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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J.

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Speaker 2: Trump's leadership.

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Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.

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Speaker 1: Under President Trump, attempted illegal border crossings are at the

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Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal

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Speaker 1: aliens have been arrested. If you are here illegally, your

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Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,

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Speaker 1: and deported.

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Speaker 2: You will never return.

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Speaker 1: But if you register using our CBP home app and

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Speaker 1: leave now, you could be allowed to return legally. Do

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Speaker 1: what's right. Leave now. Under President Trump, America's laws, border

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Speaker 1: and families will be protected.

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Speaker 3: Sponsored by the United States Department of Homeland Security Earners.

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Speaker 4: What's going on?

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Speaker 5: Listen, eylu is relaunching, revamping, retooling. That's why we're creating

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Speaker 5: a new educational experience that's more expansive.

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Speaker 4: Shot tell what we.

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Speaker 6: Got ys twenty twenty three. We got a lot in

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Speaker 6: still a lot playing for you guys. So you know

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Speaker 6: that EYLU already includes monthly financial planning calls with Me,

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Speaker 6: book club calls with Troy, real estate calls with MG

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Speaker 6: the Mortgage Guy, access to the Home Buying Blueprint Volume

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Speaker 6: one and Volume two.

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Speaker 4: Part of the.

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Speaker 6: Revamp will include twenty seven local chapters from across the

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Speaker 6: United States, live interactive teaching hands on not just pre

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Speaker 6: recorded videos, plus fifteen brand new curriculums.

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Speaker 7: The biggest just got bigger.

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Speaker 8: Head over to e y L University dot com. That's

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Speaker 8: EYL you n I V E R s I t

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Speaker 8: Y dot com.

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Speaker 4: See you there, all right, guys, welcome back, yeah L

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Speaker 4: back home. So yeah, this is gonna be a very

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Speaker 4: important episode, something that we always have to cover periodically,

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Speaker 4: credit very important topic when you talk about finance, financial

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Speaker 4: literacy and business. And Sean da Martin is somebody that

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Speaker 4: we actually had on a few of our events but

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Speaker 4: never had an interview. We had an event in Oakland

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Speaker 4: with Chase a few years ago. Did that that was

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Speaker 4: and then invest Fest yep, we did invest Fest.

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Speaker 2: Twice, right, did invest Fest twice and we went to.

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Speaker 7: Howard and Howard So this is home team. Yeah, this

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Speaker 7: home team.

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Speaker 4: Yeah. Yeah. So she's been on the road with us,

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Speaker 4: but like I said, we haven't actually been able to

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Speaker 4: have a formal conversation. I know a lot of people

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Speaker 4: come to the events, but there's probably gonna be more

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Speaker 4: people that actually get a chance to view it in

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Speaker 4: this capacity through audio, YouTube, and you know, social media.

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Speaker 4: So yeah, first and foremost, thank you for joining us.

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Speaker 4: Appreciate it, thank you, thank you for having me for sure.

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Speaker 4: So you're a credit educator. I know you're the owner

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Speaker 4: of your company which is rolled to seven fifty yes,

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Speaker 4: and credit Academy. So first, you know, obviously we got

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Speaker 4: a lot of questions about credit, But how did this

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Speaker 4: start for you? Because there's a lot of people that

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Speaker 4: you know, say that they do credit and stuff like that.

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Speaker 4: But how did your journey end up to where you

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Speaker 4: are now?

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Speaker 2: Yeah, so it kind of happened by accident. Like literally, I.

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Speaker 9: Was in college and I that was the first time

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Speaker 9: I realized I did not have good credit. I tried

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Speaker 9: to get a car. They wanted me to finance it

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Speaker 9: at like twenty eight percent. I took it because I

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Speaker 9: didn't even I didn't even yeah, because I didn't grow

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Speaker 9: up learning about credit or knowing about credit.

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Speaker 2: It wasn't a thing.

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Speaker 9: So by the time I realized I had bad credit,

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Speaker 9: it was too late. I was already made contracts. So

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Speaker 9: when I, you know, went to renew my car, they

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Speaker 9: told me, you know, hey, you can't you you're gonna

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Speaker 9: take negative equity into your new loan. You need to

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Speaker 9: fix your credit. And I just went home and I

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Speaker 9: just started researching it. So as I began to like

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Speaker 9: fix my own credit, repair it and like build, I

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Speaker 9: started like telling my family and friends about it, like

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Speaker 9: things to do, things that were working for me. And

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Speaker 9: it started with me starting a Facebook group with like

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Speaker 9: ten people just for my family and friends, and that

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Speaker 9: ended up that group now has over like six hundred

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Speaker 9: thousand people. But it started just in that group me

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Speaker 9: thinking I'm sharing credit information with family and friends.

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Speaker 2: And I ended up going.

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Speaker 9: To school for changing my major, switching my major studying it,

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Speaker 9: getting certified, getting board certified, and it kind of just

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Speaker 9: happened like that. I started trying to fix my own

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Speaker 9: and then I just like became obsessed and fell in

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Speaker 9: love with credits.

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Speaker 7: Twenty eight percent is were you aware? That's your credit.

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Speaker 5: I mean, obviously it was a surprise to you, But

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Speaker 5: what were the things that you were doing looking back

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Speaker 5: that were negatively affecting your credit.

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Speaker 9: I think my biggest thing was I wasn't I hadn't

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Speaker 9: built credit at that point, like it was it was.

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Speaker 9: I was always taught no credit cards, cash by everything.

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Speaker 9: If you if you don't have the money for it,

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Speaker 9: you can't afford it. Now I know that, of course

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Speaker 9: it's not true. But living that way, you know, caused

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Speaker 9: me to and I have credit. And then the credit

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Speaker 9: that I did have, I had like a few collections,

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Speaker 9: just low level like T mobile phone bills and stuff

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Speaker 9: like that. But yeah, so I had no credit and

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Speaker 9: the on top of that, I had a few bad accounts.

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Speaker 4: Got Yeah, So okay, so when did you start teaching credit?

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Speaker 9: So it started, like I said, with just teaching sharing

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Speaker 9: information I would say with my family and friends. I

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Speaker 9: didn't start officially teaching it until I got certified. So

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Speaker 9: I was certified through FIKOH and then I went to

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Speaker 9: get board certified as a credit educator. And so that

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Speaker 9: was when I was like comfortable with sharing information.

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Speaker 2: I'm just the type that I don't like to teach

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Speaker 2: or educate.

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Speaker 9: About anything that I don't feel like I'm an expert in,

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Speaker 9: especially online because you know.

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Speaker 2: People people people crazy.

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Speaker 9: So yeah, I definitely after I realized like I had

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Speaker 9: a passion for it. I knew that this was something

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Speaker 9: that the people that looked like me in my community.

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Speaker 2: I knew that this this was something that.

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Speaker 9: They was missing, and I knew that I could explain

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Speaker 9: it in a way that they can they would understand,

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Speaker 9: which is what was like the driving forced me getting

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Speaker 9: the formal education and then like translating it to my

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Speaker 9: audience and people that look.

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Speaker 4: Like what certification? Yes, what is that they.

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Speaker 2: Need the program back.

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Speaker 9: But it was a program where you would go through

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Speaker 9: it was eight weeks and you would literally just learn

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Speaker 9: the ins and outs of the FYCO score, like everything,

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Speaker 9: how every single point is allocated, how how your credit

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Speaker 9: We had to break down a credit report.

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Speaker 2: I'm able to.

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Speaker 9: Look at a credit report and immediately identify any areas

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Speaker 9: of opportunity like they teach. The FYCAL course taught you

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Speaker 9: in a way that credit is not being taught anymore.

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Speaker 9: It was just like diving in detail about how every

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Speaker 9: single item affects your score. Things that will lend points

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Speaker 9: to your score, and it just kind of took the

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Speaker 9: mask off, I would say, of just credit score.

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Speaker 5: When we talk about Fycle, a lot of people what's

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Speaker 5: your fycle score? What's your credit score?

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Speaker 4: Yes?

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Speaker 7: How does this work?

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Speaker 5: Because we know that this bureaus Experience, Equifax, TransUnion, and

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Speaker 5: then this fycal are the scores from those three bureaus

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Speaker 5: average and that becomes your fightles So how does that work?

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Speaker 9: So the easiest way to explain it is we have

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Speaker 9: three separate credit scores. They're assigned by TransUnion, Echofax, and Experience.

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Speaker 9: So those are three scores that you'll you're assigned. Now

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Speaker 9: when it comes to FYCO Score and credit score, FCO

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Speaker 9: score is the industry standard. So like if you're purchasing

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Speaker 9: a home, if you're buying a car, applying for a

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Speaker 9: credit card, they're going off your FIGHTO score.

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Speaker 2: The difference is most.

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Speaker 9: People are only privy of their Vantage score, which is

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Speaker 9: essentially just like a free version of FYCO Score, and

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Speaker 9: that is like when you have credit Karma. Most credit

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Speaker 9: monitoring apps will give you your Advantage score as opposed

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Speaker 9: to your FIGHTO score, which is why a lot of

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Speaker 9: times people will think that they know what their credit

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Speaker 9: score is, and they'll go apply for something and they're like, well,

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Speaker 9: credit Karma was telling me I had a six fifty,

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Speaker 9: but the car lot is telling me I have a

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Speaker 9: five to forty.

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Speaker 2: So there are three.

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Speaker 9: Different credit scores and within to not make it complex,

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Speaker 9: Fico has many different models, so and on what you're

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Speaker 9: applying for, the lender will choose a different model that

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Speaker 9: they'll pull.

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Speaker 7: I think I've seen that.

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Speaker 5: So it was like, if I needed a loan, it

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Speaker 5: was like Fyco score eight. If I needed a credit card,

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Speaker 5: it was different bureaus inside of it. And they could

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Speaker 5: be similar or they could be vastly different.

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Speaker 2: They could be vastly different.

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Speaker 7: Yeah, they're cread differently true.

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Speaker 9: So the ones that I like to talk about because

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Speaker 9: I think that everyone should be aware of these different ones.

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Speaker 9: Fyco e is the one that's used the most, so,

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Speaker 9: especially when you're applying for credit cards, some car and

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Speaker 9: personal loans, they're going to use Pyco eight. When you're

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Speaker 9: purchasing a home, they're specifically going to use Fichos two, four,

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Speaker 9: and five, which are known as the mortgage scores. If

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Speaker 9: you're purchasing a car, they're going to use your your

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Speaker 9: FYCO five, I mean your Fyco six, which is your

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Speaker 9: auto score. So there's those are like the three most

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Speaker 9: used versions or widely used versions of your Fyco score.

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Speaker 9: But the way that I teach credit you, when you

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Speaker 9: fix your credit profile, it'll translate across all scores, which

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Speaker 9: is why I don't necessarily like place too much emphasis

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Speaker 9: on the different versions of your fical score, because if

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Speaker 9: you have a healthy profile, it'll translate regardless of which

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Speaker 9: score is pulled.

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Speaker 7: Keep you healthy.

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Speaker 4: Yeah, so what factors contribute to your personal credit score?

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Speaker 9: So credit score is your credit score is broken down

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Speaker 9: into five categories. Right, so most people know your payment

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Speaker 9: history is thirty five percent, your credit utilization is thirty percent,

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Speaker 9: credit age is fifteen percent, and then hard inquiries and

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Speaker 9: credit mix are both ten percent. Right, So those are

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Speaker 9: the five factors that lend to your credit scores. Now

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Speaker 9: they're weighted differently. So payment history is thirty or is

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Speaker 9: thirty five percent or worth up to one hundred.

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Speaker 2: And ninety two point five points.

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Speaker 9: Credit utilization is worth one hundred and sixty five points,

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Speaker 9: credit age is worth eighty two point five points, and

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Speaker 9: then hard increase and credit mix are both worth fifty

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Speaker 9: five points each, right, So those are the separate factors.

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Speaker 9: And when you're building your credit, if you focus on

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Speaker 9: those top three categories, which is credit utilization, payment history,

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Speaker 9: and credit age, you'll have at least like a six eighty,

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Speaker 9: six ninety, and sometimes even a seven hundred depending.

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Speaker 4: On So can you go through each one of those

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Speaker 4: top three like, yeah, credit utilization explained.

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Speaker 9: I definitely can't. So payment history is the largest factor

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Speaker 9: in your credit score. So in layman's term, to pay

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Speaker 9: your bills on time if you cannot make a payment

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Speaker 9: schedule and arrangement with the with your bank, because the

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Speaker 9: second that your bank reports a lay payment, which is

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Speaker 9: a payment that's thirty days past to do date, you

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Speaker 9: will have a lay payment. Because your payment history is

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Speaker 9: the largest factor. One lay payment can literally drop your

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Speaker 9: score up to one hundred points depending and so then

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Speaker 9: credit utilization, which is one that's slept on and honestly

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Speaker 9: it's the one to me that has the most immediate

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Speaker 9: impact on your score. So what I mean by that

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Speaker 9: is your credit utilization is pertaining to credit cards.

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Speaker 2: So how much you're using your credit card, how.

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Speaker 9: Much much, how much balance, how much of a balance

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Speaker 9: you carry over to the next month is going to

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Speaker 9: determine your utilization. Keeping that below ten percent is going

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Speaker 9: to do wonders for any profile. And then credit age

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Speaker 9: is something that when you're in the beginning of building

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Speaker 9: your credit, you're not really going to have any control

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Speaker 9: over that. As you open new accounts, close new accounts.

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Speaker 9: If you are repairing your credit and you're getting things deleted,

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Speaker 9: that also affects your credit age because it is an average.

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Speaker 9: So after you after you get your your basic base

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Speaker 9: level credit profile and we can go into that, don't

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Speaker 9: apply for anything for six to six to nine months,

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Speaker 9: and that'll that'll ai to improve.

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Speaker 2: In your credit age.

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Speaker 9: Because that's the mistake that a lot of people make

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Speaker 9: when they're building credit. The probably the number one mistake

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Speaker 9: what applying too fast, trying to build credit too fast,

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Speaker 9: trying to thinking that anything that they apply for and

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Speaker 9: get approved for it's a great thing for their credit profile.

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Speaker 5: To the kid that's walking on a campus right now,

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Speaker 5: he's walking into that cast and those companies are waiting

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Speaker 5: for them to give.

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Speaker 7: Them that five hundred dollars.

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Speaker 5: Cards yep, or one thousand dollars card now times two

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Speaker 5: thousand if they know you right, Yeah, we want to

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Speaker 5: make sure that they're using ten percent of that perhaps,

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Speaker 5: so it's.

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Speaker 9: Not necessarily using ten percent. So when it comes to

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Speaker 9: using your credit card. When it comes to using your

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Speaker 9: credit card, most people think that utilization depends on your usage,

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Speaker 9: and it doesn't.

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Speaker 2: It just depends on what you carry over. And I'll

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Speaker 2: explain it.

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Speaker 9: Utilization is only reported one day a month, so it's

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Speaker 9: on your statement day, which is the last day of

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Speaker 9: your billing cycle. Matter of fact, everybody who has a

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Speaker 9: credit card needs to look at their credit card statement

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Speaker 9: and find their statement date.

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Speaker 2: It's the last day of the billing cycle.

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Speaker 9: That date is so important because whatever balance that you

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Speaker 9: have on a credit card, that is what's going to

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Speaker 9: be reported to the credit bureaus and also.

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Speaker 2: Used as your utilization.

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Speaker 9: Your statement day is different from your due date, so

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Speaker 9: most people get confused because your due date is going

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Speaker 9: to be before your statement date, probably like a week

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Speaker 9: or two prior. So even if you pay your credit

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Speaker 9: card bill down to zero by your due date, if

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Speaker 9: that balance is not still under ten percent by your

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Speaker 9: statement date, then it's not going to be counted as

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Speaker 9: your utilization. It's not going to be reported to the

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Speaker 9: credit bureaus. So knowing, identifying when your statement date is,

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Speaker 9: and making sure that you pay your balance, pay off

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Speaker 9: at least ninety percent of whatever you spent during the month,

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Speaker 9: pay off that balance. Then you'll be good because, like,

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Speaker 9: if you have a five hundred dollars credit card, you

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Speaker 9: can use the entire five hundred dollars. You don't have

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Speaker 9: to stay below thirty percent or ten percent. You just

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Speaker 9: have to make sure you pay it back within that

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Speaker 9: same billing cycle, which is which is key.

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Speaker 4: Okay, So what are the first steps to building good

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Speaker 4: good credit history?

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Speaker 9: Okay, So the first steps I would say is, so

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Speaker 9: I have a basic base level credit profile recommendation for everyone. Right,

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Speaker 9: I say that if you are wanting to build credit,

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Speaker 9: but like build a healthy credit profile that will continue

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Speaker 9: to grow and kind of set you up to get

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Speaker 9: high credit offers and low interest rates and all of that.

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Speaker 9: The base level credit profile, everyone needs at least two

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Speaker 9: credit cards.

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Speaker 2: It needs to be at least two revolving credit.

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Speaker 9: Cards, right, doesn't matter, the limit, doesn't matter, if it's subprime,

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Speaker 9: it doesn't matter, if it's secured.

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Speaker 2: You can literally get two hundred dollars credit cards.

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Speaker 9: Right, make sure that you keep that utilization every single

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Speaker 9: month you keep that utilization below ten percent. Right, and

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Speaker 9: then because we have to hit a limit of we

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Speaker 9: have to hit at least four accounts. Two of them

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Speaker 9: will be credit cards. The third account needs to be

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Speaker 9: a short term astatment. A short term astobtment is just

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Speaker 9: any installment under thirty six months self kickoff. They are

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Speaker 9: every bank pretty much offers a credit builder loan, and

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Speaker 9: then if you can get a long term astopment, so

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Speaker 9: if you have a student loan, if you have a

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Speaker 9: car loan, if you have a mortgage, those are consider

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Speaker 9: long term installments. So if you already have those, you

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Speaker 9: don't need to apply for another one. Just focus on

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Speaker 9: the other three accounts and having those four accounts to

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Speaker 9: being credit cards to being installments short term and long term.

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Speaker 9: It's going to and not applying for anything else. I

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Speaker 9: want to be clear, do not apply for anything else

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Speaker 9: after you get that those those credit those accounts. Don't

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Speaker 9: apply for anything else for six to nine months, and

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Speaker 9: you should be able to get pretty much any credit card.

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Speaker 2: That you want.

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Speaker 9: Consider if you pay it on time, and you know,

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Speaker 9: of course, make sure you're not getting collections and other things.

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Speaker 9: But yeah, that's the perfect credit profile that speaks to

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Speaker 9: the credit scoring algorithm and will allow your credit score

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Speaker 9: to grow at the at the most rapid pace.

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Speaker 5: Would you put the buy now, pay later companies into

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Speaker 5: that short term right like the affirms of the world.

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Speaker 9: It depends, because I see a lot of those on

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Speaker 9: credit reports, and I'm glad you brought that up. A

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Speaker 9: lot of those people are getting them too often, Like

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Speaker 9: they'll they'll finance a two hundred dollars purchase.

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Speaker 2: Any under two hundred dollars just looks like a low

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Speaker 2: level loan. It's not.

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Speaker 9: It doesn't feed the algorithm of the credit scores. They

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Speaker 9: pretty much kind of look down on that, right, Like

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Speaker 9: so if you're applying for crediting and your lender sees

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Speaker 9: a lot of those by now paid later accounts and

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Speaker 9: low level is what they call low level accounts, that

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Speaker 9: almost regardless of what your score is, that that's almost

349
00:16:21,640 --> 00:16:24,480
Speaker 9: to your detriment because it looks like this person is

350
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Speaker 9: not financially stable. A lot of people don't realize that

351
00:16:28,680 --> 00:16:32,040
Speaker 9: their score doesn't tell like their score is just for

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Speaker 9: a consumer. Really when it comes to like your lenders,

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Speaker 9: they're looking at so much more than your score, Like

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Speaker 9: there are so many other determinant factors of if you're

355
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Speaker 9: going to get approved for a car, and a car

356
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Speaker 9: over your score, Like your score tells them nothing because

357
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Speaker 9: you can fossly inflate your score people by trade lines

358
00:16:48,760 --> 00:16:50,600
Speaker 9: all the time and things of that nature. When it

359
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Speaker 9: comes to your credit profile, doing things like that, I

360
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Speaker 9: would not recommend, not in the beginning. Not unless you

361
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Speaker 9: have an established credit profile with years of credit history.

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Speaker 9: Then you can kind of afford to have those accounts.

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Speaker 4: So okay, So what's the best ways to use credit

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Speaker 4: cards to improve your credit score?

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Speaker 9: Yeah, credit cards are my favorite because, like I said,

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Speaker 9: they're like the only accounts that have in immediate impact.

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Speaker 9: Like when you get a loan, you're not really going

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00:17:16,359 --> 00:17:20,159
Speaker 9: to see you don't really see the positive benefits of

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Speaker 9: a loan until you're at least ninety percent done. So

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Speaker 9: most people will get a car loan and they're like,

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Speaker 9: I've been being my carond time. Why is my score

372
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Speaker 9: not increasing? Is because you're very early into that loan.

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Speaker 2: Right.

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Speaker 9: When it comes to credit cards, you can see a

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Speaker 9: change in your credit score within like sixty days, as

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Speaker 9: long as you know how to use it. And I

377
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Speaker 9: would say, how I use if we're we can just

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Speaker 9: use a two hundred dollars credit card. For instance, Right,

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00:17:45,160 --> 00:17:47,199
Speaker 9: if you have a two hundred dollars credit card, the

380
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Speaker 9: first thing you're going to do is identify your due

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Speaker 9: date and your statement day.

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Speaker 2: Right your due date, you want.

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Speaker 9: To make sure that you zero I zero out my

384
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Speaker 9: balance on my du date because any balance that you

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Speaker 9: carry over past your due date, bank can charge you

386
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Speaker 9: interest on or will charge you interests on. So after

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Speaker 9: my due date passes, I wait until my statement date

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Speaker 9: and I make sure that my balance is whatever the

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Speaker 9: credit card limit is. If I have a two hundred

390
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Speaker 9: dollars credit card, I make sure my balance is below

391
00:18:17,440 --> 00:18:21,200
Speaker 9: twenty dollars going into that next cycle after your statement

392
00:18:21,240 --> 00:18:23,960
Speaker 9: day passes, rent and recycle. You can spend it or

393
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Speaker 9: you know, do whatever you please. But identifying those two dates,

394
00:18:27,160 --> 00:18:30,679
Speaker 9: understanding when you need to pay your credit card, understanding

395
00:18:30,720 --> 00:18:33,760
Speaker 9: how much you need to carry over or not will

396
00:18:34,200 --> 00:18:37,680
Speaker 9: will be the saving grace for credit limit increases and drun.

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Speaker 4: You you're supposed to pay off the full balance or

398
00:18:42,040 --> 00:18:43,479
Speaker 4: leave a little bit on because some people say you're

399
00:18:43,480 --> 00:18:44,959
Speaker 4: supposed to leave a little bit on their credit card.

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Speaker 9: So that's a great question and I'm glad you asked

401
00:18:47,440 --> 00:18:49,480
Speaker 9: that you. I pay my full balance off by my

402
00:18:49,560 --> 00:18:52,080
Speaker 9: due date, so I'm not charged interest. However, I do

403
00:18:52,160 --> 00:18:55,000
Speaker 9: carry over one to three percent on my statement date.

404
00:18:55,119 --> 00:18:59,119
Speaker 9: Why if you report a zero zero percent utilization sometimes

405
00:18:59,119 --> 00:19:01,160
Speaker 9: the algorithm career that is you don't have a credit

406
00:19:01,240 --> 00:19:05,240
Speaker 9: card one or contrary to popular belief, lenders don't like

407
00:19:05,240 --> 00:19:07,880
Speaker 9: when you don't use your credit card. I was, that's yeah,

408
00:19:07,920 --> 00:19:09,760
Speaker 9: like they want to see usage because that doesn't if

409
00:19:09,800 --> 00:19:11,359
Speaker 9: you don't if you're not using a credit card, that

410
00:19:11,400 --> 00:19:14,280
Speaker 9: doesn't really speak to to your your money management or

411
00:19:14,359 --> 00:19:17,320
Speaker 9: financial management skills. It just shows you don't use it. Right,

412
00:19:17,560 --> 00:19:20,000
Speaker 9: So if you leave a small balance, it shows that

413
00:19:20,040 --> 00:19:21,879
Speaker 9: you use it, but also shows.

414
00:19:21,760 --> 00:19:22,720
Speaker 2: That you pay it back.

415
00:19:23,119 --> 00:19:25,800
Speaker 5: I think that was that's a very common misconception, and

416
00:19:25,880 --> 00:19:28,680
Speaker 5: I had to realize that like I would use the card,

417
00:19:28,760 --> 00:19:30,359
Speaker 5: or even for the company, I would use a card,

418
00:19:30,680 --> 00:19:33,560
Speaker 5: pay it down on a personal level. When I did it,

419
00:19:33,600 --> 00:19:36,399
Speaker 5: I watched my credit card drop because it shows that

420
00:19:36,440 --> 00:19:38,120
Speaker 5: I had zero I'm like, wait, I thought, I'm doing

421
00:19:38,119 --> 00:19:40,280
Speaker 5: the right thing because I have nothing, but it shows

422
00:19:40,280 --> 00:19:43,560
Speaker 5: that there's zero utilization there. But let's stay on utilization.

423
00:19:43,640 --> 00:19:45,680
Speaker 5: When is it a good time to now ask for

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Speaker 5: a credit increase.

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Speaker 9: Oh my favorite, depending on the bank, I ask for

426
00:19:49,520 --> 00:19:52,040
Speaker 9: a credit limit increase every ninety one to like one

427
00:19:52,119 --> 00:19:54,439
Speaker 9: hundred and twenty days, like I'm getting on all of

428
00:19:54,440 --> 00:19:57,320
Speaker 9: my credit cards. I'm getting multiple credit limit increases a year.

429
00:19:58,160 --> 00:20:02,239
Speaker 9: But you have like so my sort of trick or

430
00:20:02,320 --> 00:20:05,840
Speaker 9: not trick. But what I advise of people is if

431
00:20:05,880 --> 00:20:08,200
Speaker 9: you know you have a card that can obviously grow,

432
00:20:08,200 --> 00:20:10,280
Speaker 9: because you have some cards that they just won't give

433
00:20:10,280 --> 00:20:13,920
Speaker 9: you capital, they won't give you an increase, they'll give

434
00:20:13,920 --> 00:20:15,879
Speaker 9: you an increase, or they may not give you increase,

435
00:20:15,960 --> 00:20:18,200
Speaker 9: or it'll be like very minimal. Right, So, if you're

436
00:20:18,200 --> 00:20:20,960
Speaker 9: dealing with like am I able to say companies names,

437
00:20:21,600 --> 00:20:23,640
Speaker 9: If you're dealing with what's considered the top three, which

438
00:20:23,640 --> 00:20:27,440
Speaker 9: is Amax Chase in city, they're going to give you

439
00:20:27,480 --> 00:20:30,200
Speaker 9: a credit limit increase. However, you have to make sure

440
00:20:30,560 --> 00:20:33,560
Speaker 9: that sixty days the sixty days prior to you to

441
00:20:34,240 --> 00:20:38,240
Speaker 9: until you're asking for that increase, you are feeding the algorithm.

442
00:20:38,400 --> 00:20:41,440
Speaker 9: Number one, make sure you have automated payment on right.

443
00:20:41,960 --> 00:20:43,919
Speaker 9: It could be for at least your minimum payment, like

444
00:20:43,960 --> 00:20:46,720
Speaker 9: it doesn't have to be your full balance. Just have

445
00:20:46,800 --> 00:20:50,560
Speaker 9: auto pay on because the system loves that right. Make

446
00:20:50,600 --> 00:20:53,000
Speaker 9: sure that you have at least two reoccurrent charges on

447
00:20:53,040 --> 00:20:56,399
Speaker 9: your credit card. By the way, any subscription that people

448
00:20:56,440 --> 00:20:58,680
Speaker 9: have this this is one thing that draws me crazy.

449
00:20:58,680 --> 00:21:02,960
Speaker 9: If you have Netflix, Hulu, Apple Music, in a list

450
00:21:03,000 --> 00:21:06,199
Speaker 9: of a host of other subscriptions that we have, make

451
00:21:06,240 --> 00:21:08,159
Speaker 9: sure those are on a credit card. Like there's no

452
00:21:08,200 --> 00:21:11,280
Speaker 9: reason why any auto any subscription should be from a

453
00:21:11,320 --> 00:21:15,360
Speaker 9: debit card, because that's a wasted opportunity to have reoccurring

454
00:21:15,440 --> 00:21:18,919
Speaker 9: charges on your credit card. Having at least two reoccurring charges,

455
00:21:19,080 --> 00:21:21,439
Speaker 9: having auto pay set up, making sure you do at

456
00:21:21,560 --> 00:21:25,600
Speaker 9: least ten transactions within that month, and also, like I said,

457
00:21:25,600 --> 00:21:27,720
Speaker 9: making sure you pay on time. Do that for at

458
00:21:27,800 --> 00:21:30,240
Speaker 9: least sixty days or two billing cycles. And then you

459
00:21:30,320 --> 00:21:33,160
Speaker 9: apply for an increase. But if you have a card

460
00:21:33,160 --> 00:21:35,679
Speaker 9: and you're not using it, you're not going to get

461
00:21:35,680 --> 00:21:38,240
Speaker 9: a credit limit increase, no matter regardless of how high

462
00:21:38,240 --> 00:21:40,760
Speaker 9: your credit score is, a lot of banks will not

463
00:21:41,040 --> 00:21:43,399
Speaker 9: give you the increase simply because you just don't use

464
00:21:43,440 --> 00:21:46,000
Speaker 9: the card enough. Because that's actually the number one reason

465
00:21:46,040 --> 00:21:49,680
Speaker 9: for a credit limit increase denials is low usage on

466
00:21:50,080 --> 00:21:51,520
Speaker 9: the card.

467
00:21:51,720 --> 00:21:56,680
Speaker 4: So okay, how can you avoid pitfalls with credit cards

468
00:21:56,680 --> 00:22:00,040
Speaker 4: because obviously a lot of people falling the issues. I

469
00:22:00,040 --> 00:22:02,800
Speaker 4: don't spend too much, but yeah, you know what, in

470
00:22:02,800 --> 00:22:05,280
Speaker 4: some ways it's like best practices as far as using

471
00:22:05,280 --> 00:22:06,440
Speaker 4: credit cards the right way.

472
00:22:06,840 --> 00:22:08,200
Speaker 2: Yes, that's a big one.

473
00:22:08,400 --> 00:22:12,679
Speaker 9: And to be completely honest, like I tell people, credit

474
00:22:12,680 --> 00:22:15,480
Speaker 9: card is not an extension of your money. It should

475
00:22:15,520 --> 00:22:17,719
Speaker 9: replace the money like your bank account.

476
00:22:17,800 --> 00:22:17,960
Speaker 8: Right.

477
00:22:18,240 --> 00:22:20,800
Speaker 9: So, I am a person that lives off my credit card.

478
00:22:20,840 --> 00:22:22,119
Speaker 9: And when I say live off my credit card, I

479
00:22:22,200 --> 00:22:25,240
Speaker 9: mean all of my daily expenses are anything that could

480
00:22:25,400 --> 00:22:27,360
Speaker 9: be on a credit card. I use my credit card

481
00:22:27,400 --> 00:22:30,160
Speaker 9: for because I want the points, I want the usage

482
00:22:30,200 --> 00:22:32,399
Speaker 9: and all of that. However, I make sure that I

483
00:22:32,400 --> 00:22:35,280
Speaker 9: pay it back. That's the thing. Do not spend if

484
00:22:35,280 --> 00:22:36,720
Speaker 9: you don't have it in your bank account or no,

485
00:22:36,800 --> 00:22:38,959
Speaker 9: you're not getting in your bank account within the next

486
00:22:39,000 --> 00:22:39,480
Speaker 9: two weeks.

487
00:22:39,640 --> 00:22:41,520
Speaker 2: You don't have it to spend, regardless of if it's

488
00:22:41,520 --> 00:22:44,280
Speaker 2: a credit card or or what.

489
00:22:44,800 --> 00:22:47,760
Speaker 9: The only exception is if it's like an emergency, you know,

490
00:22:47,840 --> 00:22:49,840
Speaker 9: like if you just can't help it, you have a

491
00:22:49,960 --> 00:22:54,600
Speaker 9: true emergency, not shopping or anything like that, then it's

492
00:22:54,680 --> 00:22:56,600
Speaker 9: really easy to manage your credit card as long as

493
00:22:56,680 --> 00:22:59,120
Speaker 9: you're not looking at it as if it's an extension

494
00:22:59,160 --> 00:23:00,760
Speaker 9: of your money, it's not. You have to pay it back,

495
00:23:01,119 --> 00:23:05,159
Speaker 9: and it's just like that's where checking your financial habits

496
00:23:05,200 --> 00:23:08,080
Speaker 9: will come into play. A lot of times people will

497
00:23:08,119 --> 00:23:10,679
Speaker 9: improve their credit, get access to these high limit cards

498
00:23:10,680 --> 00:23:12,760
Speaker 9: and then they find themselves in.

499
00:23:12,720 --> 00:23:14,800
Speaker 2: The whole deep because.

500
00:23:14,640 --> 00:23:17,720
Speaker 9: They're they can't they can't manage their money properly. They

501
00:23:17,760 --> 00:23:20,000
Speaker 9: go out and spend, spend, spend, and not realizing like,

502
00:23:20,000 --> 00:23:22,720
Speaker 9: you got to pay that back. So, yeah, you just

503
00:23:22,760 --> 00:23:24,399
Speaker 9: got to make sure that you're not looking at your

504
00:23:24,400 --> 00:23:27,600
Speaker 9: credit card limit as your money because it's not.

505
00:23:28,160 --> 00:23:30,959
Speaker 5: Yeah, that's often the mistake that we make, and you

506
00:23:31,040 --> 00:23:34,080
Speaker 5: do that at a very young age. Yeah, but there's

507
00:23:34,080 --> 00:23:36,800
Speaker 5: the importance of having credit at a young age. Like

508
00:23:36,800 --> 00:23:39,560
Speaker 5: you said, one of those factors is the credit age, right,

509
00:23:39,600 --> 00:23:42,360
Speaker 5: and so if we're getting credit at twenty twenty three

510
00:23:42,440 --> 00:23:45,119
Speaker 5: years old, we've missed some years that we actually told that.

511
00:23:45,280 --> 00:23:47,639
Speaker 5: So talk about the importance of establishing credit at a

512
00:23:47,680 --> 00:23:50,640
Speaker 5: younger age. Maybe talk about authorized users and things like that.

513
00:23:50,720 --> 00:23:50,920
Speaker 2: Yeah.

514
00:23:50,920 --> 00:23:55,520
Speaker 9: Absolutely, So for the parents out there, I recommend every

515
00:23:55,560 --> 00:23:57,880
Speaker 9: parent if you can, if you have a credit card

516
00:23:57,880 --> 00:23:59,720
Speaker 9: that you know you're not going to you know, pay

517
00:23:59,760 --> 00:24:02,600
Speaker 9: later or whatever, and with good history, I recommend to

518
00:24:02,640 --> 00:24:06,320
Speaker 9: add your child at no later than seventeen. Now, if

519
00:24:06,320 --> 00:24:08,040
Speaker 9: your child is eighteen, obviously you can add them, but

520
00:24:08,520 --> 00:24:12,720
Speaker 9: adding your child from the ages of sixteen through seventeen

521
00:24:13,160 --> 00:24:16,160
Speaker 9: will set them up for when they turn eighteen, they'll

522
00:24:16,200 --> 00:24:19,359
Speaker 9: already have an established credit profile. Most people don't realize

523
00:24:19,400 --> 00:24:22,040
Speaker 9: that you do not have a FYCO score just because

524
00:24:22,080 --> 00:24:24,359
Speaker 9: you turned eighteen. You have to have six months of

525
00:24:24,440 --> 00:24:27,919
Speaker 9: credit history with at least two accounts before FICO will

526
00:24:28,240 --> 00:24:31,359
Speaker 9: issue you a credit score. Right So, as opposed to

527
00:24:31,480 --> 00:24:33,879
Speaker 9: just starting at eighteen and building your own credit, if

528
00:24:33,920 --> 00:24:36,560
Speaker 9: you have a parent, a responsible parent that will put

529
00:24:36,560 --> 00:24:39,120
Speaker 9: you on their credit card prior at least six months

530
00:24:39,160 --> 00:24:42,960
Speaker 9: prior to your eighteenth birthday, you'll already start off a

531
00:24:43,000 --> 00:24:44,840
Speaker 9: little ahead of the pack, right so, as opposed to

532
00:24:44,880 --> 00:24:47,280
Speaker 9: getting those entry level credit cards. Sometimes you can get

533
00:24:47,960 --> 00:24:50,480
Speaker 9: quality offers because it's really easy to get a seven

534
00:24:50,560 --> 00:24:52,919
Speaker 9: hundred credit score, especially if you have no collections or

535
00:24:53,160 --> 00:24:55,159
Speaker 9: you haven't messed up your credit yet. It is super

536
00:24:55,200 --> 00:24:59,359
Speaker 9: easy to get seven hundred. So if you have the

537
00:24:59,359 --> 00:25:02,879
Speaker 9: opportunity to be an authorized user on a family member's card,

538
00:25:03,760 --> 00:25:05,920
Speaker 9: and if you share an address with them, it's better

539
00:25:05,960 --> 00:25:10,800
Speaker 9: because nowadays the anti abuse laws affects out affects trade lines,

540
00:25:11,320 --> 00:25:14,080
Speaker 9: authorized users, and so if you have the same address

541
00:25:14,119 --> 00:25:16,520
Speaker 9: or the same last name, you'll be more credited for

542
00:25:16,560 --> 00:25:19,760
Speaker 9: those accounts, right or for the yeah, for the authorized

543
00:25:19,800 --> 00:25:23,679
Speaker 9: user accounts setting once you turn eighteen though, because this

544
00:25:23,720 --> 00:25:26,240
Speaker 9: is the mistake a lot of parents make. They'll put

545
00:25:26,280 --> 00:25:28,760
Speaker 9: their child on their credit card at like fifteen, sixteen, whatever,

546
00:25:28,840 --> 00:25:31,439
Speaker 9: and then whenever they turn eighteen, the child will have

547
00:25:31,480 --> 00:25:35,000
Speaker 9: like a seven hundred credit score, and as opposed to

548
00:25:36,280 --> 00:25:38,600
Speaker 9: making the child or having the child apply for their

549
00:25:38,600 --> 00:25:43,720
Speaker 9: own accounts, they just kind of lian on mom's card

550
00:25:43,760 --> 00:25:46,280
Speaker 9: or mom's credit history and think that it's going to

551
00:25:46,280 --> 00:25:48,399
Speaker 9: take them far. And that's where they run into the

552
00:25:48,440 --> 00:25:50,919
Speaker 9: situation of having a high credit score but not a

553
00:25:50,920 --> 00:25:51,840
Speaker 9: lot of credit, not.

554
00:25:52,119 --> 00:25:55,280
Speaker 2: A worthy credit credit borrow when right.

555
00:25:55,480 --> 00:25:57,680
Speaker 9: So you need to make sure that when that child

556
00:25:57,760 --> 00:26:01,320
Speaker 9: turns it turns eighteen, like my child on their eighteenth birthday,

557
00:26:01,320 --> 00:26:03,600
Speaker 9: we're going to be applying for a credit card on

558
00:26:03,640 --> 00:26:06,280
Speaker 9: their eighteen birthday. Because the earlier, the earlier, the better.

559
00:26:06,960 --> 00:26:09,840
Speaker 9: Apply for a credit card. Please apply for a credit

560
00:26:09,840 --> 00:26:13,320
Speaker 9: card before a student loan. That's just like a side note,

561
00:26:13,640 --> 00:26:15,280
Speaker 9: that's one of the things, that's one of the mistakes

562
00:26:15,280 --> 00:26:17,439
Speaker 9: that I wish that I can catch with a lot

563
00:26:17,520 --> 00:26:21,200
Speaker 9: of people. Having a credit card be your first established account.

564
00:26:21,440 --> 00:26:24,880
Speaker 9: Your credit age is going to be reliant on that account.

565
00:26:25,000 --> 00:26:26,600
Speaker 9: The great thing about credit cards is they can be

566
00:26:26,680 --> 00:26:29,879
Speaker 9: open forever. Like there is no end date to a

567
00:26:29,880 --> 00:26:32,199
Speaker 9: credit card unless you choose to close the car or

568
00:26:32,200 --> 00:26:34,880
Speaker 9: the bank chooses to close the car. Whereas a loan,

569
00:26:35,000 --> 00:26:38,800
Speaker 9: every loan has a term date. Every loan will end eventually.

570
00:26:39,000 --> 00:26:41,399
Speaker 9: So when your credit age is based on a loan,

571
00:26:41,800 --> 00:26:45,840
Speaker 9: once that once that account closes, yeah, your credit age

572
00:26:45,880 --> 00:26:47,720
Speaker 9: is going to be affected drastically, right, So if you

573
00:26:47,760 --> 00:26:50,240
Speaker 9: have your first established account as a credit card, that's

574
00:26:50,240 --> 00:26:52,840
Speaker 9: sort of like a safety blanket for your credit age.

575
00:26:54,080 --> 00:26:56,320
Speaker 9: And so make sure at eighteen apply for a card.

576
00:26:56,320 --> 00:26:57,880
Speaker 9: It could be a it can be a secure card,

577
00:26:57,880 --> 00:26:59,120
Speaker 9: it can be a subprime card.

578
00:26:59,240 --> 00:26:59,520
Speaker 2: Whatever.

579
00:26:59,640 --> 00:27:02,560
Speaker 9: Apply for a credit card and then start to build

580
00:27:02,600 --> 00:27:05,200
Speaker 9: your own credit history because authorized users can only take

581
00:27:05,200 --> 00:27:07,320
Speaker 9: you so far, and not very far nowadays.

582
00:27:07,320 --> 00:27:07,920
Speaker 7: It's a quick file.

583
00:27:08,000 --> 00:27:09,919
Speaker 5: Because you did bring up closing cards and I know

584
00:27:09,960 --> 00:27:11,600
Speaker 5: a lot of people as they're trying to fix their

585
00:27:11,600 --> 00:27:12,879
Speaker 5: credit like, all right, well I pick.

586
00:27:12,800 --> 00:27:14,720
Speaker 7: It off, let me close it.

587
00:27:14,760 --> 00:27:19,080
Speaker 5: So about how that could negatively affect Well, yeah it could.

588
00:27:20,040 --> 00:27:22,160
Speaker 9: My rule of thumb when it comes to closing credit

589
00:27:22,200 --> 00:27:24,639
Speaker 9: cards is if you have if the credit card has

590
00:27:24,640 --> 00:27:28,240
Speaker 9: an annual fee and you're not getting any increases and

591
00:27:28,440 --> 00:27:31,560
Speaker 9: the it's just not worth it to keep it, there

592
00:27:31,560 --> 00:27:33,560
Speaker 9: will be there will come a time where you'll probably

593
00:27:33,560 --> 00:27:35,920
Speaker 9: want to close that card. When you close that card

594
00:27:36,000 --> 00:27:39,720
Speaker 9: is super important. Number one, if you are applying for anything,

595
00:27:39,960 --> 00:27:42,679
Speaker 9: any large purchase like a car or home within the

596
00:27:42,680 --> 00:27:44,640
Speaker 9: next six months, it's not the time to close that card.

597
00:27:44,680 --> 00:27:47,399
Speaker 2: Close it after you get your car, your home, whatever.

598
00:27:48,440 --> 00:27:50,200
Speaker 9: The only time I will suggest you closing the credit

599
00:27:50,200 --> 00:27:51,920
Speaker 9: card is if you if you know, like I said,

600
00:27:52,040 --> 00:27:56,080
Speaker 9: six months free of any applications, and also make sure

601
00:27:56,119 --> 00:27:59,960
Speaker 9: that you have another card before you close that card,

602
00:28:00,240 --> 00:28:02,160
Speaker 9: like do not like I see people all the time

603
00:28:02,200 --> 00:28:03,440
Speaker 9: like I just hate this card, I want to.

604
00:28:03,359 --> 00:28:04,560
Speaker 2: Close it, et cetera.

605
00:28:04,600 --> 00:28:06,440
Speaker 9: And it's just like that's going to do more harm

606
00:28:06,520 --> 00:28:08,959
Speaker 9: than good. I have a two hundred dollars Capital one

607
00:28:09,000 --> 00:28:12,000
Speaker 9: card that I've had since college. That card is still open.

608
00:28:12,040 --> 00:28:14,040
Speaker 9: I haven't gotten an increase in years. I don't even

609
00:28:14,160 --> 00:28:16,399
Speaker 9: care to use the card. I keep it open specifically

610
00:28:16,440 --> 00:28:20,760
Speaker 9: because credit age. An aged credit card is the most

611
00:28:20,760 --> 00:28:22,760
Speaker 9: beneficial thing that you can have on your credit report,

612
00:28:22,960 --> 00:28:25,840
Speaker 9: that like the most and it's one of those things

613
00:28:25,840 --> 00:28:28,520
Speaker 9: that's like the gift that never never stops giving. Because

614
00:28:29,000 --> 00:28:31,240
Speaker 9: every single three to six months that a car ages,

615
00:28:31,600 --> 00:28:34,040
Speaker 9: it's going to add more to your credit age and

616
00:28:34,080 --> 00:28:37,679
Speaker 9: also your FICO points. So keep that in mind. So

617
00:28:37,680 --> 00:28:40,560
Speaker 9: don't close the card unless you have to. If you

618
00:28:40,720 --> 00:28:42,640
Speaker 9: if you have a card that you don't use, put

619
00:28:42,680 --> 00:28:45,360
Speaker 9: a subscription on it. I have Netflix, like use one,

620
00:28:45,680 --> 00:28:48,320
Speaker 9: use pick one of your subscriptions that you probably have

621
00:28:48,480 --> 00:28:51,200
Speaker 9: coming out of your bank account. Assign those to each

622
00:28:51,240 --> 00:28:53,320
Speaker 9: of you know, each of your credit cards so that

623
00:28:53,400 --> 00:28:55,400
Speaker 9: it can have usage, so the bank will not close

624
00:28:55,440 --> 00:28:57,760
Speaker 9: it due to non usage.

625
00:28:58,040 --> 00:29:01,600
Speaker 4: So what about putting your child on the credit card? Yes,

626
00:29:01,680 --> 00:29:02,320
Speaker 4: that's up y'all.

627
00:29:02,720 --> 00:29:03,440
Speaker 2: Yeah for I.

628
00:29:03,800 --> 00:29:06,360
Speaker 9: So the one of the things that people think that

629
00:29:06,640 --> 00:29:08,360
Speaker 9: makes some difference is if they add their child at

630
00:29:08,400 --> 00:29:11,800
Speaker 9: like twelve or thirteen, that doesn't make it regardless if

631
00:29:11,800 --> 00:29:13,240
Speaker 9: you add your child at twelve or if you add

632
00:29:13,280 --> 00:29:16,040
Speaker 9: them at seventeen, it will not make a difference in

633
00:29:16,120 --> 00:29:18,239
Speaker 9: terms of the effect that it will have on their

634
00:29:18,240 --> 00:29:18,880
Speaker 9: credit reports.

635
00:29:18,960 --> 00:29:20,000
Speaker 2: That's a misconception.

636
00:29:20,120 --> 00:29:24,200
Speaker 9: However, me personally, I would suggest, like I said, adding

637
00:29:24,200 --> 00:29:27,400
Speaker 9: your child at like seventeen. When someone asks their child

638
00:29:27,400 --> 00:29:31,360
Speaker 9: at thirteen, to me, it just that's that's what seven years,

639
00:29:31,560 --> 00:29:35,120
Speaker 9: seven eight years until they turn eighteen, and that's a

640
00:29:35,160 --> 00:29:36,840
Speaker 9: lot of room. It leaves a lot of room open

641
00:29:36,840 --> 00:29:38,280
Speaker 9: for a mistake. What happens if you get a lay

642
00:29:38,280 --> 00:29:41,640
Speaker 9: payment on the card and now your child's credit will

643
00:29:41,680 --> 00:29:44,760
Speaker 9: be affected before they can even establish credit. So we

644
00:29:44,840 --> 00:29:48,360
Speaker 9: never know what can happen, right, So I just for

645
00:29:48,640 --> 00:29:51,560
Speaker 9: I just recommend, like I'll personally, I'm adding my children

646
00:29:51,600 --> 00:29:53,720
Speaker 9: at when day turn seventeen. As long as you have

647
00:29:53,760 --> 00:29:56,000
Speaker 9: six months before they turn eighteen, they're fine.

648
00:29:56,560 --> 00:30:00,240
Speaker 5: I was a beneficiary of that, so I was added

649
00:30:00,320 --> 00:30:02,240
Speaker 5: to my mom's I told the story before, but I

650
00:30:02,240 --> 00:30:06,240
Speaker 5: was added to my mom's American Express card at six seventeen.

651
00:30:06,760 --> 00:30:08,440
Speaker 5: And so now even when I get the cards, it'll

652
00:30:08,440 --> 00:30:10,560
Speaker 5: say members since eighty five, even though I was born

653
00:30:10,560 --> 00:30:13,480
Speaker 5: in eighty two, but my credit history goes back.

654
00:30:13,360 --> 00:30:15,320
Speaker 7: That far, so it's over thirty seven years.

655
00:30:15,360 --> 00:30:18,080
Speaker 5: So every time I get a new card, it gets

656
00:30:18,120 --> 00:30:20,320
Speaker 5: averaged into that, and so I think when I'll.

657
00:30:20,240 --> 00:30:22,160
Speaker 7: Hey, that's a blessing, it was a blessing, and that

658
00:30:22,480 --> 00:30:23,200
Speaker 7: it's still a blessing.

659
00:30:23,200 --> 00:30:25,320
Speaker 5: Actually I still have the card because I just want

660
00:30:25,360 --> 00:30:28,520
Speaker 5: that history because that thirty seven years plus a one

661
00:30:28,560 --> 00:30:32,240
Speaker 5: they averaged it makes it like sixteen years of credit age.

662
00:30:32,280 --> 00:30:33,800
Speaker 7: So I'm like that works perfectly.

663
00:30:33,880 --> 00:30:37,400
Speaker 9: In American Express is a huge relation bank, like indeed,

664
00:30:37,480 --> 00:30:40,400
Speaker 9: man having a long standard relationship with them, you can

665
00:30:40,480 --> 00:30:41,040
Speaker 9: get anything.

666
00:30:41,560 --> 00:30:42,240
Speaker 7: This is true.

667
00:30:43,160 --> 00:30:45,320
Speaker 5: We talked about the number seven hundred and it's key,

668
00:30:45,600 --> 00:30:47,560
Speaker 5: and I don't want people to you know, some people

669
00:30:47,600 --> 00:30:49,960
Speaker 5: may not have seven hundred, but it feels like that's

670
00:30:50,000 --> 00:30:53,000
Speaker 5: the goal. But there are people like, what are the

671
00:30:53,120 --> 00:30:55,880
Speaker 5: numbers that in the range that people should be trying

672
00:30:55,920 --> 00:30:57,680
Speaker 5: to get to seven hundred and seven to fifty?

673
00:30:57,880 --> 00:30:59,560
Speaker 7: I know we got some eight fifties out there.

674
00:31:00,080 --> 00:31:00,320
Speaker 2: Yeah.

675
00:31:00,360 --> 00:31:03,960
Speaker 9: So I'm a little different when it comes to credit scores, right,

676
00:31:04,040 --> 00:31:06,800
Speaker 9: because I know the scoring model and how much your

677
00:31:06,800 --> 00:31:11,239
Speaker 9: credit profile matters. Most people don't believe me when I

678
00:31:11,280 --> 00:31:14,000
Speaker 9: say I had over one hundred thousand dollars in credit

679
00:31:14,080 --> 00:31:16,440
Speaker 9: card limits before my score was seven hundred, right, And

680
00:31:16,480 --> 00:31:19,000
Speaker 9: it was simply because I learned how to set up

681
00:31:19,000 --> 00:31:23,880
Speaker 9: my credit profile, will that far past my credit score.

682
00:31:24,400 --> 00:31:25,920
Speaker 9: There's a lot of time there's a lot of people

683
00:31:25,920 --> 00:31:28,000
Speaker 9: who have over seven hundred and still can't get approved

684
00:31:28,000 --> 00:31:30,440
Speaker 9: for over ten thousand dollars twenty thousand dollars right because

685
00:31:30,440 --> 00:31:34,600
Speaker 9: their borring power does not match their score. So I

686
00:31:34,880 --> 00:31:38,880
Speaker 9: don't ever recommend a specific score. What I will say is,

687
00:31:38,920 --> 00:31:41,640
Speaker 9: like I always say, a healthy profile will translate if

688
00:31:42,560 --> 00:31:45,400
Speaker 9: people need to focus on their credit profile more, meaning

689
00:31:45,520 --> 00:31:47,800
Speaker 9: making sure you don't have any lay payments. If you

690
00:31:47,800 --> 00:31:51,240
Speaker 9: do have lay payments, try to rectify those. If you

691
00:31:51,280 --> 00:31:54,680
Speaker 9: have collections, try to try to rectify all of your

692
00:31:55,240 --> 00:31:56,080
Speaker 9: credit issues.

693
00:31:56,640 --> 00:31:58,680
Speaker 2: Make sure that you have at least.

694
00:31:58,560 --> 00:32:02,000
Speaker 9: Four accounts open at all times, like after you began

695
00:32:02,080 --> 00:32:03,800
Speaker 9: to build credit. There should never be a time where

696
00:32:03,800 --> 00:32:07,040
Speaker 9: your credit profile goes below three open account or goes

697
00:32:07,120 --> 00:32:09,960
Speaker 9: below four open accounts any time. Regardless, you can have

698
00:32:10,000 --> 00:32:12,480
Speaker 9: an eight hundred credit score. If you do not have

699
00:32:12,520 --> 00:32:16,200
Speaker 9: at least four accounts open any application that you do,

700
00:32:16,280 --> 00:32:20,640
Speaker 9: you're going to get what's called an empty profile penalty. Right,

701
00:32:20,840 --> 00:32:23,000
Speaker 9: And we don't see this as consumers. We can't see

702
00:32:23,000 --> 00:32:25,920
Speaker 9: this on our credit score or our credit report. However,

703
00:32:25,960 --> 00:32:29,360
Speaker 9: when it comes to lenders and how our credit reports

704
00:32:29,440 --> 00:32:34,840
Speaker 9: are assigned in how they translate over to their system,

705
00:32:35,440 --> 00:32:38,120
Speaker 9: if you have less than three accounts open, four accounts open,

706
00:32:38,320 --> 00:32:41,719
Speaker 9: then regardless of your score, you automatically penalize. You're automatically

707
00:32:41,760 --> 00:32:46,000
Speaker 9: moved down to a lower tier of barring power multiple

708
00:32:46,000 --> 00:32:49,400
Speaker 9: tiers rather, So that's going to be more important making

709
00:32:49,440 --> 00:32:54,200
Speaker 9: sure you're not applying for a let's just say an

710
00:32:54,240 --> 00:32:57,800
Speaker 9: American Express card if you have just opened up two

711
00:32:57,960 --> 00:33:00,720
Speaker 9: other credit cards in the last six months. Right, So

712
00:33:00,760 --> 00:33:03,920
Speaker 9: those are the things that speaks more to like your approval. Now,

713
00:33:03,960 --> 00:33:05,640
Speaker 9: when it comes to score, if I had to say,

714
00:33:05,720 --> 00:33:08,880
Speaker 9: I would say six eighty and above, you pretty much

715
00:33:09,080 --> 00:33:15,640
Speaker 9: with a healthy profile, you pretty much can get anything.

716
00:33:12,960 --> 00:33:15,080
Speaker 2: Six eight and it's super.

717
00:33:15,120 --> 00:33:16,719
Speaker 9: And the thing is, it's so and I know this

718
00:33:16,800 --> 00:33:19,640
Speaker 9: probably sounds far fetched to a lot of people, but

719
00:33:19,680 --> 00:33:21,880
Speaker 9: it's so easy to get a six eighty. Like I

720
00:33:21,960 --> 00:33:23,920
Speaker 9: actually tell people, if you don't have at least a

721
00:33:23,960 --> 00:33:26,880
Speaker 9: six fifty, then usually one or one of three things

722
00:33:26,920 --> 00:33:30,000
Speaker 9: are the case. You had a recent collection within eighteen months,

723
00:33:30,320 --> 00:33:33,320
Speaker 9: a recent aid payment within twenty four months, or you

724
00:33:33,360 --> 00:33:34,280
Speaker 9: have high utilization.

725
00:33:34,440 --> 00:33:36,040
Speaker 2: Because as long as you don't have those.

726
00:33:36,080 --> 00:33:37,760
Speaker 9: You at least you should at least have a six

727
00:33:37,880 --> 00:33:40,280
Speaker 9: fifty just in terms of how your credit scores, how

728
00:33:40,280 --> 00:33:41,600
Speaker 9: our credit scores are allotted.

729
00:33:42,520 --> 00:33:47,640
Speaker 4: So okay, so let's talk about some myths. What about

730
00:33:47,960 --> 00:33:51,160
Speaker 4: buying treadeline tradelines? Is that a way to improve your

731
00:33:51,160 --> 00:33:51,640
Speaker 4: credit score?

732
00:33:51,960 --> 00:33:54,880
Speaker 9: So it's a way to improve your credit score, not

733
00:33:54,920 --> 00:33:58,080
Speaker 9: borrowing power most of the times, like they're in two thousand,

734
00:33:58,160 --> 00:34:01,959
Speaker 9: I want to say no. If my memory serves correct,

735
00:34:02,200 --> 00:34:04,920
Speaker 9: there was something called the Anti Abuse Law that came

736
00:34:05,520 --> 00:34:08,640
Speaker 9: their release right pretending to fight go scores, And what

737
00:34:08,680 --> 00:34:13,120
Speaker 9: that is is it's because people had overdone the tradelines

738
00:34:13,160 --> 00:34:15,359
Speaker 9: and purchasing trade lines and trying to piggyback off other

739
00:34:15,360 --> 00:34:19,800
Speaker 9: people's credit history that were not like family. What happens

740
00:34:19,920 --> 00:34:22,600
Speaker 9: is if you do not share an address with a person.

741
00:34:23,960 --> 00:34:26,200
Speaker 5: This episode is brought to you by P and C Bank.

742
00:34:26,600 --> 00:34:29,360
Speaker 5: A lot of people think podcasts about work are boring,

743
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Speaker 5: and sure they definitely can be, but understanding of professionals

744
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745
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746
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747
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Speaker 5: decisions with your bank, but keeping your money boring is

748
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Speaker 5: what helps you live or more happily fulfilled life. P

749
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750
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752
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753
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754
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755
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756
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757
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Speaker 5: tipping is a breeze and you're out the door before

758
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759
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760
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761
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Speaker 5: at a pop up market, or even one of.

762
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Speaker 7: Our merch partners.

763
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764
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765
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766
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Speaker 5: launching something soon, Square is hands down one of the

767
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768
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769
00:35:51,640 --> 00:35:54,600
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770
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773
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774
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Speaker 5: pushing your vision forward.

775
00:36:14,200 --> 00:36:17,880
Speaker 1: An illegal alien from Guatemala charged with raping a child

776
00:36:17,920 --> 00:36:21,719
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

777
00:36:21,960 --> 00:36:26,080
Speaker 1: accused of murdering a Texas man of Venezuelan charged with

778
00:36:26,160 --> 00:36:30,040
Speaker 1: filming and selling child pornography in Michigan. These are just

779
00:36:30,160 --> 00:36:33,920
Speaker 1: some of the heinous migrant criminals caught because of President

780
00:36:33,960 --> 00:36:34,400
Speaker 1: Donald J.

781
00:36:34,480 --> 00:36:35,400
Speaker 2: Trump's leadership.

782
00:36:35,719 --> 00:36:39,320
Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.

783
00:36:39,640 --> 00:36:43,400
Speaker 1: Under President Trump, attempted illegal border crossings are at the

784
00:36:43,440 --> 00:36:48,240
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal aliens.

785
00:36:47,800 --> 00:36:48,600
Speaker 3: Have been arrested.

786
00:36:48,880 --> 00:36:52,440
Speaker 1: If you are here illegally, your next you will be

787
00:36:52,480 --> 00:36:56,360
Speaker 1: fined nearly one thousand dollars a day, imprisoned, and deported.

788
00:36:56,840 --> 00:36:58,000
Speaker 2: You will never return.

789
00:36:58,320 --> 00:37:01,359
Speaker 1: But if you register using our CBP home app and

790
00:37:01,440 --> 00:37:04,839
Speaker 1: leave now, you could be allowed to return legally. Do

791
00:37:04,920 --> 00:37:10,040
Speaker 1: what's right, Leave now. Under President Trump America's laws border

792
00:37:10,239 --> 00:37:11,560
Speaker 1: and families will.

793
00:37:11,440 --> 00:37:14,480
Speaker 3: Be protected sponsored by the United States Department of Homeland Security.

794
00:37:15,400 --> 00:37:17,520
Speaker 9: If you don't share a last name, or basically, if

795
00:37:17,560 --> 00:37:20,920
Speaker 9: the system thinks that this person is not related to you,

796
00:37:21,000 --> 00:37:24,120
Speaker 9: it'll automatically omit that card from your score.

797
00:37:24,320 --> 00:37:25,720
Speaker 2: You will see it on your credit report.

798
00:37:26,120 --> 00:37:28,800
Speaker 9: You will see you may and credit carder is probably

799
00:37:28,800 --> 00:37:30,319
Speaker 9: going to have you believing that your score is a

800
00:37:30,320 --> 00:37:34,040
Speaker 9: lot higher than it is. However, within the outroom is

801
00:37:34,080 --> 00:37:37,200
Speaker 9: not going to credit you for that. So I personally

802
00:37:37,239 --> 00:37:39,680
Speaker 9: don't buy I don't recommend buying trade lines. There's just

803
00:37:39,680 --> 00:37:41,440
Speaker 9: so many other things that you can do with the

804
00:37:41,440 --> 00:37:43,560
Speaker 9: money to build your own credit profile.

805
00:37:44,840 --> 00:37:49,600
Speaker 4: Okay, what about credit repair? A lot of credit repair

806
00:37:49,680 --> 00:37:57,480
Speaker 4: companies and different tactics. You know, some people report like fraud,

807
00:37:58,080 --> 00:38:00,919
Speaker 4: like ony things saying like they didn't use the card

808
00:38:00,960 --> 00:38:02,719
Speaker 4: for this, and that's like a way to kind of

809
00:38:02,760 --> 00:38:05,880
Speaker 4: get credit. So what is what's some of the myths

810
00:38:05,880 --> 00:38:08,240
Speaker 4: about credit repair and credit repair tactics.

811
00:38:08,960 --> 00:38:11,880
Speaker 9: I can go on and on about this topic because

812
00:38:11,880 --> 00:38:15,400
Speaker 9: I am in a credit education space, especially online. My

813
00:38:15,480 --> 00:38:18,120
Speaker 9: timeline is usually filled with a lot of videos about

814
00:38:18,120 --> 00:38:21,840
Speaker 9: credit and credit repair, specifically right when it comes to

815
00:38:21,960 --> 00:38:22,600
Speaker 9: credit repair.

816
00:38:24,120 --> 00:38:24,480
Speaker 2: Number one.

817
00:38:24,520 --> 00:38:26,399
Speaker 9: Let me just say this, the worst thing you can

818
00:38:26,480 --> 00:38:29,040
Speaker 9: do when you are challenging accounts on your credit report

819
00:38:29,120 --> 00:38:31,680
Speaker 9: is say that that account was not yours, This account

820
00:38:31,719 --> 00:38:34,120
Speaker 9: is fraud, This account does not belong to me, This

821
00:38:34,120 --> 00:38:36,919
Speaker 9: account belongs to X, Y, and Z. That is the

822
00:38:36,960 --> 00:38:41,399
Speaker 9: worst type of dispute, simply because that's the easiest thing

823
00:38:41,440 --> 00:38:43,400
Speaker 9: for the credit bureaus to prove. So the second that

824
00:38:43,440 --> 00:38:45,719
Speaker 9: they and not only that, as long as they can

825
00:38:45,760 --> 00:38:48,000
Speaker 9: prove if you're claiming that this account is not yours,

826
00:38:48,480 --> 00:38:51,640
Speaker 9: if the credit bureaus can prove that this account is

827
00:38:51,719 --> 00:38:55,319
Speaker 9: relevant to you, and they all they have to do

828
00:38:55,440 --> 00:38:58,440
Speaker 9: is match three points of information. It could be your

829
00:38:58,520 --> 00:39:02,560
Speaker 9: last name, your zip code, your address. As long as

830
00:39:02,600 --> 00:39:04,640
Speaker 9: they can match three points of information to that account,

831
00:39:05,200 --> 00:39:07,640
Speaker 9: not only have you ruined your chances of probably ever

832
00:39:07,640 --> 00:39:10,840
Speaker 9: getting that account deleted and removed, you also do not

833
00:39:10,920 --> 00:39:14,160
Speaker 9: have You don't have, you can't rechallenge it. Like you,

834
00:39:14,160 --> 00:39:17,440
Speaker 9: you remove yourself from being able to properly challenge an

835
00:39:17,480 --> 00:39:19,719
Speaker 9: account or challenge your credit report.

836
00:39:19,840 --> 00:39:22,040
Speaker 2: Because you lied, essentially right and you.

837
00:39:22,280 --> 00:39:24,120
Speaker 9: And also, like I said, it's just a it's a

838
00:39:24,200 --> 00:39:26,239
Speaker 9: very easy thing for them to prove it's not it's

839
00:39:26,280 --> 00:39:29,680
Speaker 9: not a I would never suggest that you challenge your

840
00:39:29,680 --> 00:39:33,200
Speaker 9: credit reports that way unless it's true fraud, especially because

841
00:39:33,200 --> 00:39:34,960
Speaker 9: there are so many other ways that you can challenge

842
00:39:35,000 --> 00:39:38,320
Speaker 9: it legally, ethically, and also that abides by the consumer laws,

843
00:39:39,520 --> 00:39:41,959
Speaker 9: and that'll that will increase your chances of actually getting

844
00:39:41,960 --> 00:39:46,319
Speaker 9: the account removed or fixed. Number one. Make so I

845
00:39:46,360 --> 00:39:50,080
Speaker 9: personally recommend because I do teach. I hate to say

846
00:39:50,080 --> 00:39:51,640
Speaker 9: credit repair because, like I said, I don't even like

847
00:39:51,640 --> 00:39:53,840
Speaker 9: the stigma attached to it. However, when it comes to

848
00:39:53,880 --> 00:39:57,520
Speaker 9: your credit report, I am a firm believer that you

849
00:39:57,520 --> 00:40:00,200
Speaker 9: you are in a consumer lass tells us this that you,

850
00:40:00,360 --> 00:40:03,280
Speaker 9: as a consumer, we have the right to request validation

851
00:40:03,360 --> 00:40:05,840
Speaker 9: for every single account on our credit report. Right now,

852
00:40:06,920 --> 00:40:09,160
Speaker 9: the accounts that you want to request validation from are

853
00:40:09,160 --> 00:40:11,480
Speaker 9: typically going to be like the negative ones. Right If

854
00:40:11,480 --> 00:40:13,440
Speaker 9: you have any collections, if you have charge offs, if

855
00:40:13,480 --> 00:40:17,360
Speaker 9: you have late payments, challenge the validity of that account.

856
00:40:17,800 --> 00:40:20,440
Speaker 9: Simply all you have to do is ask for an investigation.

857
00:40:20,520 --> 00:40:24,239
Speaker 9: That's just under six FCR six'. Eleven the first letter

858
00:40:24,280 --> 00:40:26,480
Speaker 9: should always, Be, Hey i'm requesting an investigation on this.

859
00:40:26,480 --> 00:40:31,160
Speaker 9: Account never make assumptions or accuse the company of, anything

860
00:40:31,239 --> 00:40:33,359
Speaker 9: especially not the first. Round, right you just simply, say,

861
00:40:33,360 --> 00:40:35,839
Speaker 9: HEY i want you to investigate this account and.

862
00:40:35,840 --> 00:40:36,520
Speaker 2: Let me know what you.

863
00:40:36,600 --> 00:40:39,280
Speaker 9: FIND i have a few reasons to believe this account

864
00:40:39,360 --> 00:40:42,359
Speaker 9: may not be all the way, Accurate so investigated for.

865
00:40:42,400 --> 00:40:42,440
Speaker 2: Me.

866
00:40:42,560 --> 00:40:44,480
Speaker 9: Right, so as opposed to saying this account is not,

867
00:40:44,640 --> 00:40:48,880
Speaker 9: mine all you're simply doing is making sure that it is.

868
00:40:49,000 --> 00:40:51,920
Speaker 9: Accurate just because an account is yours doesn't mean that

869
00:40:52,000 --> 00:40:55,600
Speaker 9: it can't get removed. Legally there are thirty seven other

870
00:40:55,640 --> 00:40:57,759
Speaker 9: things that can be wrong with this account per the

871
00:40:57,840 --> 00:41:01,719
Speaker 9: metro to compliancy laws in terms of credit, reporting that

872
00:41:01,760 --> 00:41:05,040
Speaker 9: can legally get the account, removed and even if it's your, account,

873
00:41:05,080 --> 00:41:09,080
Speaker 9: Right so asks for an. Investigation once that comes, back

874
00:41:09,120 --> 00:41:11,120
Speaker 9: and you, know the credit bureaus will typically say, like,

875
00:41:11,120 --> 00:41:13,680
Speaker 9: hey we investigated, it we verified.

876
00:41:13,680 --> 00:41:16,040
Speaker 2: It, right you just assume that they're going to do

877
00:41:16,080 --> 00:41:16,600
Speaker 2: that because they.

878
00:41:16,600 --> 00:41:19,920
Speaker 9: Do the second round should always be following up on

879
00:41:19,960 --> 00:41:20,719
Speaker 9: your investigation.

880
00:41:22,200 --> 00:41:23,719
Speaker 2: Again FCR a six.

881
00:41:23,840 --> 00:41:26,120
Speaker 9: Eleven section six eleven tells us that if we do

882
00:41:26,200 --> 00:41:29,400
Speaker 9: not agree with an investigation, request we can ask for a.

883
00:41:29,440 --> 00:41:34,480
Speaker 9: Reinvestigation the thing with a reinvestigation is now you can request.

884
00:41:34,520 --> 00:41:36,839
Speaker 9: Proof now you can Say, HEY i don't know if

885
00:41:36,840 --> 00:41:39,000
Speaker 9: this is all the way. Right, so as opposed to

886
00:41:39,000 --> 00:41:41,440
Speaker 9: you just telling me that this account is, VERIFIED i

887
00:41:41,480 --> 00:41:43,800
Speaker 9: need PROOF i need if it's a, COLLECTION i need

888
00:41:44,080 --> 00:41:48,879
Speaker 9: a letter from the original creditor that claims ownership over

889
00:41:48,920 --> 00:41:52,400
Speaker 9: the collection, agency that shows that they transferred that. Ownership.

890
00:41:52,440 --> 00:41:54,839
Speaker 9: RIGHT a lot of times collection agencies can't produce. That

891
00:41:55,200 --> 00:41:57,879
Speaker 9: a lot of times most ninety percent of the, time

892
00:41:57,920 --> 00:42:01,160
Speaker 9: collection agencies don't actually have all of the information that

893
00:42:01,200 --> 00:42:05,680
Speaker 9: they need to properly validate an. Account, Right so challenging

894
00:42:05,760 --> 00:42:10,440
Speaker 9: that aspect of it and challenging paperwork will will you

895
00:42:10,520 --> 00:42:12,920
Speaker 9: usually get you a deletion legally and you don't have

896
00:42:12,960 --> 00:42:15,040
Speaker 9: to worry, about oh my, god when is this account

897
00:42:15,080 --> 00:42:17,080
Speaker 9: going to come? Back or you know things like, That

898
00:42:17,120 --> 00:42:18,520
Speaker 9: like you don't have to worry about. That if you

899
00:42:18,600 --> 00:42:20,640
Speaker 9: challenge it, properly then it's.

900
00:42:20,680 --> 00:42:23,200
Speaker 7: Fine can we say in that, Thing, yeah for.

901
00:42:23,239 --> 00:42:25,440
Speaker 5: Sure it's kind of like a two part, question and

902
00:42:25,800 --> 00:42:27,920
Speaker 5: maybe it's a myth and you could probably debunk. It

903
00:42:28,200 --> 00:42:31,200
Speaker 5: but what you speaking, on if it doesn't come often

904
00:42:31,320 --> 00:42:33,480
Speaker 5: becomes a derogatory item on your on your.

905
00:42:33,480 --> 00:42:33,800
Speaker 7: Credit.

906
00:42:33,880 --> 00:42:36,760
Speaker 5: Right, so like we talked about late, payments we talked about,

907
00:42:36,800 --> 00:42:40,560
Speaker 5: collections talk about the, timeline, right because people were, like,

908
00:42:40,600 --> 00:42:44,279
Speaker 5: WELL i made one one late, payment but, like from

909
00:42:44,320 --> 00:42:46,160
Speaker 5: what my, understanding and that late payment stays on the

910
00:42:46,200 --> 00:42:47,959
Speaker 5: report for seven, years, right is that still?

911
00:42:47,960 --> 00:42:49,920
Speaker 2: True, like that's a good.

912
00:42:50,000 --> 00:42:54,359
Speaker 9: Question so late, payments a lay payment is going for

913
00:42:54,400 --> 00:42:56,120
Speaker 9: the for the life of that account on your credit.

914
00:42:56,120 --> 00:42:57,560
Speaker 9: Report as long as that account is on your credit,

915
00:42:57,640 --> 00:43:00,520
Speaker 9: report that lay payment is going to be on that.

916
00:43:00,560 --> 00:43:00,920
Speaker 2: Account.

917
00:43:01,040 --> 00:43:05,759
Speaker 9: Right, however the last three years of our credit profile

918
00:43:05,920 --> 00:43:09,080
Speaker 9: is what's most impactful on our credit. Scores, Right so

919
00:43:09,239 --> 00:43:11,879
Speaker 9: if you have a lay, payment number, one you should

920
00:43:11,920 --> 00:43:14,319
Speaker 9: be asking for a good will adjustment from your from

921
00:43:14,360 --> 00:43:16,760
Speaker 9: the company if the account is still. Open that's the first. Step,

922
00:43:17,000 --> 00:43:19,920
Speaker 9: hey you go directly to the. Company, HEY i made a.

923
00:43:19,960 --> 00:43:23,279
Speaker 9: MISTAKE i got a lay. Payment do you Can are

924
00:43:23,280 --> 00:43:25,960
Speaker 9: you able to forgive this lay? Payment if they forgive,

925
00:43:26,000 --> 00:43:28,400
Speaker 9: it then it'll be as though it never. Happened they'll

926
00:43:28,520 --> 00:43:31,120
Speaker 9: update the credit. Bureaus the lay payment is going to

927
00:43:31,120 --> 00:43:33,600
Speaker 9: be removed from your account or from your credit, report

928
00:43:33,719 --> 00:43:36,040
Speaker 9: and you get you'll gain all the points. Back if

929
00:43:36,080 --> 00:43:38,960
Speaker 9: you're in a situation where you can't get your lay payment.

930
00:43:39,000 --> 00:43:40,840
Speaker 2: Removed here's the.

931
00:43:40,920 --> 00:43:44,160
Speaker 9: Thing one lay payment equals eleven one time, payments, right

932
00:43:44,200 --> 00:43:46,120
Speaker 9: so to undo the impact of that one lay, payment

933
00:43:46,160 --> 00:43:48,960
Speaker 9: you need eleven one time payments in the same. Category

934
00:43:49,160 --> 00:43:50,759
Speaker 9: so if it's a lay payment on a credit, card

935
00:43:51,280 --> 00:43:54,200
Speaker 9: until you get eleven other one time payments on credit,

936
00:43:54,280 --> 00:43:57,320
Speaker 9: cards then you're not really like the points will just

937
00:43:57,400 --> 00:43:59,839
Speaker 9: be going the credit. Profile the damage that it does

938
00:43:59,840 --> 00:44:01,800
Speaker 9: to your credit profile is going to still be. Present

939
00:44:02,360 --> 00:44:06,400
Speaker 9: it counsels out one. Another essentially once you get eleven

940
00:44:06,440 --> 00:44:09,520
Speaker 9: on time, Payments so if you're a person who has

941
00:44:09,880 --> 00:44:13,520
Speaker 9: ten lay, payments your goal should be making sure that

942
00:44:13,800 --> 00:44:16,040
Speaker 9: you for the next eleven. Months so BASICALLY i just

943
00:44:16,040 --> 00:44:20,400
Speaker 9: say next, year hopefully no lay payments ever. Again but you,

944
00:44:20,440 --> 00:44:23,640
Speaker 9: know eleven on time payments counsels out one lay, payment

945
00:44:24,000 --> 00:44:24,640
Speaker 9: so that's.

946
00:44:24,640 --> 00:44:26,640
Speaker 5: Crazy so this is the other part because we talk

947
00:44:26,680 --> 00:44:30,080
Speaker 5: about the things that credit can, affect, right obviously your,

948
00:44:30,120 --> 00:44:34,000
Speaker 5: score but it could affect loans and sometimes, employment but

949
00:44:34,040 --> 00:44:37,720
Speaker 5: it also could affect. Relationships this is, important right because

950
00:44:37,960 --> 00:44:39,680
Speaker 5: you said you need to have maybe three to four

951
00:44:39,719 --> 00:44:43,000
Speaker 5: items on your credit, report and some people when they're in,

952
00:44:43,040 --> 00:44:46,759
Speaker 5: relationships we've Seen i'm going to get a car and

953
00:44:46,800 --> 00:44:49,719
Speaker 5: then get, approved can you co SIGN i love.

954
00:44:49,800 --> 00:44:52,239
Speaker 2: This, well, yeah asking a good question is this is?

955
00:44:52,280 --> 00:44:56,120
Speaker 7: Why, yeah we've been known to do so talk about.

956
00:44:56,160 --> 00:45:00,160
Speaker 7: THAT i, mean, yes co signing could be.

957
00:45:00,320 --> 00:45:02,960
Speaker 9: Less so one of the things THAT i do in

958
00:45:03,000 --> 00:45:07,000
Speaker 9: my day to day Is i'm a credit specialist specializing

959
00:45:07,040 --> 00:45:09,239
Speaker 9: in mortgage. Scoring, right SO i deal with a lot

960
00:45:09,239 --> 00:45:11,279
Speaker 9: of people who can't see the close on their, home

961
00:45:11,280 --> 00:45:14,880
Speaker 9: who need a few more points to get obtain a home. Loan,

962
00:45:15,600 --> 00:45:18,480
Speaker 9: now this is one of the things THAT i see so,

963
00:45:18,640 --> 00:45:21,440
Speaker 9: much and we need to change. It so when it

964
00:45:21,480 --> 00:45:26,960
Speaker 9: comes to married couple, spouses make sure that the accounts

965
00:45:27,000 --> 00:45:31,440
Speaker 9: are evenly, distributed, Right so make sure make sure that

966
00:45:31,640 --> 00:45:34,319
Speaker 9: one spouse does not have all of the is not

967
00:45:34,360 --> 00:45:38,440
Speaker 9: the primary account holder account owner of all of the,

968
00:45:38,480 --> 00:45:41,080
Speaker 9: accounts and then the other spouse usually like to stay

969
00:45:41,080 --> 00:45:43,040
Speaker 9: at home spouse is just co signed on all of the.

970
00:45:43,040 --> 00:45:46,360
Speaker 9: Accounts there is something within The Credit Card act of

971
00:45:46,360 --> 00:45:49,200
Speaker 9: two thousand and nine that says on every credit card,

972
00:45:49,239 --> 00:45:52,480
Speaker 9: application legally you can use what's called household. Income so

973
00:45:52,520 --> 00:45:54,040
Speaker 9: if you're a, spouse if you have a spouse that

974
00:45:54,280 --> 00:45:56,480
Speaker 9: maybe does not make a lot of money or you,

975
00:45:56,520 --> 00:45:59,279
Speaker 9: know stays at, home as opposed to them just being

976
00:45:59,320 --> 00:46:02,279
Speaker 9: a co signer authorized user on all of spouse's one.

977
00:46:02,560 --> 00:46:03,960
Speaker 2: Accounts they can.

978
00:46:03,880 --> 00:46:07,840
Speaker 9: Apply using the, income they can apply using their spouse's.

979
00:46:07,840 --> 00:46:11,280
Speaker 9: Income so make sure that they still have credit, cards

980
00:46:12,360 --> 00:46:14,840
Speaker 9: home loan or not home, loans but loans and installments

981
00:46:14,920 --> 00:46:18,200
Speaker 9: in their name as. Owner because when you only have

982
00:46:18,280 --> 00:46:21,640
Speaker 9: co signed accounts authorized user, accounts then you're never going

983
00:46:21,680 --> 00:46:24,279
Speaker 9: to unleash your true borring power because it's based on someone,

984
00:46:24,280 --> 00:46:27,560
Speaker 9: else regardless of who it. Is so make, sure, Yes

985
00:46:27,600 --> 00:46:30,600
Speaker 9: i'm glad you asked that, question because that man there

986
00:46:30,760 --> 00:46:33,640
Speaker 9: that han't so often like it'll just it'll be one

987
00:46:33,680 --> 00:46:36,160
Speaker 9: person has great credit and then one person has subpart

988
00:46:36,280 --> 00:46:39,520
Speaker 9: credit because they don't have any they haven't built any.

989
00:46:39,520 --> 00:46:41,600
Speaker 5: Credit, yeah and that's if you're. Married, yeah it was

990
00:46:42,640 --> 00:46:44,160
Speaker 5: your boyfriend and you broke.

991
00:46:44,280 --> 00:46:45,239
Speaker 4: Up good.

992
00:46:45,280 --> 00:46:49,760
Speaker 9: Luck oh well, yeah to speak on that co, Signing, no, no, no,

993
00:46:49,760 --> 00:46:50,960
Speaker 9: NO i won't co.

994
00:46:51,080 --> 00:46:54,640
Speaker 2: Sign i'm not nobody because that affects. You like if

995
00:46:54,680 --> 00:46:55,000
Speaker 2: you co.

996
00:46:55,040 --> 00:46:59,200
Speaker 9: Sign for someone and you can have amazing, credit if

997
00:46:59,239 --> 00:47:02,080
Speaker 9: they choose to not pay it or you, know run

998
00:47:02,160 --> 00:47:04,759
Speaker 9: up your, card you are responsible for that when it

999
00:47:04,760 --> 00:47:07,440
Speaker 9: comes to co sign and when it comes to authorized,

1000
00:47:07,520 --> 00:47:11,360
Speaker 9: users authorized, users they don't have any legal binding to that,

1001
00:47:11,520 --> 00:47:13,600
Speaker 9: account so they can run it, up they can spend

1002
00:47:13,680 --> 00:47:15,960
Speaker 9: every dollar and it still is going to be your

1003
00:47:16,000 --> 00:47:19,279
Speaker 9: fault when you co sign for someone that if that

1004
00:47:19,320 --> 00:47:21,920
Speaker 9: account goes, derogatory it's going to affect both.

1005
00:47:21,719 --> 00:47:24,399
Speaker 2: Persons credit report and you can't do nothing about.

1006
00:47:24,400 --> 00:47:28,560
Speaker 4: It so what about credit? Consolidation is that always the

1007
00:47:28,560 --> 00:47:31,400
Speaker 4: most beneficial way to kind of finish.

1008
00:47:31,239 --> 00:47:35,000
Speaker 9: Multiple, no it's not that that chips away at your

1009
00:47:35,000 --> 00:47:35,560
Speaker 9: credit age.

1010
00:47:35,640 --> 00:47:36,560
Speaker 2: Drastically so.

1011
00:47:38,239 --> 00:47:41,920
Speaker 9: Now it like when it comes to like student loans

1012
00:47:41,920 --> 00:47:44,400
Speaker 9: and things of that, nature sometimes that it's worth, it,

1013
00:47:44,520 --> 00:47:47,600
Speaker 9: Right but when it comes to just consolidating your everyday credit,

1014
00:47:47,640 --> 00:47:52,040
Speaker 9: CARDS i don't always recommend, it unless like you're just

1015
00:47:52,200 --> 00:47:54,840
Speaker 9: trying to prevent bankruptcy or something like major like. That

1016
00:47:54,960 --> 00:47:58,760
Speaker 9: but Consolidation i'm not the biggest fan, of just because

1017
00:47:58,760 --> 00:48:02,800
Speaker 9: it doesn't really aid to you improving your borring.

1018
00:48:02,840 --> 00:48:05,319
Speaker 4: Power so if people will have bad credit and they're

1019
00:48:05,320 --> 00:48:09,080
Speaker 4: trying to improve their, credit what's the steps to actually

1020
00:48:09,400 --> 00:48:14,160
Speaker 4: go from you, know having issues bad credit to having better.

1021
00:48:14,200 --> 00:48:17,480
Speaker 9: Credit, yes the good thing about having bad credit is

1022
00:48:17,640 --> 00:48:19,280
Speaker 9: you have a lot of points that you can, Obtain

1023
00:48:19,400 --> 00:48:21,200
Speaker 9: like the lower your credit score, is the more points

1024
00:48:21,200 --> 00:48:25,200
Speaker 9: you can. Grab. Right, so my favorite thing when helping

1025
00:48:25,239 --> 00:48:27,000
Speaker 9: someone with their credit is when they do have a

1026
00:48:27,040 --> 00:48:30,279
Speaker 9: low credit, score because it's so easy to get those.

1027
00:48:30,320 --> 00:48:34,080
Speaker 9: Points you just have to understand that obtaining those points

1028
00:48:34,080 --> 00:48:36,640
Speaker 9: will not come from just repairing your credit or disputing

1029
00:48:36,640 --> 00:48:38,880
Speaker 9: your credit. Report it's going to come from building. Credit

1030
00:48:39,280 --> 00:48:42,919
Speaker 9: that is where the points are released. From, Right so

1031
00:48:43,160 --> 00:48:45,680
Speaker 9: making sure if you have bad, credit if you have,

1032
00:48:45,719 --> 00:48:50,520
Speaker 9: collections charge, offs, whatever there is no nothing that will

1033
00:48:50,760 --> 00:48:53,520
Speaker 9: help you other than building. Credit making sure that you

1034
00:48:53,680 --> 00:48:57,120
Speaker 9: have those those four, accounts to credit, cards to, installments

1035
00:48:57,120 --> 00:48:59,880
Speaker 9: one short, term one long, term making sure you DO

1036
00:49:00,080 --> 00:49:02,680
Speaker 9: i pay off that installment, early the short term installment

1037
00:49:02,760 --> 00:49:05,439
Speaker 9: specifically because you want to build.

1038
00:49:05,480 --> 00:49:08,960
Speaker 2: Credit. Right, also if you are.

1039
00:49:08,880 --> 00:49:12,520
Speaker 9: If you do have, collections challenging those, right if they get, removed,

1040
00:49:12,640 --> 00:49:15,120
Speaker 9: Great but if they do not get, removed you still

1041
00:49:15,160 --> 00:49:18,880
Speaker 9: can have good credit with collections because the older a collection,

1042
00:49:18,960 --> 00:49:20,840
Speaker 9: gets the less impact that it has on your. Score

1043
00:49:20,880 --> 00:49:25,280
Speaker 9: the more credit that you've established since the collection will

1044
00:49:26,200 --> 00:49:30,920
Speaker 9: help you sort of undo bad. Credit RIGHT i THINK i.

1045
00:49:30,960 --> 00:49:33,279
Speaker 9: Had it was one account THAT i could not get.

1046
00:49:33,320 --> 00:49:36,600
Speaker 9: Removed then, again that did not stop me from getting

1047
00:49:36,600 --> 00:49:38,799
Speaker 9: credit cards or buying a home and things of that,

1048
00:49:38,920 --> 00:49:44,360
Speaker 9: nature BECAUSE i had established credit that spoke to my financial,

1049
00:49:44,400 --> 00:49:47,040
Speaker 9: habits my current financial habits more than those old.

1050
00:49:47,120 --> 00:49:47,640
Speaker 2: Collections.

1051
00:49:47,680 --> 00:49:51,280
Speaker 9: Right but, yeah so making sure you have your building,

1052
00:49:51,320 --> 00:49:54,040
Speaker 9: credit that's what. People people will, SAY i have bad,

1053
00:49:54,040 --> 00:49:55,479
Speaker 9: credit So i'm just not going to touch my credit

1054
00:49:55,480 --> 00:49:57,319
Speaker 9: for seven. Years it's the worst thing you can, do

1055
00:49:57,320 --> 00:50:00,720
Speaker 9: because that's seven years of wasted time where you can build.

1056
00:50:00,760 --> 00:50:04,000
Speaker 9: Credit you can come back from. Collections i've Never i've,

1057
00:50:04,040 --> 00:50:07,880
Speaker 9: never AND i have helped. Thousands i've looked at thousands

1058
00:50:07,880 --> 00:50:09,960
Speaker 9: of credit. REPORTS i have never seen a credit report

1059
00:50:09,960 --> 00:50:13,480
Speaker 9: that is irreparable, ever AND i didn't seen three hundred credit.

1060
00:50:13,520 --> 00:50:15,560
Speaker 9: Scords that's the you, know that's the lowest credit score

1061
00:50:15,600 --> 00:50:17,880
Speaker 9: you can. Get the lowest score That i've seen fightal

1062
00:50:17,920 --> 00:50:22,000
Speaker 9: score was a three to. Eleven the lower it, no

1063
00:50:22,040 --> 00:50:23,759
Speaker 9: it was so the lowest score you can get a three. Hundred,

1064
00:50:24,800 --> 00:50:25,239
Speaker 9: yeah the lower.

1065
00:50:25,239 --> 00:50:25,879
Speaker 2: Score you can get three.

1066
00:50:25,920 --> 00:50:27,720
Speaker 9: Hundred the highest you can get this eight to. Fifty

1067
00:50:27,840 --> 00:50:31,200
Speaker 9: i've seen a three to eleven credit. Score people think

1068
00:50:31,239 --> 00:50:33,640
Speaker 9: that because they have bad, credit they you, know they're

1069
00:50:33,680 --> 00:50:34,680
Speaker 9: just doomed for the next seven.

1070
00:50:34,760 --> 00:50:35,239
Speaker 2: Years it's not.

1071
00:50:35,280 --> 00:50:38,000
Speaker 9: True build a credit and you will get credit points

1072
00:50:38,400 --> 00:50:40,520
Speaker 9: when you add your credit, card and the first, month

1073
00:50:41,360 --> 00:50:45,480
Speaker 9: the first month that you get a credit, Card, please

1074
00:50:45,840 --> 00:50:48,240
Speaker 9: everybody who's watching, this if this is your first credit,

1075
00:50:48,239 --> 00:50:51,000
Speaker 9: card do not allow that first month to be wasted

1076
00:50:51,040 --> 00:50:53,680
Speaker 9: on reporting a zero dollar utilization because a lot of

1077
00:50:53,680 --> 00:50:55,480
Speaker 9: people get their credit cards and they're scared to use,

1078
00:50:55,520 --> 00:50:58,360
Speaker 9: it so they'll just like, whatever like keep it in

1079
00:50:58,440 --> 00:51:00,440
Speaker 9: their pocket or keep it in their. Wallet when you

1080
00:51:00,520 --> 00:51:04,000
Speaker 9: activate that, card you typically are going to be mid,

1081
00:51:04,080 --> 00:51:05,640
Speaker 9: cycle depending on how long your.

1082
00:51:05,480 --> 00:51:08,000
Speaker 2: Bank took to melod to you go.

1083
00:51:07,880 --> 00:51:10,560
Speaker 9: Get some, gas go buy some, chips go do, something

1084
00:51:10,680 --> 00:51:13,080
Speaker 9: so that you have at least one to three percent

1085
00:51:13,120 --> 00:51:15,640
Speaker 9: reporting that first. Time the reason why it's important the

1086
00:51:15,680 --> 00:51:18,319
Speaker 9: first time is because when your credit card hits your

1087
00:51:18,320 --> 00:51:19,120
Speaker 9: credit report.

1088
00:51:18,920 --> 00:51:21,480
Speaker 2: For the first, time you open yourself up to.

1089
00:51:21,560 --> 00:51:23,759
Speaker 9: Utilization because if you don't have any credit, cards you're

1090
00:51:23,760 --> 00:51:26,200
Speaker 9: not getting a single point out of the one hundred

1091
00:51:26,200 --> 00:51:28,600
Speaker 9: and sixty five points that are allotted for you credit.

1092
00:51:28,640 --> 00:51:31,799
Speaker 9: Utilization so when you first get your credit, card make

1093
00:51:31,800 --> 00:51:34,200
Speaker 9: sure that you report a very small a very small.

1094
00:51:34,239 --> 00:51:37,040
Speaker 9: Balance so the second that that credit card hits your credit,

1095
00:51:37,040 --> 00:51:39,080
Speaker 9: report which is usually like sixty days after you get,

1096
00:51:39,080 --> 00:51:41,880
Speaker 9: it you'll see you should see a large increase in

1097
00:51:41,920 --> 00:51:42,320
Speaker 9: your credit.

1098
00:51:42,320 --> 00:51:43,920
Speaker 7: Score go buy your sneak as.

1099
00:51:43,960 --> 00:51:47,680
Speaker 5: Y'all SO i wonder what your thoughts around, this because

1100
00:51:48,880 --> 00:51:51,839
Speaker 5: we spoke about student loans a few, times AND i

1101
00:51:51,880 --> 00:51:52,920
Speaker 5: feel like we're on.

1102
00:51:52,800 --> 00:51:55,920
Speaker 7: The cusps of a student loan. Crisis. Right we had

1103
00:51:55,920 --> 00:51:56,440
Speaker 7: a student loan.

1104
00:51:56,520 --> 00:52:00,640
Speaker 5: Pause now people have to put pay, again and obviously

1105
00:52:00,680 --> 00:52:03,319
Speaker 5: there will be the fault and it will be. Forbearans

1106
00:52:04,080 --> 00:52:06,480
Speaker 5: but that's a trickle down, effect, right because if there's

1107
00:52:06,480 --> 00:52:08,560
Speaker 5: a student loan, crisis that would mean that there will

1108
00:52:08,600 --> 00:52:11,600
Speaker 5: be a credit crisis, too because that will impact people's,

1109
00:52:11,600 --> 00:52:14,479
Speaker 5: credits and that will affect how people will be able

1110
00:52:14,520 --> 00:52:17,520
Speaker 5: to get home, loans which will have a housing. Crisis

1111
00:52:17,560 --> 00:52:20,960
Speaker 5: so from your, standpoint in the middle of, it right

1112
00:52:21,000 --> 00:52:24,160
Speaker 5: with the credit, piece talk about the importance of student,

1113
00:52:24,200 --> 00:52:27,040
Speaker 5: loans student loan and payment and what we can do

1114
00:52:27,760 --> 00:52:31,160
Speaker 5: for that population and even that, population but. Everybody it's

1115
00:52:31,160 --> 00:52:32,720
Speaker 5: forty million people who have student.

1116
00:52:32,760 --> 00:52:35,359
Speaker 9: Loans, Yeah studies show, THAT i want to, say eighty

1117
00:52:35,360 --> 00:52:37,799
Speaker 9: three percent of people have credit or have student loans

1118
00:52:37,840 --> 00:52:40,359
Speaker 9: on their credit. Reports, Right so it basically affects all

1119
00:52:40,360 --> 00:52:42,480
Speaker 9: of us when it comes to student.

1120
00:52:42,520 --> 00:52:44,960
Speaker 2: LOANS i know a lot of people always, LIKE i

1121
00:52:44,960 --> 00:52:46,840
Speaker 2: want to get my student loans. Deleted they're messing up my.

1122
00:52:46,880 --> 00:52:49,560
Speaker 9: Credit the thing, is your student loans are actually probably

1123
00:52:50,400 --> 00:52:52,520
Speaker 9: helping your credit way more than it's hurting. It the

1124
00:52:52,560 --> 00:52:54,400
Speaker 9: only time it hurts it is if you have like

1125
00:52:54,480 --> 00:52:57,200
Speaker 9: multiple L a. Payments but a student loan is like

1126
00:52:57,239 --> 00:53:00,000
Speaker 9: one of the easiest accounts to use utilize the build

1127
00:53:00,080 --> 00:53:03,279
Speaker 9: credit because most people are in default in, deferment are

1128
00:53:03,360 --> 00:53:06,480
Speaker 9: not in default in deferment majority of their student loan.

1129
00:53:06,719 --> 00:53:09,719
Speaker 2: Journey and if the.

1130
00:53:09,680 --> 00:53:11,719
Speaker 9: Thing is your student loans are not going to be

1131
00:53:11,800 --> 00:53:14,600
Speaker 9: reported late until you're at least ninety days. Late the

1132
00:53:15,239 --> 00:53:18,759
Speaker 9: thing about that is ninety days late is three consecutive lay.

1133
00:53:18,760 --> 00:53:22,560
Speaker 9: Payments so the second that you're even you even realize

1134
00:53:22,560 --> 00:53:24,680
Speaker 9: that you are laid on your student, loans you're down

1135
00:53:24,760 --> 00:53:27,719
Speaker 9: three lay. Payments so that that's a hard hit to

1136
00:53:27,760 --> 00:53:30,480
Speaker 9: your credit. Score when it comes to your loan, services

1137
00:53:30,520 --> 00:53:33,200
Speaker 9: if you contact them and work out an, agreement get on.

1138
00:53:33,239 --> 00:53:36,480
Speaker 9: Deferment nothing's wrong with, deferment then you will avoid a lay.

1139
00:53:36,520 --> 00:53:39,400
Speaker 9: Payment but as opposed to like paying off your student,

1140
00:53:39,400 --> 00:53:42,359
Speaker 9: Loans i'm in a middle about that because you know

1141
00:53:43,480 --> 00:53:45,839
Speaker 9: a part of, ME i know a lot of people

1142
00:53:45,880 --> 00:53:48,840
Speaker 9: are upset about you, know we were promised the a

1143
00:53:48,840 --> 00:53:51,200
Speaker 9: lot of people were banking on their student loans being

1144
00:53:51,239 --> 00:53:53,759
Speaker 9: forgiven and all, that so they you, know didn't think

1145
00:53:53,760 --> 00:53:55,200
Speaker 9: that they would have to pay. It but the, thing

1146
00:53:55,800 --> 00:53:58,160
Speaker 9: if you have student loans on your credit, report make

1147
00:53:58,280 --> 00:54:01,359
Speaker 9: sure that you are content at your servicer and getting

1148
00:54:01,440 --> 00:54:03,880
Speaker 9: on a defartment. Plan they're not going to deny a

1149
00:54:03,960 --> 00:54:06,840
Speaker 9: defartment legally within the next twelve months if you, requested

1150
00:54:06,880 --> 00:54:08,000
Speaker 9: they have to give it to. You if you have

1151
00:54:08,000 --> 00:54:12,640
Speaker 9: a federal student loan at request defartment before your account

1152
00:54:12,680 --> 00:54:15,960
Speaker 9: goes ninety days past due actually next. Month next, month

1153
00:54:16,000 --> 00:54:19,040
Speaker 9: a lot of, people, unfortunately will probably have lay payments

1154
00:54:19,040 --> 00:54:21,359
Speaker 9: on a credit report because that's it's been ninety days

1155
00:54:21,440 --> 00:54:22,920
Speaker 9: since the pause.

1156
00:54:23,040 --> 00:54:25,080
Speaker 2: Ended so calling this month, though will prevent.

1157
00:54:25,080 --> 00:54:27,480
Speaker 9: It like so, again if you if you have not

1158
00:54:27,960 --> 00:54:30,040
Speaker 9: contacted your service or if they have not reached out to,

1159
00:54:30,080 --> 00:54:33,719
Speaker 9: you make sure that you're in contact with them before

1160
00:54:33,840 --> 00:54:37,680
Speaker 9: within Before january basically so that you can avoid that laid.

1161
00:54:37,719 --> 00:54:40,719
Speaker 9: Payment but student loans really help because a lot of

1162
00:54:40,760 --> 00:54:43,240
Speaker 9: people have get it student loans when they turn, eighteen

1163
00:54:43,320 --> 00:54:43,839
Speaker 9: and you.

1164
00:54:43,800 --> 00:54:44,960
Speaker 2: Know they'll have it.

1165
00:54:45,040 --> 00:54:47,879
Speaker 9: Forever most, people most people have it forever and that's,

1166
00:54:47,920 --> 00:54:50,200
Speaker 9: Fine like, you it doesn't if as long as your

1167
00:54:50,239 --> 00:54:53,279
Speaker 9: student loans are in good, standing it won't prevent you

1168
00:54:53,320 --> 00:54:53,799
Speaker 9: from getting.

1169
00:54:53,840 --> 00:54:56,520
Speaker 4: Anything so let me ask you, this as far as

1170
00:54:56,520 --> 00:55:01,359
Speaker 4: the people trying to recover from bad, credit if they're

1171
00:55:01,360 --> 00:55:04,960
Speaker 4: overwhelmed with credit card, debt what are some? Options can

1172
00:55:05,040 --> 00:55:09,160
Speaker 4: they call to negotiate a? Settlement can they call and

1173
00:55:09,200 --> 00:55:12,399
Speaker 4: negotiate better? Rate obviously you know, bankruptcy but like if

1174
00:55:12,600 --> 00:55:15,440
Speaker 4: if you're just in a situation where you just you

1175
00:55:15,480 --> 00:55:19,120
Speaker 4: can't get it paid, down what are some options to?

1176
00:55:19,160 --> 00:55:22,239
Speaker 9: People so when it comes to credit, cards if you

1177
00:55:22,320 --> 00:55:24,400
Speaker 9: just can't pay it, down, well number, one you have

1178
00:55:24,440 --> 00:55:26,400
Speaker 9: to make sure that you stop using like the, cars

1179
00:55:26,400 --> 00:55:30,160
Speaker 9: stop you, know buying things so that you can you

1180
00:55:30,160 --> 00:55:34,040
Speaker 9: can manage it. Properly Number, two it's so tough right

1181
00:55:34,040 --> 00:55:35,719
Speaker 9: now because we're at we're in a we're in a

1182
00:55:35,880 --> 00:55:39,239
Speaker 9: we're in a time where credit card interest rates are

1183
00:55:39,239 --> 00:55:42,399
Speaker 9: the highest that they've ever been. Ever so a lot

1184
00:55:42,440 --> 00:55:46,040
Speaker 9: of people with credit card debt is just, mounting you, know,

1185
00:55:46,200 --> 00:55:50,000
Speaker 9: up it's just growing every single. Month so the best

1186
00:55:50,000 --> 00:55:51,600
Speaker 9: thing you can do at this point if it's just

1187
00:55:51,640 --> 00:55:53,560
Speaker 9: like out of your control and you do not foresee

1188
00:55:53,600 --> 00:55:56,759
Speaker 9: yourself being able to pay that credit card down within

1189
00:55:56,800 --> 00:55:58,920
Speaker 9: the next ninety. Days the best thing to do is

1190
00:55:58,960 --> 00:56:01,799
Speaker 9: honestly to close that car right now so that you

1191
00:56:01,840 --> 00:56:04,280
Speaker 9: can then work on a payment.

1192
00:56:04,320 --> 00:56:04,520
Speaker 1: Plan.

1193
00:56:04,600 --> 00:56:06,919
Speaker 9: Now don't close it and then forget about it and

1194
00:56:06,960 --> 00:56:09,560
Speaker 9: not contact your. Bank, no close, it but have a

1195
00:56:09,600 --> 00:56:13,799
Speaker 9: plan to work out either a settlement with the bank

1196
00:56:13,960 --> 00:56:15,280
Speaker 9: or an agreement.

1197
00:56:14,840 --> 00:56:15,319
Speaker 2: To pay it.

1198
00:56:15,360 --> 00:56:18,520
Speaker 9: Back if you close it and do, nothing then it'll

1199
00:56:18,560 --> 00:56:21,920
Speaker 9: probably end up a charge off within thirty or within sixty.

1200
00:56:22,000 --> 00:56:25,920
Speaker 9: Days but closing it so that you can stop the charges,

1201
00:56:26,040 --> 00:56:28,960
Speaker 9: temporarily stop you, know stop the interest a little, bit

1202
00:56:29,440 --> 00:56:33,200
Speaker 9: and work on paying it. Back you, CAN i would

1203
00:56:33,239 --> 00:56:36,160
Speaker 9: say you, can of, course you, know get another credit.

1204
00:56:36,200 --> 00:56:39,399
Speaker 9: Card you can transfer that, balance but most most likely

1205
00:56:39,440 --> 00:56:41,279
Speaker 9: if you are in credit card that you probably don't

1206
00:56:41,280 --> 00:56:44,600
Speaker 9: even have the baring power to get another credit card

1207
00:56:44,640 --> 00:56:48,960
Speaker 9: to transfer the balance to a lower interest rate. Card so,

1208
00:56:49,360 --> 00:56:52,440
Speaker 9: yeah like you can settle with, banks and now a

1209
00:56:52,440 --> 00:56:54,359
Speaker 9: lot of banks are there in tax time is coming,

1210
00:56:54,440 --> 00:56:58,839
Speaker 9: up so banks settle tremendously during tax, time like they

1211
00:56:58,880 --> 00:57:02,760
Speaker 9: bank on that. Time so now's the time to try

1212
00:57:02,800 --> 00:57:05,239
Speaker 9: to you, know come up with a conclusion on how

1213
00:57:05,280 --> 00:57:09,160
Speaker 9: you're going to settle your balances and you, know rectify

1214
00:57:09,400 --> 00:57:12,040
Speaker 9: like your your. Habits but, yeah you can, settle you can't,

1215
00:57:12,040 --> 00:57:13,920
Speaker 9: settle but you got to know that you will have

1216
00:57:13,960 --> 00:57:14,200
Speaker 9: to pay.

1217
00:57:14,239 --> 00:57:18,960
Speaker 7: IT i actually went through that as. Well, yeah reached

1218
00:57:18,960 --> 00:57:19,360
Speaker 7: out to a.

1219
00:57:19,400 --> 00:57:21,520
Speaker 5: Bank it WAS i think at one POINT i was

1220
00:57:21,600 --> 00:57:24,720
Speaker 5: late or something MAYBE i THINK i had utilized the

1221
00:57:24,760 --> 00:57:26,840
Speaker 5: credit card to the max AND i was, late and

1222
00:57:26,920 --> 00:57:29,680
Speaker 5: they raised the interest rates from like nineteen. Percent this

1223
00:57:29,760 --> 00:57:31,800
Speaker 5: was like my college credit. Card it went up to

1224
00:57:31,840 --> 00:57:34,720
Speaker 5: twenty nine. Percent then it became just. RIDICULOUS i looked

1225
00:57:34,720 --> 00:57:36,840
Speaker 5: at the payoff. Date it was, like it seems crazy,

1226
00:57:36,840 --> 00:57:38,360
Speaker 5: now but it was twenty thirty five and this is

1227
00:57:38,440 --> 00:57:39,160
Speaker 5: like the year two.

1228
00:57:39,160 --> 00:57:42,320
Speaker 7: Thousand i'm, like, Yeah i'm, like there's no way this

1229
00:57:42,360 --> 00:57:42,680
Speaker 7: is going to.

1230
00:57:42,720 --> 00:57:45,439
Speaker 5: Happen so THEN i called and they consolidated it down

1231
00:57:45,440 --> 00:57:46,600
Speaker 5: to a point WHERE i had to pay it, off

1232
00:57:46,640 --> 00:57:48,560
Speaker 5: BUT i just had to make SURE i paid six

1233
00:57:48,640 --> 00:57:51,080
Speaker 5: consecutive payments and seven something at the.

1234
00:57:51,000 --> 00:57:52,520
Speaker 2: Same usually is like six to nine. Months.

1235
00:57:52,720 --> 00:57:54,920
Speaker 5: Yeah, Yeah so when it comes to things like, that

1236
00:57:55,040 --> 00:57:57,640
Speaker 5: when we're trying to pay off, debt because there's been

1237
00:57:58,200 --> 00:58:01,240
Speaker 5: different strategies AND i wanted if you one DO i

1238
00:58:01,320 --> 00:58:04,120
Speaker 5: pay the card that has the highest usage or DO

1239
00:58:04,160 --> 00:58:06,400
Speaker 5: i pay the one that has the least. Usage SO

1240
00:58:06,440 --> 00:58:07,920
Speaker 5: i pay that off and THEN i work my way

1241
00:58:08,080 --> 00:58:10,600
Speaker 5: like the snowball, Effect like what's your what's your thoughts on?

1242
00:58:10,680 --> 00:58:11,920
Speaker 2: There so that's a great.

1243
00:58:12,000 --> 00:58:14,400
Speaker 9: QUESTION i do like the Snow so if your goal

1244
00:58:14,520 --> 00:58:16,480
Speaker 9: is to just get rid of your credit card debt

1245
00:58:16,520 --> 00:58:19,400
Speaker 9: and you don't really care to raise your credit score

1246
00:58:19,480 --> 00:58:20,960
Speaker 9: at this, time if you're not trying to use your,

1247
00:58:20,960 --> 00:58:23,520
Speaker 9: credit then the snowball effect is probably the most effect

1248
00:58:23,560 --> 00:58:25,479
Speaker 9: of get the credit card with the highest interest, rate

1249
00:58:25,760 --> 00:58:26,920
Speaker 9: pay it, down and then.

1250
00:58:26,880 --> 00:58:27,760
Speaker 2: Work your way. Down.

1251
00:58:27,880 --> 00:58:31,520
Speaker 9: Right, however if you are still trying to use your

1252
00:58:31,520 --> 00:58:33,680
Speaker 9: credit and want to grow your credit why you are

1253
00:58:33,680 --> 00:58:38,200
Speaker 9: paying down your, utilization THEN i personally recommend look at

1254
00:58:38,200 --> 00:58:41,640
Speaker 9: any card that has a utilization over forty eight percent

1255
00:58:41,920 --> 00:58:44,040
Speaker 9: tackle those. First if you can get all of your

1256
00:58:44,080 --> 00:58:46,960
Speaker 9: cards under forty eight, percent then you don't have what's

1257
00:58:46,960 --> 00:58:49,160
Speaker 9: called the max out penalty on your credit, score meaning

1258
00:58:49,160 --> 00:58:52,400
Speaker 9: when you apply for, credit it's not showing that you

1259
00:58:52,400 --> 00:58:55,080
Speaker 9: have a card that's maxed, out, right people think maxed

1260
00:58:55,080 --> 00:58:57,240
Speaker 9: out is one hundred. Percent after forty eight, percent banks

1261
00:58:57,280 --> 00:58:58,880
Speaker 9: are looking at you like you have a maxed out,

1262
00:58:58,880 --> 00:59:01,480
Speaker 9: Card so get of your cards over forty eight percent

1263
00:59:01,600 --> 00:59:04,280
Speaker 9: under forty eight. Percent then the next tier that you

1264
00:59:04,280 --> 00:59:07,440
Speaker 9: should aim for is under thirty. Percent so once you

1265
00:59:07,480 --> 00:59:10,040
Speaker 9: get all the cars under forty five, percent work work

1266
00:59:10,920 --> 00:59:13,520
Speaker 9: to get them under under thirty, percent and then you

1267
00:59:13,600 --> 00:59:14,280
Speaker 9: just work your way.

1268
00:59:14,280 --> 00:59:16,320
Speaker 2: Down if you care about your credit.

1269
00:59:16,040 --> 00:59:17,920
Speaker 7: Score what's the penalty at forty eight is?

1270
00:59:17,920 --> 00:59:19,840
Speaker 2: It it's, yeah, oh points for.

1271
00:59:19,880 --> 00:59:22,320
Speaker 9: Sure so basically depending on how many cars do you

1272
00:59:22,320 --> 00:59:24,400
Speaker 9: any cars that you have over forty eight, percent and

1273
00:59:24,440 --> 00:59:26,760
Speaker 9: dependent on the score that they're looking, At i'll, say,

1274
00:59:26,760 --> 00:59:30,880
Speaker 9: Homes i'll use the mortgage. Scoring every card over forty

1275
00:59:30,880 --> 00:59:34,240
Speaker 9: eight percent you're going to you basically should minus fifteen

1276
00:59:34,240 --> 00:59:35,320
Speaker 9: points per card.

1277
00:59:36,600 --> 00:59:37,360
Speaker 2: From from your.

1278
00:59:37,360 --> 00:59:41,760
Speaker 9: Score and also if you are if you have cars

1279
00:59:41,760 --> 00:59:44,760
Speaker 9: that are on or thirty percent to forty five or

1280
00:59:44,840 --> 00:59:47,680
Speaker 9: thirty percent to forty seven, percent you pretty much need to.

1281
00:59:47,680 --> 00:59:50,600
Speaker 9: Map you need to subtract about ten points per, card,

1282
00:59:50,640 --> 00:59:54,840
Speaker 9: right mortgage. Points so so, yeah the forty eight percent

1283
00:59:54,880 --> 00:59:58,040
Speaker 9: when it comes to credit, cards it's showing that you're maxed, out,

1284
00:59:58,160 --> 00:59:59,680
Speaker 9: Right so get all of your cars under forty eight,

1285
00:59:59,720 --> 01:00:02,760
Speaker 9: percent then get them under thirty, percent and then you,

1286
01:00:02,760 --> 01:00:04,600
Speaker 9: know work your way down if you care about your.

1287
01:00:04,600 --> 01:00:07,200
Speaker 9: Score but if you just are concerned with ridding yourself

1288
01:00:07,240 --> 01:00:09,760
Speaker 9: of credit card that you, know as fast as you

1289
01:00:09,800 --> 01:00:13,040
Speaker 9: can or cheap the cheapest that you, can then, yeah

1290
01:00:13,040 --> 01:00:15,560
Speaker 9: the snowball effect is probably the one makes the most

1291
01:00:15,600 --> 01:00:18,800
Speaker 9: sense because the interest does continue to build of course

1292
01:00:18,840 --> 01:00:19,320
Speaker 9: on credit.

1293
01:00:19,360 --> 01:00:23,760
Speaker 4: Cards so talk about business. Credit what's the difference between

1294
01:00:23,920 --> 01:00:26,720
Speaker 4: personal credit and business credit as far as how it's

1295
01:00:26,880 --> 01:00:28,640
Speaker 4: looked at for your credit score and how you get

1296
01:00:28,680 --> 01:00:29,160
Speaker 4: it and stuff like.

1297
01:00:29,200 --> 01:00:33,440
Speaker 9: That, yeah so most most business credit cards or loans

1298
01:00:33,480 --> 01:00:36,120
Speaker 9: are not solely. Based it's not based on your personal credit.

1299
01:00:36,160 --> 01:00:39,240
Speaker 9: Score it's based on like your business profile, score and

1300
01:00:39,320 --> 01:00:41,160
Speaker 9: so there is a way to build your business, score

1301
01:00:41,320 --> 01:00:44,080
Speaker 9: but it is different and separate from your personal credit.

1302
01:00:44,160 --> 01:00:47,560
Speaker 9: Score WHAT i tell to everyone make sure BECAUSE i

1303
01:00:47,600 --> 01:00:49,320
Speaker 9: find a lot of, people especially in the, industry that

1304
01:00:49,400 --> 01:00:51,280
Speaker 9: will only care about their business, score but then like

1305
01:00:51,640 --> 01:00:54,400
Speaker 9: just don't care about their person, score which to, me it's.

1306
01:00:54,440 --> 01:00:57,440
Speaker 9: Backwards if you have a great credit score personal credit,

1307
01:00:57,440 --> 01:01:00,320
Speaker 9: score then it also sets you up to have and

1308
01:01:00,360 --> 01:01:03,080
Speaker 9: build great business credit. Easier like you, know you're. NOT

1309
01:01:03,400 --> 01:01:05,840
Speaker 9: i have never had any of those net thirty accounts

1310
01:01:05,840 --> 01:01:07,800
Speaker 9: that people RECOMMEND i. DON'T i don't deal with all of,

1311
01:01:07,840 --> 01:01:10,360
Speaker 9: that BUT i do have a lot of business credit

1312
01:01:10,440 --> 01:01:15,080
Speaker 9: extended to me simply by using my personal. Credit people always, say,

1313
01:01:15,080 --> 01:01:18,000
Speaker 9: like you don't want TO pg your personal. CREDIT i MEAN, i,

1314
01:01:18,080 --> 01:01:21,440
Speaker 9: PERSONALLY i do not subscribe to that. Theory IF i

1315
01:01:21,480 --> 01:01:24,880
Speaker 9: have great personal, credit you absolutely can it CAN i

1316
01:01:24,880 --> 01:01:28,640
Speaker 9: can definitely vouch for my business credit with my personal

1317
01:01:28,640 --> 01:01:31,040
Speaker 9: credit Because number, one lower, Interest like if you are

1318
01:01:31,080 --> 01:01:33,680
Speaker 9: just going solely off your business credit, profile you're gonna

1319
01:01:33,680 --> 01:01:36,840
Speaker 9: pay higher interests for pretty much. Everything if YOU pg

1320
01:01:36,960 --> 01:01:39,240
Speaker 9: it most of the cars THAT, pg you're it's lower

1321
01:01:39,280 --> 01:01:43,280
Speaker 9: interest personal. Guarantee, yeah, yeah. Yeah and so also building

1322
01:01:43,440 --> 01:01:46,640
Speaker 9: establishing personal relationships with, Companies like we talked About American.

1323
01:01:46,640 --> 01:01:49,640
Speaker 9: Express that's the like you can get An america you

1324
01:01:49,640 --> 01:01:51,760
Speaker 9: have An American express personal, Card now you can get

1325
01:01:51,760 --> 01:01:54,439
Speaker 9: An American express business. Card same goes With, chase same

1326
01:01:54,600 --> 01:01:58,479
Speaker 9: same goes with most of the big. Banks so, YEAH

1327
01:01:58,520 --> 01:02:01,320
Speaker 9: i personally build business credit on the back of my personal.

1328
01:02:01,360 --> 01:02:03,320
Speaker 9: Credit and that does not mean that they're reporting on

1329
01:02:03,360 --> 01:02:06,280
Speaker 9: my personal credit. Profile it just means that once WHEN

1330
01:02:06,320 --> 01:02:08,760
Speaker 9: i applied for that, account they looked at my personal

1331
01:02:08,760 --> 01:02:10,520
Speaker 9: credit AND i have no problem with that because it's.

1332
01:02:10,760 --> 01:02:16,000
Speaker 5: Good, Right SO i wonder from that, aspect when they

1333
01:02:16,040 --> 01:02:19,640
Speaker 5: look at your personal profile and your business, profile do

1334
01:02:19,720 --> 01:02:21,480
Speaker 5: inquiries work the, same BECAUSE i know a lot of

1335
01:02:21,520 --> 01:02:24,120
Speaker 5: new businesses will apply for new credit, cards and so

1336
01:02:24,320 --> 01:02:25,440
Speaker 5: do they looked.

1337
01:02:25,240 --> 01:02:27,880
Speaker 7: At the same and are how does that? Work are they?

1338
01:02:27,960 --> 01:02:30,600
Speaker 7: Negative are they derogatory if you have a certain amount

1339
01:02:30,680 --> 01:02:30,960
Speaker 7: within a?

1340
01:02:31,040 --> 01:02:32,720
Speaker 9: Year so are you referring to like if they do

1341
01:02:32,840 --> 01:02:34,840
Speaker 9: if you DO pg it and they do run your

1342
01:02:34,840 --> 01:02:37,000
Speaker 9: personal credit and it's for a business, account are you

1343
01:02:37,000 --> 01:02:37,919
Speaker 9: saying does those?

1344
01:02:37,920 --> 01:02:40,400
Speaker 5: EFFECTS i know IF i apply for like five credit,

1345
01:02:40,440 --> 01:02:43,960
Speaker 5: cards WHICH i wouldn't be personally a personal, first, right

1346
01:02:44,000 --> 01:02:47,440
Speaker 5: so ifact that would look at as too many inquiries

1347
01:02:47,720 --> 01:02:49,960
Speaker 5: within a certain amount of. Time Right IF i have

1348
01:02:50,000 --> 01:02:52,680
Speaker 5: a business And i'm applying for credit, cards do those

1349
01:02:52,680 --> 01:02:54,480
Speaker 5: inquiries does it is it look at the?

1350
01:02:54,480 --> 01:02:56,720
Speaker 9: Same, no it is it isn't looked at the same

1351
01:02:56,720 --> 01:02:58,480
Speaker 9: when it comes to business because most of the, times

1352
01:02:58,520 --> 01:02:58,880
Speaker 9: like the.

1353
01:02:58,880 --> 01:03:00,280
Speaker 2: Funding requirements are.

1354
01:03:00,320 --> 01:03:03,360
Speaker 9: Different and you, know but, however when it comes to

1355
01:03:03,400 --> 01:03:06,680
Speaker 9: your personal credit credit card increase way more than installment.

1356
01:03:06,760 --> 01:03:10,120
Speaker 9: Increase so if you're applying for a, car you can

1357
01:03:10,160 --> 01:03:11,520
Speaker 9: apply like if you go to a car like you,

1358
01:03:11,560 --> 01:03:13,520
Speaker 9: know they'll pull they'll run your credit like twenty times

1359
01:03:13,520 --> 01:03:15,600
Speaker 9: for most, people if you don't come already with your,

1360
01:03:15,640 --> 01:03:18,040
Speaker 9: financing those are not counted.

1361
01:03:18,080 --> 01:03:20,120
Speaker 2: INDIVIDUALLY a lot of people freak out when that.

1362
01:03:20,240 --> 01:03:23,520
Speaker 9: Happens but if you are doing if you're applying for

1363
01:03:23,760 --> 01:03:28,200
Speaker 9: installments loans within a fourteen day, timeframe there is something

1364
01:03:28,200 --> 01:03:31,920
Speaker 9: that's called, deduplication which all increase of the same manner

1365
01:03:32,320 --> 01:03:36,160
Speaker 9: will Be basically you're only going to be affected at

1366
01:03:36,160 --> 01:03:38,240
Speaker 9: the weight of. One you'll see all of them on

1367
01:03:38,280 --> 01:03:41,200
Speaker 9: your credit, profile but they're not all individually impacting. You,

1368
01:03:41,600 --> 01:03:43,480
Speaker 9: now when it comes to credit, cards they're the worst

1369
01:03:43,520 --> 01:03:46,160
Speaker 9: type of increase because they every single credit card increy

1370
01:03:46,200 --> 01:03:48,880
Speaker 9: does impact you the. Same BUT i, mean here's the.

1371
01:03:48,920 --> 01:03:51,880
Speaker 9: Thing increies are only worth up to fifty five. Points

1372
01:03:52,240 --> 01:03:55,200
Speaker 9: SO i tell people all the, time people worry about

1373
01:03:55,200 --> 01:03:58,040
Speaker 9: increase more than they worry about paying, history credit, utilization

1374
01:03:58,160 --> 01:04:00,280
Speaker 9: and credit. Age and it's just, like you should not

1375
01:04:00,320 --> 01:04:05,280
Speaker 9: be trying to save or protect your credit increase more

1376
01:04:05,320 --> 01:04:07,080
Speaker 9: than you are building, credit like because a lot of

1377
01:04:07,080 --> 01:04:08,920
Speaker 9: people will not build credit because they're scared of.

1378
01:04:08,960 --> 01:04:10,920
Speaker 2: Increase and it's just, like so you're going to.

1379
01:04:12,360 --> 01:04:15,080
Speaker 9: You care more about ten percent of your credit profile

1380
01:04:15,160 --> 01:04:18,600
Speaker 9: than collectively seventy five percent of your. Profile that doesn't make.

1381
01:04:18,640 --> 01:04:20,800
Speaker 9: Sense when you're building, credit you're going to get. INCREASED

1382
01:04:21,080 --> 01:04:23,640
Speaker 9: i DON'T i don't care about increase, ever because if

1383
01:04:23,640 --> 01:04:25,920
Speaker 9: you have a great credit, profile they will never affect.

1384
01:04:25,960 --> 01:04:29,160
Speaker 9: You there has never in the history of ever where you,

1385
01:04:29,280 --> 01:04:35,160
Speaker 9: were was someone denied solely for. Increase and people convince

1386
01:04:35,200 --> 01:04:37,600
Speaker 9: themselves that the increase is what caused the, Denial, like,

1387
01:04:37,680 --> 01:04:41,320
Speaker 9: no you were denied because you have a lay payment OR,

1388
01:04:41,960 --> 01:04:44,440
Speaker 9: X y and. Z a bank is not going to

1389
01:04:44,600 --> 01:04:47,880
Speaker 9: deny you solely because of an. Increy if your credit

1390
01:04:47,920 --> 01:04:51,480
Speaker 9: profile qualifies for the card or, account they will be

1391
01:04:51,520 --> 01:04:53,360
Speaker 9: they would be. CRAZY a bank wants you, to you,

1392
01:04:53,360 --> 01:04:56,440
Speaker 9: know of, course borrow the money from. Them and if

1393
01:04:56,480 --> 01:04:59,000
Speaker 9: you are denied for an, increy you can always get a.

1394
01:04:59,040 --> 01:05:02,400
Speaker 4: Reconsideration so how many credit cards should you?

1395
01:05:02,400 --> 01:05:05,120
Speaker 2: Have depending on your?

1396
01:05:05,120 --> 01:05:10,040
Speaker 9: Goals SO i for the everyday average, PERSON i would say,

1397
01:05:10,200 --> 01:05:12,640
Speaker 9: YOU i will always recommend everyone to have an every

1398
01:05:12,680 --> 01:05:15,160
Speaker 9: day credit. Card and that's just a credit card where

1399
01:05:15,160 --> 01:05:18,240
Speaker 9: you put all of your everyday, expenses, food, groceries all of.

1400
01:05:18,240 --> 01:05:21,320
Speaker 9: That so get a credit card hopefully that has a

1401
01:05:21,360 --> 01:05:25,120
Speaker 9: aroart program set up that lends to every day living

1402
01:05:25,280 --> 01:05:28,000
Speaker 9: like The City, premiere A Mix gold or something like.

1403
01:05:28,040 --> 01:05:30,440
Speaker 9: That and then you should always have an emergency credit,

1404
01:05:30,440 --> 01:05:32,160
Speaker 9: card so a card that you can go to for.

1405
01:05:32,240 --> 01:05:34,720
Speaker 9: Emergencies you don't really spend on this card a, lot

1406
01:05:35,120 --> 01:05:37,959
Speaker 9: it's solely for. Emergencies this is these are the cars

1407
01:05:38,000 --> 01:05:39,720
Speaker 9: that are best for. Emergency cars are going to Be

1408
01:05:40,120 --> 01:05:42,880
Speaker 9: Credit union cards because they have the lowest interest. Rates

1409
01:05:44,000 --> 01:05:46,400
Speaker 9: and then you can have an you can have a

1410
01:05:46,440 --> 01:05:49,880
Speaker 9: car for just like your personal spending in terms of

1411
01:05:50,000 --> 01:05:52,720
Speaker 9: just like like your three to six month goals or

1412
01:05:53,120 --> 01:05:57,600
Speaker 9: any large, purchases a car that, grows so you really

1413
01:05:57,600 --> 01:06:00,920
Speaker 9: can get by in life with three credit. CARDS i have,

1414
01:06:01,080 --> 01:06:04,439
Speaker 9: more but for the everyday Average, american like three credit

1415
01:06:04,520 --> 01:06:05,120
Speaker 9: cards to me is.

1416
01:06:05,160 --> 01:06:09,400
Speaker 5: Perfect so when you said, that IF i went To

1417
01:06:09,560 --> 01:06:12,080
Speaker 5: creditcomer and all these other sites credit says to meet

1418
01:06:12,080 --> 01:06:15,320
Speaker 5: credit dot, Com they're not gonna give me the most accurate, number,

1419
01:06:15,400 --> 01:06:18,160
Speaker 5: Right they'll give me a testing is the most accurate

1420
01:06:18,200 --> 01:06:20,880
Speaker 5: place to get your credit or track your cap follow

1421
01:06:20,920 --> 01:06:23,000
Speaker 5: it because a lot of people would like to do.

1422
01:06:23,040 --> 01:06:24,320
Speaker 7: That is? It is it myfycael dot?

1423
01:06:24,360 --> 01:06:26,920
Speaker 9: Com, yes my faco or even, experience and experience is.

1424
01:06:26,960 --> 01:06:29,880
Speaker 9: Cheaper shout out To. Experience they're cheaper and you get

1425
01:06:29,880 --> 01:06:30,479
Speaker 9: all of Your fyco.

1426
01:06:30,520 --> 01:06:33,440
Speaker 4: Scores so, yes how often should you check your?

1427
01:06:33,480 --> 01:06:36,920
Speaker 9: CREDIT i, MEAN i, SO i mean you should have

1428
01:06:37,000 --> 01:06:39,920
Speaker 9: credit monitoring act of you, know and there are so

1429
01:06:39,960 --> 01:06:42,440
Speaker 9: many free apps you can monitor your credit based on

1430
01:06:42,440 --> 01:06:42,880
Speaker 9: your vantage.

1431
01:06:42,880 --> 01:06:44,840
Speaker 2: Score but if you want to know where you stand

1432
01:06:44,920 --> 01:06:45,440
Speaker 2: in terms.

1433
01:06:45,280 --> 01:06:48,240
Speaker 9: Of, FYCO i would say check every quarter at least

1434
01:06:48,960 --> 01:06:52,520
Speaker 9: You everyone should print out or at least download their

1435
01:06:52,520 --> 01:06:56,200
Speaker 9: official credit reports at least once a, year if not

1436
01:06:56,320 --> 01:06:58,440
Speaker 9: every six, months and it's free if you go to

1437
01:06:58,480 --> 01:07:01,080
Speaker 9: Annual credit report dot. Com it is a musk that

1438
01:07:01,160 --> 01:07:03,360
Speaker 9: you know what's on your credit, profile especially if you

1439
01:07:03,360 --> 01:07:06,600
Speaker 9: are trying to improve your credit or challenge your credit.

1440
01:07:06,640 --> 01:07:10,560
Speaker 9: Accounts do not challenge solely off credit monitoring credit. Monitoring,

1441
01:07:10,960 --> 01:07:14,680
Speaker 9: rather that's My fyco experience credit. Carmer they only really

1442
01:07:14,920 --> 01:07:16,920
Speaker 9: have a history of the last two years of the.

1443
01:07:16,920 --> 01:07:20,320
Speaker 9: Account there are so, like there are so many missed

1444
01:07:20,360 --> 01:07:23,320
Speaker 9: opportunities that you can use to challenge that. Account if

1445
01:07:23,320 --> 01:07:25,960
Speaker 9: you're challenging your, accounts that is going to be only

1446
01:07:26,000 --> 01:07:29,080
Speaker 9: found on your official credit reports on not on not

1447
01:07:29,160 --> 01:07:30,120
Speaker 9: on credit monitoring.

1448
01:07:30,160 --> 01:07:33,360
Speaker 7: APPS i actually have a credit. Card that's the subscription

1449
01:07:33,480 --> 01:07:35,200
Speaker 7: to my. Fycle oh oh.

1450
01:07:35,080 --> 01:07:35,760
Speaker 2: Well that's, yeah that's.

1451
01:07:35,800 --> 01:07:38,200
Speaker 9: GOOD a lot of companies now are starting to OFFER,

1452
01:07:38,280 --> 01:07:40,240
Speaker 9: fio which is good because most they.

1453
01:07:40,120 --> 01:07:41,480
Speaker 7: Were, yeah thirty.

1454
01:07:41,800 --> 01:07:47,200
Speaker 9: Month yeah, See i'm grandfather into the twenty nine ninety nine,

1455
01:07:47,200 --> 01:07:48,800
Speaker 9: plan So i'm.

1456
01:07:48,640 --> 01:07:52,680
Speaker 2: Like they're up to forty now. Though, wow, YEAH i.

1457
01:07:52,800 --> 01:07:53,360
Speaker 7: Can't do it.

1458
01:07:55,040 --> 01:08:00,600
Speaker 4: Well wealth of, Information so talk about your business and

1459
01:08:00,640 --> 01:08:02,560
Speaker 4: how you help people before we leave The.

1460
01:08:03,040 --> 01:08:06,680
Speaker 9: Yeah, so roll to seven fifty is an online financial education,

1461
01:08:06,760 --> 01:08:10,880
Speaker 9: Platform SO i specialize in just educating about credit and

1462
01:08:10,920 --> 01:08:13,640
Speaker 9: through the education of, credit you can utilize those tools

1463
01:08:13,960 --> 01:08:17,719
Speaker 9: to repair your credit and fix it ethically, legally because

1464
01:08:17,760 --> 01:08:20,200
Speaker 9: that is so important to me to not get caught

1465
01:08:20,280 --> 01:08:23,280
Speaker 9: up in the matrix of what credit repair has become

1466
01:08:23,320 --> 01:08:26,960
Speaker 9: on social media and trying to find short term fixes

1467
01:08:27,000 --> 01:08:28,760
Speaker 9: to your credit to just get a, car get a credit.

1468
01:08:28,840 --> 01:08:32,400
Speaker 9: Card if you truly want quality credit and want your

1469
01:08:32,400 --> 01:08:35,920
Speaker 9: credit profile that'll translate across all of your credit and fycal,

1470
01:08:35,960 --> 01:08:38,719
Speaker 9: scores buy a house and all of, that then follow

1471
01:08:38,760 --> 01:08:41,599
Speaker 9: me at roll to seven fifty plus On. Instagram i'm

1472
01:08:41,640 --> 01:08:45,920
Speaker 9: on TikTok a all the sites AND i get free

1473
01:08:46,120 --> 01:08:50,720
Speaker 9: financial education daily. Free if you want specialized help in

1474
01:08:50,920 --> 01:08:53,440
Speaker 9: repairing your, credit THEN i Have Credit, academy.

1475
01:08:53,080 --> 01:08:55,479
Speaker 2: Which is my, baby but it is a my membership

1476
01:08:55,479 --> 01:08:55,880
Speaker 2: group THAT i.

1477
01:08:55,920 --> 01:08:58,160
Speaker 9: Started it is thirty nine and none a, month and

1478
01:08:58,200 --> 01:09:00,599
Speaker 9: you will not only repair your, credit but you'll also

1479
01:09:02,880 --> 01:09:05,760
Speaker 9: you will also establish your credit or build your credit

1480
01:09:05,840 --> 01:09:09,240
Speaker 9: or rebuild wherever you are in the. Process so we

1481
01:09:09,360 --> 01:09:13,200
Speaker 9: focus on both portions of credit repair or credit, restoration

1482
01:09:13,520 --> 01:09:15,720
Speaker 9: which is repairing but also, building because you can't do

1483
01:09:15,760 --> 01:09:18,479
Speaker 9: one without the. Other and, yes So Credit academy is.

1484
01:09:18,479 --> 01:09:19,519
Speaker 2: Available you can go to.

1485
01:09:19,600 --> 01:09:22,000
Speaker 9: Road the seven fifty do net and, yes it's following

1486
01:09:22,000 --> 01:09:24,040
Speaker 9: me on all. Platforms you'll see me down your. Timeline

1487
01:09:24,040 --> 01:09:25,880
Speaker 9: probably there you have.

1488
01:09:25,960 --> 01:09:28,120
Speaker 4: It thank you for joining, Us thank, you thank you

1489
01:09:28,280 --> 01:09:30,280
Speaker 4: and for sure and thank you for again for coming

1490
01:09:30,280 --> 01:09:33,120
Speaker 4: to all the. Events, YEAH i think the audience definitely

1491
01:09:33,120 --> 01:09:36,360
Speaker 4: got a lot of benefit from every, time SO i

1492
01:09:36,520 --> 01:09:39,200
Speaker 4: greatly appreciate. It appreciate you shouting down mea thank you.

1493
01:09:39,200 --> 01:09:40,360
Speaker 4: Guys brock on to see you next.

1494
01:09:40,360 --> 01:09:45,720
Speaker 1: Week an illegal alien From guatemala charged with raping a

1495
01:09:45,800 --> 01:09:49,280
Speaker 1: child In. Massachusetts AN ms thirteen gang member From El

1496
01:09:49,400 --> 01:09:54,200
Speaker 1: salvador accused of murdering A texas man Of venezuelan charged

1497
01:09:54,240 --> 01:09:58,120
Speaker 1: with filming and selling child pornography In. Michigan these are

1498
01:09:58,200 --> 01:10:01,680
Speaker 1: just some of the heinous migrants criminals caught because Of

1499
01:10:01,720 --> 01:10:02,439
Speaker 1: President DONALD.

1500
01:10:02,520 --> 01:10:03,040
Speaker 2: J trump's.

1501
01:10:03,120 --> 01:10:06,960
Speaker 1: Leadership I'm Christy, noman The United States secretary Of Homeland.

1502
01:10:07,000 --> 01:10:11,479
Speaker 1: Security Under President, trump attempted illegal border crossings are at

1503
01:10:11,520 --> 01:10:15,120
Speaker 1: the lowest levels ever, recorded and over one hundred thousand

1504
01:10:15,160 --> 01:10:18,640
Speaker 1: illegal aliens have been. Arrested if you are here, illegally

1505
01:10:19,160 --> 01:10:22,519
Speaker 1: your next you will be fine nearly one thousand dollars a,

1506
01:10:22,640 --> 01:10:26,880
Speaker 1: day imprisoned and, deported you will never. Return but if

1507
01:10:26,880 --> 01:10:30,280
Speaker 1: you register using OUR cbp home app and leave, now

1508
01:10:30,640 --> 01:10:33,400
Speaker 1: you could be allowed to return. Legally do what's.

1509
01:10:33,520 --> 01:10:34,599
Speaker 2: Right leave.

1510
01:10:34,800 --> 01:10:39,760
Speaker 1: Now Under President, Trump america's, laws border and families will be.

1511
01:10:39,800 --> 01:10:42,120
Speaker 3: Protected sponsored by The United States department Of Homeland.

1512
01:10:42,120 --> 01:10:42,519
Speaker 4: Security