Never Pay Collections as a short-term strategy to improve your FICO®5 credit score In the mortgage industry we are required to use FICO®5 and that is dictated by Fannie and Freddie. The version that we use to underwrite a mortgage in 2015 is FICO®5 with that version of the FICO® score if a borrower pays a collection that has a two year old reporting date and you make a payment, it changes the reporting date on that collection to today. Bringing the reporting date current will decrease your credi...
Dec 17, 2015•3 min
http://thecreditguy.tv/holiday-credit-card-offers-their-effect-on-your-fico/ Warning the 10 % off may be on more than the merchandise. Big box stores credit card offers can hit your credit score in a big way make sure the discount is worth it. how many points will you lose? watch now and find out....
Dec 09, 2015•2 min
I was a guest on one of my friends first video blogs, Kelly Ross!!! She did great!!! My friends at Ross Mortgage recently invited me to guest blog on their At Any Rate blog to talk about the dos and don'ts of using credit cards during the holiday season. It was Kelley's first time doing a video blog, and she did great! Here's a sneak peak of what we discussed: Don't be tempted to open new credit cards (no matter how good the deal is) In the spirit of Black Friday and the holiday shopping season,...
Dec 01, 2015•4 min
Credit Scores Explained, Credit Explained, Scores Explained This time I want to explain what a credit score is and what it’s really indicating. There are many different versions of credit scores available and there are many different companies that provide credit scores. FICO® for example has 49 different scores available to lenders that they pick from, depending on their specific needs. VantageScore® is the new company on the block, that has come along and created a scoring models similar to FI...
Nov 12, 2015•5 min
What is trended credit data? Fannie Mae made an announcement last week regarding their desktop underwriting system . In 2016 they are going to start using trended credit data . You may not have heard this term before but trended credit data is really looking at your utilization ratio and they’re looking further back in credit history than they have in the past. This is primarily because Fannie believes trended credit data is a better predictor of someone’s ability to repay a debt. What is trende...
Nov 05, 2015•6 min
Are you credit score invisible? A recent publication from the CFPB stated concerns about credit invisibility. According to the CFPB 19.4 million Americans, representing 8.3 percent of the adult population do not have enough credit to generate a credit score. hidden-consumers Remember that with FICO® you need a six-month credit history with at least one open credit card before you can get a FICO® score. I think the CFPB is talking about people who are just starting out with credit or people who d...
Oct 28, 2015•3 min
4 tips to help you improve your credit score right after bankruptcy. How to improve your credit score after bankruptcy. I've seen people go through bankruptcy and then suffer for five or six years because they don't actively engage in their credit history after the Bankruptcy. Consumer’s think they have ruined their credit and give up. It is the wrong time to do that. The day after the consumer’s bankruptcy settlement date, they should go through their credit report and make sure that every acco...
Oct 22, 2015•5 min
Mitch Kider was our special guest at the MMLA conference this year. I just want to say thank you to Mitch for spending sometime with me. (I apologize for the lighting.) Mitch Kider Interview, Edited for read ability Dave: Hello everyone Dave Sullivan here for the MMLA membership committee with… Mitch: Mitch Kider with T he WBK law firm located in Washington D.C. Dave: Thank you for coming out to northern Michigan. This is a beautiful part of the state. We certainly like to have you out here. The...
Oct 02, 2015•5 min
Interview with “The Oracle of the Interest Rate” Barry Habib of MBS Highway In this interview we talk about how Barry got started in the mortgage industry and the mortgage company he founded. We also discuss his acting career, the Rock of Ages Musical and his current passion, The MBS Highway. Barry Habib shares with us what made him one of the leading lenders in the country before he turned thirty. It is a great interview, THANK YOU Barry Habib, for more please check out this months Mortgage Pro...
Sep 23, 2015•5 min
People always ask "How can I get a perfect credit score?" The truth is anything above 760 will get you the very best rates in lending. If you make it above 800 the only benefit that you could get is a slightly better insurance rate. What is the formula for a perfect credit score? I've seen a few perfect credit scores seen a few that we're almost there. I think the ones that are close to perfect tell a very interesting story. 7 steps to the perfect 850 credit score; If you are a mortgage lender p...
Sep 21, 2015•5 min
How do I get my credit score ready to buy a home? Eric & Yanci a first hand story of success Dave: Hi everyone Dave Sullivan here with special guest Eric and Yanci, one of my very early fans on YouTube . I’m so glad that they’re here with me today. Thank you both for coming on the show. Eric & Yanci: Thank you for inviting us. Dave: They’ve been working very hard on their credit. We have been emailing back and forth. Now they are at the point now when they just about ready to start shopp...
Sep 18, 2015•14 min
Should you buy or lease a car from a credit perspective? What is the impact on a person’s credit history, if they buy or lease a car? With both situations a borrower will have a new installment loan and a new inquiry. So expect your credit score to dip down just a little bit when you first apply for auto financing. As time passes, it will help you establish a good payment history on that new account and the inquiry will fall off. An individual’s credit score will actually improve quite a bit mor...
Sep 17, 2015•3 min
Update on the removal IRS tax lien. These videos have been very helpful to people and those people are reaching back to me telling me their stories of success. You can watch Michael’s interview here he removed his IRS tax lien in 30 days. I had somebody touch base with me about how they removed an IRS tax lien that was above the maximum amount allowed by the IRS for the Fresh Start Program. Originally when the IRS set up this program, the maximum was lien amount was $30,000 (there is talk about ...
Sep 14, 2015•17 min
3 ways to improve your credit before you go home shopping. More than ever, it is important to you peak your score before you get pre-approved for a home loan. A 700 credit score is no longer good enough to get the best mortgage rate. I am going to give you three ways to really peak your score right before your next a loan application. Pay down your credit card balances to 5-9 percent of the high credit and you need to do that before the statement date. If you want more information about that Cli...
Sep 11, 2015•6 min
How to find a good realtor to buy a home or sell your home
Sep 10, 2015•4 min
How to get your student loans forgiven? There are a few ways to do it. I had an interview with the chairman of the Mortgage Bankers Association and student debt was his biggest concern the way student loans are killing the first time home buyer. Young people fresh out of college are not able to qualify because they are graduating on average with $30,000 in debt. That includes the people who graduate with zero debt meaning that half the students are above that amount and half are below, When you ...
Sep 09, 2015•6 min
From my presentation from the Building Michigan Communities Conference. I am talking about how you should never pay your bills on time for a great credit score and When to pay your credit cards early for the best credit score. The date when the creditor sends the information to the repository that is the reporting date. When the consumer looks at their credit statement online they will have all the current charges listed in date order for the month. Then one day the consumer logins and the curre...
Sep 08, 2015•6 min
How to REMOVE a tax lien from your credit report. The IRS will now REMOVE a tax lien from your credit report “if requested by the tax payer” when payment in full is made.... Continue Reading »
Sep 07, 2015•2 min
What to do when you’re DEAD! per your credit report I cover what to do if your reported deceased by one of your creditors and how it can affect your entire credit file, your... Continue Reading »
Sep 04, 2015•2 min
How to remove collections from a credit report for free Would you like to know how to remove collections from a credit report for free? You should have already received your annualcreditreport.com, free copy... Continue Reading »
Sep 03, 2015•4 min
What factors make up your FICO score? What makes up your FICO score / credit score? VISA The credit card company recently did a study to find out if people know... Continue Reading »
Sep 02, 2015•3 min
FICO has issued the United States Government a Credit Score. Would you lend them any more money? FICO The Number One credit scoring company in the world has issued the United States Government a Credit Score. Would you lend them any... Continue Reading »
Sep 01, 2015•3 min
How to get your Credit Report ready to buy a house. I want to buy a house, How do I get my Report Credit ready? You can make a few moves that can help you... Continue Reading »
Aug 31, 2015•3 min
Date Reported, Date Opened, Date of Last Activity? What Date is most important for your Credit Score? What date is most important. it depends on the type of account. I Explain what... Continue Reading »
Aug 28, 2015•3 min
Divorce Decree will not change credit responsibility. Divorce Decree will not change credit responsibility effecting your FICO and credit report for years to come. This is the oldest question in the... Continue Reading »
Aug 27, 2015•2 min
How to protect your kids from identity theft. I tried to freeze my 16 year old daughter’s credit report to protect her for the fastest growing form of Identity theft “minorities”. Find... Continue Reading »
Aug 26, 2015•3 min
How to pay bills in a way to maximize your credit score. How much should you pay your revolving balances down to get the best credit score? How to pay bills in a way to maximize... Continue Reading »
Aug 25, 2015•7 min
Good Rental Credit History now being reported by Experian’s Rental bureau Good Rental Credit History now being reported by Experian’s Rental bureau How will Experian’s recent purchase of a company called “Rental Bureau” and... Continue Reading »
Aug 24, 2015•3 min
MY BUSINESS PHILOSOPHY Managing people is the most difficult part of any business. How can you select the right people to represent your company? When is it time to part ways? How do you manage the egos and feelings of a high powered sales team?
Aug 21, 2015•1 min
Installment or Revolving? How will Experian quantify the new Rental Trade lines? I detail the changes that will effect renters now that Experian will begin reporting good and bad credit history in their main repository file.... Continue Reading »
Aug 20, 2015•4 min
