1 00:00:00,040 --> 00:00:03,600 Speaker 1: An illegal alien from Guatemala charged with raping a child 2 00:00:03,680 --> 00:00:07,480 Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador 3 00:00:07,720 --> 00:00:11,840 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 4 00:00:11,920 --> 00:00:15,840 Speaker 1: filming and selling child pornography in Michigan. These are just 5 00:00:15,920 --> 00:00:19,680 Speaker 1: some of the heinous migrant criminals caught because of President 6 00:00:19,720 --> 00:00:23,320 Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States 7 00:00:23,320 --> 00:00:28,120 Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border 8 00:00:28,160 --> 00:00:31,680 Speaker 1: crossings are at the lowest levels ever recorded, and over 9 00:00:31,760 --> 00:00:34,960 Speaker 1: one hundred thousand illegal aliens have been arrested. If you 10 00:00:35,040 --> 00:00:38,920 Speaker 1: are here illegally, your next you will be fined nearly 11 00:00:39,000 --> 00:00:43,000 Speaker 1: one thousand dollars a day, imprisoned, and deported. You will 12 00:00:43,040 --> 00:00:46,680 Speaker 1: never return. But if you register using our CBP home 13 00:00:46,720 --> 00:00:50,120 Speaker 1: app and leave now, you could be allowed to return legally. 14 00:00:50,479 --> 00:00:55,240 Speaker 1: Do what's right. Leave now. Under President Trump, America's laws, 15 00:00:55,400 --> 00:00:57,840 Speaker 1: border and families will be protected. 16 00:00:57,920 --> 00:01:03,200 Speaker 2: Sponsored by the United States Department of Homeland Security. 17 00:01:06,720 --> 00:01:08,800 Speaker 3: All right, guys, So a lot of people asks us 18 00:01:08,800 --> 00:01:10,520 Speaker 3: how do they make a podcast? So I'm let you 19 00:01:10,680 --> 00:01:14,840 Speaker 3: on a secret on the easiest, most productive way to 20 00:01:14,959 --> 00:01:17,360 Speaker 3: start a podcast and get it up and running. And 21 00:01:17,400 --> 00:01:20,880 Speaker 3: that is the app called Anchor is free. They have 22 00:01:20,959 --> 00:01:23,120 Speaker 3: all kinds of cool creation tools that allow you to 23 00:01:23,200 --> 00:01:26,040 Speaker 3: record and edit your podcast right from your phone a computer. 24 00:01:26,480 --> 00:01:28,800 Speaker 3: They will distribute your podcast for you to all of 25 00:01:28,840 --> 00:01:33,000 Speaker 3: the major outlets including Spotify, Apple, Google, manymore, and you 26 00:01:33,040 --> 00:01:36,160 Speaker 3: can make money from your podcast with no minimum listenership. 27 00:01:36,400 --> 00:01:39,280 Speaker 3: It's everything you need to make a podcast in one simple, 28 00:01:39,400 --> 00:01:43,120 Speaker 3: easy place. So if you're interested in starting a podcast, 29 00:01:43,480 --> 00:01:47,480 Speaker 3: go download the free Anchor app or go to anchor 30 00:01:47,640 --> 00:01:49,520 Speaker 3: dot fm to get started. 31 00:01:49,600 --> 00:01:50,160 Speaker 4: Let's do it. 32 00:01:55,640 --> 00:02:00,559 Speaker 5: My graduates from my school being forts bad drop bags 33 00:02:00,640 --> 00:02:03,960 Speaker 5: drop might drop bag drop drop. 34 00:02:14,240 --> 00:02:17,440 Speaker 3: You talked about FCO score, right, can you just explain 35 00:02:17,680 --> 00:02:18,120 Speaker 3: the FIGHTO. 36 00:02:18,440 --> 00:02:20,799 Speaker 4: So FCO is fair Isaac credit company. They don't want 37 00:02:20,800 --> 00:02:23,600 Speaker 4: to creates the whole score from all three viewers for you. 38 00:02:23,919 --> 00:02:26,440 Speaker 4: They use the latest advantage. It will advantage ten vantage 39 00:02:26,480 --> 00:02:28,760 Speaker 4: a that we're using that advantage ten. They use the 40 00:02:28,840 --> 00:02:30,399 Speaker 4: latest vantage. So what is it? What is that? Because 41 00:02:30,400 --> 00:02:32,160 Speaker 4: people might not know what So it's the way the 42 00:02:32,240 --> 00:02:34,720 Speaker 4: scores created the data that's put into the score. So 43 00:02:35,040 --> 00:02:40,120 Speaker 4: they don't pick every single like let's say your marketing 44 00:02:40,160 --> 00:02:42,720 Speaker 4: spress card. Certain cards they pick up and they create 45 00:02:42,760 --> 00:02:44,880 Speaker 4: the score. So the department that's why I speak about 46 00:02:44,880 --> 00:02:46,760 Speaker 4: department store card. They don't have your credit that much, 47 00:02:47,280 --> 00:02:49,040 Speaker 4: So stay away from them, stay into the visa, the 48 00:02:49,080 --> 00:02:50,560 Speaker 4: master guards and so forth. Those are the ones that 49 00:02:50,639 --> 00:02:52,840 Speaker 4: create the scores for you. And then your payment history, 50 00:02:52,880 --> 00:02:56,119 Speaker 4: how much new credit you have, utilization, that's all that's 51 00:02:56,120 --> 00:02:56,960 Speaker 4: calculated to it. 52 00:02:57,200 --> 00:03:00,920 Speaker 3: Okay, okay, so all right, So as far as like, 53 00:03:01,000 --> 00:03:05,720 Speaker 3: there's different factors that determine your credit score, right right, correct? 54 00:03:05,960 --> 00:03:08,040 Speaker 3: What is some of the key fact is that people 55 00:03:08,120 --> 00:03:08,880 Speaker 3: should be aware of. 56 00:03:09,720 --> 00:03:11,920 Speaker 4: One of the major factors I see this on everyone's 57 00:03:11,919 --> 00:03:14,840 Speaker 4: credit report is utilization. Just like you were talking about. 58 00:03:15,320 --> 00:03:17,720 Speaker 4: You know, you need to keep your utilization under thirty percent. 59 00:03:17,960 --> 00:03:20,480 Speaker 4: Once you start hitting thirty one thirty two percent of 60 00:03:20,520 --> 00:03:23,760 Speaker 4: that utilization, your score drops significantly and it takes two 61 00:03:23,760 --> 00:03:25,840 Speaker 4: months two billion cycles for it to go up unless 62 00:03:25,880 --> 00:03:28,240 Speaker 4: you call the bank, like you didn't ask them just 63 00:03:28,240 --> 00:03:30,040 Speaker 4: to do a courtesy for you. A lot of people 64 00:03:30,040 --> 00:03:31,679 Speaker 4: don't know how to do that, right or they don't 65 00:03:31,680 --> 00:03:33,680 Speaker 4: know they could do that. So one of them is 66 00:03:34,480 --> 00:03:38,040 Speaker 4: keep the utilization very low thirty percent or below. Let's see, 67 00:03:38,040 --> 00:03:42,200 Speaker 4: you have five cards and excuse me, and you instead 68 00:03:42,200 --> 00:03:44,560 Speaker 4: of putting all the charges on one card, split it 69 00:03:44,600 --> 00:03:47,040 Speaker 4: across three cards to keep it under thirty percent. Your 70 00:03:47,040 --> 00:03:50,480 Speaker 4: score will stay high. Second thing is increase six increases 71 00:03:50,520 --> 00:03:53,080 Speaker 4: a year. If you do more than that, your score 72 00:03:53,160 --> 00:03:57,320 Speaker 4: drops each increase two point five points. Right, and banks 73 00:03:57,720 --> 00:04:00,040 Speaker 4: only give you what this the other banks give you 74 00:04:00,040 --> 00:04:02,480 Speaker 4: you apply for in your scenario, if you do that now, 75 00:04:02,560 --> 00:04:03,720 Speaker 4: it would have been hard for you to get all 76 00:04:03,760 --> 00:04:06,680 Speaker 4: those cards, right because banks are tight on giving our credit. 77 00:04:07,640 --> 00:04:09,200 Speaker 4: So banks won't give you what this the other banks 78 00:04:09,200 --> 00:04:10,800 Speaker 4: will give you. So let's say you apply for City 79 00:04:10,840 --> 00:04:13,240 Speaker 4: Bank or Chase today. You got to deny it. There's 80 00:04:13,240 --> 00:04:15,760 Speaker 4: an incre there. If a bank don't see a card 81 00:04:15,840 --> 00:04:18,320 Speaker 4: open up, they're not going to extend your credit to you, right, 82 00:04:18,440 --> 00:04:19,520 Speaker 4: So new credit. 83 00:04:19,560 --> 00:04:22,599 Speaker 3: All right, So thirty percent. So if you have ten 84 00:04:22,640 --> 00:04:24,919 Speaker 3: thousand dollars in credit available, only use three thousand. 85 00:04:24,960 --> 00:04:25,239 Speaker 4: Correct. 86 00:04:25,560 --> 00:04:26,360 Speaker 3: That's pretty much. 87 00:04:26,240 --> 00:04:29,400 Speaker 4: Ah not with one last thing. Also, like if you're 88 00:04:29,400 --> 00:04:32,039 Speaker 4: trying to build your score and you're in the six fifty, 89 00:04:32,040 --> 00:04:34,640 Speaker 4: you're lingering around the six to fifty range. You shouldn't 90 00:04:34,640 --> 00:04:36,640 Speaker 4: pay off your card in full every month because the 91 00:04:36,680 --> 00:04:38,400 Speaker 4: bank needs to make the bank needs to make a 92 00:04:38,400 --> 00:04:40,839 Speaker 4: little bit of interest off of you to report okay 93 00:04:40,839 --> 00:04:43,880 Speaker 4: on your credit report. Correct, it's only until you're like 94 00:04:43,920 --> 00:04:45,920 Speaker 4: a seven to fifty a highest score you can pay 95 00:04:45,920 --> 00:04:47,760 Speaker 4: your card off in full because your score is already built. 96 00:04:48,120 --> 00:04:49,600 Speaker 4: But if you're in the six fifteen, you're trying to 97 00:04:49,640 --> 00:04:51,560 Speaker 4: raise it, don't pay the card off. 98 00:04:51,680 --> 00:04:53,840 Speaker 3: Can you just explain that, because that's actually the first 99 00:04:53,880 --> 00:04:55,919 Speaker 3: time I'm hearing that in detail. 100 00:04:56,000 --> 00:04:58,000 Speaker 4: Like, so you don't pay off the credit card on 101 00:04:58,120 --> 00:04:59,840 Speaker 4: full every month like every other month. You could pay 102 00:04:59,839 --> 00:05:02,360 Speaker 4: it off from the fall. Why not very well, because 103 00:05:02,400 --> 00:05:05,440 Speaker 4: the bank wouldn't report okay on the credit report. On 104 00:05:05,560 --> 00:05:07,960 Speaker 4: the slot that says okay, it'll say no data okay. 105 00:05:08,080 --> 00:05:10,520 Speaker 4: No data is like no credit okay. So you had 106 00:05:10,600 --> 00:05:11,960 Speaker 4: like trick the system that will make a little bit 107 00:05:11,960 --> 00:05:13,320 Speaker 4: of interest off for you. Because remember the bank's in 108 00:05:13,320 --> 00:05:16,280 Speaker 4: the business of making money, right, right, and that's why 109 00:05:16,279 --> 00:05:17,280 Speaker 4: they charge these interest rates. 110 00:05:17,320 --> 00:05:19,560 Speaker 2: So they want to see that your valued customer over 111 00:05:19,600 --> 00:05:21,359 Speaker 2: a period of time exactly, right. So if I have 112 00:05:21,400 --> 00:05:23,880 Speaker 2: a thousand dollars and I matched out a thousand and 113 00:05:23,920 --> 00:05:26,640 Speaker 2: I pay a thousand, that's not really showing anything. 114 00:05:26,360 --> 00:05:28,440 Speaker 4: Exactly, and that's not helping them to there, not making money. 115 00:05:28,760 --> 00:05:30,760 Speaker 4: So there's no sentence. So I'm to report, okay, on 116 00:05:30,800 --> 00:05:32,120 Speaker 4: the credit bord you have the report to have a 117 00:05:32,200 --> 00:05:34,680 Speaker 4: zero balance, but you don't have that that okay, that 118 00:05:34,800 --> 00:05:37,840 Speaker 4: green mark on your credit board is it is no data, okay. 119 00:05:37,920 --> 00:05:39,800 Speaker 4: And then the way you see that is actually from 120 00:05:39,800 --> 00:05:42,000 Speaker 4: the credit report from the viewers. You wouldn't see it 121 00:05:42,000 --> 00:05:44,320 Speaker 4: on like a mortgage report or on your ownline report. 122 00:05:44,320 --> 00:05:46,159 Speaker 4: It's when you pull then actual report from the viewers 123 00:05:46,240 --> 00:05:47,000 Speaker 4: is when you see that. 124 00:05:47,400 --> 00:05:49,159 Speaker 3: All right. All right, So now all right, so you 125 00:05:49,200 --> 00:05:51,719 Speaker 3: got some framework and then you got some interesting stories 126 00:05:51,720 --> 00:05:53,039 Speaker 3: to me and troub. But now we're gonna we're going 127 00:05:53,080 --> 00:05:55,400 Speaker 3: to dive deep into the the to the world of 128 00:05:55,480 --> 00:05:58,640 Speaker 3: credit and yeah, we're gonna hopefully drop some gyms that 129 00:05:58,680 --> 00:06:01,640 Speaker 3: can say if you guys, a lot of time and money. 130 00:06:01,560 --> 00:06:02,279 Speaker 6: Depends the paths. 131 00:06:02,279 --> 00:06:03,920 Speaker 2: Get ready, all right, So now we're going to get 132 00:06:03,920 --> 00:06:06,840 Speaker 2: into the part that most people aren't aware of on 133 00:06:06,839 --> 00:06:09,520 Speaker 2: their credit card that are actually happening. But you know, 134 00:06:09,600 --> 00:06:11,880 Speaker 2: when you make a late payment, or you miss a payment, 135 00:06:11,960 --> 00:06:15,240 Speaker 2: or you miss a few there's something that's called a derogatory. 136 00:06:15,360 --> 00:06:17,640 Speaker 4: That's correct, that's god. 137 00:06:17,839 --> 00:06:20,120 Speaker 2: Could you want to explain the impact that that has 138 00:06:20,120 --> 00:06:21,040 Speaker 2: and some examples of it. 139 00:06:21,160 --> 00:06:24,600 Speaker 4: Well, the derogatory session. Everyone has that on a credit report, right, 140 00:06:24,680 --> 00:06:26,400 Speaker 4: So what do you make a late payment? And by 141 00:06:26,400 --> 00:06:28,880 Speaker 4: the way, the way they report late payments these days 142 00:06:28,880 --> 00:06:32,039 Speaker 4: have changed because back then right after thirty days the 143 00:06:32,080 --> 00:06:33,599 Speaker 4: next day you were late. Now to give you a 144 00:06:33,600 --> 00:06:35,880 Speaker 4: thirty day grace period. But if the payment is not 145 00:06:35,920 --> 00:06:38,719 Speaker 4: made before five pm the twenty ninth of the next month, 146 00:06:39,160 --> 00:06:42,080 Speaker 4: then you get reported the first thirty days. That's a derogatory, 147 00:06:42,240 --> 00:06:45,240 Speaker 4: right collections charge off. Let's say you had a credit 148 00:06:45,320 --> 00:06:47,720 Speaker 4: card for five six years. You know you were paying 149 00:06:47,800 --> 00:06:50,480 Speaker 4: for three four years, you ran into a hardship, you missed, 150 00:06:50,560 --> 00:06:52,400 Speaker 4: you couldn't keep up with the payments anymore, you miss 151 00:06:52,920 --> 00:06:54,880 Speaker 4: six months of payments, it gets charged off. That's a 152 00:06:54,920 --> 00:07:00,760 Speaker 4: derogatory Public records lawsuits judgments to the loans follow on 153 00:07:00,760 --> 00:07:03,240 Speaker 4: there as well. Yes, absolutely, because one here's the thing 154 00:07:03,240 --> 00:07:08,080 Speaker 4: about student loans. Everyone keeps deferring the student loans and 155 00:07:08,520 --> 00:07:10,440 Speaker 4: that's actually you shouldn't be doing that. You should at 156 00:07:10,520 --> 00:07:12,240 Speaker 4: least try to make some sort of payment plan with them. 157 00:07:12,280 --> 00:07:15,280 Speaker 4: Because now one it affects your credit, your DTI because 158 00:07:15,320 --> 00:07:17,360 Speaker 4: let's see, you think out six thousand, you defer it 159 00:07:17,400 --> 00:07:20,360 Speaker 4: for five years. Now your loan is ten thousand. Now 160 00:07:20,360 --> 00:07:24,040 Speaker 4: you're upside down with the loan one two your lay payments. Also, 161 00:07:24,400 --> 00:07:28,040 Speaker 4: the report on the credit bord is the derolatory if 162 00:07:28,040 --> 00:07:31,520 Speaker 4: you miss the lay payment. So I don't suggest anyone 163 00:07:31,520 --> 00:07:33,560 Speaker 4: try to put the payment in deferment for too long, 164 00:07:34,000 --> 00:07:37,320 Speaker 4: but if you have to make sure you don't have 165 00:07:37,360 --> 00:07:39,160 Speaker 4: a gap where it comes out of deferment and you're 166 00:07:39,160 --> 00:07:40,640 Speaker 4: supposed to make a payment and go back into the 167 00:07:40,640 --> 00:07:42,280 Speaker 4: deferment heed to avoid that. 168 00:07:42,480 --> 00:07:45,120 Speaker 2: Yeah, it's tough because I mean we covered it pretty extensively, 169 00:07:45,200 --> 00:07:51,320 Speaker 2: Like we have millions of Americans that are trained industry, 170 00:07:51,400 --> 00:07:54,280 Speaker 2: and it's like, you know, the first thing is like deferment, 171 00:07:54,320 --> 00:07:56,920 Speaker 2: but it only lasts six to twelve months, right, and 172 00:07:56,960 --> 00:07:58,960 Speaker 2: that that can affect you long term, right when it's 173 00:07:58,960 --> 00:08:01,440 Speaker 2: time for you to now get the home like student 174 00:08:01,520 --> 00:08:04,520 Speaker 2: loan payment as effected, you try to get the car student, right, 175 00:08:04,560 --> 00:08:06,640 Speaker 2: they're going to see that on that derogatory. 176 00:08:06,200 --> 00:08:08,640 Speaker 4: Because they calculate the monthly payment into your income. Right. 177 00:08:08,720 --> 00:08:11,040 Speaker 4: So let's say you know you only make I don't know, 178 00:08:11,080 --> 00:08:14,840 Speaker 4: two thousand dollars a month or bi weekly whatever, and 179 00:08:14,880 --> 00:08:17,720 Speaker 4: your monthly payments are all your expense including rent, food whatever, 180 00:08:18,160 --> 00:08:21,920 Speaker 4: not that food, sorry, rent bills, credit cards, it's fifteen hundred. 181 00:08:22,360 --> 00:08:24,520 Speaker 4: Now you add your student loans in there. Now you 182 00:08:24,600 --> 00:08:26,480 Speaker 4: only have two hundred dollars left. How are you going 183 00:08:26,520 --> 00:08:28,560 Speaker 4: to get get more extra? You aren't gonna come in, 184 00:08:28,600 --> 00:08:30,760 Speaker 4: you know. So it's a debt that you really don't 185 00:08:30,840 --> 00:08:33,520 Speaker 4: want to carry with you, but we have to if 186 00:08:33,559 --> 00:08:34,760 Speaker 4: you want to try to at least make some kind 187 00:08:34,800 --> 00:08:35,679 Speaker 4: of payment towards it. 188 00:08:35,920 --> 00:08:39,520 Speaker 3: So what do the derogatories? Okay, so some of the 189 00:08:39,600 --> 00:08:42,280 Speaker 3: common derogatory items are late payment. 190 00:08:42,120 --> 00:08:45,120 Speaker 4: Late payments, credit cards. Even I did a video about 191 00:08:45,160 --> 00:08:47,280 Speaker 4: when you move out of your apartment, how to exit 192 00:08:47,320 --> 00:08:50,920 Speaker 4: your apartment. Your Verizon bill, your contact is some bill, 193 00:08:51,080 --> 00:08:52,839 Speaker 4: all that goes on your credit board. There's a way 194 00:08:52,880 --> 00:08:54,920 Speaker 4: to shut everything off before you walk at that apartment 195 00:08:54,960 --> 00:08:57,240 Speaker 4: so it doesn't travel. So what's the way that you 196 00:08:57,280 --> 00:08:59,920 Speaker 4: So basically, make a checklist of everything that you have 197 00:09:00,160 --> 00:09:02,720 Speaker 4: when you were living in an apartment, cable, phone, water 198 00:09:02,800 --> 00:09:05,080 Speaker 4: or whatever. A week before you move out, you're supposed 199 00:09:05,120 --> 00:09:06,680 Speaker 4: to call those company and let them know you're leaving, 200 00:09:07,240 --> 00:09:09,760 Speaker 4: to disconnect the service on this date and send you 201 00:09:09,800 --> 00:09:11,959 Speaker 4: the bill. Right, a lot of people just walk out 202 00:09:12,000 --> 00:09:15,160 Speaker 4: and leave everything the Verizon bill capabill. You're supposed to 203 00:09:15,160 --> 00:09:17,560 Speaker 4: return those boxes. If you don't, you get triged. You're 204 00:09:17,559 --> 00:09:19,480 Speaker 4: renting those boxes, you don't own them. That's a stupid 205 00:09:19,480 --> 00:09:21,000 Speaker 4: way of having a debt on your credit report to 206 00:09:21,080 --> 00:09:24,040 Speaker 4: mess your credit up. Right, you can just return the boxes, 207 00:09:24,080 --> 00:09:24,960 Speaker 4: play the final bill. 208 00:09:25,080 --> 00:09:26,320 Speaker 6: Right, Yeah, for sure? 209 00:09:26,360 --> 00:09:28,120 Speaker 4: So all right, So what the support serving? 210 00:09:28,400 --> 00:09:28,600 Speaker 6: Yeah? 211 00:09:29,840 --> 00:09:30,760 Speaker 3: What about taxling? 212 00:09:31,200 --> 00:09:34,480 Speaker 4: So taxling shows up on your credit but it was 213 00:09:34,559 --> 00:09:36,480 Speaker 4: up to two years ago. They stopped reporting it, but 214 00:09:36,559 --> 00:09:38,960 Speaker 4: it stays in the public record. So let's see applying 215 00:09:38,960 --> 00:09:41,440 Speaker 4: for a mortgage, when they pull for your mortgage report, 216 00:09:41,480 --> 00:09:43,960 Speaker 4: they put a Lexus nexus. Your taxis show up there, 217 00:09:44,160 --> 00:09:46,800 Speaker 4: so it can affect you from getting the mortgage, but 218 00:09:46,840 --> 00:09:48,679 Speaker 4: it's not in your credit report anymore, but it stays 219 00:09:48,679 --> 00:09:51,600 Speaker 4: in public record. What's Lexus? Next? Is a company out 220 00:09:51,600 --> 00:09:55,920 Speaker 4: in Atlanta that carries all public record data for everyone. Okay, okay, 221 00:09:56,040 --> 00:09:57,920 Speaker 4: for all the court system, bankruptcies, everything. 222 00:09:58,160 --> 00:10:00,680 Speaker 3: So what about credit card judgments? Of people have credit 223 00:10:00,720 --> 00:10:01,440 Speaker 3: card judgments? 224 00:10:01,640 --> 00:10:04,560 Speaker 4: Oh, man, listen, that's a good topic. And how that happens. 225 00:10:05,800 --> 00:10:08,480 Speaker 4: You know, Let's say you have a credit card. I 226 00:10:08,520 --> 00:10:10,120 Speaker 4: go back to Chase because I did with them every day. 227 00:10:10,160 --> 00:10:10,280 Speaker 6: Right. 228 00:10:10,600 --> 00:10:13,000 Speaker 4: Let's say you have to Chase credit card for five years, 229 00:10:13,320 --> 00:10:15,920 Speaker 4: three years, you paid it. After that you went into 230 00:10:15,920 --> 00:10:18,000 Speaker 4: a harship. We can't paid no more and it went 231 00:10:18,040 --> 00:10:21,640 Speaker 4: to collections and you didn't even pay it then, right 232 00:10:21,679 --> 00:10:23,960 Speaker 4: before the statue limitation comes in, and every debt has 233 00:10:23,960 --> 00:10:27,240 Speaker 4: a statue mutation, every state has a statue limitation. Right 234 00:10:27,280 --> 00:10:30,080 Speaker 4: before the statute limitation ends, it goes to an attorney. 235 00:10:30,200 --> 00:10:32,760 Speaker 4: They pick it up and o'bertaining a defaul judgment against 236 00:10:32,800 --> 00:10:34,560 Speaker 4: you when you're wle for ten years. 237 00:10:34,480 --> 00:10:37,000 Speaker 3: So ten years, ten years, but it can be it 238 00:10:37,000 --> 00:10:38,920 Speaker 3: can be wiped off all right, even if you so 239 00:10:39,000 --> 00:10:40,920 Speaker 3: if you have the ten year judgment, it can still 240 00:10:40,960 --> 00:10:43,000 Speaker 3: be like wiped off before that ten years. 241 00:10:43,000 --> 00:10:45,800 Speaker 4: Absolutely if it's resolved correct. If you don't resolve it, 242 00:10:45,800 --> 00:10:46,760 Speaker 4: then it can reinue again. 243 00:10:46,960 --> 00:10:47,800 Speaker 3: How do you resolve it? 244 00:10:48,080 --> 00:10:49,839 Speaker 4: So you got to make an agreement with the judge, 245 00:10:49,880 --> 00:10:52,440 Speaker 4: but not with the judgement attorney assume you they could 246 00:10:52,440 --> 00:10:54,000 Speaker 4: either go back into the quarter and resolve it or 247 00:10:54,000 --> 00:10:55,880 Speaker 4: resolve it over the phone. Make an agreements that I 248 00:10:55,960 --> 00:10:58,600 Speaker 4: listen to. That's five thousand, you know, I can give 249 00:10:58,600 --> 00:11:00,640 Speaker 4: you two thousand call it a day, all right, So 250 00:11:00,960 --> 00:11:03,600 Speaker 4: death has to be resolved to resolved that that made 251 00:11:03,640 --> 00:11:06,120 Speaker 4: me think about something because we let me keep it 252 00:11:06,320 --> 00:11:06,680 Speaker 4: on the show. 253 00:11:06,760 --> 00:11:06,920 Speaker 6: Right. 254 00:11:07,200 --> 00:11:10,040 Speaker 3: So usually in our community, what happens is that you 255 00:11:10,160 --> 00:11:12,120 Speaker 3: fall on the hard times, you don't pay your bills. 256 00:11:12,360 --> 00:11:14,720 Speaker 3: They call you, and you don't answer the phone call. 257 00:11:15,080 --> 00:11:15,959 Speaker 3: You try to ignore that. 258 00:11:17,679 --> 00:11:18,960 Speaker 6: But that's what that's that's what we're gonna do. 259 00:11:19,240 --> 00:11:21,000 Speaker 4: That's what that's how t do a judgment. 260 00:11:21,840 --> 00:11:23,559 Speaker 3: So start of it, all right, what's your advice for 261 00:11:23,640 --> 00:11:26,360 Speaker 3: people that are doing that? Like I always tell people, 262 00:11:26,400 --> 00:11:29,640 Speaker 3: you can't avoid problems. You have to face it right, 263 00:11:29,720 --> 00:11:31,800 Speaker 3: So and then especially credit card companies, they'll work with 264 00:11:31,840 --> 00:11:35,440 Speaker 3: you if you but people still mentally, I guess it's 265 00:11:35,520 --> 00:11:38,720 Speaker 3: just nobody really wants to be embarrassed or they don't 266 00:11:38,720 --> 00:11:40,320 Speaker 3: want to even kind of go through that if they 267 00:11:40,360 --> 00:11:41,600 Speaker 3: know that they don't have the money to pay it. 268 00:11:41,640 --> 00:11:44,719 Speaker 3: So you have, all right, you got yourself in a 269 00:11:44,760 --> 00:11:46,960 Speaker 3: bad situation. You can't pay your bill, you're laid on 270 00:11:47,000 --> 00:11:49,240 Speaker 3: your bills? What what do you do? Like, what's the 271 00:11:49,240 --> 00:11:50,079 Speaker 3: best is the thing? 272 00:11:50,920 --> 00:11:53,680 Speaker 4: That's funny we're talking about this A lot of people 273 00:11:53,720 --> 00:11:55,600 Speaker 4: don't want to resolve to debt because they've been totally 274 00:11:55,600 --> 00:11:57,080 Speaker 4: you don't have to pay it that back. It's going 275 00:11:57,120 --> 00:11:59,520 Speaker 4: to disappear a lot of people. That's what a lot 276 00:11:59,520 --> 00:12:01,079 Speaker 4: of people say. You know, oh, my friends, I don't 277 00:12:01,080 --> 00:12:02,840 Speaker 4: want to pay it back. Is it true? Yes, you 278 00:12:02,920 --> 00:12:06,800 Speaker 4: have to, right, but you have to answer the phone 279 00:12:06,840 --> 00:12:08,960 Speaker 4: man like you can't. They'll work with you. They wanted 280 00:12:09,000 --> 00:12:09,440 Speaker 4: to work at you. 281 00:12:09,559 --> 00:12:12,440 Speaker 6: This is I'm just the willing to work with your 282 00:12:12,440 --> 00:12:14,199 Speaker 6: part is one hundred percent valid. 283 00:12:14,200 --> 00:12:16,920 Speaker 2: I have friends, and I mean personally, I've done it myself, 284 00:12:16,960 --> 00:12:19,400 Speaker 2: like I've had I've seen my interest rate go up 285 00:12:19,400 --> 00:12:21,719 Speaker 2: when I was in college to a point i was like, wait, oh, 286 00:12:21,760 --> 00:12:22,600 Speaker 2: thirty thousand dollars. 287 00:12:22,640 --> 00:12:25,240 Speaker 6: I'm twenty one, right, and I'm like, I don't know 288 00:12:25,240 --> 00:12:25,640 Speaker 6: what to do. 289 00:12:25,720 --> 00:12:27,960 Speaker 2: So I'm like I literally was listening to how I 290 00:12:27,960 --> 00:12:29,520 Speaker 2: need to have and I promise you, and I heard 291 00:12:30,280 --> 00:12:32,800 Speaker 2: Andree was talking about de consolidation and I called this 292 00:12:32,880 --> 00:12:34,360 Speaker 2: company and I was like, all. 293 00:12:34,360 --> 00:12:35,439 Speaker 6: Right, well we'll do it. 294 00:12:35,559 --> 00:12:37,680 Speaker 2: And I did it, and like rather than paying at 295 00:12:37,720 --> 00:12:41,040 Speaker 2: thirty right, they're the bankers are like, hey, can. 296 00:12:40,920 --> 00:12:42,240 Speaker 6: We get some money? Right? 297 00:12:42,280 --> 00:12:44,080 Speaker 2: So I'm like, all right, we agreed to an amount 298 00:12:44,120 --> 00:12:45,360 Speaker 2: and I'm like, all right, I'll pay that off. 299 00:12:45,880 --> 00:12:49,240 Speaker 4: There's a difference between that consolidation debt settlement. Yeah, I 300 00:12:49,280 --> 00:12:51,720 Speaker 4: am not into that consolidated. I don't think anyone should 301 00:12:51,760 --> 00:12:54,080 Speaker 4: do it. And I'll tell you why. Once the debts 302 00:12:54,160 --> 00:12:57,120 Speaker 4: charged off, you have to pay something, but not the 303 00:12:57,160 --> 00:13:00,920 Speaker 4: full thing. The consumers don't know that the debt consolidating 304 00:13:00,920 --> 00:13:03,120 Speaker 4: where they make you paid the whole debt over three years. 305 00:13:03,520 --> 00:13:05,679 Speaker 4: You kind of just paid it debt twice. Yeah, Well, 306 00:13:05,800 --> 00:13:08,120 Speaker 4: because it went insurance paid it or wherever the bank 307 00:13:08,160 --> 00:13:09,959 Speaker 4: resolved it, and that you paid the whole thing back 308 00:13:09,960 --> 00:13:14,200 Speaker 4: again to the to the banks. It's once the deb's 309 00:13:14,240 --> 00:13:17,120 Speaker 4: charged off, it's better to settle to them. Move on. 310 00:13:17,679 --> 00:13:19,760 Speaker 4: You're five grand, we get that down to eighteen hundred. 311 00:13:20,160 --> 00:13:22,520 Speaker 4: I would rather pay that and move on because your 312 00:13:22,520 --> 00:13:24,679 Speaker 4: credit is still shot and you're not going to get 313 00:13:24,720 --> 00:13:28,320 Speaker 4: the card back. Right, So I haven't paid twice. 314 00:13:28,080 --> 00:13:30,520 Speaker 2: Right, Yeah, I've seen people do it, like I've seen 315 00:13:30,720 --> 00:13:33,640 Speaker 2: like like you just said, like, hey, I owe twenty listen, 316 00:13:33,679 --> 00:13:35,720 Speaker 2: I have ten, right, and the bank is like, you 317 00:13:35,720 --> 00:13:37,920 Speaker 2: know what, I'll take that ten rather than have nothing 318 00:13:37,960 --> 00:13:39,040 Speaker 2: from you for the next five years. 319 00:13:39,080 --> 00:13:42,920 Speaker 4: So here's a trick behind a shot. Was talking about 320 00:13:43,520 --> 00:13:47,120 Speaker 4: collection agencies and attorneys do skip traits. Well, the skip 321 00:13:47,160 --> 00:13:49,440 Speaker 4: trace is where they pull your credit and they see 322 00:13:49,480 --> 00:13:52,120 Speaker 4: that if you're paying like, what's it called skip trace, 323 00:13:52,240 --> 00:13:55,319 Speaker 4: skip trace, skip t R a CE so skip trait 324 00:13:55,960 --> 00:13:59,040 Speaker 4: skip trace works like this. They want to find you 325 00:13:59,080 --> 00:14:00,959 Speaker 4: when you see where you are to serve your judgment. 326 00:14:01,000 --> 00:14:02,840 Speaker 4: They pull your credit, they see you have this address, 327 00:14:02,840 --> 00:14:05,280 Speaker 4: that address, that address. That's how the marshals end up 328 00:14:05,280 --> 00:14:07,440 Speaker 4: coming to your house and dropping a note off, right, 329 00:14:07,600 --> 00:14:09,760 Speaker 4: so they see if you're paying any debts back. So 330 00:14:09,840 --> 00:14:14,080 Speaker 4: now let's say you're completely shot, your score five hundred. 331 00:14:14,080 --> 00:14:15,800 Speaker 4: You have every single debt out there. When they do 332 00:14:15,840 --> 00:14:18,880 Speaker 4: that skip phase, they know you're completely bro or you 333 00:14:19,080 --> 00:14:21,440 Speaker 4: seem to be bro. You have a better chance to 334 00:14:21,440 --> 00:14:24,000 Speaker 4: get in a lower number in that settlement because they'll 335 00:14:24,000 --> 00:14:26,680 Speaker 4: take anything to move on and resolve it and keep 336 00:14:26,720 --> 00:14:29,320 Speaker 4: it going. Right, if you apply for more this year, 337 00:14:29,360 --> 00:14:32,120 Speaker 4: increy on there from a home mortgage company, or you're 338 00:14:32,120 --> 00:14:34,280 Speaker 4: trying to buy something, you have money, everybody pops up. 339 00:14:34,280 --> 00:14:36,640 Speaker 4: They want to settle, but they'll sell at a high number. 340 00:14:37,040 --> 00:14:40,440 Speaker 4: And collection agencies work on commission end of the month. 341 00:14:40,440 --> 00:14:41,320 Speaker 4: You get the best number. 342 00:14:41,480 --> 00:14:45,920 Speaker 3: Beginning the month, you don't that so end of the month, Okay, 343 00:14:45,920 --> 00:14:48,200 Speaker 3: I don't want people to let that go over your head. 344 00:14:48,520 --> 00:14:48,920 Speaker 3: Explain that. 345 00:14:49,600 --> 00:14:54,280 Speaker 4: Oh yeah, collection agency is working commission it's a fifty job. 346 00:14:54,640 --> 00:14:56,640 Speaker 4: But your job is to you have to hit certain numbers. 347 00:14:56,680 --> 00:14:58,440 Speaker 4: At the end of the month, you have to hit 348 00:14:58,520 --> 00:15:00,240 Speaker 4: let's say your budget is thirty thousand. After to that 349 00:15:00,280 --> 00:15:02,440 Speaker 4: you get commissioned. So that's why at the beginning of 350 00:15:02,480 --> 00:15:04,120 Speaker 4: the month, let's we had a death for five thousand, 351 00:15:04,320 --> 00:15:06,000 Speaker 4: they'll say, oh, we can only settle for forty five 352 00:15:06,040 --> 00:15:08,760 Speaker 4: hundred four thousand. Come after the last five days of 353 00:15:08,840 --> 00:15:12,960 Speaker 4: the month, that same depth for eighteen hundred dollars. But 354 00:15:13,600 --> 00:15:15,960 Speaker 4: you can't give off your credit report because the loss 355 00:15:16,040 --> 00:15:19,040 Speaker 4: states whether you pay or don't pay something, it stays 356 00:15:19,080 --> 00:15:21,480 Speaker 4: on your credit pord for seven years. That's where my 357 00:15:21,600 --> 00:15:24,960 Speaker 4: company comes in. I make your seven years ninety days, 358 00:15:26,360 --> 00:15:28,400 Speaker 4: so I'm able to make your credit jump right back 359 00:15:28,400 --> 00:15:31,880 Speaker 4: to seven fifty eight hundred squeakily. Nothing ever comes back 360 00:15:31,880 --> 00:15:33,200 Speaker 4: on your credit report. 361 00:15:33,840 --> 00:15:36,320 Speaker 3: No credit repair. 362 00:15:36,760 --> 00:15:40,160 Speaker 4: Oh yes, I'll talk about that. It's allowed. 363 00:15:41,440 --> 00:15:43,280 Speaker 3: Were off camp, you said that there's no such thing. 364 00:15:43,280 --> 00:15:46,480 Speaker 4: It's the credit credit for it doesn't exist. Right, it's 365 00:15:46,480 --> 00:15:49,160 Speaker 4: a scam. Right, that's why every single company. Can I 366 00:15:49,240 --> 00:15:51,240 Speaker 4: call the companies out or you don't care? No, I 367 00:15:51,280 --> 00:15:55,320 Speaker 4: mean that's all your your mom and pop company, Lexington law, 368 00:15:55,400 --> 00:15:58,640 Speaker 4: credit payer, dot com credits saying I want to spend 369 00:15:58,680 --> 00:16:00,320 Speaker 4: this one else the name by the want too, and 370 00:16:01,680 --> 00:16:05,920 Speaker 4: they all do the same thing, send dispute letters with 371 00:16:06,000 --> 00:16:08,240 Speaker 4: no letterhead. So yeah, to think about that. If I'm 372 00:16:08,240 --> 00:16:09,880 Speaker 4: paying you ninety nine dollars, you said I'm gonna fix 373 00:16:09,880 --> 00:16:12,800 Speaker 4: your credit, why is only the instructions on letterhead but 374 00:16:12,840 --> 00:16:14,480 Speaker 4: not the level you sent to the credit beer on 375 00:16:14,520 --> 00:16:17,440 Speaker 4: letterhead looks like I'm sending the letter one two. If 376 00:16:17,480 --> 00:16:20,400 Speaker 4: you ever read those dispute letters, it's like your ten 377 00:16:20,480 --> 00:16:21,320 Speaker 4: year old kid wrote it. 378 00:16:22,840 --> 00:16:23,200 Speaker 3: Right. 379 00:16:23,240 --> 00:16:27,920 Speaker 4: So, for example, let's say Verizon. You have a Verizon bill, 380 00:16:28,120 --> 00:16:30,640 Speaker 4: you have Verizon home service, cable internet, whatever it is 381 00:16:30,640 --> 00:16:32,320 Speaker 4: that you have a Verizon right for over a year, 382 00:16:33,040 --> 00:16:34,880 Speaker 4: all of a sudden you moved out, You didn't pay 383 00:16:34,920 --> 00:16:37,080 Speaker 4: the bill because you didn't return the box on the 384 00:16:37,080 --> 00:16:39,920 Speaker 4: final bills, and you have this on your credit report. 385 00:16:40,000 --> 00:16:42,160 Speaker 4: Verizon has a collection for you. They're gonna write a 386 00:16:42,240 --> 00:16:45,640 Speaker 4: letter please validate this debt. I never had this debt? Well, 387 00:16:45,640 --> 00:16:47,640 Speaker 4: what do you have for the last twelve months? Because 388 00:16:47,680 --> 00:16:50,880 Speaker 4: everything has a pay per trail behind it, right, So 389 00:16:51,000 --> 00:16:52,480 Speaker 4: that's what a letter of it works. Not a letter 390 00:16:52,520 --> 00:16:54,720 Speaker 4: goes to the credit viewers. The credit viewer sends it 391 00:16:54,760 --> 00:16:57,720 Speaker 4: to the Verizon. Verison sends back your whole statement in 392 00:16:57,760 --> 00:17:00,560 Speaker 4: the digital file, your checks that you made a slater. 393 00:17:00,880 --> 00:17:03,440 Speaker 4: They even keep phone communication if you spoke to them. 394 00:17:03,640 --> 00:17:05,680 Speaker 4: You spoke to us on this day, and that's all. 395 00:17:07,240 --> 00:17:09,480 Speaker 7: This episode is brought to you by P and C Bank. 396 00:17:09,880 --> 00:17:12,639 Speaker 7: A lot of people think podcasts about work are boring, 397 00:17:12,840 --> 00:17:16,720 Speaker 7: and sure they definitely can be, But understanding a professionals 398 00:17:16,760 --> 00:17:20,040 Speaker 7: routine shows us how they achieve their success little by little, 399 00:17:20,400 --> 00:17:24,040 Speaker 7: day after day. It's like banking with P and C Bank. 400 00:17:24,520 --> 00:17:27,320 Speaker 2: It might seem boring to save, plan and make calculated 401 00:17:27,359 --> 00:17:30,440 Speaker 2: decisions with your bank, but keeping your money boring is 402 00:17:30,480 --> 00:17:33,800 Speaker 2: what helps you live or more happily fulfilled life. P 403 00:17:33,920 --> 00:17:38,760 Speaker 2: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 404 00:17:38,800 --> 00:17:41,439 Speaker 2: Boring since eighteen sixty five is a service mark of 405 00:17:41,480 --> 00:17:44,720 Speaker 2: the PNC Financial Service Group, Inc. P and C Bank 406 00:17:45,119 --> 00:17:47,800 Speaker 2: National Association Member fdic. 407 00:17:50,440 --> 00:17:52,800 Speaker 7: Ernest what's up. 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Oh my clients quota right. 444 00:20:01,600 --> 00:20:03,680 Speaker 4: So anyway back to the whole credit period and the 445 00:20:03,760 --> 00:20:06,000 Speaker 4: letters thing doesn't work because if he has a paper 446 00:20:06,000 --> 00:20:09,320 Speaker 4: trail one, there's no such thing as fixing credit. Every 447 00:20:09,320 --> 00:20:11,520 Speaker 4: consumer has a right to dispute something on their credit 448 00:20:11,560 --> 00:20:16,200 Speaker 4: if they believe it was reported erroneously or inaccurately, that's 449 00:20:16,200 --> 00:20:16,640 Speaker 4: you're right. 450 00:20:16,800 --> 00:20:19,280 Speaker 3: So from my understanding, it's like correct me if I'm wrong. 451 00:20:20,520 --> 00:20:23,240 Speaker 3: They write a letter where you everybody has the ability 452 00:20:23,240 --> 00:20:25,520 Speaker 3: to write a letter to a company disputing something. If 453 00:20:25,560 --> 00:20:27,760 Speaker 3: they don't respond to that dispute, it has to come 454 00:20:27,800 --> 00:20:30,600 Speaker 3: off right. So that's kind of what they do because 455 00:20:30,600 --> 00:20:32,359 Speaker 3: they know most people are they don't want to do 456 00:20:32,359 --> 00:20:34,160 Speaker 3: it themselves, so they do. 457 00:20:34,160 --> 00:20:36,160 Speaker 4: It for them correct. And the reason and the other 458 00:20:36,200 --> 00:20:38,840 Speaker 4: thing is that in the industry, there's something called servicing 459 00:20:38,880 --> 00:20:41,480 Speaker 4: a debt and owning a debt. Let me explain that 460 00:20:41,480 --> 00:20:43,280 Speaker 4: for you. I'll say it again, servicing a debt and 461 00:20:43,320 --> 00:20:46,160 Speaker 4: owning a debt, owning a debt. There's only four companies 462 00:20:46,160 --> 00:20:51,359 Speaker 4: in the industry that buys debts Portfolio Recovery, Midland Funding, MCM, 463 00:20:51,760 --> 00:20:55,520 Speaker 4: and Calgy Portfolio. Those four companies buy debts and they 464 00:20:55,520 --> 00:20:57,440 Speaker 4: give you thirty days to resolve it. If you don't 465 00:20:57,480 --> 00:21:00,000 Speaker 4: resolve it, they get it the fault judgment against you. 466 00:21:00,080 --> 00:21:02,000 Speaker 4: In an attorney attorney serves you you gotta show up 467 00:21:02,040 --> 00:21:05,040 Speaker 4: in court. Blah blah blah, I shouldn't say blah blah, blah. 468 00:21:05,480 --> 00:21:08,200 Speaker 4: But the second thing is servicing a debt. So let's 469 00:21:08,200 --> 00:21:11,199 Speaker 4: say Verizon come back to Verrison. RGM Acquisition is a 470 00:21:11,240 --> 00:21:14,359 Speaker 4: collection agency. They don't own the debt. Verizon sent the 471 00:21:14,440 --> 00:21:16,159 Speaker 4: debt to RGM to for them to call you ten 472 00:21:16,200 --> 00:21:18,119 Speaker 4: times a day. They don't have the man power to 473 00:21:18,119 --> 00:21:20,440 Speaker 4: do that. So now when you send these letters, the 474 00:21:20,520 --> 00:21:22,840 Speaker 4: collections agency was never supposed to be there. That's why 475 00:21:22,840 --> 00:21:24,800 Speaker 4: the collection agency will come off your credit. That's all 476 00:21:24,840 --> 00:21:28,040 Speaker 4: the letter does. But the debt comes back around ninety 477 00:21:28,080 --> 00:21:30,879 Speaker 4: days later from to another agency, so the debt is 478 00:21:30,880 --> 00:21:33,960 Speaker 4: never really leaving you, so that everything has to be resolved. 479 00:21:34,560 --> 00:21:36,360 Speaker 4: So back to the word of credit re peer. Yeah, 480 00:21:36,359 --> 00:21:39,200 Speaker 4: it doesn't exist anyone. Everyone has a right to contest 481 00:21:39,200 --> 00:21:42,240 Speaker 4: something if it's not accurate on your credit re board, 482 00:21:42,480 --> 00:21:45,520 Speaker 4: but not out of ten times. All these banks and 483 00:21:45,560 --> 00:21:48,040 Speaker 4: these they're so squeaky clean with their data now, like 484 00:21:48,160 --> 00:21:49,919 Speaker 4: it's very minimum room for errors. 485 00:21:51,200 --> 00:21:51,840 Speaker 6: That's important. Man. 486 00:21:51,840 --> 00:21:55,160 Speaker 2: You gotta educate yourself, right, Like, rather than paying ninety 487 00:21:55,200 --> 00:21:57,040 Speaker 2: nine dollars, you can do yourself. 488 00:21:57,119 --> 00:21:57,719 Speaker 6: Do it yourself. 489 00:21:57,720 --> 00:22:00,600 Speaker 2: Read for about two hours a day, figure it out. Man, 490 00:22:00,840 --> 00:22:03,160 Speaker 2: it's valuable. So like you're saving your time and your 491 00:22:03,160 --> 00:22:04,680 Speaker 2: money not supporting. 492 00:22:05,000 --> 00:22:07,440 Speaker 3: All right, Okay, so now we're going to go into 493 00:22:08,000 --> 00:22:09,600 Speaker 3: our new topic, our new section. 494 00:22:10,359 --> 00:22:13,199 Speaker 2: We got a whole new segment that we're calling it 495 00:22:13,440 --> 00:22:14,000 Speaker 2: ten for ten. 496 00:22:14,400 --> 00:22:15,760 Speaker 6: So we got ten questions. 497 00:22:15,800 --> 00:22:18,880 Speaker 2: Hopefully you can give us ten answers and it's courtesy 498 00:22:18,920 --> 00:22:20,200 Speaker 2: of Instagram. 499 00:22:19,920 --> 00:22:21,280 Speaker 6: Pretty much our follow us. 500 00:22:21,480 --> 00:22:23,680 Speaker 2: We laid it out there that we're gonna have credit 501 00:22:23,760 --> 00:22:28,840 Speaker 2: as an episode and we got a crazy response. Yeah. 502 00:22:29,000 --> 00:22:31,000 Speaker 4: Yeah, there's so much to learn about this credit industry, 503 00:22:31,080 --> 00:22:33,320 Speaker 4: how it works, like how credit is built, how you 504 00:22:33,320 --> 00:22:37,879 Speaker 4: get approved for credit card. There's a whole dollarge based 505 00:22:37,880 --> 00:22:39,960 Speaker 4: on that. We're just touching like this. 506 00:22:40,440 --> 00:22:43,280 Speaker 2: Yeah, so we took we took ten and hopefully we 507 00:22:43,320 --> 00:22:44,840 Speaker 2: can get ten answers questions. 508 00:22:44,920 --> 00:22:46,959 Speaker 3: We're gonna we're gonna, yeah, we're gonna jump right into it. 509 00:22:47,000 --> 00:22:50,600 Speaker 3: So yeah, let's do it, all right. So, yes, this 510 00:22:50,720 --> 00:22:54,199 Speaker 3: is a new segment that we're gonna do. Hopefully we 511 00:22:54,280 --> 00:22:56,280 Speaker 3: do it every show. Yeah, maybe not every show, but 512 00:22:56,320 --> 00:22:58,280 Speaker 3: depending on if it's an education show like it is 513 00:22:58,359 --> 00:23:00,440 Speaker 3: right now, where we're actually bringing somebody in every show 514 00:23:00,480 --> 00:23:02,360 Speaker 3: with the educational show. But if this is a show 515 00:23:02,400 --> 00:23:04,640 Speaker 3: where we're bringing an expert in, we're going to start 516 00:23:04,680 --> 00:23:07,560 Speaker 3: a new segment called ten for ten right, because as 517 00:23:07,560 --> 00:23:10,160 Speaker 3: I always say, it's not our podcast, it's your podcast. 518 00:23:10,240 --> 00:23:13,200 Speaker 3: It's a public's podcast, and the platform is to educate. 519 00:23:13,280 --> 00:23:18,280 Speaker 3: So we're taking ten questions from our listeners and we're 520 00:23:18,320 --> 00:23:21,520 Speaker 3: going to answer those questions, right, and it's all on Instagram. 521 00:23:21,600 --> 00:23:24,199 Speaker 3: So we'll put a post up a few days before 522 00:23:24,640 --> 00:23:27,560 Speaker 3: and we'll ask you know your your questions, and then 523 00:23:27,800 --> 00:23:30,480 Speaker 3: you guys just comment in the comments section and then 524 00:23:30,560 --> 00:23:32,920 Speaker 3: we'll pick ten questions and then we'll we'll do. 525 00:23:32,920 --> 00:23:34,040 Speaker 6: It, so asks the expert. 526 00:23:34,359 --> 00:23:36,240 Speaker 3: Yeah, for sure, for sure. So we're going to start 527 00:23:36,280 --> 00:23:40,240 Speaker 3: out with the first question is from I underscore am 528 00:23:40,520 --> 00:23:45,200 Speaker 3: Underscore Asia shout out to her. She wants to know 529 00:23:45,680 --> 00:23:48,000 Speaker 3: how do you establish business credit? 530 00:23:48,280 --> 00:23:50,159 Speaker 4: All right, that's a good question, and there's actually a 531 00:23:50,160 --> 00:23:53,040 Speaker 4: big that's a big topic actually. So everyone seems to 532 00:23:53,080 --> 00:23:56,800 Speaker 4: think that business credit that once you register a company 533 00:23:56,880 --> 00:23:59,520 Speaker 4: name and you have a website and a bank account, 534 00:23:59,520 --> 00:24:02,200 Speaker 4: you have business credit. Actually don't have business credit. You're 535 00:24:02,200 --> 00:24:05,320 Speaker 4: still PG and everything under your social. Business credit runs 536 00:24:05,359 --> 00:24:08,959 Speaker 4: separately from your social it's established on the tax id. 537 00:24:09,240 --> 00:24:11,320 Speaker 4: It has to standalone by itself, has to sit by 538 00:24:11,359 --> 00:24:14,399 Speaker 4: itself when you PG something that goes on your personal 539 00:24:14,400 --> 00:24:18,520 Speaker 4: credit GG with personal guarantee. Okay, excuse me. It's when 540 00:24:18,560 --> 00:24:21,200 Speaker 4: you PG something, it sits on your credit, on your 541 00:24:21,240 --> 00:24:24,360 Speaker 4: personal credit. Want it affects your DTI because if it's 542 00:24:24,400 --> 00:24:27,440 Speaker 4: like an American Express charge card, you're swiping thirty thousand 543 00:24:27,480 --> 00:24:31,600 Speaker 4: a month. Remember low debt, high score. That's affecting your score. 544 00:24:32,160 --> 00:24:36,040 Speaker 4: And two it makes your credit score drop. Right, So 545 00:24:37,160 --> 00:24:40,080 Speaker 4: business credit has to stand alone by itself on the 546 00:24:40,200 --> 00:24:42,639 Speaker 4: tax sidy. How do you establish it for There's a 547 00:24:42,680 --> 00:24:44,960 Speaker 4: ten step process. One you have to be the tax 548 00:24:45,000 --> 00:24:47,159 Speaker 4: iid the bank account. You have to be registered in 549 00:24:47,320 --> 00:24:50,400 Speaker 4: your newspaper, your counting newspaper, on the two newspapers showing 550 00:24:50,440 --> 00:24:54,199 Speaker 4: that you have your legitimate, legitimate business. You can't have 551 00:24:54,320 --> 00:24:58,040 Speaker 4: your home address as the business address because you need 552 00:24:58,080 --> 00:25:02,160 Speaker 4: to be scores Experience equal facts Dunn Bradstree. Experience equal 553 00:25:02,160 --> 00:25:04,800 Speaker 4: facts is not recognized. Your home addresses your business address, 554 00:25:04,800 --> 00:25:07,320 Speaker 4: and your cell phone is a business number. That's why 555 00:25:07,359 --> 00:25:09,840 Speaker 4: I tell people get a virtual space one ninety nine, 556 00:25:09,880 --> 00:25:12,080 Speaker 4: Like we just or what about po box? 557 00:25:12,480 --> 00:25:14,960 Speaker 3: No, you can't have a box, So all right, I 558 00:25:14,960 --> 00:25:17,640 Speaker 3: didn't know that, So you have Okay, So you need. 559 00:25:17,520 --> 00:25:19,159 Speaker 4: A receptance and the phone number where they can call 560 00:25:19,160 --> 00:25:20,919 Speaker 4: them verifying and send mails to. 561 00:25:21,480 --> 00:25:24,880 Speaker 3: Okay, So you can't get business credit without an address. 562 00:25:25,480 --> 00:25:28,280 Speaker 3: You need to separate from your home address and you 563 00:25:28,480 --> 00:25:29,359 Speaker 3: need an office address. 564 00:25:29,400 --> 00:25:30,760 Speaker 4: That's correct. That's why I say you get a read 565 00:25:30,800 --> 00:25:33,240 Speaker 4: your space one night and nine is the cheapest thing, right, 566 00:25:33,359 --> 00:25:36,280 Speaker 4: because it needs to be verifiable by experiening equal facts. 567 00:25:36,400 --> 00:25:40,480 Speaker 4: Because there's three scores Dunn A Bradstree explant in equal facts. 568 00:25:40,560 --> 00:25:42,439 Speaker 4: You need three scores and all three viewers. Is how 569 00:25:42,440 --> 00:25:43,320 Speaker 4: you build a business credit. 570 00:25:43,640 --> 00:25:45,439 Speaker 6: So why why is trans Union left out of that? 571 00:25:46,480 --> 00:25:48,640 Speaker 4: Did you just don't use it? It's not heavy enough, 572 00:25:48,720 --> 00:25:50,679 Speaker 4: all right? So okay, so let's stay on that for 573 00:25:50,680 --> 00:25:53,199 Speaker 4: a little bit. So you all right, start a business. 574 00:25:53,240 --> 00:25:57,400 Speaker 4: You got your LLC, you got you got your number bank. 575 00:25:57,440 --> 00:25:58,960 Speaker 4: You can't open your bank account. 576 00:25:58,560 --> 00:26:01,399 Speaker 3: Registered in the courthouse. Ye did all that newspaper, did 577 00:26:01,440 --> 00:26:04,280 Speaker 3: all that stuff. Now you the first So now you 578 00:26:04,320 --> 00:26:05,359 Speaker 3: have to get an address. 579 00:26:05,520 --> 00:26:05,800 Speaker 4: Correct. 580 00:26:06,200 --> 00:26:07,840 Speaker 3: So now we're now we're trying to build credit for 581 00:26:07,880 --> 00:26:10,639 Speaker 3: the business. Right, So you get a cause. You can 582 00:26:10,640 --> 00:26:13,200 Speaker 3: get a Google number. Yeah, you get a Google number. 583 00:26:13,560 --> 00:26:15,760 Speaker 3: You get a number separate from your cell phones and 584 00:26:15,920 --> 00:26:18,680 Speaker 3: get an address separate from your cell phone. Now can 585 00:26:18,680 --> 00:26:21,320 Speaker 3: the address for another like say, can I can I 586 00:26:21,440 --> 00:26:24,919 Speaker 3: use my sister's address, my brother's address. You can just 587 00:26:24,960 --> 00:26:27,520 Speaker 3: separate from the one live there exactly, okay, the one 588 00:26:27,560 --> 00:26:29,639 Speaker 3: you live so now that so now, now how do 589 00:26:29,680 --> 00:26:30,800 Speaker 3: you establish. 590 00:26:30,560 --> 00:26:32,560 Speaker 4: Now you have that, you need trade lines? So this 591 00:26:32,680 --> 00:26:35,760 Speaker 4: company talk about that one. So there's companies like Quills. 592 00:26:37,400 --> 00:26:39,960 Speaker 4: There's like ten other companies out there. I can't think 593 00:26:40,000 --> 00:26:41,080 Speaker 4: of it right off the top of my head. But 594 00:26:41,160 --> 00:26:43,080 Speaker 4: here's how it works. I have a whole list to 595 00:26:43,160 --> 00:26:45,640 Speaker 4: my office. You reach out to them and they give 596 00:26:45,680 --> 00:26:48,359 Speaker 4: you ten They give you tradelines. Trade lines are like loans. 597 00:26:48,400 --> 00:26:50,160 Speaker 4: They'll give you like a thousand dollar of credit limit. 598 00:26:50,440 --> 00:26:52,600 Speaker 4: You have to use fifty dollars for the next six 599 00:26:52,600 --> 00:26:56,119 Speaker 4: months of pay on time fifty or more. It's built 600 00:26:56,200 --> 00:26:59,760 Speaker 4: just like you're billing personal credit. But it's two there 601 00:26:59,760 --> 00:27:03,840 Speaker 4: events once. So you need three of them. Three vendors. 602 00:27:03,880 --> 00:27:05,720 Speaker 4: If you want to get cards on like Best Buy, 603 00:27:07,359 --> 00:27:10,040 Speaker 4: Office Depot, Office Max, those guys. If you want credit 604 00:27:10,119 --> 00:27:13,520 Speaker 4: cards from the bank, you need six venders. Sixpenders are 605 00:27:13,520 --> 00:27:17,560 Speaker 4: six trade lines, right, and you built from with that 606 00:27:17,640 --> 00:27:20,000 Speaker 4: for six months from there you apply for your own 607 00:27:20,440 --> 00:27:23,160 Speaker 4: credit cards. Now, if you want loans out of the bank, 608 00:27:23,240 --> 00:27:25,359 Speaker 4: you have to have a p and L, a profit 609 00:27:25,400 --> 00:27:27,359 Speaker 4: and loss, and you have to have a tax return 610 00:27:28,040 --> 00:27:29,919 Speaker 4: in order for the bank to extend loan under the 611 00:27:29,960 --> 00:27:32,119 Speaker 4: business because they have to see money coming into the company, 612 00:27:32,160 --> 00:27:34,000 Speaker 4: money going back out a p and L to see 613 00:27:34,000 --> 00:27:35,600 Speaker 4: that you know you can pay the loans back. 614 00:27:36,119 --> 00:27:38,800 Speaker 3: Okay, okay, okay. 615 00:27:39,480 --> 00:27:42,359 Speaker 2: So we got our next question from Bob Bob Lewis III, 616 00:27:42,880 --> 00:27:45,560 Speaker 2: and he asked, can you establish credit. 617 00:27:45,280 --> 00:27:48,360 Speaker 4: For your children absterly at seventeen or eighteen years old? Yeah, 618 00:27:48,400 --> 00:27:50,000 Speaker 4: you could. How you do it is that you Adam 619 00:27:50,040 --> 00:27:51,960 Speaker 4: as an authorized user one of your credit cards. But 620 00:27:52,400 --> 00:27:54,960 Speaker 4: with that coming back to your story, it has to 621 00:27:54,960 --> 00:27:57,399 Speaker 4: be a clean credit. You can't have high balances, you 622 00:27:57,440 --> 00:27:59,920 Speaker 4: can't have derogatories. But whatever you do will affect that person. 623 00:28:00,160 --> 00:28:00,640 Speaker 6: I got lucky. 624 00:28:00,680 --> 00:28:02,919 Speaker 2: I'm be honest, this is like a true story, and 625 00:28:03,000 --> 00:28:05,639 Speaker 2: I think we I first noticed it when shut pull 626 00:28:05,720 --> 00:28:10,280 Speaker 2: my credit and I was twenty six and he was like, wait, 627 00:28:10,440 --> 00:28:13,119 Speaker 2: you have twenty three years of credit history, and I'm like, 628 00:28:13,800 --> 00:28:14,239 Speaker 2: I don't know. 629 00:28:14,560 --> 00:28:17,199 Speaker 6: And then I realized that my parents hut me on 630 00:28:17,240 --> 00:28:17,800 Speaker 6: their card. 631 00:28:18,640 --> 00:28:21,280 Speaker 2: That they've had since nineteen eighty five or something like that, 632 00:28:21,320 --> 00:28:23,840 Speaker 2: and I was like, oh wow, and they've been responsible, 633 00:28:23,920 --> 00:28:25,440 Speaker 2: So like, yeah, that don't effect you. 634 00:28:25,520 --> 00:28:28,159 Speaker 6: Ye it affected me in a positive way, positive right 635 00:28:28,359 --> 00:28:29,560 Speaker 6: of negative way? Yeah yeah, yeah. 636 00:28:29,600 --> 00:28:30,720 Speaker 4: So you can do it, but it has to be 637 00:28:30,760 --> 00:28:33,920 Speaker 4: cleaning history right at the age seventeen. Moving on? 638 00:28:34,080 --> 00:28:38,160 Speaker 3: Okay, perfect, Okay, So this is from Nelly Gibbs. She 639 00:28:38,240 --> 00:28:41,000 Speaker 3: wants to know what the best way to repay student 640 00:28:41,080 --> 00:28:45,440 Speaker 3: loans and what's the best way to handle student loan debts. 641 00:28:45,480 --> 00:28:47,480 Speaker 4: Oh so we were talking about this earlier. So depending 642 00:28:47,520 --> 00:28:50,280 Speaker 4: on the loan, if it's deferred or some collection, I mean, 643 00:28:50,360 --> 00:28:52,360 Speaker 4: we kind of gott to find out that. But anyway, 644 00:28:52,400 --> 00:28:55,000 Speaker 4: the point is, if you have a bunch of student loans, 645 00:28:55,360 --> 00:28:57,640 Speaker 4: everything is based off of income. The payment plan is 646 00:28:57,640 --> 00:29:00,120 Speaker 4: based off on an income based right, So when you 647 00:29:00,160 --> 00:29:02,680 Speaker 4: call a student loans you want to I suggest everyone 648 00:29:02,720 --> 00:29:05,840 Speaker 4: create a payment plan, Like, don't keep the firm. It's 649 00:29:05,840 --> 00:29:07,240 Speaker 4: not a good thing to do it because it affects 650 00:29:07,240 --> 00:29:10,520 Speaker 4: you from doing bigger purchases in the future. But on 651 00:29:10,560 --> 00:29:12,120 Speaker 4: what you do is you call it a student un company, 652 00:29:12,160 --> 00:29:13,480 Speaker 4: tell me you want to go on the income based 653 00:29:13,560 --> 00:29:16,360 Speaker 4: repayment plan and they send your form you fill out. 654 00:29:16,600 --> 00:29:18,600 Speaker 4: The trick to that is that make sure when you 655 00:29:18,600 --> 00:29:20,320 Speaker 4: fill out the forms you put that you have a 656 00:29:20,360 --> 00:29:22,680 Speaker 4: lot of expenses, so the monthly payment is a low 657 00:29:22,720 --> 00:29:25,080 Speaker 4: payment and they keep you. They locked you into that 658 00:29:25,120 --> 00:29:27,480 Speaker 4: for a couple of years and then you recertify again. 659 00:29:27,800 --> 00:29:29,040 Speaker 4: But you want to put like you know, you have 660 00:29:29,840 --> 00:29:33,160 Speaker 4: you know, rent cards, take fake care, whatever it is 661 00:29:33,160 --> 00:29:35,200 Speaker 4: to show that you have a lot of expenses. If not, 662 00:29:35,240 --> 00:29:36,880 Speaker 4: they're going to hit you with a high monthly payment 663 00:29:36,880 --> 00:29:38,000 Speaker 4: of seven hundred dollars more. 664 00:29:38,080 --> 00:29:39,680 Speaker 6: Yeah, we've seen. I've seen yet like I've seen. 665 00:29:40,040 --> 00:29:40,920 Speaker 4: That's how you trick it. 666 00:29:41,080 --> 00:29:44,600 Speaker 2: Yeah, so our next question is from uh oh and 667 00:29:44,680 --> 00:29:47,280 Speaker 2: also next thing, if you have student loans on like 668 00:29:47,760 --> 00:29:50,240 Speaker 2: two different like Sally made none and all that, you 669 00:29:50,240 --> 00:29:53,640 Speaker 2: can actually have all of those loans refinance into one loan. 670 00:29:54,960 --> 00:29:57,240 Speaker 4: And I suggest everyone do that so it's easy for 671 00:29:57,240 --> 00:29:59,240 Speaker 4: you attract the payments. And I'm making what they payments 672 00:29:59,240 --> 00:30:00,400 Speaker 4: to five different companies that. 673 00:30:00,760 --> 00:30:03,400 Speaker 2: Is one hundred percent trol man like I was again, 674 00:30:03,600 --> 00:30:06,360 Speaker 2: i have student loans, Like the first thing what I 675 00:30:06,400 --> 00:30:08,960 Speaker 2: did was like slid them all navy and is now 676 00:30:08,960 --> 00:30:13,800 Speaker 2: my correct shout out to them. So the next question 677 00:30:13,880 --> 00:30:17,440 Speaker 2: is from at Flow Underscore Bella Underscore, and her question 678 00:30:17,560 --> 00:30:20,360 Speaker 2: is what are some ways I can fix my credit herself? 679 00:30:20,400 --> 00:30:21,080 Speaker 6: Like what can she do? 680 00:30:21,320 --> 00:30:23,000 Speaker 4: So first off, you got to pull the report and 681 00:30:23,000 --> 00:30:25,280 Speaker 4: pull a real time report. You know, credit cardon is 682 00:30:25,320 --> 00:30:28,720 Speaker 4: not accurate, is not detailed. If you have a mortgage lender, 683 00:30:29,520 --> 00:30:31,200 Speaker 4: those are the best reports that they try and merge 684 00:30:31,200 --> 00:30:33,120 Speaker 4: and they give you your whole history for when you 685 00:30:33,120 --> 00:30:37,000 Speaker 4: were seventeen or when you got credit the current excuse me. 686 00:30:37,080 --> 00:30:39,000 Speaker 4: Once you pull out report, you able to see all 687 00:30:39,000 --> 00:30:41,520 Speaker 4: the derogatories and the issues that are holding down your credit. 688 00:30:43,240 --> 00:30:45,400 Speaker 4: If it's stuff that you know that was paid off already, 689 00:30:46,960 --> 00:30:49,240 Speaker 4: you can dispute it with the beers that had like 690 00:30:49,280 --> 00:30:51,680 Speaker 4: third party collections that have that taken off. But you 691 00:30:51,760 --> 00:30:54,680 Speaker 4: got to see the negatives on there and what debts 692 00:30:54,680 --> 00:30:56,400 Speaker 4: they are, so you can put a plant to address them. 693 00:30:56,600 --> 00:30:58,440 Speaker 4: If there's some desks, you can do settlements that you 694 00:30:58,480 --> 00:30:59,840 Speaker 4: have to do settlements so you can call it back 695 00:30:59,880 --> 00:31:02,960 Speaker 4: the creditors directly and negotiate with them to make a 696 00:31:03,000 --> 00:31:05,000 Speaker 4: payment plan. You could even do one account a month 697 00:31:05,640 --> 00:31:07,240 Speaker 4: until you get to your end. 698 00:31:07,240 --> 00:31:09,320 Speaker 2: Results and some things is one hundred percent acurate, Like 699 00:31:09,400 --> 00:31:11,160 Speaker 2: it'll show you that you missed a card payment in 700 00:31:11,160 --> 00:31:12,000 Speaker 2: twenty fourteen. 701 00:31:12,240 --> 00:31:14,600 Speaker 3: Very detailed, very detail. All right, So this is a 702 00:31:14,600 --> 00:31:16,480 Speaker 3: big one. This is a big one. This is from 703 00:31:16,520 --> 00:31:24,080 Speaker 3: who cares underscore? No one I like that? So can 704 00:31:24,200 --> 00:31:28,760 Speaker 3: child support be removed from your credit? And can we 705 00:31:28,800 --> 00:31:31,960 Speaker 3: talk about the effects of child support on your credit? 706 00:31:32,240 --> 00:31:36,320 Speaker 4: So child support it reports as a collection debt. Right, Yes, 707 00:31:36,360 --> 00:31:38,320 Speaker 4: it can be removed. Actually, we're the only one could 708 00:31:38,400 --> 00:31:41,080 Speaker 4: remove them. A letter cannot remove them. The problem is 709 00:31:41,080 --> 00:31:43,200 Speaker 4: if we remove them, you cannot miss a payment again, 710 00:31:43,200 --> 00:31:45,640 Speaker 4: because if you miss a payment, it'll come back on. 711 00:31:45,800 --> 00:31:47,760 Speaker 4: Same thing for late payments on credit card. I want 712 00:31:47,800 --> 00:31:50,080 Speaker 4: to talk about that. Actually we can remove all your 713 00:31:50,160 --> 00:31:53,120 Speaker 4: late payments, but you cannot miss any late payments moving forward. 714 00:31:53,240 --> 00:31:55,200 Speaker 4: If not, it will come back on your credit pordud 715 00:31:55,200 --> 00:31:58,040 Speaker 4: A bank reports and a batch file. Right, so child 716 00:31:58,040 --> 00:32:01,120 Speaker 4: support can report and it is a collection also, so 717 00:32:01,200 --> 00:32:04,480 Speaker 4: if you're trying to buy something and you know your 718 00:32:04,520 --> 00:32:06,320 Speaker 4: detail is off and your numbers are off, it can 719 00:32:06,360 --> 00:32:08,600 Speaker 4: affect the monthly payment that you're paying child support. It 720 00:32:08,600 --> 00:32:10,360 Speaker 4: can affect your approval of how much you can get 721 00:32:10,400 --> 00:32:13,720 Speaker 4: approofer if that makes sense, all. 722 00:32:13,720 --> 00:32:16,080 Speaker 2: Right, So our next one is from at done in 723 00:32:16,160 --> 00:32:19,760 Speaker 2: three to one and he asked when do agencies report 724 00:32:19,840 --> 00:32:20,720 Speaker 2: debt balances? 725 00:32:21,240 --> 00:32:23,000 Speaker 6: Is there a specific time during the month that they 726 00:32:23,040 --> 00:32:23,320 Speaker 6: do it. 727 00:32:23,360 --> 00:32:25,520 Speaker 4: Or when his agencies? What do you talk? 728 00:32:25,560 --> 00:32:28,280 Speaker 2: So I'm assuming that he means like when does like 729 00:32:28,800 --> 00:32:31,640 Speaker 2: TransUnion or experience experience or epifact. 730 00:32:31,720 --> 00:32:34,880 Speaker 4: Is there a specific Well, the buwers don't. The buwers 731 00:32:34,960 --> 00:32:36,720 Speaker 4: update on the first to the fifth of every month. 732 00:32:36,760 --> 00:32:39,240 Speaker 4: But the data comes from the bank or the collection 733 00:32:39,600 --> 00:32:41,640 Speaker 4: or the credit does not come from the from the bureau. 734 00:32:42,440 --> 00:32:44,200 Speaker 4: They don't want to just house the data, and on 735 00:32:44,240 --> 00:32:46,000 Speaker 4: the first to the fifth of every month they update 736 00:32:46,440 --> 00:32:49,120 Speaker 4: new reports. Okay, so your bank reports different days. Some 737 00:32:49,160 --> 00:32:51,760 Speaker 4: days they report, you know, the ten to fifteenth whatever. 738 00:32:51,920 --> 00:32:54,280 Speaker 4: Your building cyclists. But that's something you could find out. Yeah. 739 00:32:54,720 --> 00:32:56,880 Speaker 4: And also to make it easy for you, if you 740 00:32:56,880 --> 00:32:58,400 Speaker 4: want to make sure you never laid on your payment, 741 00:32:58,720 --> 00:33:01,320 Speaker 4: you can call all your credit card companies and ask 742 00:33:01,400 --> 00:33:03,840 Speaker 4: them to make your do they the same day every month, 743 00:33:04,680 --> 00:33:06,440 Speaker 4: So if you have five cards, you can make them 744 00:33:06,520 --> 00:33:09,520 Speaker 4: all of them the fifteenth of every month, so you know, 745 00:33:09,600 --> 00:33:11,120 Speaker 4: you know, you know, if you're a person that keeps 746 00:33:11,120 --> 00:33:13,280 Speaker 4: forgetting to make payments. You know, on the fifteenth, every 747 00:33:13,280 --> 00:33:15,520 Speaker 4: bill is due if you can afford to do it. 748 00:33:16,120 --> 00:33:20,080 Speaker 3: Okay, Raige against Ordinary has a question she wants to know. 749 00:33:20,160 --> 00:33:23,800 Speaker 3: After Chapter seven bankruptcy, how long does that stay on 750 00:33:23,840 --> 00:33:24,320 Speaker 3: your report? 751 00:33:24,560 --> 00:33:28,440 Speaker 4: Bankruptcy stay for seven years. And here's the crazy about 752 00:33:28,440 --> 00:33:33,560 Speaker 4: bankruptcy now. One the creditors can contest the bankruptcy. Really, 753 00:33:33,640 --> 00:33:35,520 Speaker 4: they don't have to. Like let's say you have bank 754 00:33:35,600 --> 00:33:38,000 Speaker 4: markers motoris for this. They can contest it. They don't 755 00:33:38,000 --> 00:33:40,920 Speaker 4: have to accept the bankruptcy. They can say no, I 756 00:33:40,920 --> 00:33:43,640 Speaker 4: don't you know, we don't want to know. They can 757 00:33:43,640 --> 00:33:47,160 Speaker 4: contest the bankruptcy. To the new bankruptcy laws, depending on 758 00:33:47,200 --> 00:33:49,560 Speaker 4: what chapter you're filling, you have to pay a percentage 759 00:33:50,160 --> 00:33:55,080 Speaker 4: of your debt back in court right makes you have 760 00:33:55,080 --> 00:33:58,320 Speaker 4: to pay a percentage, and that's determined by the judge, 761 00:33:58,320 --> 00:34:01,120 Speaker 4: the magistrate wherever's doing your bankruptcy what your percentage is. 762 00:34:01,480 --> 00:34:04,000 Speaker 4: So if you file in bankruptcy, you gotta really think 763 00:34:04,040 --> 00:34:05,760 Speaker 4: about it. If you don't have like fifty to one 764 00:34:05,800 --> 00:34:08,400 Speaker 4: hundred thousand dollar worth of death, it's not really fining bankruptcy. 765 00:34:08,400 --> 00:34:11,160 Speaker 4: It's not really worth it in my eyes to file 766 00:34:11,200 --> 00:34:12,239 Speaker 4: bankruptcy for seven years. 767 00:34:12,320 --> 00:34:13,959 Speaker 2: That was gonna be like my next kind of question 768 00:34:14,000 --> 00:34:16,440 Speaker 2: off of that is like, when would it be I 769 00:34:16,480 --> 00:34:18,440 Speaker 2: guess appropriate to file for bankruptcy. 770 00:34:18,600 --> 00:34:20,279 Speaker 6: Right, there's a certain amount of debt that. 771 00:34:20,239 --> 00:34:23,960 Speaker 4: You should I mean, there's a couple of qualifying scenariosm 772 00:34:24,040 --> 00:34:26,080 Speaker 4: If you're not working, you know that you can't do 773 00:34:26,120 --> 00:34:28,480 Speaker 4: anything about it. You can't pay anything, you know. But 774 00:34:28,520 --> 00:34:30,400 Speaker 4: if you are working, you have some savings because when 775 00:34:30,400 --> 00:34:32,040 Speaker 4: you FID bankruptcy, they go through all you have to 776 00:34:32,080 --> 00:34:35,799 Speaker 4: disclose all your assets, right, so you know, if you 777 00:34:35,800 --> 00:34:37,239 Speaker 4: have money in the bank, you're like, well, why can't 778 00:34:37,280 --> 00:34:39,319 Speaker 4: you pay this? Knowing that the banking can test it? 779 00:34:39,400 --> 00:34:41,120 Speaker 4: Not all banks have to and that happened to me 780 00:34:41,160 --> 00:34:43,480 Speaker 4: actually because I did it many years ago and they 781 00:34:43,520 --> 00:34:45,799 Speaker 4: contested it. Then you can't have been put You can't 782 00:34:45,840 --> 00:34:47,520 Speaker 4: open in the camp for three years a bank account, 783 00:34:47,560 --> 00:34:48,960 Speaker 4: but you can't show if you have any kind of money, 784 00:34:49,000 --> 00:34:51,759 Speaker 4: any bank account, any bank camp, because they can go back, oh, 785 00:34:51,800 --> 00:34:54,600 Speaker 4: well you have money. You know. It becomes very messy. 786 00:34:54,880 --> 00:34:57,440 Speaker 4: But again with the bankruptcy, and it's not as easy 787 00:34:57,480 --> 00:34:59,239 Speaker 4: as like the way it was in twenty ten. You 788 00:34:59,320 --> 00:35:01,719 Speaker 4: followed and you walk await, you got to pay a 789 00:35:01,719 --> 00:35:04,760 Speaker 4: percentage back. So you know, I think everyone should really consider, 790 00:35:04,880 --> 00:35:07,880 Speaker 4: depending on this scenario instead of filing bankruptcy. It's not 791 00:35:07,920 --> 00:35:11,080 Speaker 4: the best route. It is a route, but it's not 792 00:35:11,120 --> 00:35:13,879 Speaker 4: the best route depending on your situation. But it stays 793 00:35:13,920 --> 00:35:16,120 Speaker 4: there for seven years and then you can the other 794 00:35:16,200 --> 00:35:20,000 Speaker 4: thing about that you burn. Let's say in the industry 795 00:35:20,120 --> 00:35:22,520 Speaker 4: is prime and subprime banks. So let's say you file 796 00:35:22,560 --> 00:35:27,600 Speaker 4: bankruptcy for Discover, American Express, Barclay Chase. Once you find bankruptries, 797 00:35:27,600 --> 00:35:29,319 Speaker 4: you can't get back to do business with those guys again, 798 00:35:29,320 --> 00:35:31,640 Speaker 4: They're not gonna extend any credit. So now you're kind 799 00:35:31,640 --> 00:35:34,680 Speaker 4: of stuck in a subprime rate subprime bank kind of 800 00:35:34,760 --> 00:35:36,520 Speaker 4: rest of your life where you're being high interest rates 801 00:35:36,640 --> 00:35:38,400 Speaker 4: because major banks are not gonna extend any kind of 802 00:35:38,440 --> 00:35:39,080 Speaker 4: credit card to you. 803 00:35:40,400 --> 00:35:41,040 Speaker 6: That's what I want. 804 00:35:43,120 --> 00:35:48,360 Speaker 5: My graduates from my school being forced back drop drop 805 00:35:49,000 --> 00:35:49,760 Speaker 5: Mike drop. 806 00:35:50,000 --> 00:35:51,399 Speaker 3: Bad drop drop. 807 00:36:01,760 --> 00:36:05,399 Speaker 1: An illegal alien from Guatemala charged with raping a child 808 00:36:05,480 --> 00:36:09,279 Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador 809 00:36:09,520 --> 00:36:13,640 Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with 810 00:36:13,719 --> 00:36:17,600 Speaker 1: filming and selling child pornography in Michigan. These are just 811 00:36:17,719 --> 00:36:21,480 Speaker 1: some of the heinous migrant criminals caught because of President 812 00:36:21,520 --> 00:36:25,040 Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States 813 00:36:25,120 --> 00:36:29,920 Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border 814 00:36:29,920 --> 00:36:33,480 Speaker 1: crossings are at the lowest levels ever recorded, and over 815 00:36:33,560 --> 00:36:36,759 Speaker 1: one hundred thousand illegal aliens have been arrested. If you 816 00:36:36,840 --> 00:36:40,680 Speaker 1: are here illegally, your next you will be fined nearly 817 00:36:40,760 --> 00:36:44,799 Speaker 1: one thousand dollars a day, imprisoned, and deported. You will 818 00:36:44,840 --> 00:36:48,480 Speaker 1: never return. But if you register using our CBP home 819 00:36:48,520 --> 00:36:51,880 Speaker 1: app and leave now, you could be allowed to return legally. 820 00:36:52,239 --> 00:36:57,000 Speaker 1: Do what's right. Leave now. Under President Trump, America's laws, 821 00:36:57,160 --> 00:36:58,960 Speaker 1: border and families will 822 00:36:59,000 --> 00:37:01,800 Speaker 4: Be protected, served by the United States Department of Homeland Security.