Credit Facts for Real Estate Professionals
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And the savvy, educated real estate investor knows that building and maintaining high credit scores is no longer optional. But there’s a huge problem with doing that…
Over an hour of fast, straight-to-the-point training on personal and business credit, myths and money from expert author.
The Credit Scoring System Sucks.
Why? Because financial decisions that are truly smart financial decisions to make are penalized by the consumer credit scoring system. Get over an hour of fast, straight-to-the-point live video training on personal and business credit, myths and money from expert author of 3 books on the subject.
In Dan’s new book, “FINANCIAL FOLLY…Seven Smart Financial Decisions that Lower Your Credit Score” he describes the details of the seven financial decisions that are truly smart financial decisions to make….but are penalized by the consumer credit scoring system.
However, the educated real estate investor who know the rules can still profit by using your credit to make ( and save) you a lot of money.
For example, did you know:
- Refinancing a loan even at a lower interest rate can have a negative impact on your credit score?
- For those of us who buy real estate with our own cash and private money, we’re no better off. If we don’t know the rules that they make, paying cash or using private money can also have a very negative impact on our credit scores both personally and financially.
- Free credit report….Free Score…. are these sites worth the money we are charged to monitor our credit? NO! and Dan will explain why and how you can save $240 and then review your critical credit information for errors, inquiries, payment history, and identity theft.
- And here’s where gets tricky for landlords running a tenant application to verify if they will be a quality tenant: The problem is that credit scores are not always the most accurate measure of quality or risk. Scores can move for non-pay history reasons.
Get Scott’s one-on-one interview with Dan and watch a fast paced hour of training on personal and business credit, myths and money
REI Association president Scott FladHammer interviews Dan Ridenour
How to Creatively & Legally Get and Keep Great Credit to Make (and Save) Money
FACT: A large portion of the scoring system does not care whether the payments have been paid on time or how long your account has been open. These 85 points are granted merely for having open accounts. Once an account is closed, you lose that impact on this factor of the credit score.
- I have a rental in my personal name and because of that my credit score has dropped 60 points.
Can I have my business assume the loan to get it off my credit or what can I do? - Which are better for getting rental property loans: credit unions or banks?
- If I just want basic information about how credit scores work…what should I do first?
- How can someone really influence their credit score?
- Do credit disputes really work?
- If I have questions about credit, budgets or financial matters what is the best way to get them answered?
The answers to these questions and others will make or break you. Most real estate investors and business owners don’t know these rules even exist. And because of that you can accidentally lower your credit scores even while making wise financial decisions. That’s because the credit scoring system is broke, and has been for quite some time. And unfortunately, there is no hope on the horizon for fixing it. Dan knows why the system is broken and why nobody can, or wants to, fix it.
More importantly Dan explains how you, as a real estate investor, can overcome this deadly pitfall. So you can safely and confidently know what decisions to make during your personal and business transactions. In the coming years will find that credit scoring becomes paramount to success or failure in your real estate endeavors.
ALSO: The REI Live Event Training
In this tricky market, whether we’re talking your business credit or your personal credit, if you don’t know the rules of the credit scoring game you unlikely be able to ever achieve true wealth because you’ll be overpaying on everything from car tires to houses. Worst case scenario is you’ll be wiped out because of a lack of cash flow. Savvy real estate investors know when, and how, to use their credit.
Best Credit Facts & Repair for Real Estate Professional
Get the facts about:
- Debt ratios. All loans require a specific debt ratio which is the monthly payments divided into the income. When people borrow more money, as they have three months in a row, then the payments to service that debt increase. This increase in payments causes the debt ratio to increase.
For many mortgages, the acceptable ratios are 28/40. This means 28% of a person’s income can be applied to the mortgage debt. The 40% means by adding the mortgage debt and all other consumer debt (auto, personal, credit cards) cannot exceed the 40% ratio. The three month increase in consumer debt puts these debt ratios at risk. Don’t meet the ratios….don’t get the loan!
- Balance ratios. The balance ratios are a whole other animal and apply only to the credit score. 30% of the credit score (255.0 points) are awarded based on the amount of revolving debt divided into the revolving available credit. If the three month increase in consumer debt is due to increased credit card usage, then undoubtedly the balance ratio has increase. This increase in balance ratio will lower a credit score.
- Types of Accounts. The “types of accounts” portion of the credit scoring system is worth 10% of the credit score. That means “85″ points are awarded or not awarded to each of us based on this particular portion of the credit scoring system.
Your Chance for Rare Wisdom you can use for Years to Come
This chance to hear from Dan about the importance of getting credit and the strange secrets of keeping good credit is invaluable to a real estate investor.
The nuggets of gold in this interview and REI Live Main Event are going to make a big impact on my strategic credit planning. I encourage you to carve out the time to invest in yourself so you too can leverage your credit to create more wealth for years to come. Get this training now!
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