

960
00:51:29,080 --> 00:51:32,200
Speaker 3: they see. One of the things that they see is

961
00:51:32,239 --> 00:51:34,600
Speaker 3: the last increase of that credit card.

962
00:51:34,680 --> 00:51:36,239
Speaker 4: They can see the starting.

963
00:51:35,920 --> 00:51:40,000
Speaker 3: Limit versus the limit that you have now, so obviously

964
00:51:40,080 --> 00:51:43,080
Speaker 3: they can tell and will know if you have received

965
00:51:43,080 --> 00:51:45,719
Speaker 3: an increase. It is actually a red flag. And when

966
00:51:45,719 --> 00:51:47,239
Speaker 3: I say reflag, I don't just mean like, oh, they

967
00:51:47,239 --> 00:51:49,080
Speaker 3: don't like that. When I say red flag, I mean

968
00:51:49,160 --> 00:51:53,040
Speaker 3: like it it works to your detriment, Like it puts

969
00:51:53,040 --> 00:51:56,719
Speaker 3: you in a lesser category, qualifiable category than you would

970
00:51:56,800 --> 00:52:01,040
Speaker 3: have been, you know otherwise. So a red flag two

971
00:52:01,160 --> 00:52:03,799
Speaker 3: lenders is a big deal and it absolutely makes a

972
00:52:03,800 --> 00:52:08,080
Speaker 3: difference with all of our applications. So again, request your

973
00:52:08,120 --> 00:52:10,239
Speaker 3: credit limit increase. There's no reason why you should not.

974
00:52:11,160 --> 00:52:13,000
Speaker 1: Yeah, I can hear it. Now there's going to be

975
00:52:13,040 --> 00:52:16,799
Speaker 1: somebody that got four credit cards and be like I heard,

976
00:52:17,120 --> 00:52:20,319
Speaker 1: they said, increase my limits now got full inquiry. But

977
00:52:20,560 --> 00:52:23,319
Speaker 1: it shouldn't work. Just be mindful like you should. This

978
00:52:23,360 --> 00:52:26,279
Speaker 1: is actually gonna help you. This is going to help you. Yeah,

979
00:52:26,440 --> 00:52:28,319
Speaker 1: you know, this is like a random This is like

980
00:52:28,320 --> 00:52:31,440
Speaker 1: a personal question. Like you have an American Express card. Right,

981
00:52:31,800 --> 00:52:33,839
Speaker 1: A lot of times they don't really tell you the limit,

982
00:52:33,960 --> 00:52:36,640
Speaker 1: but they just tell you got spending power. Yeah, how

983
00:52:36,640 --> 00:52:40,040
Speaker 1: do you gauge like how much spending power you actually have?

984
00:52:40,239 --> 00:52:43,360
Speaker 1: Like it's like you might try to charge something like, well, not,

985
00:52:44,200 --> 00:52:45,000
Speaker 1: how do we gauge that?

986
00:52:45,719 --> 00:52:49,240
Speaker 3: Well, first of all, Troy, you just stunk you starting

987
00:52:49,239 --> 00:52:50,920
Speaker 3: on a whole artist because you don't have a you

988
00:52:50,920 --> 00:52:52,840
Speaker 3: don't have a limit. You have a spending power because

989
00:52:52,880 --> 00:52:54,879
Speaker 3: you you don't have a limit on your credit card.

990
00:52:54,880 --> 00:52:57,120
Speaker 4: That is not most of most people's reality.

991
00:52:57,200 --> 00:52:57,560
Speaker 1: No, but.

992
00:52:59,160 --> 00:53:01,680
Speaker 3: No, but so spend that's a charge. So that American

993
00:53:01,680 --> 00:53:05,799
Speaker 3: Express has charge cards. In credit cards, a charge card

994
00:53:05,920 --> 00:53:07,799
Speaker 3: does not have a limit, whereas, like I said, a

995
00:53:07,840 --> 00:53:11,799
Speaker 3: credit whereas a credit card has an established limit. The

996
00:53:11,880 --> 00:53:16,520
Speaker 3: difference is your charge card does not report a utilization monthly. Right,

997
00:53:16,880 --> 00:53:20,319
Speaker 3: which speaking of, if you are a person that has

998
00:53:20,360 --> 00:53:23,839
Speaker 3: a charge card and your credit score is low, you

999
00:53:23,920 --> 00:53:25,839
Speaker 3: need to make sure that you have another credit card

1000
00:53:25,880 --> 00:53:28,720
Speaker 3: that has a reported limit, because your charge card doesn't

1001
00:53:28,719 --> 00:53:31,080
Speaker 3: help your utilization at all because it does not report

1002
00:53:31,520 --> 00:53:32,000
Speaker 3: a limit.

1003
00:53:33,000 --> 00:53:35,560
Speaker 4: And make sure you are not carrying a balance on

1004
00:53:35,600 --> 00:53:36,480
Speaker 4: a charge card.

1005
00:53:36,280 --> 00:53:39,239
Speaker 3: That is that is that is a penalty like you

1006
00:53:39,640 --> 00:53:42,000
Speaker 3: you can't carry the point of the difference between the

1007
00:53:42,040 --> 00:53:43,560
Speaker 3: charge card and the credit card is a charge card

1008
00:53:43,640 --> 00:53:47,200
Speaker 3: is for you to consistently recycle the balance like you are.

1009
00:53:47,400 --> 00:53:51,120
Speaker 3: You should seek to pay off that account every month

1010
00:53:51,160 --> 00:53:55,320
Speaker 3: like it should never. It should never be a month

1011
00:53:55,400 --> 00:53:58,239
Speaker 3: that you are carrying that balance over unless it's like

1012
00:53:58,280 --> 00:54:01,640
Speaker 3: an emergency, simply because the interest rate on carried over

1013
00:54:01,680 --> 00:54:05,640
Speaker 3: balances on charged cars are astronomical, like because they're literally

1014
00:54:05,680 --> 00:54:08,640
Speaker 3: made for a person to rent and repeat and recycle

1015
00:54:08,640 --> 00:54:14,160
Speaker 3: their balance constantly. Gotcha, Yeah, and so there there there's

1016
00:54:14,239 --> 00:54:16,799
Speaker 3: no set limits, so they'll you even if they say

1017
00:54:16,800 --> 00:54:19,000
Speaker 3: you're spending bouts like fifteen thousand. You can be like, hey,

1018
00:54:19,040 --> 00:54:22,120
Speaker 3: I want to spend forty K, and usually they'll approve it.

1019
00:54:22,160 --> 00:54:25,280
Speaker 3: So yeah, most people can't relate, though.

1020
00:54:28,080 --> 00:54:29,520
Speaker 1: They deserve it. They deserve to be rich.

1021
00:54:31,040 --> 00:54:32,560
Speaker 4: Hey, yes, that's so.

1022
00:54:32,760 --> 00:54:35,120
Speaker 3: And speaking of the American expressed go card is like

1023
00:54:35,120 --> 00:54:37,080
Speaker 3: one of one of my favorite cars in the world,

1024
00:54:37,080 --> 00:54:39,040
Speaker 3: but also one of the one of the best everyday

1025
00:54:39,080 --> 00:54:42,640
Speaker 3: cars that if you are responsible enough to pay your

1026
00:54:42,760 --> 00:54:45,560
Speaker 3: credit card back, I recommend that car to pretty much everyone,

1027
00:54:45,600 --> 00:54:47,760
Speaker 3: like that's just one of those cars that I probably

1028
00:54:47,800 --> 00:54:49,320
Speaker 3: will never get rid of ever.

1029
00:54:50,280 --> 00:54:54,359
Speaker 4: So this is pretty much.

1030
00:54:54,320 --> 00:54:58,440
Speaker 3: Like an overview of like how getting a higher or

1031
00:54:58,480 --> 00:55:02,040
Speaker 3: pursuing a higher credit limit is, and a great rule

1032
00:55:02,040 --> 00:55:05,040
Speaker 3: of thumb when it comes to requesting a credit limit

1033
00:55:05,120 --> 00:55:09,760
Speaker 3: increase is, in my opinion and my experience, the best

1034
00:55:09,800 --> 00:55:14,240
Speaker 3: banks to request a credit limit increase every ninety days,

1035
00:55:14,719 --> 00:55:17,600
Speaker 3: every ninety days, every ninety days, at least four times

1036
00:55:17,640 --> 00:55:23,640
Speaker 3: a year once a quarter are going to be American Express, Discover,

1037
00:55:25,040 --> 00:55:29,080
Speaker 3: Capital One, Chase in Apple. Those are like the best

1038
00:55:29,120 --> 00:55:35,360
Speaker 3: banks to have a consistently growing credit limit right. Also,

1039
00:55:35,760 --> 00:55:37,799
Speaker 3: there's no hard increase, so it's a soft incury. It

1040
00:55:37,800 --> 00:55:41,040
Speaker 3: will not affect your credit profile. And just as an

1041
00:55:41,160 --> 00:55:43,840
Speaker 3: FYI for people who don't understand how it works and

1042
00:55:43,880 --> 00:55:48,200
Speaker 3: they have one of these cards, when to request for

1043
00:55:48,239 --> 00:55:52,239
Speaker 3: American Express, I request every at least ninety one to

1044
00:55:52,280 --> 00:55:54,640
Speaker 3: ninety five days for a credit limit increase. If you

1045
00:55:54,680 --> 00:56:00,959
Speaker 3: have a Discover, Discover has a annual cycle of doing

1046
00:56:01,040 --> 00:56:04,000
Speaker 3: manual reviews basically like seeking to see if you deserve

1047
00:56:04,040 --> 00:56:08,320
Speaker 3: a credit limit increase at month seven, at month eleven,

1048
00:56:08,480 --> 00:56:11,440
Speaker 3: and at month fourteen of you obtaining that card right

1049
00:56:12,320 --> 00:56:15,560
Speaker 3: Capital One will check every six months. Chase will will

1050
00:56:15,560 --> 00:56:18,360
Speaker 3: only check on request, and that's important to know because

1051
00:56:18,920 --> 00:56:24,000
Speaker 3: Chase is not standy when it comes through credit limit increases. However,

1052
00:56:24,280 --> 00:56:26,920
Speaker 3: if you do not request it, then you know they

1053
00:56:27,000 --> 00:56:29,520
Speaker 3: just they don't give it to you. How So you

1054
00:56:29,560 --> 00:56:31,799
Speaker 3: need to request it for Chase because they do a

1055
00:56:31,800 --> 00:56:34,960
Speaker 3: hard pool. I only usually do them twice a year.

1056
00:56:36,120 --> 00:56:38,040
Speaker 3: And then the Apple Car. You can ask for a

1057
00:56:38,080 --> 00:56:41,400
Speaker 3: credit limit increase with an Apple Car every month, every

1058
00:56:41,480 --> 00:56:45,759
Speaker 3: month and there's no limit to that. So yeah, I

1059
00:56:45,760 --> 00:56:49,600
Speaker 3: just wanted wanted to touch on that because, like I said,

1060
00:56:49,800 --> 00:56:53,399
Speaker 3: increasing that credit limit is very important. Increasing the credit

1061
00:56:53,440 --> 00:56:56,959
Speaker 3: limit is super important, which brings me to my next point,

1062
00:56:57,040 --> 00:57:00,279
Speaker 3: which was the utilization thresholds that I wanted to touch join

1063
00:57:00,680 --> 00:57:05,759
Speaker 3: when it comes to credit cards. Now, this one is

1064
00:57:07,160 --> 00:57:09,759
Speaker 3: I feel like I discussed this topic at nauseum because

1065
00:57:09,800 --> 00:57:12,480
Speaker 3: this is probably one of the biggest misconceptions in our community,

1066
00:57:12,680 --> 00:57:15,120
Speaker 3: and I did touch on it briefly earlier, but I

1067
00:57:15,160 --> 00:57:19,400
Speaker 3: wanted to give a visual to coincide with it. Why

1068
00:57:20,160 --> 00:57:23,680
Speaker 3: why reporting a thirty percent credit utilization is the biggest

1069
00:57:23,760 --> 00:57:26,720
Speaker 3: myth and the biggest lie that we have been fed

1070
00:57:27,760 --> 00:57:32,000
Speaker 3: Simply because, like I said, thirty, reporting a thirty percent

1071
00:57:32,280 --> 00:57:35,680
Speaker 3: utilization leaves so many points on the table and prevents

1072
00:57:36,120 --> 00:57:40,040
Speaker 3: so many opportunities unities for us to increase our credit score. So,

1073
00:57:40,040 --> 00:57:41,560
Speaker 3: if you are a person that does not have at

1074
00:57:41,600 --> 00:57:44,120
Speaker 3: least a seven hundred credit score, you cannot afford to

1075
00:57:44,200 --> 00:57:49,040
Speaker 3: report a thirty percent utilization under any circumstance. Instead, when

1076
00:57:49,080 --> 00:57:52,200
Speaker 3: you to in order to increase your credit score in

1077
00:57:52,240 --> 00:57:55,040
Speaker 3: the most rapid way possible by using the current accounts

1078
00:57:55,040 --> 00:57:57,479
Speaker 3: that you have without having to apply for anything else,

1079
00:57:58,440 --> 00:58:01,880
Speaker 3: a great rule of thumb is to change the way

1080
00:58:01,880 --> 00:58:04,960
Speaker 3: that you are viewing credit utilization. What I mean by that,

1081
00:58:05,000 --> 00:58:08,000
Speaker 3: whenever we are logging into our credit monitoring apps, we

1082
00:58:08,040 --> 00:58:14,600
Speaker 3: are seeing a utilization percentage that encapsulates our overall utilization percentage,

1083
00:58:14,600 --> 00:58:17,160
Speaker 3: meaning like it's it's taken into account every single credit

1084
00:58:17,160 --> 00:58:19,080
Speaker 3: record that every single credit card that we have on

1085
00:58:19,120 --> 00:58:22,520
Speaker 3: our credit report, and it's adding those numbers together to

1086
00:58:22,640 --> 00:58:25,080
Speaker 3: give what's called an aggregate utilization.

1087
00:58:25,520 --> 00:58:28,000
Speaker 4: So it's whatever whatever your.

1088
00:58:27,920 --> 00:58:31,640
Speaker 3: Collective total credit limits are across all of the current

1089
00:58:31,640 --> 00:58:35,880
Speaker 3: credit cards that you have, that's going to determine your utilization.

1090
00:58:36,800 --> 00:58:38,439
Speaker 4: If you are a person.

1091
00:58:38,160 --> 00:58:41,240
Speaker 3: Who needs and wants to increase your credit score and

1092
00:58:41,320 --> 00:58:43,560
Speaker 3: get every single point that you can, every extra point

1093
00:58:43,560 --> 00:58:45,919
Speaker 3: that you can within the next thirty to sixty days,

1094
00:58:45,960 --> 00:58:49,560
Speaker 3: so within the next two billing cycles, if you need

1095
00:58:49,600 --> 00:58:53,040
Speaker 3: to start approaching your credit utilization in an individual aspect,

1096
00:58:53,360 --> 00:58:55,680
Speaker 3: that is the only way that you that we are

1097
00:58:55,760 --> 00:59:00,360
Speaker 3: able to get as many of those one undred and

1098
00:59:00,400 --> 00:59:03,880
Speaker 3: sixty five points alloted for credit utilization as possible, And

1099
00:59:04,200 --> 00:59:08,840
Speaker 3: unless you individualize each credit card, then you will not

1100
00:59:09,000 --> 00:59:13,640
Speaker 3: get all of those points. And I'll explain so most

1101
00:59:13,640 --> 00:59:16,080
Speaker 3: people do not realize that, like I said, not only

1102
00:59:16,120 --> 00:59:20,000
Speaker 3: do we are regraded for aggregate utilization overall, but we

1103
00:59:20,200 --> 00:59:24,880
Speaker 3: are affected in the balances that we report on each

1104
00:59:24,960 --> 00:59:25,760
Speaker 3: individual card.

1105
00:59:25,840 --> 00:59:27,360
Speaker 4: We actually lose points.

1106
00:59:28,080 --> 00:59:31,400
Speaker 3: So here are some guidelines and thresholds that everyone needs

1107
00:59:31,440 --> 00:59:33,080
Speaker 3: to be aware of when it comes to credit cards.

1108
00:59:33,080 --> 00:59:34,120
Speaker 4: This is so important.

1109
00:59:34,800 --> 00:59:37,360
Speaker 3: There are certain thresholds when it comes to credit cards

1110
00:59:37,400 --> 00:59:39,880
Speaker 3: that I warn against, and like I said, everyone needs

1111
00:59:39,880 --> 00:59:40,360
Speaker 3: to be aware of.

1112
00:59:40,400 --> 00:59:44,000
Speaker 4: It's three important tiers. Anything.

1113
00:59:44,440 --> 00:59:47,680
Speaker 3: Any utilization that you report on any credit card above

1114
00:59:47,720 --> 00:59:52,480
Speaker 3: twenty eight point nine percent, right, you automatically will trigger

1115
00:59:52,520 --> 00:59:54,240
Speaker 3: a ten point.

1116
00:59:53,720 --> 00:59:55,640
Speaker 4: Score reduction per card.

1117
00:59:56,400 --> 00:59:59,200
Speaker 3: Right, So, off the bat, any single credit card that

1118
00:59:59,240 --> 01:00:03,080
Speaker 3: you have reported on your credit report over twenty nine percent,

1119
01:00:03,920 --> 01:00:06,840
Speaker 3: know that, like, that's a ten point score reduction every

1120
01:00:06,880 --> 01:00:10,640
Speaker 3: three months that you leave it like that. Now, this

1121
01:00:10,680 --> 01:00:13,040
Speaker 3: does apply to individual cars, So if you have multiple

1122
01:00:13,040 --> 01:00:16,280
Speaker 3: cars it's reporting over twenty eight percent.

1123
01:00:16,280 --> 01:00:18,480
Speaker 4: You will individually get deemed. So add those up.

1124
01:00:18,480 --> 01:00:21,040
Speaker 3: If you got five credit cards and they're fifty percent,

1125
01:00:21,200 --> 01:00:26,720
Speaker 3: thirty percent, whatever, and you are individually being deemed about

1126
01:00:26,760 --> 01:00:31,000
Speaker 3: ten points each per infraction every three months, right, So

1127
01:00:31,360 --> 01:00:35,400
Speaker 3: off the bat, that's sixty point that that's that's like

1128
01:00:35,520 --> 01:00:38,680
Speaker 3: ninety points within sixty days that most people aren't even.

1129
01:00:38,680 --> 01:00:40,320
Speaker 4: Aren't even aware that they're being deemed.

1130
01:00:41,080 --> 01:00:44,040
Speaker 3: Now where it gets dangerous is any credit card that

1131
01:00:44,080 --> 01:00:47,160
Speaker 3: you have reporting over a forty eight percent you have,

1132
01:00:47,360 --> 01:00:50,800
Speaker 3: you you are that is extreme. You are being deemed

1133
01:00:51,080 --> 01:00:53,880
Speaker 3: about twenty five points per card that you are reporting

1134
01:00:53,880 --> 01:00:59,840
Speaker 3: over forty eight percent. You are you are being labeled

1135
01:00:59,840 --> 01:01:03,080
Speaker 3: as risky. So anything that you apply for you are

1136
01:01:03,200 --> 01:01:07,200
Speaker 3: never going to qualify for their premier offers for anything

1137
01:01:07,240 --> 01:01:11,840
Speaker 3: that's considered good or or only for responsible borrows. You

1138
01:01:11,880 --> 01:01:14,240
Speaker 3: will not qualify if you have any card over forty

1139
01:01:14,280 --> 01:01:19,440
Speaker 3: eight percent. To take it a point further, most prestigious banks,

1140
01:01:20,360 --> 01:01:26,360
Speaker 3: the most prestigious banks will will consider any card over

1141
01:01:26,440 --> 01:01:31,440
Speaker 3: forty eight point nine percent is maxed out, so not

1142
01:01:31,640 --> 01:01:34,040
Speaker 3: one hundred percent like most people think. If you are

1143
01:01:34,120 --> 01:01:37,040
Speaker 3: reporting your if your utilization that you are reporting is

1144
01:01:37,080 --> 01:01:39,520
Speaker 3: over forty eight point nine percent, American Express will deem

1145
01:01:39,560 --> 01:01:42,280
Speaker 3: that as a maxed out card, so you are being

1146
01:01:42,320 --> 01:01:45,800
Speaker 3: penalized the same as somebody who has maxed out their

1147
01:01:45,840 --> 01:01:49,120
Speaker 3: card at forty At anything above forty eight point nine percent,

1148
01:01:49,480 --> 01:01:52,920
Speaker 3: that is extremely dangerous level. If you allow any single

1149
01:01:52,920 --> 01:01:56,920
Speaker 3: individual credit report or i'm sorry, credit card to report

1150
01:01:56,960 --> 01:01:59,960
Speaker 3: over forty eight point nine percent, no, you cannot do that.

1151
01:02:01,440 --> 01:02:04,240
Speaker 3: You have to decrease that immediately, like the following the

1152
01:02:04,240 --> 01:02:11,040
Speaker 3: next billing cycle, then the next streshold that's like it's wraps.

1153
01:02:11,600 --> 01:02:14,640
Speaker 4: Above ninety eight percent is worse.

1154
01:02:14,480 --> 01:02:16,280
Speaker 3: Than getting a charge off, and this can be an

1155
01:02:16,320 --> 01:02:18,960
Speaker 3: active open credit card account. If you are reporting above

1156
01:02:19,000 --> 01:02:24,160
Speaker 3: ninety eight percent, you are in the worst possible signifier

1157
01:02:24,320 --> 01:02:27,080
Speaker 3: or risk level. When it comes to borrowing power, it

1158
01:02:27,120 --> 01:02:30,360
Speaker 3: doesn't matter how good your credit score is, it doesn't

1159
01:02:30,400 --> 01:02:35,240
Speaker 3: matter how great your history is. Utilization refreshes monthly, so

1160
01:02:35,400 --> 01:02:38,200
Speaker 3: every month that you report that you allow that to.

1161
01:02:38,200 --> 01:02:40,600
Speaker 4: Report, it affects you every month.

1162
01:02:40,960 --> 01:02:44,520
Speaker 3: Right, That's why it's so important when you are paying

1163
01:02:44,560 --> 01:02:48,160
Speaker 3: down your credit cards to do it strategically. The first

1164
01:02:48,200 --> 01:02:50,320
Speaker 3: thing else you need to do is pay down any

1165
01:02:50,360 --> 01:02:52,600
Speaker 3: card over ninety eight percent, because the goal is to

1166
01:02:52,640 --> 01:02:57,680
Speaker 3: get all of your cards at least first under ninety

1167
01:02:57,680 --> 01:03:00,160
Speaker 3: eight percent. Right, Once all of your cars are underney

1168
01:03:00,200 --> 01:03:02,640
Speaker 3: eight percent, you need to then seek to bring all

1169
01:03:02,680 --> 01:03:04,440
Speaker 3: of your cards under forty eight percent.

1170
01:03:05,080 --> 01:03:06,160
Speaker 4: And then the.

1171
01:03:06,200 --> 01:03:08,880
Speaker 3: Ultimate goal is obviously to make sure at all times

1172
01:03:08,920 --> 01:03:13,640
Speaker 3: all of your cards are below twenty eight point. And

1173
01:03:13,680 --> 01:03:19,480
Speaker 3: then doing that, doing just that, most people will see

1174
01:03:19,680 --> 01:03:22,160
Speaker 3: you can see like ninety plus point increase within like

1175
01:03:22,240 --> 01:03:25,240
Speaker 3: I said, two billain cycles, by just ensuring that you

1176
01:03:25,280 --> 01:03:28,760
Speaker 3: are not in fracturing on any of these thresholds when

1177
01:03:28,800 --> 01:03:34,080
Speaker 3: it comes to your individual credit cards, so that that's

1178
01:03:34,080 --> 01:03:35,120
Speaker 3: super important.

1179
01:03:36,560 --> 01:03:39,680
Speaker 4: And then what about collections.

1180
01:03:41,080 --> 01:03:46,680
Speaker 3: So collections, collections are are not considered an active account,

1181
01:03:46,680 --> 01:03:49,880
Speaker 3: They're considered the part of the account. So a collection

1182
01:03:50,600 --> 01:03:53,040
Speaker 3: cannot ever be a positive account, and it will always

1183
01:03:53,040 --> 01:03:55,040
Speaker 3: be a collection regardless like if you paid it off.

1184
01:03:56,080 --> 01:03:59,480
Speaker 3: The only the only time a collection will stop impacting

1185
01:03:59,480 --> 01:04:01,520
Speaker 3: you is if it's removed from your credit report. Right,

1186
01:04:01,880 --> 01:04:04,400
Speaker 3: So I tell people all the time, I'm glad you

1187
01:04:04,440 --> 01:04:08,200
Speaker 3: brought that up to a collection account. The second that

1188
01:04:08,240 --> 01:04:11,520
Speaker 3: it hits your credit report, it is done the most

1189
01:04:11,560 --> 01:04:12,520
Speaker 3: damage that it will ever do.

1190
01:04:12,920 --> 01:04:13,600
Speaker 4: To your profile.

1191
01:04:14,440 --> 01:04:16,320
Speaker 3: The second that it hits it's done all the damage

1192
01:04:16,320 --> 01:04:18,240
Speaker 3: that it could ever do. Like, it can't get any worse.

1193
01:04:18,280 --> 01:04:21,920
Speaker 3: It can't start affecting your your credit profile more after that,

1194
01:04:22,320 --> 01:04:24,880
Speaker 3: when it hits your report, it done. It did all

1195
01:04:24,880 --> 01:04:27,920
Speaker 3: the damage that that account could do. And the only

1196
01:04:28,000 --> 01:04:31,280
Speaker 3: thing that you could you should focus on is either

1197
01:04:31,760 --> 01:04:35,360
Speaker 3: trying to challenge it to get it removed, trying to

1198
01:04:35,600 --> 01:04:37,800
Speaker 3: arrange a pay the delete with the lender in order

1199
01:04:37,880 --> 01:04:40,560
Speaker 3: to get a deletion as a deletion as a result

1200
01:04:40,600 --> 01:04:42,880
Speaker 3: of paying the account off. And if you cannot get

1201
01:04:43,000 --> 01:04:45,560
Speaker 3: a collection account removed, I'm sorry. If you cannot get

1202
01:04:45,560 --> 01:04:47,960
Speaker 3: a collection account removed, then the best thing to do

1203
01:04:48,040 --> 01:04:51,800
Speaker 3: is just focus on building credit. It's already done the damage.

1204
01:04:52,080 --> 01:04:54,000
Speaker 3: There are a lot of people who will have collections

1205
01:04:54,040 --> 01:04:57,760
Speaker 3: and think that they don't need to build credit, or

1206
01:04:58,080 --> 01:05:00,520
Speaker 3: they should wait to build credit, or wait to apply

1207
01:05:00,560 --> 01:05:04,440
Speaker 3: for credit until the account falls off, or I don't know,

1208
01:05:04,480 --> 01:05:07,560
Speaker 3: they like wait for something to happen. But again, the

1209
01:05:07,600 --> 01:05:10,600
Speaker 3: damage has already been done. The only response to a

1210
01:05:10,600 --> 01:05:13,920
Speaker 3: negative account is a positive Like, the only response to

1211
01:05:14,640 --> 01:05:18,440
Speaker 3: bad credit history is good building good credit. That is

1212
01:05:18,480 --> 01:05:21,440
Speaker 3: the only and ultimate response to it. It's the only

1213
01:05:21,480 --> 01:05:25,360
Speaker 3: thing you can do. So, Yeah, with a collection's done

1214
01:05:25,360 --> 01:05:27,919
Speaker 3: a damage. If you can't get it removed, then build

1215
01:05:27,960 --> 01:05:29,680
Speaker 3: around it, build around it.

1216
01:05:30,040 --> 01:05:32,480
Speaker 1: Yeah, one of the most important things is staying updated,

1217
01:05:32,560 --> 01:05:35,880
Speaker 1: not only with your credit score, but obviously how things

1218
01:05:35,880 --> 01:05:40,160
Speaker 1: are being updated inside of credit just the entire the

1219
01:05:40,160 --> 01:05:43,440
Speaker 1: information around it, right, and so most people know the bureaus,

1220
01:05:43,680 --> 01:05:47,800
Speaker 1: you know, TransUnion eartifacts and experience. It wasn't until like

1221
01:05:47,840 --> 01:05:50,520
Speaker 1: I bought a house, like maybe nine years ago, that

1222
01:05:51,000 --> 01:05:53,080
Speaker 1: I saw that there was different type of Fycal scores.

1223
01:05:53,120 --> 01:05:55,560
Speaker 1: I was like Fyco two, Fyco three, four, or five,

1224
01:05:55,640 --> 01:05:58,200
Speaker 1: and each one was something different, right, Like if I

1225
01:05:58,240 --> 01:06:00,480
Speaker 1: was trying to get a phone that was for a score,

1226
01:06:00,720 --> 01:06:02,200
Speaker 1: if I was trying to get a card that was

1227
01:06:02,200 --> 01:06:04,280
Speaker 1: for like Fyco six, and when I try to get

1228
01:06:04,280 --> 01:06:06,240
Speaker 1: a home. At the time it was FIGHTO seven and eight,

1229
01:06:06,680 --> 01:06:09,680
Speaker 1: I'm like, nobody told me anything about this. But now

1230
01:06:09,680 --> 01:06:12,920
Speaker 1: that it's like a FYCOT talk to us about what

1231
01:06:13,000 --> 01:06:14,840
Speaker 1: this is? Who?

1232
01:06:14,920 --> 01:06:18,400
Speaker 3: Yeah, So FIGHTO ten T. FIGHTO ten T is the

1233
01:06:18,560 --> 01:06:22,560
Speaker 3: newest version of our credit scores. Not only is it

1234
01:06:22,600 --> 01:06:24,640
Speaker 3: the newest version of our credit scores, but it is

1235
01:06:24,680 --> 01:06:29,800
Speaker 3: the most impactful and the most our credit scoring system

1236
01:06:29,840 --> 01:06:34,920
Speaker 3: and algorithms has changed since nineteen ninety six, so pretty

1237
01:06:34,960 --> 01:06:38,520
Speaker 3: much for the bulk of most of our adulthood and

1238
01:06:39,120 --> 01:06:40,840
Speaker 3: all of the time that we have been dealing with credit,

1239
01:06:41,440 --> 01:06:44,640
Speaker 3: this has been the most landmark change when it comes

1240
01:06:44,680 --> 01:06:49,040
Speaker 3: to our credit report, our our credit scores, and we

1241
01:06:49,080 --> 01:06:53,040
Speaker 3: definitely need to Yeah, let's go into that. Let me first,

1242
01:06:53,480 --> 01:06:56,240
Speaker 3: let me briefly explain what it is, so FIGHTO ten

1243
01:06:56,280 --> 01:06:58,880
Speaker 3: T just a little behind the scenes. Fyco ten T

1244
01:06:59,360 --> 01:07:04,080
Speaker 3: was a response to a failed Fyco nine scoring system

1245
01:07:04,240 --> 01:07:08,240
Speaker 3: and failed f and Fyco nine failed because most lenders

1246
01:07:08,280 --> 01:07:12,280
Speaker 3: considered it too consumer friendly. Because it didn't it was

1247
01:07:12,400 --> 01:07:18,520
Speaker 3: less penalizing on things like collections, medical collections, specifically low

1248
01:07:18,600 --> 01:07:22,800
Speaker 3: balance collections. It didn't penalize us as heavy as like

1249
01:07:22,840 --> 01:07:26,040
Speaker 3: our prior scores did. So basically the lenders was like, no,

1250
01:07:27,080 --> 01:07:31,200
Speaker 3: there the scores, the credit scores are being are increasing

1251
01:07:31,240 --> 01:07:33,800
Speaker 3: too much. The average credit score as a result of

1252
01:07:33,800 --> 01:07:37,160
Speaker 3: FYCO nine on average and within the United States increased

1253
01:07:37,160 --> 01:07:42,640
Speaker 3: to about seven twenty two, which required lenders to pay

1254
01:07:42,720 --> 01:07:45,120
Speaker 3: up you know, essentially right, you didn't like that, so

1255
01:07:45,160 --> 01:07:50,400
Speaker 3: they vehemently rejected fight FYCO nine. That's important to know

1256
01:07:50,520 --> 01:07:53,480
Speaker 3: because when you see how FYCO ten T came and

1257
01:07:53,800 --> 01:07:56,640
Speaker 3: and see how lender friendly it is, it's.

1258
01:07:56,520 --> 01:08:00,440
Speaker 4: Like they just completely flipped the switch. And FICO ten is.

1259
01:08:00,400 --> 01:08:05,080
Speaker 3: Completely lender focused, meaning that like it allows lenders to

1260
01:08:05,200 --> 01:08:05,600
Speaker 3: have a.

1261
01:08:07,240 --> 01:08:11,760
Speaker 4: More detailed view and grade us more harshly.

1262
01:08:11,400 --> 01:08:15,439
Speaker 3: On certain things that will cause most of our credit

1263
01:08:15,480 --> 01:08:19,360
Speaker 3: score to decrease by the way. But yeah, so FYCO

1264
01:08:19,439 --> 01:08:22,479
Speaker 3: ten T is lender friendly, and it's because it includes

1265
01:08:22,520 --> 01:08:26,120
Speaker 3: what's called trended data, right, So the T in FYCO

1266
01:08:26,200 --> 01:08:27,679
Speaker 3: ten T stands for trended data.

1267
01:08:28,160 --> 01:08:29,439
Speaker 4: Trended data is.

1268
01:08:29,520 --> 01:08:37,759
Speaker 3: A video screenshot preview of our credit activities, our activity

1269
01:08:37,800 --> 01:08:40,360
Speaker 3: on each credit account for the last two years. That

1270
01:08:40,520 --> 01:08:44,280
Speaker 3: is so drastically different from how our standard credit scorese

1271
01:08:44,320 --> 01:08:47,960
Speaker 3: has ever been made available because The difference is all

1272
01:08:48,000 --> 01:08:50,639
Speaker 3: of the credit score models. Prior to Fyco ten T,

1273
01:08:51,120 --> 01:08:53,520
Speaker 3: a lender was only able to see like a snapshot

1274
01:08:53,760 --> 01:08:56,840
Speaker 3: of our credit profile or our credit reports at the

1275
01:08:56,840 --> 01:08:59,040
Speaker 3: time of our application. So if I apply for a

1276
01:08:59,040 --> 01:09:02,679
Speaker 3: credit card today using the standard scores, a lender could

1277
01:09:02,680 --> 01:09:07,559
Speaker 3: only see a snapchot, a still shot of history. What

1278
01:09:07,600 --> 01:09:10,519
Speaker 3: my balances were was on the day that they requested

1279
01:09:10,560 --> 01:09:14,920
Speaker 3: my credit report, what the status is of my credit

1280
01:09:15,160 --> 01:09:18,240
Speaker 3: card accounts, my utilization. They can only see my current

1281
01:09:18,360 --> 01:09:21,920
Speaker 3: my current stats based on my most recent generated credit report.

1282
01:09:22,000 --> 01:09:23,519
Speaker 4: Right with Fyco ten.

1283
01:09:23,520 --> 01:09:27,040
Speaker 3: T, instead of only just seeing one month's worth pretty

1284
01:09:27,080 --> 01:09:30,720
Speaker 3: much of history in detail, they're able to see a

1285
01:09:30,840 --> 01:09:35,439
Speaker 3: twenty four months history of each account. Not only that,

1286
01:09:35,479 --> 01:09:39,240
Speaker 3: they're able to use that to determine and predict how

1287
01:09:39,280 --> 01:09:42,480
Speaker 3: we will behave for the next twenty four months.

1288
01:09:43,080 --> 01:09:46,720
Speaker 4: So basically they have a four year span.

1289
01:09:47,920 --> 01:09:52,759
Speaker 3: Two years being based off predictability that they can use

1290
01:09:53,000 --> 01:09:58,800
Speaker 3: to judge us and to penalize us really for barring credit,

1291
01:09:58,960 --> 01:10:02,400
Speaker 3: meaning like it's going to be the justifier for lower

1292
01:10:02,439 --> 01:10:09,480
Speaker 3: credit limits, decrease credit scores, refusal of credit limit increases,

1293
01:10:11,120 --> 01:10:13,960
Speaker 3: justifying high interest rates, which is all the things that

1294
01:10:14,040 --> 01:10:16,439
Speaker 3: lender seeks to do because it makes them more money.

1295
01:10:16,439 --> 01:10:19,400
Speaker 3: Anytime that they can use anything to justify higher interest

1296
01:10:19,479 --> 01:10:22,720
Speaker 3: rates is what a lender would likes, right, and so

1297
01:10:22,800 --> 01:10:25,559
Speaker 3: with Fyco ten T, because it gives them access to

1298
01:10:25,720 --> 01:10:29,680
Speaker 3: so much information at once, we have to be so

1299
01:10:29,880 --> 01:10:31,080
Speaker 3: careful moving.

1300
01:10:30,800 --> 01:10:33,360
Speaker 4: Forward, starting now with.

1301
01:10:34,960 --> 01:10:39,240
Speaker 3: The data trends that we are showcasing on our credit

1302
01:10:39,280 --> 01:10:42,920
Speaker 3: reports in a way that we never have had to prior.

1303
01:10:43,680 --> 01:10:51,160
Speaker 3: And I'm pulling up an example, but yeah, it's have

1304
01:10:51,240 --> 01:10:53,200
Speaker 3: you have you seen your Fyco ten T score.

1305
01:10:54,240 --> 01:10:56,200
Speaker 1: I'm gonna be looking right after this, but I saw

1306
01:10:56,280 --> 01:10:59,240
Speaker 1: like the Fycle ten T then the Vantage score four

1307
01:10:59,240 --> 01:11:02,520
Speaker 1: point zero. Those are two different things, correct.

1308
01:11:03,439 --> 01:11:08,519
Speaker 3: Yes, So so Vantage four point zero is the fake

1309
01:11:08,640 --> 01:11:12,679
Speaker 3: version of Fyco ten So if you notice advantage vantage,

1310
01:11:12,720 --> 01:11:16,760
Speaker 3: they always try to emulate Fyco, right like.

1311
01:11:16,760 --> 01:11:18,920
Speaker 4: Because Vantage is the scores that we get for free.

1312
01:11:19,080 --> 01:11:20,519
Speaker 3: A lot of people refer to it as like the

1313
01:11:20,520 --> 01:11:23,799
Speaker 3: fake credit score because no lenders really like Vantage scores

1314
01:11:23,880 --> 01:11:27,919
Speaker 3: or pull advantage scores. They prefer Fyco. But Vantage anytime

1315
01:11:28,320 --> 01:11:31,000
Speaker 3: comes out with a new version, Advantage for or Advantage

1316
01:11:31,000 --> 01:11:35,400
Speaker 3: will respond with their variation of the Fyco The Fyco's

1317
01:11:35,439 --> 01:11:38,000
Speaker 3: newest version, right, and so that that that is the

1318
01:11:38,040 --> 01:11:41,120
Speaker 3: same with advantage Vantage four point zero is just a

1319
01:11:41,160 --> 01:11:45,759
Speaker 3: copy of Fyco ten T but it is important for

1320
01:11:46,160 --> 01:11:50,760
Speaker 3: one specific reason. And I'm trying to load the document

1321
01:11:51,600 --> 01:11:57,800
Speaker 3: to show, but yeah, it's I is.

1322
01:11:57,800 --> 01:11:59,400
Speaker 1: One of my monthly subscriptions.

1323
01:11:59,840 --> 01:12:02,439
Speaker 4: Yeah, so you do have you can see your tent score.

1324
01:12:02,800 --> 01:12:05,240
Speaker 1: Yeah, yeah, I've been doing that and it's one of

1325
01:12:05,240 --> 01:12:06,760
Speaker 1: those things like you just want to know. Like you said,

1326
01:12:06,760 --> 01:12:09,160
Speaker 1: it gives you a more detailed look, and it kind

1327
01:12:09,160 --> 01:12:11,479
Speaker 1: of lets you go back into history, right, Like I remember,

1328
01:12:12,080 --> 01:12:14,640
Speaker 1: I think I had a late car payment from like

1329
01:12:14,680 --> 01:12:18,080
Speaker 1: two thousand and sixteen, a couple of years ago, and

1330
01:12:18,120 --> 01:12:20,360
Speaker 1: it was still on there. So like every seven years

1331
01:12:20,400 --> 01:12:23,479
Speaker 1: obviously you know, those those type of derogatories get away

1332
01:12:23,520 --> 01:12:26,599
Speaker 1: from your account, but just watching it knowing that, like damn,

1333
01:12:26,640 --> 01:12:28,680
Speaker 1: it's still on there as you're making all these other

1334
01:12:28,720 --> 01:12:32,000
Speaker 1: payments and how that can weigh on you. It's tough,

1335
01:12:32,040 --> 01:12:33,720
Speaker 1: but it's good to see it because it gives you it,

1336
01:12:33,760 --> 01:12:35,320
Speaker 1: like you said, a detailed look, and it kind of

1337
01:12:35,320 --> 01:12:38,040
Speaker 1: explains what these other fycal scores and exactly what they

1338
01:12:38,160 --> 01:12:38,439
Speaker 1: use for.

1339
01:12:39,160 --> 01:12:42,839
Speaker 4: Yeah, no, it definitely does. Do you see are you able.

1340
01:12:42,680 --> 01:12:46,040
Speaker 1: To yeah, yeah, I got it right here. Yep, okay perfect.

1341
01:12:46,520 --> 01:12:50,800
Speaker 3: So here's an example of the differences between how each

1342
01:12:50,960 --> 01:12:57,160
Speaker 3: model will view and grade specific things. So, FYCAO eight

1343
01:12:57,200 --> 01:12:59,320
Speaker 3: is our standards score. It's the score that most of

1344
01:12:59,400 --> 01:13:01,080
Speaker 3: us are you to dealing with. Is the score that

1345
01:13:01,120 --> 01:13:03,080
Speaker 3: we see when we log into most of our credit apps.

1346
01:13:03,160 --> 01:13:05,880
Speaker 3: Is literally like the most used versions of our credit

1347
01:13:05,920 --> 01:13:09,880
Speaker 3: score for the last twenty plus years. The classic Fyco

1348
01:13:09,960 --> 01:13:12,680
Speaker 3: refers to the mortgage score, specifically FYCOS two, four, and

1349
01:13:12,720 --> 01:13:16,599
Speaker 3: five now the top So the top two are our

1350
01:13:16,840 --> 01:13:18,800
Speaker 3: standard scores that we've been dealing with, and then the

1351
01:13:18,800 --> 01:13:21,000
Speaker 3: bottom two, which are Fyco ten T Advantage four point

1352
01:13:21,040 --> 01:13:25,480
Speaker 3: zero are the new scores. So for paid collections specifically,

1353
01:13:26,720 --> 01:13:31,320
Speaker 3: typically with our standards scores, our FYCO eight considered paid

1354
01:13:31,360 --> 01:13:33,759
Speaker 3: collections over one hundred.

1355
01:13:33,560 --> 01:13:36,280
Speaker 4: They they they you it affected your credit score.

1356
01:13:36,360 --> 01:13:38,640
Speaker 3: So any paid, any any collection account that you have

1357
01:13:38,680 --> 01:13:41,479
Speaker 3: on your credit report that has a balance of over

1358
01:13:41,520 --> 01:13:43,840
Speaker 3: one hundred dollars, then it does lower your score.

1359
01:13:45,120 --> 01:13:45,800
Speaker 4: The only grade.

1360
01:13:45,800 --> 01:13:48,200
Speaker 3: One of the only great things about the newest versions

1361
01:13:48,200 --> 01:13:50,519
Speaker 3: of our score, which is Fyco ten T, is it

1362
01:13:50,600 --> 01:13:54,559
Speaker 3: does ignore paid collections. So if you have collections that

1363
01:13:54,600 --> 01:13:57,200
Speaker 3: you have not been able to get removed. If you

1364
01:13:57,280 --> 01:14:00,000
Speaker 3: pay those off by way of settlement or or you know,

1365
01:14:00,080 --> 01:14:02,920
Speaker 3: if you paid in four, then that account will be

1366
01:14:03,040 --> 01:14:06,599
Speaker 3: taken out of the consideration of your Fyco ten T score.

1367
01:14:07,040 --> 01:14:10,879
Speaker 3: So that's great news for people who have been affected

1368
01:14:10,920 --> 01:14:15,040
Speaker 3: by collections their Fightco tent T score if they pay it,

1369
01:14:15,120 --> 01:14:17,160
Speaker 3: you know, it will increase as a result of that.

1370
01:14:17,360 --> 01:14:23,519
Speaker 4: Right, and then let me see here.

1371
01:14:26,160 --> 01:14:27,599
Speaker 1: Can you go back to that slot for a second,

1372
01:14:27,640 --> 01:14:30,720
Speaker 1: because maybe you can clear this up for me. So

1373
01:14:30,800 --> 01:14:33,479
Speaker 1: your Fyco eight could be a score. Let's say it's

1374
01:14:33,520 --> 01:14:38,120
Speaker 1: a six ninety, right, but that classic Fycle two four

1375
01:14:38,280 --> 01:14:40,760
Speaker 1: five that actually could be different. Right. So I'm saying

1376
01:14:40,760 --> 01:14:43,120
Speaker 1: that because I actually experienced that, Like I had a score.

1377
01:14:43,120 --> 01:14:44,720
Speaker 1: I'm thinking like, oh, I'm going to get approved for

1378
01:14:44,760 --> 01:14:47,360
Speaker 1: this mortgage. It was a pretty good score. And then

1379
01:14:47,400 --> 01:14:49,760
Speaker 1: they went back and looked at my classic Fycle because

1380
01:14:49,760 --> 01:14:52,559
Speaker 1: that was for the mortgage, and it was drastically different.

1381
01:14:52,600 --> 01:14:54,439
Speaker 1: It was like, I think it was like five to

1382
01:14:54,479 --> 01:14:57,680
Speaker 1: seventy something. I'm like, wait, and I had to get

1383
01:14:57,680 --> 01:14:59,920
Speaker 1: an explanation on that. So they don't always have to

1384
01:14:59,920 --> 01:15:03,120
Speaker 1: be like the same, right, it definitely could it could

1385
01:15:03,160 --> 01:15:04,040
Speaker 1: be different.

1386
01:15:04,080 --> 01:15:06,400
Speaker 3: They're hardly ever the same. I tell people all the time, like,

1387
01:15:06,479 --> 01:15:07,960
Speaker 3: if they are all the same, there would be more

1388
01:15:08,000 --> 01:15:10,240
Speaker 3: so there would be more shocking to me to see

1389
01:15:10,360 --> 01:15:12,720
Speaker 3: all of them being the same, simply because each of

1390
01:15:12,760 --> 01:15:15,960
Speaker 3: those scores are based on a slightly different algorithm for

1391
01:15:16,000 --> 01:15:19,599
Speaker 3: a specific reason. So the classic Fyco is a mortgage score,

1392
01:15:19,680 --> 01:15:25,160
Speaker 3: so they will grade installment based accounts more heavily than

1393
01:15:25,680 --> 01:15:27,599
Speaker 3: let's say, like a fight on a score, which will

1394
01:15:27,640 --> 01:15:31,160
Speaker 3: consider like credit card accounts and your utilization more important

1395
01:15:31,200 --> 01:15:35,160
Speaker 3: than your behavior on a loan, so they will priority

1396
01:15:35,200 --> 01:15:38,080
Speaker 3: each score model will prioritize different things based on the

1397
01:15:38,080 --> 01:15:42,000
Speaker 3: industry that they are selling it to, So it's industry specific.

1398
01:15:42,560 --> 01:15:46,839
Speaker 3: If you are seeking a car, most most auto lenders

1399
01:15:46,880 --> 01:15:51,080
Speaker 3: will will will will pick Fyco six, which is our

1400
01:15:51,120 --> 01:15:53,720
Speaker 3: auto score, and all of it. You know, it's just

1401
01:15:53,760 --> 01:15:57,240
Speaker 3: it's just slightly different variations of the Fyco score tailor

1402
01:15:57,360 --> 01:16:02,040
Speaker 3: to specific industries. So yeah, it's the classic fight Oh

1403
01:16:02,080 --> 01:16:04,920
Speaker 3: which is are the classic? It's the oldest version, it

1404
01:16:04,960 --> 01:16:07,519
Speaker 3: is the most antiquated version, and it's the hardest to

1405
01:16:08,439 --> 01:16:11,599
Speaker 3: increase like that, that score is the most stubborn score.

1406
01:16:12,520 --> 01:16:15,759
Speaker 3: But the great news is the new the new credit

1407
01:16:15,760 --> 01:16:18,240
Speaker 3: scores FYO TINT and Advantaged four point zero. It was

1408
01:16:18,280 --> 01:16:22,080
Speaker 3: actually approved to be used as the new standard for

1409
01:16:22,479 --> 01:16:27,800
Speaker 3: mortgage scores. So after second quarter of this year, the

1410
01:16:27,800 --> 01:16:32,679
Speaker 3: Federal Housing Association they like any Fennie made, any Fenny

1411
01:16:32,760 --> 01:16:36,400
Speaker 3: made loans, pretty Mac loans, whatever any government backed loans,

1412
01:16:36,800 --> 01:16:40,439
Speaker 3: they will only base our approval, our mortgage approval off

1413
01:16:40,439 --> 01:16:42,800
Speaker 3: of FYCO ten T and Vantage four point zero. So

1414
01:16:42,880 --> 01:16:45,000
Speaker 3: we no longer will have to deal with the classic

1415
01:16:45,000 --> 01:16:50,720
Speaker 3: FIGHTO scores. They're being completely just they're going away like

1416
01:16:50,720 --> 01:16:51,600
Speaker 3: they're being antiquated.

1417
01:16:51,640 --> 01:16:53,840
Speaker 4: Like we no one will be No one will use.

1418
01:16:53,720 --> 01:16:56,960
Speaker 3: Those scores anymore after second quarter of this year, which

1419
01:16:57,000 --> 01:17:00,280
Speaker 3: is why it's so important that right now people are

1420
01:17:00,280 --> 01:17:05,200
Speaker 3: making the changes and are aware of FYCO ten T

1421
01:17:05,479 --> 01:17:08,439
Speaker 3: and in how it is going to impact us differently,

1422
01:17:08,439 --> 01:17:10,360
Speaker 3: because those are going to be the new standard, like

1423
01:17:11,520 --> 01:17:14,400
Speaker 3: it's going to be the new standard across multiple industries,

1424
01:17:14,439 --> 01:17:16,160
Speaker 3: not even just mortgage.

1425
01:17:16,080 --> 01:17:18,200
Speaker 1: And that that helps a lot of borrowers, right because

1426
01:17:18,240 --> 01:17:20,600
Speaker 1: if I'm using a standard, my score is going to

1427
01:17:20,600 --> 01:17:22,000
Speaker 1: be high, I get a better indust rate.

1428
01:17:23,880 --> 01:17:29,920
Speaker 7: Yeah, it'll help, it'll it'll help. So it'll help if

1429
01:17:29,960 --> 01:17:32,920
Speaker 7: you are if you have common if you have been

1430
01:17:33,000 --> 01:17:35,360
Speaker 7: responsible with your with building credit and making sure you

1431
01:17:35,360 --> 01:17:38,559
Speaker 7: pay your credit card back, making sure you're not getting

1432
01:17:38,560 --> 01:17:41,639
Speaker 7: collections and stuff like that, then your facult score will

1433
01:17:41,760 --> 01:17:42,519
Speaker 7: likely increase.

1434
01:17:44,720 --> 01:17:47,760
Speaker 3: You know, it will likely increase. However, if you have

1435
01:17:47,920 --> 01:17:52,680
Speaker 3: not been doing that, then your facultens score is absolutely

1436
01:17:52,720 --> 01:17:55,200
Speaker 3: going to be lower than the scores that you're used

1437
01:17:55,240 --> 01:17:58,320
Speaker 3: to dealing with because of the trended data. So trended

1438
01:17:58,400 --> 01:18:00,840
Speaker 3: data is because, like I said, if your trends are

1439
01:18:00,920 --> 01:18:05,240
Speaker 3: showing you sporadically are paying your credit card off, like

1440
01:18:05,320 --> 01:18:07,320
Speaker 3: one month you were, you max it out, the next

1441
01:18:07,320 --> 01:18:09,960
Speaker 3: month you pay it down to ten percent, the next

1442
01:18:09,960 --> 01:18:15,200
Speaker 3: month you pay you report twenty percent, that sporadic utilization

1443
01:18:16,200 --> 01:18:19,360
Speaker 3: will cause a drastic increase in your FICO ten T

1444
01:18:19,479 --> 01:18:22,320
Speaker 3: because it's based on trends. What what is your trends

1445
01:18:22,400 --> 01:18:25,680
Speaker 3: showing if they if it is not, if your utilization

1446
01:18:25,800 --> 01:18:29,840
Speaker 3: is not showing a negative incline in terms of the

1447
01:18:29,840 --> 01:18:33,120
Speaker 3: balances that you are reporting, then you you will be

1448
01:18:33,640 --> 01:18:41,360
Speaker 3: penalized for that under FACO ten T. If oh, another

1449
01:18:41,439 --> 01:18:44,880
Speaker 3: big changes if you have a if you are transferring

1450
01:18:44,960 --> 01:18:48,280
Speaker 3: debt across your credit profile. For example, like if you

1451
01:18:48,479 --> 01:18:52,800
Speaker 3: are using a personal loan to pay off credit card debt,

1452
01:18:52,920 --> 01:18:55,040
Speaker 3: a very common strategy that a lot of people use.

1453
01:18:55,439 --> 01:19:00,080
Speaker 3: Fyco tant actually will penalize you for that, so it

1454
01:19:00,160 --> 01:19:01,960
Speaker 3: is no longer that's no longer going to help us,

1455
01:19:02,400 --> 01:19:04,760
Speaker 3: which you know that that that's a little that's a

1456
01:19:04,800 --> 01:19:07,080
Speaker 3: little unfortunate because a lot of people will take out

1457
01:19:07,120 --> 01:19:09,880
Speaker 3: like a loan in order to to pay down their

1458
01:19:09,880 --> 01:19:11,639
Speaker 3: credit card debt or pay off their credit card debt

1459
01:19:11,880 --> 01:19:14,639
Speaker 3: because the heavy interest that's associated with credit card debt,

1460
01:19:14,720 --> 01:19:17,680
Speaker 3: right or to just stop that interest from mounting. That's

1461
01:19:17,720 --> 01:19:21,000
Speaker 3: a very common practice that has been used for ages.

1462
01:19:21,040 --> 01:19:26,559
Speaker 3: But unfortunately Fycott views that as not you decreasing your debt.

1463
01:19:26,600 --> 01:19:29,040
Speaker 3: They just view it as you migrating the debt, right like,

1464
01:19:29,160 --> 01:19:32,000
Speaker 3: so they penalize you for that. There's not a steady

1465
01:19:33,400 --> 01:19:38,160
Speaker 3: decline in your debt overall debt to income ratio, then

1466
01:19:39,160 --> 01:19:43,479
Speaker 3: you'll you'll be penalized. You'll be penalized. So yeah, it's

1467
01:19:43,560 --> 01:19:45,439
Speaker 3: it's a lot tougher on us because, like I said,

1468
01:19:45,760 --> 01:19:47,800
Speaker 3: you could have you could have done something or reported

1469
01:19:47,840 --> 01:19:50,439
Speaker 3: a high utilization over a year ago, and that that

1470
01:19:50,479 --> 01:19:52,960
Speaker 3: one month is still affecting, will still be affecting you

1471
01:19:53,600 --> 01:19:58,200
Speaker 3: for the next four years. And in case people don't understand,

1472
01:19:58,280 --> 01:20:01,080
Speaker 3: like as of now, are utilization refreshes every month.

1473
01:20:01,960 --> 01:20:04,120
Speaker 4: Utilization keeps or holds in a record.

1474
01:20:04,160 --> 01:20:06,120
Speaker 3: So if I if I max out my cars last

1475
01:20:06,120 --> 01:20:08,240
Speaker 3: month and then this month I get them down to

1476
01:20:08,320 --> 01:20:10,960
Speaker 3: under ten percent, I'm going to be accredited back all

1477
01:20:10,960 --> 01:20:13,439
Speaker 3: the points that I lost last month. Like it holds

1478
01:20:13,520 --> 01:20:17,120
Speaker 3: a record. Utilization is per month right as of now.

1479
01:20:17,600 --> 01:20:19,400
Speaker 3: Not if I go to a t now you have

1480
01:20:19,439 --> 01:20:23,799
Speaker 3: to worry about every single utilization that you have reported

1481
01:20:23,800 --> 01:20:25,879
Speaker 3: for the last twenty four months because that will affect

1482
01:20:26,280 --> 01:20:27,720
Speaker 3: you for the next two years.

1483
01:20:28,160 --> 01:20:34,280
Speaker 1: So yeah, well that's not that sucks. But one good thing.

1484
01:20:34,479 --> 01:20:36,719
Speaker 1: Medical debt no longer part of the credit report.

1485
01:20:36,800 --> 01:20:39,720
Speaker 3: Yes, yes, medical debt. Any medical collection on your credit

1486
01:20:39,760 --> 01:20:42,240
Speaker 3: report under five hundred dollars automatically has to be deleted

1487
01:20:42,240 --> 01:20:46,880
Speaker 3: by law, or if you settle or pay off a

1488
01:20:46,920 --> 01:20:49,599
Speaker 3: medical debt that was over five hundred dollars, then it

1489
01:20:49,640 --> 01:20:50,840
Speaker 3: has to be removed.

1490
01:20:51,760 --> 01:20:54,839
Speaker 4: In addition to that, you're lend your doctor, you're a provider.

1491
01:20:54,960 --> 01:21:00,200
Speaker 3: They can't even send your a medical collection to the

1492
01:21:00,240 --> 01:21:02,519
Speaker 3: credit uros until they have given you at least eighteen

1493
01:21:02,520 --> 01:21:05,800
Speaker 3: months to pay or like whatever you owe from the

1494
01:21:05,880 --> 01:21:09,040
Speaker 3: date of from from from your visit. Right, so they

1495
01:21:09,080 --> 01:21:10,920
Speaker 3: have to give you eighteen months to to pay it

1496
01:21:11,520 --> 01:21:13,200
Speaker 3: if you haven't paid it. If you failed to pay

1497
01:21:13,240 --> 01:21:15,120
Speaker 3: it and you owe them more than five hundred dollars,

1498
01:21:15,200 --> 01:21:16,680
Speaker 3: that's the only case that they can send it to

1499
01:21:16,680 --> 01:21:22,000
Speaker 3: the credit buros. But most medical collections usually fall under

1500
01:21:22,000 --> 01:21:24,240
Speaker 3: five hundred dollars because most of them are like copays

1501
01:21:24,280 --> 01:21:26,519
Speaker 3: and stuff that people didn't pay. Those don't qualify for

1502
01:21:26,560 --> 01:21:30,240
Speaker 3: our credit reports anymore. So that's amazing, Like, yeah, that's awesome.

1503
01:21:33,600 --> 01:21:36,800
Speaker 3: So that that's ay, that's a plus for most for

1504
01:21:36,880 --> 01:21:37,439
Speaker 3: a lot of people.

1505
01:21:39,520 --> 01:21:41,240
Speaker 2: How often should you check your credit score?

1506
01:21:43,640 --> 01:21:46,400
Speaker 3: I mean, I believe that you should have credit monitor

1507
01:21:46,439 --> 01:21:50,840
Speaker 3: and so you can you are alerted if anything changes. Know,

1508
01:21:50,880 --> 01:21:54,040
Speaker 3: you shouldn't expect like your credit reports to change drastically monthly,

1509
01:21:54,080 --> 01:21:56,000
Speaker 3: but you should always be aware of what's going on

1510
01:21:56,040 --> 01:21:59,519
Speaker 3: because if somebody is stealing your identity, is applying for

1511
01:21:59,520 --> 01:22:01,920
Speaker 3: things in your there should you should always have an

1512
01:22:01,960 --> 01:22:03,960
Speaker 3: eye on your credit report, even if you are only

1513
01:22:04,080 --> 01:22:08,800
Speaker 3: utilizing free credit monitoring apps like credit Corma. Right, don't

1514
01:22:08,800 --> 01:22:11,360
Speaker 3: take the score that they're reporting as law. Like the

1515
01:22:11,960 --> 01:22:14,439
Speaker 3: score is not your Fyco score, it's going to be off.

1516
01:22:14,840 --> 01:22:17,640
Speaker 3: Don't take that at face value. However, the components of

1517
01:22:17,680 --> 01:22:20,720
Speaker 3: your credit profile and the accounts and all that those

1518
01:22:20,760 --> 01:22:24,240
Speaker 3: are usually accurate. So in order to just keep an

1519
01:22:24,240 --> 01:22:26,840
Speaker 3: eye on your credit profile to so you know what's

1520
01:22:26,880 --> 01:22:29,280
Speaker 3: going on. If you don't want to pay for a

1521
01:22:29,320 --> 01:22:33,280
Speaker 3: credit monitoring like my FICO, get get Credit Carma, get,

1522
01:22:34,600 --> 01:22:36,400
Speaker 3: I don't even know credit says to me, it's a

1523
01:22:36,479 --> 01:22:40,160
Speaker 3: lot of apps. Most bank apps will give us our

1524
01:22:40,200 --> 01:22:43,599
Speaker 3: advantage score for free, but always have a eye on

1525
01:22:43,640 --> 01:22:46,719
Speaker 3: what's going on on your credit profile. I will specifically

1526
01:22:46,800 --> 01:22:48,760
Speaker 3: recommend that at least twice the year everyone pulls their

1527
01:22:48,760 --> 01:22:49,679
Speaker 3: official credit report.

1528
01:22:49,760 --> 01:22:50,679
Speaker 4: That is so important.

1529
01:22:51,120 --> 01:22:55,360
Speaker 3: Do not think that your credit monitoring replaces your credit report.

1530
01:22:56,000 --> 01:22:58,839
Speaker 3: Your credit monitoring app can only go back two years

1531
01:22:59,280 --> 01:23:04,920
Speaker 3: and it'll only has I want to say, for the

1532
01:23:05,640 --> 01:23:08,920
Speaker 3: of the details of each account. Your real credit report

1533
01:23:09,320 --> 01:23:12,880
Speaker 3: is where you will get all the information per account,

1534
01:23:13,320 --> 01:23:16,200
Speaker 3: especially if you are challenging your credit report or are

1535
01:23:16,240 --> 01:23:19,840
Speaker 3: disputing the accuracy. Never dispute based on credit monitoring. Always

1536
01:23:19,840 --> 01:23:22,800
Speaker 3: dispute based on your official credit report, because there again

1537
01:23:22,960 --> 01:23:24,960
Speaker 3: is just a lot more information that you're able to

1538
01:23:25,000 --> 01:23:28,760
Speaker 3: make sure that it's you know, validated, so at least

1539
01:23:28,800 --> 01:23:30,479
Speaker 3: like a year to get your official reports.

1540
01:23:30,479 --> 01:23:32,160
Speaker 4: But have credit monitor for sure?

1541
01:23:33,640 --> 01:23:34,240
Speaker 1: Think you I have it?

1542
01:23:35,479 --> 01:23:38,320
Speaker 2: Any anything else that we need to cover before?

1543
01:23:39,200 --> 01:23:39,760
Speaker 1: Cool? Rap?

1544
01:23:43,360 --> 01:23:44,960
Speaker 3: I mean I could go out day, but it's just

1545
01:23:45,040 --> 01:23:48,920
Speaker 3: like I think that as long as they incorporate whatever. However,

1546
01:23:48,960 --> 01:23:52,160
Speaker 3: many tips that we talked about today, each of those

1547
01:23:52,200 --> 01:23:58,719
Speaker 3: tips can cause thirty plus points increase in one's credit score.

1548
01:23:58,840 --> 01:24:02,080
Speaker 3: So as long as you, as long as the person

1549
01:24:02,840 --> 01:24:05,759
Speaker 3: actually put them into action, you know, do the things

1550
01:24:05,840 --> 01:24:09,080
Speaker 3: and and and follow the advice, then they should see

1551
01:24:09,120 --> 01:24:13,680
Speaker 3: an increase in their credit score. And it's it's one

1552
01:24:13,720 --> 01:24:16,040
Speaker 3: of those Like I said, those are tried and true methods.

1553
01:24:16,120 --> 01:24:16,519
Speaker 4: They work.

1554
01:24:16,600 --> 01:24:18,599
Speaker 3: Doesn't matter what your credit profile look like, it doesn't

1555
01:24:18,600 --> 01:24:22,320
Speaker 3: matter how bad your credit score is. Those tips work

1556
01:24:22,400 --> 01:24:25,120
Speaker 3: because they are based solely on how our credit scores

1557
01:24:25,160 --> 01:24:29,120
Speaker 3: are allocated in the algorithm. And it isn't like there

1558
01:24:29,200 --> 01:24:31,720
Speaker 3: are no exceptions. There are no exceptions. There is no

1559
01:24:31,760 --> 01:24:34,360
Speaker 3: credit report too bad to repair, no credit score too

1560
01:24:34,400 --> 01:24:38,599
Speaker 3: low to increase, that is no such thing. The lower

1561
01:24:38,640 --> 01:24:42,799
Speaker 3: your credit score is, the more points you have to obtain,

1562
01:24:43,000 --> 01:24:46,040
Speaker 3: Like the more points you can get. So you the

1563
01:24:46,080 --> 01:24:47,840
Speaker 3: lower the lawyer your credit score is, the more you

1564
01:24:47,880 --> 01:24:51,479
Speaker 3: should be trying to seek you know, in getting as

1565
01:24:51,479 --> 01:24:54,800
Speaker 3: many points as possible. And just one last point, the

1566
01:24:54,840 --> 01:24:58,479
Speaker 3: only way that you're able to to overcome bad credit

1567
01:24:58,520 --> 01:25:01,479
Speaker 3: is by building good credit. There is no substitute, there

1568
01:25:01,640 --> 01:25:05,200
Speaker 3: is no workaround. You can't credit repair your way to

1569
01:25:05,280 --> 01:25:07,320
Speaker 3: good credit. You can't dispute your way to good credit.

1570
01:25:07,400 --> 01:25:11,880
Speaker 3: The only thing that will lead to good credit is building. Yeah,

1571
01:25:11,920 --> 01:25:13,479
Speaker 3: the only thing that will lead to good credit is

1572
01:25:13,520 --> 01:25:16,559
Speaker 3: building credit. That's the only option. There is no reason

1573
01:25:16,560 --> 01:25:19,479
Speaker 3: to pay nobody to fix your credit. You can do

1574
01:25:19,520 --> 01:25:22,599
Speaker 3: it yourself because the fixing and what will cause the

1575
01:25:22,600 --> 01:25:26,400
Speaker 3: most increases in your credit score, consistent increases, is building,

1576
01:25:26,479 --> 01:25:28,879
Speaker 3: and nobody can build for you. You have to build for yourself.

1577
01:25:29,000 --> 01:25:30,840
Speaker 3: So I think that's probably like the point that I

1578
01:25:30,880 --> 01:25:33,680
Speaker 3: want to drive home. Your credit score is.

1579
01:25:33,640 --> 01:25:35,880
Speaker 4: The way it is is at.

1580
01:25:35,720 --> 01:25:38,599
Speaker 3: The score that it is because maybe you just were

1581
01:25:38,600 --> 01:25:40,960
Speaker 3: not aware of how the credit scores are broken down.

1582
01:25:41,000 --> 01:25:42,599
Speaker 4: But there are very easy and.

1583
01:25:42,560 --> 01:25:45,479
Speaker 3: Actionable things that you can do to increase your credit

1584
01:25:45,520 --> 01:25:48,320
Speaker 3: score and see a media increase within the next few

1585
01:25:48,320 --> 01:25:49,120
Speaker 3: building cycles.

1586
01:25:49,520 --> 01:25:50,080
Speaker 4: Just do it.

1587
01:25:50,280 --> 01:25:52,840
Speaker 3: Stop paying people money to fix it and just build

1588
01:25:52,840 --> 01:25:53,479
Speaker 3: your own credit.

1589
01:25:54,160 --> 01:25:55,880
Speaker 1: Yeah, and we got time. This is the perfect time

1590
01:25:55,880 --> 01:25:57,400
Speaker 1: of the year, right to the top of the year.

1591
01:25:58,080 --> 01:26:01,240
Speaker 1: I know people are running coming into some money hopefully

1592
01:26:01,240 --> 01:26:04,080
Speaker 1: over the next couple of months that Fyco ten is

1593
01:26:04,080 --> 01:26:06,240
Speaker 1: a real thing, and so we have some time before

1594
01:26:06,280 --> 01:26:07,960
Speaker 1: that hits, because it's going to get a little bit

1595
01:26:07,960 --> 01:26:10,080
Speaker 1: tough on us to clear this up, because this is

1596
01:26:10,120 --> 01:26:11,640
Speaker 1: one of those things. If you're trying to get a

1597
01:26:11,680 --> 01:26:13,240
Speaker 1: home loan, if you're trying to get a call loan,

1598
01:26:13,520 --> 01:26:15,280
Speaker 1: you're trying to get a cell phone.

1599
01:26:15,280 --> 01:26:17,439
Speaker 3: Within the next two years, So you don't have to

1600
01:26:17,520 --> 01:26:19,040
Speaker 3: be in the market right now. If you know you

1601
01:26:19,320 --> 01:26:21,600
Speaker 3: about to buy houses in the next two years, you

1602
01:26:21,640 --> 01:26:24,599
Speaker 3: need to absolutely be making sure that you are in

1603
01:26:24,640 --> 01:26:26,599
Speaker 3: line with Fyco ten t because that's going to determine

1604
01:26:26,600 --> 01:26:28,559
Speaker 3: if you get approved or not two years from now.

1605
01:26:29,080 --> 01:26:32,640
Speaker 4: So yeah, I.

1606
01:26:32,760 --> 01:26:35,640
Speaker 2: Appreciate all the information. How can the people get in

1607
01:26:35,680 --> 01:26:37,880
Speaker 2: contact with you? Follow you on social media, all that

1608
01:26:37,920 --> 01:26:38,880
Speaker 2: type stuff.

1609
01:26:39,880 --> 01:26:42,840
Speaker 3: Shanda Martin on pretty much every platform. If you want

1610
01:26:42,880 --> 01:26:46,800
Speaker 3: more detailed information about the topics that we discussed, I

1611
01:26:46,840 --> 01:26:50,040
Speaker 3: typically pick one topic and do a full webinar on

1612
01:26:51,200 --> 01:26:53,800
Speaker 3: so and they're all available for free on my YouTube channel,

1613
01:26:54,479 --> 01:26:56,560
Speaker 3: and yeah, just searchial on YouTube, like especially for the

1614
01:26:56,600 --> 01:26:59,760
Speaker 3: FIGHTO ten T video specifically, everyone should go watch that.

1615
01:26:59,800 --> 01:27:03,080
Speaker 3: But I broke it down and told you every single

1616
01:27:03,080 --> 01:27:05,240
Speaker 3: thing that's going to change everything that you can expect,

1617
01:27:05,439 --> 01:27:09,040
Speaker 3: how to prepare for it. So that's that's super relevant

1618
01:27:09,040 --> 01:27:12,559
Speaker 3: and important for for now. But I also address all

1619
01:27:12,640 --> 01:27:15,080
Speaker 3: most most other credit topics as well, and I do

1620
01:27:15,160 --> 01:27:18,479
Speaker 3: full webinars. They are free. The only thing I want

1621
01:27:18,479 --> 01:27:22,240
Speaker 3: in exchange is like you applying the steps. Please don't

1622
01:27:22,320 --> 01:27:26,639
Speaker 3: just view and not do. Yeah, so just apply them

1623
01:27:26,680 --> 01:27:28,800
Speaker 3: and then that's it and pass it on to a

1624
01:27:28,840 --> 01:27:29,920
Speaker 3: friend or a family member.

1625
01:27:29,920 --> 01:27:30,320
Speaker 4: That's it.

1626
01:27:31,600 --> 01:27:34,840
Speaker 1: And if you're in EU, y l you. Shonda was

1627
01:27:36,000 --> 01:27:38,840
Speaker 1: like she extended herself, over extended herself. She said, a

1628
01:27:38,880 --> 01:27:41,800
Speaker 1: three part series for us, right, she came back three

1629
01:27:41,840 --> 01:27:44,040
Speaker 1: times and it was incredible. So again we think you

1630
01:27:44,200 --> 01:27:47,280
Speaker 1: always about the information and again, like you said, the

1631
01:27:47,360 --> 01:27:50,280
Speaker 1: information is on us, the applications on y'all. Yep, all right,

1632
01:27:50,360 --> 01:27:51,680
Speaker 1: so let's make sure we execute.

1633
01:27:52,400 --> 01:27:54,759
Speaker 3: Yeah, all right, Well, thank you guys for having.

1634
01:27:54,560 --> 01:27:58,519
Speaker 1: Me follow follow all right, Gus, there you have it.

1635
01:27:58,680 --> 01:28:01,280
Speaker 1: Another another great so under the belt.

1636
01:28:01,439 --> 01:28:07,240
Speaker 2: So may show you utilize all this information. Finally important, Yes, yes, yes,

1637
01:28:07,800 --> 01:28:08,840
Speaker 2: I will see you guys later.

1638
01:28:09,360 --> 01:28:13,000
Speaker 5: An illegal alien from Guatemala charged with raping a child

1639
01:28:13,000 --> 01:28:16,800
Speaker 5: in Massachusetts. An MS thirteen gang member from Al Salvador

1640
01:28:17,040 --> 01:28:21,200
Speaker 5: accused of murdering a Texas. Man of Venezuelan charged with

1641
01:28:21,280 --> 01:28:25,160
Speaker 5: filming and selling child pornography in Michigan. These are just

1642
01:28:25,240 --> 01:28:29,000
Speaker 5: some of the heinous migrant criminals caught because of President

1643
01:28:29,040 --> 01:28:29,479
Speaker 5: Donald J.

1644
01:28:29,560 --> 01:28:30,520
Speaker 4: Trump's leadership.

1645
01:28:30,800 --> 01:28:34,440
Speaker 5: I'm Christy nom the United States Secretary of Homeland Security.

1646
01:28:34,760 --> 01:28:38,519
Speaker 5: Under President Trump, attempted illegal border crossings are at the

1647
01:28:38,560 --> 01:28:42,439
Speaker 5: lowest levels ever recorded, and over one hundred thousand illegal

1648
01:28:42,439 --> 01:28:46,240
Speaker 5: aliens have been arrested. If you are here illegally, your

1649
01:28:46,360 --> 01:28:49,720
Speaker 5: next you will be fine nearly one thousand dollars a day,

1650
01:28:49,880 --> 01:28:53,840
Speaker 5: imprisoned and deported, you will never return. But if you

1651
01:28:54,000 --> 01:28:57,600
Speaker 5: register using our CBP home app and leave now, you

1652
01:28:57,640 --> 01:29:02,040
Speaker 5: could be allowed to return legally. Do what's right, leave now.

1653
01:29:02,360 --> 01:29:07,160
Speaker 5: Under President Trump, America's laws, border and families will be protected.

1654
01:29:07,240 --> 01:29:09,400
Speaker 1: Sponsored by the United States Department of Homeland Security,