EYL #18 Credit Rules Everything Around Me

All right, guys, welcome back to the earlier Leisure Podcast, episode eighteen eighteen.

Damn really eighteen already, I'm just listening to fifteen.

I'm still on fifteen actually, Yeah, time fly, time fly. So we are fresh off of our LA trip.

Shout out to LA.

Yeah, we talked about that later on. We had a good time out there. Shout out to California. We got a lot of love out there.

Yeah. Man, it was overwhelming to see people come out. Like I said, like, we had no we didn't know anyone in LA and we left with the family of people that are with us. So that's dope.

Yea, we go in detail. We're going to detail that at the end. Well, we got a very special episode today. One of the biggest requests that we have been getting for a very long time is credit. You know, I'm a financial advisor and people ask me about credit all the time and not something I really specialize in.

So we we had to cover credit.

Like you can't have a financial podcast and not cover credit, right, Yeah, it's mandatory.

So you know, moving vehicle for any financials you do these days.

Man.

So when we you know, we were talking about credit, you know, we had to get a specialist, and so that's what we did.

We got Andy Suco.

Who is a specialist, guru, whatever you want to call it in the credit industries. Work with a lot of celebrities doing the radio, and more importantly, he works with regular everyday people and helps him improve their credit. So, first and foremost, thank you, thank you for joining us.

Welcome for having me. Appreciate it. I love it, feel energy. It's different when you're listening and when you're here, like all right.

Nah for sure.

So so yeah, so we are going to cover a broad range of different topics today. We're gonna answer a lot of questions that we got on Instagram, and hopefully, you know, we're going to provide some very very valuable information when it comes to credit because as our merch merch line, yeah you know, every creep, yeah yeah, everything ninety four, it was cream, it was that, it was

We're in right now.

So before we start, we're going to tell some personal stories. If you listen to the podcast, you know, we'd like to actually get real personal about, you know, stuff, and it's not just like telling things third story, third person. We actually let you in on our personal lives. So me and Troy both have credit story. So Troy, you want to start off with the credit story, yeah, man.

And I think we will. It's well documented the process of me getting this home, and we're talking about the appraisal and that was the first step. But before we could even get to the apraisal process, I had to get approved for a loan and a scary party. It was scary, and I was working with with a friend of mine, and you know, I was pretty familiar with the three bureaus, you know, Experience, TransUnion, and Equal Facts. And I looked at my score. You know, I had

Yeah, nothing was free in this country.

Fact, So I paid the service because you know, I'm trying to get a loan. I need to be serious about this. I paid TransUnion, I paid all three girls, and I looked, I righted. You know, I had like a six ninety five average, not great but qualifies is good. And in order to get the loan, I had to have a six fifty scores. So I'm like, great, I tell my boy run the credit.

It's good.

And he was worried about the inquiries. I'm like, it's good. I checked them, I paid, we're good. He calls me and he says, we got a problem, and I'm like, what's the problem. He's like, the scores a five twenty five and I'm like first reaction was like, nah, this is this is identity that. This has to be identity that but no, it's not me. Like he was like, all right, look give me a social again. We're gonna run it again. But you know, the inqueries is starting up.

But they didn't close it.

So it looked like I had some I had two loans exactly my dad to ratio. That ratio was high, so I got that knocked off. Uh, And then I started looking the other things. I started educating myself and one of the things I was looking at, I was like, wait, they have credit cards on there, but that's not mine. I'm just an authorized user for that card. So that debt was added on to it. And then I looked and I was like, you know what, why are we seeing both two different scores? And then it hit us

Not We'll advantage ten right now, fantas ten so like so experience uses advantage ten right.

So each bureau uses something different and I was just like, all right, this is crazy now, Like I'm just crazy. So I keep going. I'm digging. I'm like, I have this is a time sensitive right this this housing deal has to get done within two months. There's a lot of dominoes that will fall, Like if I don't get the loan, then you know, my brother can't move, then we can't have the house. So I started digging deeper. I see, like my utilization rate, which is how much

I mean the interesting stories of the story. Actually I don't need to cut into shot story. But a lot of that's what you said is things people need to know. Those maintenance on your credit that's things you can do and DCI detritalization, keep your debt thirty percent low debt high score, high debt low score, you know, and we'll get into that more.

Yeah nah yeah, So I mean it's crazy that you was able to raise your credit score one hundred.

That doesn't really had long Yeah, it was crazy.

But it was. If not, you wouldn't have had a.

Home, right, And like the thing is like my friends, like my friends got to watch this happened, so, like, I mean, it's well documented. So when Rashade came up with the idea like yea, you should do the house, I was like, great, all right, my credit card is good. No it wasn't. Right, quickly found out no, it wasn't. But and it's important too, Like so that FCO score. Like I was able to get a car because my the Fycal score that they would use was like maybe

Yeah, the whole vantage system how it works. You see the things with each credit virors, they create their own score off of the bat is reported to that, so not every bank reports the all three viewers. That's why one score is gonna be higher than the other one. But then for the real day of a mortgage, that's my fighter because it's giving you the overall picture in one snapshot, right.

So that's important. So like if you're trying to get a home, make sure you check your fighter school.

Now and don't wait till last minute.

Don't wait.

Ye gotta know what you gotta know beforehand.

So my story is a little less anybody that all right, So me and trying to have a good dynamic because Choy is like a real.

He's like a good guy.

Yeah, he has like a model family, like you know, he has a house and you got the whole thing. I'm a little more radical, So my story is a little bit more radical. And I'm gonna tell you this story and don't try this sound par discretion.

This was years ago, right, I was young and I needed money for an investment.

I need like thirty thousand dollars for an investment, right, and at the time I didn't really have any money like that.

I had some money saved to go into my stating.

Right, So I'm like Okay, where gonna get thirty thousand dollars from?

Right?

So I trying to get a bank loan that didn't work, and I'm like, I really don't have anybody I can call thirty thousand dollars from. So I'm like, but I gotta get thirty thousand. So at the time, I had really good credit. I still have good credit. I have really good credit. So I got cash events from one credit card.

Let me see this.

So I got cash advance with one credit I was like two thousand dollars. So I'm like, you know what, run it up? So I spent two days applying to every credit card that I cant right, and I got to I got approved from every credit card that I applied for. I got like twelve credit cards in the course of a weekend, and it was like two thousand and five thousand, seven thousands. But by the end of three days, I had thirty thousand dollars in cash advances. But I didn't know what before I did that, and

A very speculative investor.

Wely go into what it was, but it was highly speculative and the results of it I'll tell on a different podcasts, But I say this to say the power of credit. I wouldn't be able to raise thirty thousand dollars in a week getting true in my twenties if it wasn't for credit.

Right, So credit can be a very powerful tool if you use properly.

Like I said, I don't recommend anybody do what I did because that was extremely dangerous.

I hope did that. So you have to go.

Yeah, but but just know that there are a lot of different tactics that you can use and you have to be careful. But it can you know, you can make you can make money off of it. The key is to make money with other people's money.

That's my favorite line I think you've ever said. Hold the podcast, it was like powerful too, very dangerous.

It's very dangerous. All right.

So now we're gonna go into some we're gonna we're gonna start, we're gonna chop it up, and we're gonna break it down. So you talked about FCO score, right, can you just explain the FCO.

So FYCO is fair isaacredit company. They don't want to creates the whole score from all three viewers for you. They use the latest vantage, but it'll be vantage ten, vantage eight that we're using that we ad vantage ten.

They use the latest vantage. So what is it? What is that? Because people might not know what.

So it's the way the score is created that that's put into the score. So they don't pick every single like let's say your marketing Express card. Certain cards they pick up and they create the score. So the department that's why I speak by the department store card, they don't have your credit that much, So stay away from them. Stay into the basa of the master guards and so forth. Those are the ones that create the score for you.

Okay, okay, so all right, So as far as like, there's different factors that determine your credit score, right right, correct? What is some of the key factor is that people should be aware of.

One of the major factors I see this on everyone's credit report is utilization. Just like you were talking about. You know, you need to keep your utilization under thirty percent. Once you start hitting thirty one thirty two percent of that utilization, your score drops significantly and it takes two months STU billing cycles for it to go up unless you call the bank, like you didn't ask them just to do a courtesy for your A lot of people don't know how to do that right or they don't

So so thirty percent.

So if you have ten thousand dollars in credit available, only use three thousand, correct, that's pretty much.

Not with one last thing.

Also, like if you're trying to build your score and you're in the six fifty, you're lingering around the six to fifty range. You shouldn't pay off your card in full every month because the bank needs to make the bank needs to make a little bit of interest off of you to report okay on your credit report history. Correct, it's only until you're like a seven to fifty, a highest score you can pay your card off in full

Don't pay the card off.

Can you just explain that, because that's actually the first time I'm hearing that in detail.

Like, so you don't pay.

Off the credit card on full every month, like every other month. You could pay it off in full? Why not very well, because the bank wouldn't report okay on the credit report. On the slot that says okay, I'll say no data. No data is like no credit okay. So you have to like trick the system that will make a little bit of interest off you. Because remember, the bank's in the business making money, right, right, and that's why they charge these interest rates.

So they want to see that your valued customer over a period of time exactly, right. So if I have a thousand dollars and I maxed out a thousand and I pay a thousand. That's not really showing.

Anything exactly, and that's not helping them. There not making money. So there's no sentence for them to report. Okay, on the credit bord you have to report to have a zero balance. Don't have that, Okay, That green mark on your credit board is it is no data, okay, and don't The way you see that is actually from the credit report from the viewers. You wouldn't see it on like a mortgage report or on your ownline reports. When you pull the actual report from the viewers is when you see.

That, all right. All right?

So now all right, so you got some framework and then you got some interesting stories to me and Troy. But now we're going to we're going to dive deep into the the to the world of credit and yeah, we're going to hopefully drop some gyms that can save you guys a lot of time and money.

Depends the paths. Get ready, all right, So now we're going to get into the part that most people aren't aware of on their credit pard that are actually happening. But you know, when you make a late payment or you miss a payment or you miss a few there's something that's called a derogatory that's correct, So god you could you want to explain the impact that that has and some examples of it.

Well, the derogatory section. Everyone has that on a credit report, right, So what do you make a late payment? And by the way, the way they report late payments these days have changed because back then right after thirty days the next day you were late. Now they give you a thirty day grace period. But if the payment is not made before five pm the twenty ninth of the next month, then you get reported the first thirty days. That's a derogatory, right.

It's tough because I mean we covered it pretty extensively, Like we have millions of Americans that are in trillion dollar industry, and it's like, you know, the first thing is like deferment, but it only lasts six to twelve months, right, and that that can affect you long term, right when it's time for you to now get the home, like still a loan payment as affected you try to get the car student, right, they're going to see that on that derogatory.

Because they calculate the monthly payment into your income. Right, So Let's say, you know, you only make I don't know, two thousand dollars a month or bi weekly whatever, and your monthly payments are all your expense, including rent, food whatever not that foods are rent bills, credit cards, it is fifteen hundred. Now you add your student loans in there. Now you only have two hundred dollars left. How are you going to get get more? Extra are gonna come in?

You know?

So it's a debt that you really don't want to carry with you, but we have to if you want to try at least make some kind of payment towards it.

So what do the derogatories?

Okay, so some of the common derogatory items are late payments.

Late payments, credit cards. Even I did a video about when you move out of your apartment, how to exit your apartment. Your Verizon bill, your contact is some bill, all that goes on your credit repoard. There's a way to shut everything off before you walk out of that apartment so it doesn't travel. So what's the way that you So basically, make a checklist of everything that you had when you were living in an apartment cable, phone, water or whatever.

A week before you move out.

You're supposed to call those companies and let them know you're leaving, to disconnect the service on this date and send you the bill.

Right.

A lot of people just walk out and leave everything the Verizon bill, cable bill. You're supposed to return those boxes. If you don't, you get targe. You're renting those boxes, you don't own them. That's a stupid way of having a debt on your credit board. Domest your credit bill. Right, you can just return the boxes, play the final.

Bill, right, Yeah, for sure. So all right, so what do support serving? Yeah, we get what about taxling?

So taxling shows up on your credit but it was up to two years ago. They stopped reporting it, but it stays in the public record. So let's say applying for a mortgage, when they pull for your mortgage report, they put a Lexus nexus. Your taxi show up there, so you can affect it from getting the mortgage. But it's not in your credit report anymore, but it stays in public records. Successes lesus next is a company out in Atlanta that carries all public record data for everyone.

Okay, okay, for.

All the court system, bankruptcies, everything.

So what about credit card judgments? A lot of people have credit card judgments.

Oh man, listen, that's a good topic and how that happens. You know, Let's say you have a credit card. I go back to Chase because I did with them every day.

Right.

Let's say you have to Chase credit card for five years, three years, you paid it. After that you went to a harship. We can't paid no more and they went to collections and you didn't even pay it then, right before the statue limitation comes in, and every debt has a statue mentation, every state has a statue limitation. Right before the statue limentation ends, it goes to an attorney. They pick it up and obtaining a defaul judgment against you for ten years.

So ten years, ten years, but it can be it can be wiped off all right, even if you so if you have the ten year judgment, it can still be like wiped off before that ten years.

Absolutely if it's resolved correct if you don't. If you don't resolve it, then it can winue again. How do you resolve it? So you got to make an agreement with the judge, but not with the judgement attorney assume you they could either go back at the court and resolve it or resolve it over the phone. Make an agreements that listen to that's five thousand. You know I can give you two thousand call of the day, all right, so the death has to be resolved. Resolved.

That that made me think about something because we let me keep it on the show.

Right.

So usually in our community, what happens is that you fall on the hard times, you don't pay your bills.

They call you, and you don't answer the phone call.

You try to ignore that number.

But that's what that's that's what we're gonna do. That's what that's how it do a judgment. So start of it, all right.

What's your advice for people that are doing that? Like I always tell people, you can't avoid problems. You have to face it right, So and then especially credit card companies, they'll work with you if you conte people still mentally, I guess it's just nobody really wants to be embarrassed or they don't want to even kind of go through that if they know that they don't have the money to pay it. So you have all right, you got yourself in a bad situation. You can't pay your bill,

Here's the thing that's funny we're talking about this. A lot of people don't want to resolve to that because they've been totally You don't have to pay it that back. It's going to disappear a lot of people. That's what a lot of people say. You know, oh, my friends, I don't want to pay it back.

Is the truth.

Yes, you have to, right, but you have to answer the phone man like you can't. They'll work with you. They wanted to work at you.

This is I'm just the willing to work with your part is one hundred percent valid. I have friends, and I mean personally, I've done it myself, like I've had I've seen my interest rate go up when I was in college to a point I was like, wait, oh, thirty thousand dollars. I'm twenty one, right, and I'm like,

There's a difference between that consolidation debt settlement. I am not a deck into deck consolid I don't think anyone should do it. And I'll tell you why. Once the debts charged off, you have to pay something, but not the full thing. But consumers don't know that, so they go to de consolidating way. They make you paid the whole debt over three years. You kind of just paid it debt twice, Yeah, because it went insurance paid it or wherever the bank resolved it, and that you paid

Right, So I haven't paid twice.

Yeah, I've seen people do it, like I've seen like like you just said, like, hey I owe twenty listen, I have ten, right, and the bank is like, you know what, I'll take that ten rather than have nothing from you for the next five years.

So here's a trick behind Rushot's talking about collection agencies and attorneys do skip traits. Well, the skip trace is where they pull your credit and they see that if you're paying like, what's it called skip trace, skip trades, skip t R a CE so skip trait, skip trace worse like this, they want to find you when you see where you are to serve your judgment, they pull your credit, they see you have this address, that address,

That's so end of the month, Okay, I don't want people to I'll let that go over your head explain that.

Oh yeah, collection agency is working commission. It's a fifty job. But your job is to you have to hit certain numbers. At the end of the month, you have to hit let's say a budget is thirty thousand. After that you get commissioned. So that's why in the beginning of the month, let's see, had a death for five thousand, they'll say, oh, we can only settle for forty five hundred four thousand. Come that to the last five days of a month,

Credit repair. Oh yes, that it's a lot off camp. You said, there's no such thing. It's the credit credit.

Exist right, It's a skin, right, That's why every single company can I call the companies out? You don't care, No, I mean that's your mom and pop company, Lexington Lord credit payer dot com credits saying I want to spe name, I want two Okay.

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They all do the same thing. Send dispute letters with no letterhead. So yeah, I think about that. If I'm paying you ninety nine dollars, you said I'm gonna fix your credit, Why is only the instructions on letterhead but not the level you sent to the credit beer on letterhead? Look like I'm sending the letter one two. If you ever read those dispute letters, it's like your ten year old kid wrote it.

Right.

So, for example, let's say Verizon, you have a Verizon bill, you have Verizon home service, cable internet, whatever it is that you have a Verizon right for over a year. All of a sudden you moved out. You didn't pay the bill because you didn't return the box on the final bills, and you have this on your credit report. Verizon have a collection for you. They're gonna write a letter, please validate this debt. I never had this debt. Well

Right.

So anyway back to the whole credit periods. The letters thing doesn't work because if he has a pay per trail one, there's no such thing as fixing credit. Every consumer has a right to dispute something on their credit if they believe it was reported erroneously or inaccurately, that's you're right.

So from my understanding, it's like correct me if I'm wrong, they write a letter or you. Everybody has the ability to write a letter to a company disputing something. If they don't respond to that dispute, it has to come up right. So that's kind of what they do because they know most people are They don't want to do it themselves, so they do it.

For them correct.

And the reason and the other thing is that in the industry there's something called servicing a debt and owning a debt. Let me explain that for you. I'll say it again, servicing a debt and owning a debt, owning a debt. There's only four companies in the industry that buys debts Portfolio Recovery, Midland Funding, MCM, and Calvy Portfolio. Those four companies buy debts and they give you thirty

Blah blah blah. I shouldn't say blah blah.

But the second thing is servicing a debt. So let's say Verizon come back to Verrison. RGM Acquisition is a collection agency. They don't own the debt. Verizon sent the debt to RGM to for them to call you ten times a day. They don't have the man power to do that. So now when you send these letters, the collection agency is never supposed to be there. That's why the collection acy will come off your credit that's all

So back to the.

Word of credit a peer, Yeah, it doesn't exist anyone. Everyone has a right to contest something if it's not accurate on your credit board, but not out of ten times all these banks and they're so squeaky clean with their data now, like it's very minimum room for errors.

That's important. Man. You gotta educate yourself, right, Like, rather than paying ninety nine dollars, you can do it yourself, reading for about two hours a day and figure it out. Man, it's valuable. So like you're saving your time and your.

Money, not supporting.

All right, Okay, so now we're going to go into our new topic, our new section.

We got a whole new segment that we're calling it ten to ten. So we got ten questions. Hopefully you can't give us ten answers. And it's courtesy of Instagram pretty much our followers. We laid it out there that we're going to have credit as an episode and we got a crazy response.

Yeah, there's so much to learn about this credit industry, how it works, like how credit is built, how you get approved for credit card, Like there's a whole knowledge based on that we're just touching like this.

Yeah, so we took we took ten and hopefully we can get ten answers.

Question.

We're gonna we're gonna yeah, we're gonna jump right into it. So yeah, let's do it, all right. So, yes, this is a new segment that we're gonna do. Hopefully we'll do what every show, maybe not every show, but depending on if it's an educational show like it is right now where we're actually bringing somebody in, every show's educational show. But if this is a show where we're bringing an expert in, we're gonna start a new segment called ten for ten, right, because as I always say, it's not

It, so asks the expert. Yeah for sure, for sure.

So we're going to start out with the first question is from I Underscore am underscore Asia shout out to her. She wants to know how do you establish business credit?

All right, that's a good question, and there's actually a big that's a big topic actually. So everyone seems to think that business credit that once you register a company name and you have a website and a bank account, you have business credit. Actually don't have business credit. You're still PG and everything under your social. Business credit runs separately from your social it's established on the tax id. It has to standalone by itself, has to sit by itself.

Okay, excuse me. It's when you.

PG something, it sits on your credit, on your personal credit. Want it affects your BTI because if it's a like an American's Press charge card, you're swiping thirty thousand a month. Remember little debt high score. That's affecting your your score. And two it makes your credit score drop. Right, So business credit has to stand alone by it's itself on the tax sidy. How do you establish it for There's a ten step process. One you have to be the taxid the bank account. You have to be registered in

What about po box?

No you can't, so all right, I didn't know that, so you had Okay, So because you.

Need a receptance on the phone number where they can call them verified and send mails to.

Okay, so you can't get business credit without the address. You need to separate from your home address and you need.

An office address.

That's correct.

That's why I say you get a regious space. One night and nine is the cheapest thing, right, because it needs to be verifiable by experienting equal facts. Because it's three scores nunn a Bradstreet explant equal facts. You need to be scores and all three viewers and how you build business credit?

So why why is trans Union left out of that?

Did you just don't using Okay, it's not heavy enough, right, all right?

So okay, so let's stay on that for a little bit. So you all right, start a business. You got your LLC, you got you got your taxi.

Number, bank, you can open your bank account registered in the courthouse. Yeah, all that newspaper did all that stuff.

Now you the first So now you have to get an address.

Correct.

So now we're now we're trying to build credit for the business. Right, So you get a did you get a Google number? Yeah, you get a Google number. We get a number separate from your cell phones and get an address separate from your cell phone. Now can the address be another word like say, can I can I use my sister's address? My address just separate from the one you live the exactly.

Okay, So now that so now, now how do you establish.

Now you have that, you need trade lines. So that's company. There's companies like Quills. There's like ten other companies out there. I can't think of it right off the top of my head. But here's how it works. I have a whole list in my office. You reach out to them and they give you ten They give you trade lines. Trade lines are like loans. They'll give you like a thousand dollar credit limit. You have to use fifty dollars for the next six months of pay on time fifty

Okay, okay, okay, right.

So we got our next question from Bob Bob Lewis III, and he asked, can you establish credit.

For your children actually at seventeen or eighteen years old? Yeah, you could. How you do it is that you Adam was an authorized using one of your credit cards. But with that coming back to your story, it has to be a clean credit. You can't have high balances, you can't have derogatories. But whatever you do will affect that person.

Yeah, I got lucky. I'm being honest. This is like a true story, and I think we I first noticed it when with Out told my credit and I was twenty six and he was like, wait, you have twenty three years of credit history, and I'm like, I don't know. And then I realized that my parents put me on their card that they've had since nineteen eighty five or something like that, and I was like history, oh wow, and they've been responsible, So like, yeah.

That don't affect you, y, that's effect.

It affected me in a positive way, positive, right negative?

Yeah.

Yeah, So you can do it, but it has to be clean history. Okay, right at seventeen?

Moving on, okay, okay, So this is from Nelly Gibbs. She wants to know what the best way to repay student loans and what's the best way to handle student loan debts.

Oh so we were talking about this earlier. So depending on the loan, if it's deferred or it's in collection. I mean, we kind of gotta find out that. But anyway, the point is, if you have a bunch of student loans, everything is based off of an income. The payment plan is based off on an income based right, So when you call a student loans you want to I suggest everyone create a payment plan, Like, don't keep the firm. It's not a good thing to do because it affects

You fill out.

The trick to that is that make sure when you fill out the forms, you put it you have a lot of expenses. So the monthly payment is a low payment and they keep you, they lock you into that for a couple of years and then you recertify again. But you want to put like you know, you have you know, rent cards, to daycare, whatever it is to show that you have a lot of expenses. If not, they're going to hit you with a high monthly payment of seven more.

Yeah, we've seen. I've seen yet, like I've seen.

That's how you trick it.

Yeah. So our next question is from.

Uh oh and also, next thing, if you have student loans and like two different like Sally made none and all, that you can actually have all of those loans refinancing the one loan, and I suggest everyone do that so it's easy for you to attract the payments.

And I'm making money payments to five different companies.

That is one hundred percent thro man, like I was again, I have student loans, like the first thing we what I did was like consolidate them all, so like Navy, and is now my correct shout out to them. Uh So, our next question is from at flow underscore Bella Underscore, and her question is what are some ways I can fix my credit herself? Like what can she do?

So?

First off, you got to pull the report and pull a real time report. You know, credit carment that accurate, is not detailed. If you have a mortgage lender, those are the best reports that they try and merge, and they give you your whole history for when you were seventeen or when you got credit the current excuse me. Once you pull that report, you're able to see all the derogatories and the issues that are holding down your credit.

And some things is one hundred percent accurate. It'll show you that you missed a card payment in twenty fourteen.

Very detailed, very detailed.

All right.

So this is a big one. This is a big one. This is from who cares underscore?

No one? I like that.

So can child support be removed from your credit and can we talk about the effects of child support on your credit?

Support?

It reports is a collection debt, all right? Yes, it can be removed. Actually, we're the only one could remove them. A letter cannot remove them. The problem is if we remove them, you cannot miss a payment again, because if you miss a payment, it'll come back on. Same thing for late payments on credit card. I want to talk about that. Actually, we can remove all your late payments, but you cannot miss any late payments moving forward. If not, it will come back on your credit word or a

All right, So our next one is from at Done in three to one, and he asked when do agencies report debt balances? Is there a specific time during the month that they do.

It, or when his agencies will you.

Talk about I'm assuming that any means like when does like TransUnion or experience or epifact, is there a specific one?

The burwers don't.

The buwers update on the first to the fifth of every month, but the data comes from the bank or the flesh or the credit does not come from the from the bureau. They don't want to just house the data, and on the first to the fifth of every month they update new reports. Your bank reports different days. Some days they report, you know, the ten to fifteenth, whatever your billing cycle is.

But that's something you could find out.

And to make it easy for you, if you want to make sure you never laid on your payment, you can call all your credit card companies and ask them to make your due They the same day every month, So if you have five cards, you can make them all of them the fifteenth of every month, so you know, you know, you know, if you're a person that keeps forgetting to make payments, you know on the fifteenth every bill is due.

If you can afford to do it.

Okay, Rage against Ordinary has a question. She wants to know after chapter seven bankruptcy, how long does that stay on your report?

Bankruptcy stay for seven years. And here's the crazy thing about bankruptcy now. One the creditors can contest the bankruptcy. Really, they don't have to. Like let's say you have bank markers on towards for this. They can contest it. They don't have to accept the bankruptcy. They can say no, I don't you know, it's we don't want to I know.

That was gonna be like. My next kind of question off of that is like, when would it be I guess appropriate to file for bankruptcy. Right, there's a certain amount of debt that.

You should I mean, there's a couple of qualifying SCENARIOSM If you're not working, you know, you can't do anything about it. You can't pay anything, you know. But if you are working, you have some savings. Because when you find bankruptcy, they go through all you have to disclose assets, right, so you know, if you have money in the bank, you're like, well, why can't you pay this, knowing that the banking contest it. Not all banks have to and that happened to me actually because I did it many

You know. It becomes very messy.

But again with the bankruptcy, and it's not as easy as like the way it was in twenty ten. You follow and you walk away. You got to pay a percentage back. So you know, I think everyone should really consider depending on the scenario, because still filing bankruptcy, it's not the best route. It is a route, but it's not the best route depending on your situation. But it stays there for seven years and then you can the other thing about that.

You burn.

Let's say in the industry is prime and subprime banks. So let's say you file bankruptcy, I where discover American Express, Barclay Chase. Once you find bankrupcy, you can't get back to do business with those guys. Again, They're not going to extend any credit. So now you're kind of stuck in a subprime and read supprime bank kind of rest of your life where you've been high interest rates because major banks are not going to extend any kind of credit card to you.

That's what I will. Our next question is from at young God. He said, if if I default on my business credit cards, it doesn't show up on my personal credit.

If you PG it, yes, no. If you didn't PG it, no, it does not. If you personally guarantee it when you open it, which I be honest with you, nine percent of nine and nine percent of the people that said they have business credit their PG and everything okay, could not go into the full steps of registering the company correctly and building it correctly. They're you know, if you if your socialist going on that application, your PG.

And the role, so you're personally guarante Some more people think that they have business credits really just an extension of their own personal credit for their business.

Correct.

But you can actually establish business credit, but you have to go the steps of getting in office and having as correct. That's okay, that's important to understand people, and especially entrepreneurs because a lot of people don't know that.

I didn't realize that. So all right, all.

Right, man, So yeah, so that that was pretty extensive as far as the ten questions. All right, So I hope that you guys listen because one podcast episode is not gonna be enough to fully grasp. But what we try to do here, it's never enough for anything, but we try to plan a seed, right, We try to plan a seed and then hopefully you gain information. It's like when we had Quenton on as far as talk

Right.

So that's why we brought Andy here, and Andy's gonna give all of you guys his information. But before we do that, I want to talk about La brieflee.

Yeah, So we went to LA.

As I said, this is our first episode back from LA, and it was dope. We had some some some great interviews, people mess some great people, and we had a networking event and about fifty people came, maybe even more, and we we fed the people, we gave them, we gave them drinks. It was just dope, a dope vibe. We want to come, Yes, we want to come to your city. So if you have speaking engagements, if you have opportunities, if you have anything for us, feel free to d

Can you just give me like a thirty second extradition? Realize that happened? How that happened? Was that?

So you guys want slow Bucks? See your slow you guys don't miss the rugs in Atlanta.

Queens get the money.

Yeah, you know I did some stuff with rugs two years ago, three years ago in Atlanta on his credit. He was purchasing some cards and you know, whatever he was purchasing.

I helped him out. He got introduced to me to.

Slow Bucks and then so anyway to him, I went down to the Mister White Party one year, hung out with him, Prime rest in peace, prime prime time.

Uh, Meek Mills.

I got induced to Meek and you know a bunch of guys to chains and all of them, and then you know we started talking at lunch on a Sunday that this was with this guy. Okay, here, I am a brown guy and these guy don't fit in. Who this guy you know, and there's a credit guy whatever whatever, whatever. I did some stuff for Meeks, you know, Meek the good vibe. You know, he's like, yeah, I like this guy, school door whatever. So you know HEO come up with

Okay out to me.

Yes, it's very rare to have a credit specialist to have a Meek milk chain. So for that, for that alone, you know, you gotta you gotta give him a shot. So can you tell people how to contact you? Your social media handles and all.

The definite definite.

So our website is ww dot y two K Credit Solutions dot com. Our social media is ye two K Underscore Credit Solutions dot com.

Uh.

The phone umber is five one six five six eight four five four one. We have our main locations in New York were satellite locations in h State two in Canada, Toronto and Ottawa.

And you know that's it all right? Yeah google me.

You know, you know I'm all over yeah, yeah.

Yeah, check them out. Check them out. Sooy, can you talk about our patre.

Yeah, man, it's pretty overwhelming. You know, we seek about Patreon every episode, and we you know, LA was the first time we got to actually reach out and go to see people, and a lot of us do because of the support that we get from Patreon and other avenues. So Patreon is a way for you to financially support the podcast. We can't do any of this without you, but if you know, if you want us financial support us so that we can go to other cities and

So yeah, man, yeah, and I shout out to Cody and yeah, we spoke to him, and so we uh, we have you know a lot of times people want to pick our brain right for like business mentorship or investment mentorship. So we've built relationships with a lot of good people and.

Really good people.

We know a few things. So yeah, Patreon is a way to extended dialogue. So and just you know, like I said, just to travel. You were in LA and we're talking to Al Harrington and he's given us game and he's given y'all game just from being on the podcast about I mean, this guy's going to be a billionaire like it's happened, is what happened. So it's very rare to have an opportunity to have an hour conversation with a future billionaire and he's just given game free.

Yeah, correct, correct, So you know Canada the only used two beers equal facts and TransUnion. The thing is Canada is a little more strict with the credit because they don't have that much banks, they don't. They're very strict how to extend credit, right, and it make sure that you have collateral for everything. But what takes us three months to fix in the US will take us six months to fix in Canada. It is fixable. It's just

You need us.

We have an office, two officers out there actually, and one in Toronto, Mississauga seven seven to one one one sentext Boulevard and Ottawa.

Yeah.

So if you're in Canada, hit Andy, you worse to Canada. And we are coming to Toronto soon very let me know.

I want to go to May twenty second, come out there with or something, do a networking event. Actually for sure we can have something up for sure. Yeah all right, so Annie, thank you for joining us again. Before I leave, I always have a book tips on my book tip of this episode will be Multiple streams of Income. It's a very very good book and we always talk about you know, you need multiple streams of income. So the it outlies multiple I think it outlies nine different streams

Peace Please, you.

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