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Whether you’re applying for a credit card, purchasing a new car or trying to buy your first house, your credit history will play a heavy role in your ability to obtain financing. If you haven’t established a credit history, lenders will be unable to accurately assess your creditworthiness and thus less likely to approve you for a loan. But don’t worry, there are plenty of ways you can start building your credit and prove to lenders that you are financially responsible. Here’s how to build credit when you’re starting from square one:

FICO (r) has announced another new scoring model, they are calling this one “9” what they said was that it will be an improvement over the “8” version currently available. I really like the changes FICO made with the “8” model, the improvements would help many borrowers because of the changes and cut back on the gaming some people have used over the years with the authorized user loop hole. What will version FICO9 bring?

Well the only information has been cryptic at best “Our innovative, multi-faceted modeling approach incorporates a more exhaustive characteristic selection process to build a score that is even more effective across a wide variety of situations,” said Andrew Jennings, chief analytic officer for FICO. “This approach also uses FICO Model Builder’s Multiple Goal Scorecard technology — a sophisticated tool that balances out different scoring objectives applied across various product lines. As a result, we will deliver a new FICO Score that continues to be the credit score that defines U.S. consumer credit risk.”

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Greg Frost was the first Billion Dollar Originator in the Mortgage Business. He was our key note speaker at the MMLA sales summit last March. In this video he shares his number one reason he has had great success. To book Mr. Frost at your next meeting CLICK HERE

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Another data breach this time at fifth third bank and a great reason to use a credit card over a debit card.

Some Fifth Third Bank customers are getting new credit cards after a data breach could have potentially compromised their card numbers. The data breach took place at a supplier payment processing company and not at Fifth Third, said Stephanie Honan, a Fifth Third spokeswoman.

MasterCard notified Fifth Third of the breach, Honan said. That prompted Fifth Third to send letters to affected customers, telling them to destroy their current cards and that new cards will be reissued.

The breach was discovered recently and fifth third’s customers are receiving letters this week. Those customers are protected by MasterCard Zero Liability for any unauthorized activity that takes place using their card.

"Of course, they should also report any unauthorized activity to the bank," Honan said.
No Fifth Third systems were impacted or breached, Honan said. No personal information or bank account numbers were accessed. Card numbers were the primary data that were impacted.
Fifth Third wouldn’t release the number of cards impacted or whether any of those card numbers were illegally used.
I also cover what is a credit bureau vs what is a credit repository and how your credit report does not exist.

In this video we talk about credit and credit scoring to follow the YouTube channel free click here= http://www.youtube.com/subscription_center?add_user=sullythecreditguy
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Chris was a special guest at our Michigan Mortgage Lenders Association Sales Summit. Mr. Bennett is a very entertaining and informational speaker with the ability to provide a wide prospective to the economic trends and forecasts. Chris founded Vice Capital Markets in 2001, and has directed its growth to becoming the largest hedging firm in the Midwest. He has twenty years of experience in the mortgage banking industry. Prior to Vice Capital, Chris was Director of Secondary Marketing for Homestead USA, and Head Trader at Republic Bancorp. He has been a trader for twenty-five years, starting out in the agricultural futures markets, but since 1994 focusing exclusively on the U.S. Bond Markets. Chris has personally traded over $80 billion of Mortgage-Backed Securities and related instruments, and has pioneered key advancements in pipeline Shock Analysis which account for changes in implied servicing values for incremental changes in underlying MBS pricing. He holds an Economics Degree from the University of Michigan. If you would like to reach Mr Bennett watch the end of the video. In this video we talk about credit and credit scoring to follow the YouTube channel free click here= http://www.youtube.com/subscription_center?add_user=sullythecreditguy
For more free information on credit and credit scoring check out my blog at www.thecreditguy.tv
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FOR IMMEDIATE RELEASE: February 27, 2014
Prepared Remarks of Richard Cordray, Director of the Consumer Financial Protection Bureau, Consumer Advisory Board Meeting, Washington, DC

The CFPB today announced some great news for consumers. They continue to work with Credit Data transfer company E-Oscar to improve the dispute process. This effort had been one of the biggest wins for consumers, yet still goes unreported by the main stream press. For a copy of the remarks click here If you would like my take on it watch this video.

Suze Orman and her misguided attempt to petition the credit repositories to add prepaid credit cards and debit cards to an individuals credit history. The definition of credit is that you borrow money and pay it back. Now I am sure this has nothing to do with the fact that she has her own Prepaid Credit Card she sells at a very high rate. The costs are as follows: $3 start up fee, $3 a month maintenance fee, withdrawal fee $2. Now I don’t believe that she would try this just to benefit her already abused customers. She should have checked a dictionary prior to this I’ll fated attempt to benefit her own pocket book. I predict she will quietly withdraw this position as the backlash increases. A big disappointment from someone who has done so much to help educate the public on finances. Suze Orman You are Denied!!!!

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How do you get ready for a mortgage or other loan? There are many pitfalls now when you apply for a mortgage. In this video I cover just five things that can kill any mortgage application in it’s tracks. I have seen people make each mistake before and during the loan process only to loose the home of their dreams. Don’t let this happen to you.

In this video we talk about credit and credit scoring to follow the YouTube channel free click here= http://www.youtube.com/subscription_center?add_user=sullythecreditguy
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All Material included in the presentation, class, video or website is protected under copy write law 2014 and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website

There is only one time, it is ok to close a credit card. Many so called credit experts will tell you that you should close credit cards that you are not using. This is another mistake people can make when trying to improve their credit. Length of credit history is the most important positive factor you can have on your credit report. So you must be very careful when deciding what credit card to close and what credit card to keep. I would tell you that you should never close any credit card unless………. You watch this video first.
Below are the Top 5 Myths about closing credit card accounts.
1. Some will say don’t close a card because it will reduce your overall debt to available credit ratio. This is a very minor factor the individual debt to high balance is always vastly more important.
2. Close your old credit card when you get a new one… (Even if you don’t use it keep it open long credit history)
3. Close your credit card if you don’t use it any more. (Even if you don’t use it keep it open long credit history)
4. Close your credit card when you leave the country. ( important to keep all credit active so when you return you will not have to re start your history, Also you should let the credit card company know where you are going so they don’t flag the activity as possible fraud)
5. Close your credit card if you were shopping at target (don’t close it just get a new number and the history will transfer)

How will a loan modification affect my credit score ? It comes back to how is the account being paid when the modification is completed. If the account is currently past due and a principal reduction is made. then the reduction will not substantially help or hurt the score. What will hurt the score is the history of slow payments (if any) that preceded that reduction. Once the loan modification is made and the borrower is making on-time payments (on this and hopefully all other accounts) If a year or two go by than the borrower’s credit score should recover. Although, the bad history on the account will always hurt an individual’s score to a degree. Once an account falls into a “Was 30 / Was 60 / Was 90 it will always be tainted with that classification. (Was 30 / Was 60 / Was 90 is an insider term that indicates the account was delinquent but is now current)