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All about Credit Repair with Mychal Worthem
334 Plays3 years ago
Follow Mychal @BraggzBoomin on instagram.
Creditreplenish.org
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Transcript
Welcome and Introduction to Financial Literacy
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Speaker
Bigger Talks, Bigger Talks, IG Live edition, back again for another episode on financial literacy.
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We can talk about credit repair, credit scores, business funding, and the whole idea, people, is for us, for you, for me, for we, to become financial savvy in all areas of our life.
Guest Introduction: Michael Werthermoren
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And livelihood is important to kind of understand how money works,
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how the credit score works within you getting funded for your business or opportunity.
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I think it's very important.
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So I'm gonna bring my guy, Michael Werthermoren.
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He's a credit expert.
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He does business and works in a credit repair industry with getting people credit, also business funding.
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So he's going to come on and give us some insights and wisdom about it all.
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So stay tuned and listen in.
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If you've got any questions, please dial in and let's learn about credit.
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Hopefully you guys got good credit.
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My credit hasn't always been good, but I'll talk about it a little bit here.
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Leon, what up, bro?
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Let's see.
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Let's see.
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Let me get my boy in here.
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There he is.
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There.
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How's everybody?
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Hey, what's up?
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Yo, yo, yo, what's good?
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What's good?
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What's going on, man?
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How you feeling?
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Man, I'm feeling phenomenal.
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And yourself, E, what's good, man?
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What's booming?
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Hey, what's booming?
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Hey, everybody, this is Michael.
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I don't know him as Michael.
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I know him as Braggs.
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Keep it booming.
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Yeah, man.
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Keep, man.
Michael's Journey into Finance
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Yes, yes, yes.
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And thank you for having me, Ian.
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What up to everybody in the live right now?
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What's booming, y'all?
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I'll go by the name of Bragg, but, you know, today I'm Michael, right?
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Right, right.
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You know what I'm saying?
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Yeah, yeah.
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Good to see you, man.
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Welcome to Bigger Talks.
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I was looking forward to this discussion because I think credit repair, credit scores, business funding is so important for our financial literacy, understanding how money works, how to get more of it, how to finance our life, you know, through business.
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But before we get into that, I just kind of want to give people a deep brief on, like, how we,
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you know, how we met, you know.
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I met Braggs probably like maybe two years ago.
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I think he was in Burbank.
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I think he was like running an operational business.
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I don't know what the business you were in, but you kind of helped me out.
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And then from there we connected.
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We had a real authentic conversation.
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You got my information, we stayed in touch and I think a few years later we just, we kept talking and then I felt like you know the space you're in today with the credit repair and business funding is so important and vital for my followers and audience.
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and getting to know you, man, it's like, it's crazy.
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You can never judge a book by its cover, but you gotta share some very, very powerful insights and wisdom that align with what I do.
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And I'm just very appreciative of you in this moment.
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So, but yeah, before we get into like the business of things, can you kind of give people like your background on like finance and how you got into the whole credit repair industry and where did it all start for you?
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Man, to be quite really transparent, like I,
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I couldn't even tell you how it even started.
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I think it was a collective of numerous different experiences, opportunities to be in certain doors.
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I can say I had, I guess, a divine interest in finance in some way.
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Being an entrepreneur, I think it's hand in hand.
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And one thing led to another.
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Also, number one, having mentorship was very key.
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Having the right mentees with the
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with expertise in that field led me to have more and led me to gain more, more knowledge to what I would give myself into, which led to me now being able to help others like myself.
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So it's been lit.
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So yeah.
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Number one, my mentor, he had, he owns a private equity and investment banking firm.
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He kind of shared with me information about,
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number one entrepreneurship and then how to become the bank when he when he told me how to become the bank i didn't come to bank i like that yeah i'm like mind you this was like man like 2016 2017 we met off of just playing basketball um i'm like yo like what you talking about how to become the bank you know you're old him i g he's he's the old og you know not the
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you know, put his business out there, but he took a liking in me with that.
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I had to gain that by just being an individual that was open for information.
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I wanted to learn.
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I was coachable for me being coachable.
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It led me to different dynamics in the finance world, learning, like I said, business and the structure of how to become the bank, what it takes for that.
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And then also most importantly, a part of that was credit.
Understanding Credit Scores and FICO System
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And then once I got involved to that, it took me to a whole different stratosphere because I personally struggled with it myself.
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in the beginning.
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I had no clue what I was getting into, man.
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And I was hit over the head with the craziest stuff.
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Yeah.
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I think that's the thing, you know, because actually when I came to LA at the age of 22, my first car, I had a Chrysler C-Brain.
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I put like $2,000 down.
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My APR was like, damn, made 24.9%.
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And my credit score was a 517.
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But here's the thing.
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I was right there.
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Bro, I had a 517, but here's the thing.
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I've never had a credit card.
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But when I took out my student loans at Hampton University, private institution,
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because I was on the West Coast, they claimed they reached out via email and sent letters to my Maryland address.
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We know what it is.
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And so supposedly I deferred the loans.
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I deferred them and I didn't, what is it, forbearance, I think you put them in?
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And so I didn't claim it and it dropped my credit score tremendously.
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I didn't even have a credit card.
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So from there, I was already in the hole.
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And I didn't understand it.
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You know, when you when you're coming up in this space at 22, you trying to figure it out.
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You think you're doing the right thing.
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And then from there, you know, it it it got better, but it didn't get better.
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Yeah, it got worse because I didn't have no information on financial literacy.
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So for you being in that space and both of us on over time yours was what was going through your mind and how did it all happen?
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Oh, man, like you, I think I was 18.
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I know I remember the experience vividly.
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Like I had I'm from Long Beach, California, by the way.
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So shout out to all my people from LV, you know, and but I walked into a bank institution by the name of Chase, Chase Bank.
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You know, I was in there.
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I was excited.
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I was stoked.
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The fact that I'm like, look what I can go get me a credit card.
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Oh, so I went in there, you know, really not having any history of my own.
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within that space of credit and had no credit history already on my report.
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And, you know, I went in there, got approved for like a small, a small limit, but I was lit.
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I was like, what?
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$1,200?
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Like, you're going to give me $1,200 at 18?
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Man, first thing I did, my father, he stayed, rest in peace, so he stayed in Texas.
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And, um,
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I was like, you know, I want to go see my dad.
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Man, I used that credit card so quick.
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I'm like, it's not my money?
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Oh, swipe it.
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Boom.
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Swiped it over time.
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Maxed it out probably within a month, bro.
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Didn't even know about the whole utilization that we'll talk about moving forward.
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But maxed it out and was just like, I was told just minimum payments, like $20 here.
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And man, I wasn't, it did nothing to me.
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It basically just ripped me apart.
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That was probably my first collections, my first derogatory mark that was on my report.
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And yeah, man, I got hit over the head and still did not know how to manage credit properly.
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So, yeah, that started, I just hit my head directly on the concrete with this, man.
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And that's why, you know, that guidance, that financial guidance and financial literacy and having someone like you in a space helping the young brothers, just young people understand credit and what it is.
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So let's say, for instance, you know, someone like you and I, you know, credit score, 500, you know, you got a credit card, I got a car, you know, we think we live in a life, right?
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Because we don't know what we don't know.
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So it's me.
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I come see you with this 517.
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What should I do?
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What's the first thing I should think about?
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What is the first thing, a rule of thumb for your business that you take a client, a person like myself through to get me on track to have an improved credit score?
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Oh, so, you know, I think everything starts from like the poor with me and my clients.
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I like to understand where they are.
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And then also where they want to be.
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Initially, you need a you need a plan.
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So it will start with just like a small short term goal, long term goal, where are you trying to be reviewing where you are and then giving you the proper guidance to take you to the next level, you know, but, you know,
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We all start, and also, too, I just want to put this out there because people get like, it's a very sensitive, it's very sensitive.
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This topic is very sensitive to people, and they cringe a little bit when they see certain numbers, and they don't know really what it's about, but hear about it in a certain light, and they start to feel like it's a part of them.
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This is not true.
Improving and Managing Credit Scores
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This can easily be
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And you could be in a whole nother stratosphere once you get the right information.
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So please guys, don't look at your credit score and think that's the judgment of your character because it's not.
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Yeah, that's good.
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Yeah.
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Yeah, yeah, yeah.
00:10:18
Speaker
So what is credit score?
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Before you dig into it, because I want to, I didn't even do that.
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I'm sorry.
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We know from a collective what credit score means to us, but from your perspective, what is a credit score?
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Because you do have several scores, right?
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Yeah.
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Yeah, you got several.
00:10:35
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Well, there is the system in the FICO system now that which we are, what we utilize and what we use on a day-to-day basis, which is FICO.
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And there is a breakdown to that graph.
00:10:49
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And really, ultimately, just like anything, it's a relationship.
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You know, you got to be trusted.
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You know, you got to have, once again, rapport.
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You got to know who you're dealing with.
00:11:01
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And how does that work?
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I will say number one, study by studying and studying the system, studying FICO itself, the score itself.
00:11:12
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And like I said, it's a graph that I can break down.
00:11:16
Speaker
I don't know if you would like for me to break down.
00:11:18
Speaker
Yeah, you ain't gotta break it down.
00:11:19
Speaker
I just wanna kind of like a general synopsis of what a credit score for people who might not know.
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Yeah, yeah.
00:11:23
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So it's just basically data.
00:11:24
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FICO is basically an analytical company that, an analytic company
00:11:30
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that you basically, that generates a score for you and basically determines to lenders if you're worthy for any type of funding or you're not worthy.
00:11:44
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You know, based off the score itself, they can basically see in the report, not really too much of the score too, because I want to get in that because it's more so what's on the report and how the report is structured more so than the number itself.
00:11:57
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But generally, it's just a tool that they utilize.
00:12:01
Speaker
The vetting system, you would say?
00:12:02
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Yes, absolutely.
00:12:05
Speaker
I was doing some research, you know, and I read so many books, and I read that what you just said is that it's not about your actual score.
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It's actually what's in a report.
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Because sometimes in your report, you can have things in it that's not yours or should be off your report after a certain amount of years.
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But to dive back into, you know, you said build rapport when you work with a client, get to know where they're at, where they want to go, give them a short-term goal.
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Then once you know where I'm at, you know where I want to go, I have my short-term goal.
00:12:37
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What is the steps involved to build up to have a healthy credit score?
00:12:44
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Well, the steps involved, like I said, if we want to break down like the FICO, there's, I'm going to break it down to you real quick, and then we can also go step by step of what it is.
00:12:53
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So what that is, is it's 100, you know, let's say we're looking at 100% pie is I'm gonna break it down.
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So 30% is what they call utilization.
00:13:06
Speaker
Okay, that's determining basically how you're utilizing the credit that you've been lending.
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35% of that is your payment history, which is very, very, very key.
00:13:18
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Those two right there are probably the biggest bangers to generating the perfect, I guess, the perfect score of your, to what you think a perfect score is for you.
00:13:30
Speaker
And then also you have like your inquiries, which is new credit.
00:13:35
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That's about like 10%.
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Speaker
Then you have age credit, which is about 15%.
00:13:41
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And then what they call mixed credit is another 10%.
00:13:45
Speaker
And that makes up like different type of trade lines on your report, whether it's installment loans are also revolving accounts, which is basically you want to have a good mix in between to also be able to help with that structure.
00:14:03
Speaker
So you're saying 30% is utilization, meaning like how I'm using a credit card, right?
00:14:09
Speaker
Yes.
00:14:09
Speaker
So like I was explaining to you guys early on, my personal experience with this is when I first got my first credit card with Chase, I matched it up.
00:14:19
Speaker
And basically what that is, is I had a limit.
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Speaker
I reached the limit 100%, probably even more, and did not know that I had to pay down
00:14:30
Speaker
pay down that card.
00:14:31
Speaker
So I was only doing like the most leases amount possible at the time, which wasn't knocking off my usage at all.
00:14:40
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So it kept me at a high usage rate and being at a high usage rate is a red flag to any lender that you're looking to eventually be involved in.
00:14:49
Speaker
Once they see you at like a hundred percent, 90% utilization rate on a, uh, anything of your overall report,
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Speaker
you're putting yourself in a very tight situation to receive any type of any new or increasing amounts of limit of credit.
00:15:07
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So utilization is a very big key and it can affect you dramatically.
00:15:12
Speaker
Got it.
00:15:13
Speaker
So, you know, so we got the 30%.
00:15:17
Speaker
What's the 35%?
00:15:18
Speaker
So, and also in that utilization, you know, they say that you would like to keep it from on a fair amount, 30%.
00:15:26
Speaker
So that's basically what how you how you basically keep track of that of your utilization is whatever the main amount is you want to times it by point three.
00:15:36
Speaker
But I would advise people to keep it even lower.
00:15:40
Speaker
So that's like the fair, the fairs.
00:15:42
Speaker
I would say like the fair side of things, but if you really want to see maximum results, I would say anywhere between 10% of lower is where you really getting in the sweet spot.
00:15:53
Speaker
And then also, what was that?
00:15:56
Speaker
I said, you said 10% of low or below is like, it helps with the score, right?
00:16:02
Speaker
With the score tremendous is going to help you also to be in a position to receive funding, which we'll talk about later on.
00:16:09
Speaker
Yeah.
00:16:10
Speaker
But yeah, 35% was they kept like 35% of, I forgot what you said.
00:16:15
Speaker
Oh, that's payment history.
00:16:16
Speaker
Oh, payment history.
00:16:17
Speaker
Got it.
00:16:17
Speaker
Yeah.
00:16:18
Speaker
Yeah.
00:16:18
Speaker
That's a banger, man.
00:16:20
Speaker
As you know,
00:16:21
Speaker
within yourself I mean how important is payment history to you man how does that I mean it's very important I mean I think when I wanted to get my because like I said when I had my that 517 I didn't even have no established credit right so when I went to go get a card for the first time you know they not based that off anything because I don't have no payment history however
00:16:44
Speaker
I had missed some payments on my car note.
00:16:47
Speaker
You know, and I actually was in repoed possession like five times at one point.
00:16:52
Speaker
I think I was like 24, 25.
00:16:54
Speaker
I forgot the year.
00:16:56
Speaker
Maybe 25.
00:16:56
Speaker
It was the toughest year of my life.
00:16:58
Speaker
But it never got repoed, but I was in a position to get it repoed.
00:17:02
Speaker
So, them hard inquiries, not paying, I think I probably missed over the course of maybe that three years.
00:17:08
Speaker
I probably had like...
00:17:10
Speaker
maybe like 12 missed or late payments or 17, something like that, something crazy.
00:17:15
Speaker
So it messed up my score.
00:17:18
Speaker
Yeah, it's gonna mess a whole lot of things up.
00:17:20
Speaker
Yeah, so I was in that for a minute.
00:17:23
Speaker
But still, you know, when it's just you and you and you trying to figure it out, you know, I'm in LA, I'm trying to make it.
00:17:29
Speaker
You know, this is the stuff people don't see, you know, on social media or they don't see it in real life when they don't know what's going on.
00:17:34
Speaker
They just see you doing the thing and trying to be great.
00:17:38
Speaker
But it was tough.
00:17:39
Speaker
You know, I was dealing with that in my 20s.
00:17:40
Speaker
You know what I mean?
00:17:41
Speaker
Trying to get back right and building myself up.
00:17:44
Speaker
And then over time, you know, things change, things shift.
00:17:47
Speaker
You get more knowledge.
00:17:48
Speaker
You get some money.
00:17:50
Speaker
You pay things down.
00:17:51
Speaker
You pay that car off.
00:17:52
Speaker
And then you get a credit card and you start building.
00:17:55
Speaker
But I think...
00:17:56
Speaker
the biggest thing that I've realized for most people even to this day even for me to be transparent you know having a card of any sort debit or credit is psychological because the thing about why cash is so good because cash is emotional right you can feel it so if I got 100 ones in my wallet I can when I'm paying money I know okay I just paid $30 or I got $70 left
00:18:20
Speaker
But if I'm swiping my credit card, Amex, Chase, Wells, whatever, I'm just swiping.
00:18:26
Speaker
So I'm not really... You're just going.
00:18:27
Speaker
I don't feel it.
00:18:29
Speaker
You know, I think the psychology of credit scores and credit cards is what messes us all up if we don't have the information in that area, you don't have the budgets.
00:18:40
Speaker
And I think from your perspective, you know, you set the short-term goal, know where I want to go, building rapport.
00:18:48
Speaker
you gave us a breakdown on how they look at your credit, you know, your utilization, payment history, I forgot the other, but those are the most important.
00:18:58
Speaker
So we know that what is like the simplest form or way that
00:19:05
Speaker
You can get somebody in a space of building good credit from a tangible space that they can't control.
00:19:11
Speaker
Because
Financial Literacy and Debt Management
00:19:12
Speaker
what I learned on my car payment at the time, I think it was like $340 or $380.
00:19:17
Speaker
And that was a lot in my mind, psychologically.
00:19:19
Speaker
But there was an option on Capital One, that's where I got my loan out of, where I could pay weekly.
00:19:25
Speaker
So I was like, oh, I can pay $80 a week.
00:19:28
Speaker
It shifted my paradigm and I was able to actually have extra payments at the end of the year, right?
00:19:34
Speaker
Because I was paying weekly.
00:19:36
Speaker
So that's something I took into consideration to help me get to pay the car off.
00:19:41
Speaker
But for someone building that credit, do you guys have a technique or some type of formula to give people that...
00:19:47
Speaker
they can kind of use to start, you know, or is it just... I would say the number one formula to this is something that you can do is like the two things, number one, that's going to help your credit score is just consistent payment history.
00:20:01
Speaker
Setting up like a, literally, like if you have to set up some type of auto payment history to make sure that all your accounts are paid on time, that is very key, man, because we get...
00:20:15
Speaker
There's so much going on in a personal life and you don't have that structure.
00:20:20
Speaker
All right, put that tool into auto-pay, man.
00:20:22
Speaker
You can miss a payment and that one payment can change the whole... You'll see your point.
00:20:27
Speaker
You'll see your report like, yo, why my credit score dropped 20?
00:20:31
Speaker
And I had that happen to me before and it wasn't on me.
00:20:34
Speaker
It was on a company.
00:20:35
Speaker
Yeah, I was like, y'all didn't do y'all due diligence.
00:20:38
Speaker
My card always remained the same.
00:20:40
Speaker
I'm supposed to know it changed.
00:20:42
Speaker
I didn't get no notification.
00:20:44
Speaker
And that's okay.
00:20:45
Speaker
And that's also too, is that a tool is, I would say, I would suggest that you on a monthly basis, check, check in with your report.
00:20:53
Speaker
Okay.
00:20:55
Speaker
Yeah.
00:20:56
Speaker
Check in with checking what you was going on, on your report.
00:20:59
Speaker
You know, because a lot of things, too, that, you know, sometimes happens over our reports is like inaccurate information that can also help in our favor to get things removed.
00:21:09
Speaker
You know, so you want to check for like inaccurate information on your reports, addresses, you know, work information, your name, numbers, emails.
00:21:18
Speaker
Those things are also key to see what's going on just in case you get like a red flag like you did, you know, on somebody else's era.
00:21:26
Speaker
Make them accountable for that era.
00:21:29
Speaker
And then also, too, like I said, it can help in those removal processes of, you know, you have.
00:21:35
Speaker
You said check your payment history, you know, and check your monthly check all your accounts that you have.
00:21:41
Speaker
Right.
00:21:43
Speaker
But do you have I have some apps in mind.
00:21:45
Speaker
Do you have some apps that people can utilize to kind of like I know I know the most common one people use is like Reddit Karma, you know,
00:21:53
Speaker
that's a cool, I would say, for monitoring purposes only to see what's on the report.
00:22:00
Speaker
It's useful, but as far as the accuracy of the number, not at all.
00:22:05
Speaker
I think they operate on Vantage and not FICO.
00:22:09
Speaker
They're not giving you the right FICO score.
00:22:12
Speaker
To be honest, I wouldn't even mess with it or look at the numbers because you'll probably look at your credit card and be like, yo, I got a 730.
00:22:18
Speaker
It's lit.
00:22:20
Speaker
Let's go ahead and go get that credit card.
00:22:22
Speaker
Let's go
00:22:23
Speaker
Let's go crazy with it.
00:22:24
Speaker
And then you go there and try to get approved and you get denied.
00:22:27
Speaker
You're like, but my credit score says on Credit Karma, you know, I have a 730.
00:22:32
Speaker
Like, and it's just not going to happen because like I said, they're inaccurate, but what's on the reports itself, we're showing like whatever.
00:22:39
Speaker
So what can I get access from your, you know, your folks?
00:22:42
Speaker
I got Credit Karma.
00:22:43
Speaker
I have Experian app.
00:22:44
Speaker
I mean, Experian premiums I think will be great.
00:22:47
Speaker
And I got Credit Wise as well.
00:22:48
Speaker
Yeah, Credit Wise.
00:22:49
Speaker
You get myfico.com annual report.
00:22:53
Speaker
You can get a free credit report for all three bureaus.
00:22:56
Speaker
You can check out annual report.com, myfico.com.
00:23:00
Speaker
And then, like I said, Experian, plus where you are like paying for essentially a service, but you're able to then see like all three bureaus on Experian.
00:23:10
Speaker
I think Experian is, you know, people are familiar with that.
00:23:13
Speaker
They're pretty cool.
00:23:15
Speaker
I would say that would be a great tool to invest in.
00:23:18
Speaker
You hear them get the apps.
00:23:20
Speaker
Because I think, you know, from a personal standpoint, having that accountability, because I get notifications on my phone.
00:23:26
Speaker
Oh, Mr. Bigger, your streak is going up.
00:23:29
Speaker
You had 18 straight payments for your card.
00:23:31
Speaker
No, whatever it is, right?
00:23:33
Speaker
Honestly, because you just said earlier that some people, we feel like our credit score is our character.
00:23:39
Speaker
And that does affect our nervous system.
00:23:42
Speaker
So when I see that, oh, wow, like,
00:23:44
Speaker
You know, I made 18 payments.
00:23:46
Speaker
Like, it does something to you.
00:23:48
Speaker
Energetic.
00:23:48
Speaker
It does.
00:23:49
Speaker
It's momentum.
00:23:50
Speaker
So, I would say that just to have several different apps that you can utilize, the one that you recommend, of course, to give people that momentum and that confidence.
00:23:58
Speaker
Like, all right, cool.
00:23:59
Speaker
Even if you're paying $75 every time, like, you're still having some type of consistency.
00:24:06
Speaker
I just think...
00:24:07
Speaker
we need people like you, you know, you know, we need to be booming in our credit.
00:24:12
Speaker
Right.
00:24:13
Speaker
We got to be booming in our we don't know that we don't have the information to understand a situation to kind of get past that.
00:24:19
Speaker
And, you know, other, you know, groups of people, you know, whether white, Asian or the wealthy or affluent, they their credit scores.
00:24:30
Speaker
because they have good mentors and guidance, they're on their mom and dad's credit card as authorized users.
00:24:37
Speaker
As an authorized user.
00:24:39
Speaker
Yeah, can you speak to that?
00:24:41
Speaker
What's the benefit of that?
00:24:42
Speaker
You know, the benefit of that is that, you know, you basically inherit, in a sense, someone else's great deed, you know, all the benefits of what they were able to do now has fallen upon your lap, you know what I'm saying?
00:24:57
Speaker
And for that time, you know, say, for instance, if you're looking to get a car, apartment, it can help in a sense at that particular time.
00:25:06
Speaker
But one thing that they don't tell you is just because
00:25:08
Speaker
You now have that little boost.
00:25:10
Speaker
Yeah.
00:25:11
Speaker
One thing that it doesn't do is not going to stay on.
00:25:14
Speaker
Once you're removed from that, that history is not going to stay on your report.
00:25:18
Speaker
So you're going to need to establish primary trade lines, trade lines with your information, your history, you know, that good rapport building with these lenders.
00:25:28
Speaker
You're going to need these accounts on your own personal history.
00:25:32
Speaker
But yes, having an authorized usually, let's say, for your child, maybe he's, you know, at that time, or the age is 17 to 18.
00:25:39
Speaker
They're, you know, you try to get them started, adding them onto your, adding them onto, like, your authorized accounts.
00:25:46
Speaker
Authorizing them to be on your account is a big deal.
00:25:50
Speaker
I mean, I feel like, man, if only if my mom, look, I got so hot once I found out that we can actually do that.
00:25:59
Speaker
Because I'm like, mom, I could have been 700 out the gate.
00:26:02
Speaker
Right.
00:26:02
Speaker
What's up?
00:26:03
Speaker
You didn't put me on?
00:26:05
Speaker
You know, but yeah, that's a benefit to also, like I said, helping some, like I would say, your child or anyone that you trust, because also too with the authorized user, which is you got to make sure the stuff on there is also, they're updated on what they're doing as well, because if they fall off,
00:26:22
Speaker
And if they have any derogatory information on there, it falls on you.
00:26:27
Speaker
Yeah, and the thing is, it's good until it's not.
00:26:30
Speaker
So I had someone do that for me when I first got my credit card and actually boosted my score.
00:26:34
Speaker
It helped out.
00:26:35
Speaker
But here's the thing.
00:26:38
Speaker
I think I was on there for like two and a half years, maybe three.
00:26:43
Speaker
And when I got off there as a usable.
00:26:46
Speaker
Put you right back there.
00:26:47
Speaker
No, no, no.
00:26:48
Speaker
My score actually went up.
00:26:50
Speaker
Yeah, it went up a bit.
00:26:51
Speaker
I was like, oh, maybe I was on that too long.
00:26:58
Speaker
But my score actually went up a bit.
00:27:00
Speaker
So I was actually shocked.
00:27:01
Speaker
But you know what it was?
00:27:03
Speaker
The person was holding me down.
00:27:04
Speaker
Like, they kept me, you know.
00:27:06
Speaker
It's kind of like if you're my swim instructor and you're teaching me how to swim or float, you kind of hold me up until I can hold my own.
00:27:15
Speaker
Did you have also any other accounts?
00:27:17
Speaker
Did you have any primary accounts on your own, though?
00:27:21
Speaker
Yeah, yeah, yeah, yeah, for sure.
00:27:22
Speaker
Okay.
00:27:23
Speaker
I had other kills too.
00:27:25
Speaker
Were you managing those well too?
00:27:27
Speaker
Oh, yeah, for sure, for sure.
00:27:28
Speaker
Okay, yeah, so that also could have played a part, but.
00:27:31
Speaker
No, I think that did, but here's the thing, this is what I've learned.
00:27:35
Speaker
Because I was on somebody else's ticket, psychologically it made me like, yo, I can't mess this up.
00:27:41
Speaker
You know what I'm saying?
00:27:42
Speaker
Like, I can't mess this up.
00:27:44
Speaker
Like, if you my boy and you let me, look, he's going to help you out, you know?
00:27:48
Speaker
And they can't mess it up either because they'll mess it up for you too.
00:27:51
Speaker
So I'm like, I got a payment to pay this like $1,800.
00:27:53
Speaker
And I'm like, I can't.
00:27:55
Speaker
I got to make this, right?
00:27:57
Speaker
So it also held me accountable.
00:27:59
Speaker
I think that's what it did for me because I feel like when two come together in union and you have the same intention and goals,
00:28:07
Speaker
You want to help each other, but you don't want to hurt each other.
00:28:10
Speaker
Right.
00:28:10
Speaker
I would just say just make sure that that's not something –
00:28:14
Speaker
that you like, let's say you're banking off of to be like, look, let me just be on a heart the right.
00:28:20
Speaker
Oh, yeah, yeah.
00:28:21
Speaker
I'm good now.
00:28:22
Speaker
Yeah, there's going to be time where you're going to have to jump into the pool, man, with no.
00:28:27
Speaker
Yeah, I did.
00:28:28
Speaker
All right, man, you're just going to have to get wet.
00:28:30
Speaker
You know, you're going there towing it up.
00:28:32
Speaker
It ain't going to do nothing for you.
00:28:34
Speaker
You got to really hit the ground running for yourself because, like I said,
00:28:37
Speaker
And mainly with situations is once they take you off of it, that you don't have no history of your own, then your credit score is going to deplete.
00:28:46
Speaker
So you definitely need primary.
00:28:48
Speaker
You need primary trade lines.
00:28:49
Speaker
You got to be a big boy.
00:28:50
Speaker
And you got to, you know.
00:28:51
Speaker
And by the way, can you explain to the people listening, what are trade lines?
00:28:56
Speaker
Trade lines are essentially what, like, a car loan.
00:29:01
Speaker
Okay.
00:29:02
Speaker
That's a primary trade line, a credit card.
00:29:05
Speaker
Any such.
00:29:06
Speaker
Home loan?
00:29:07
Speaker
Mortgage?
00:29:08
Speaker
Yes.
00:29:08
Speaker
Anything that, yes, mortgage, definitely, installment loan, but primary trade line, anything that is attached with you on there that you're making those positive, hopefully positive relationships with and managing correctly will help you a lot.
00:29:26
Speaker
So primary trade lines, it's just accounts that you open up.
00:29:30
Speaker
Got it.
00:29:31
Speaker
That's good to know.
00:29:32
Speaker
Yeah, so, you know, credit is important.
00:29:34
Speaker
And I think our relationship with credit, just like our relationship with money, it's kind of one and the same depending on how you were raised or where you come from.
00:29:43
Speaker
And I think, you know, I want to change the narrative and the consciousness around, at least for, you know, black and brown people who are affected in that way.
00:29:50
Speaker
Not all, but the ones who come from the inner city, who don't have the information that they should be privy to.
00:29:57
Speaker
But people in general, even as adults, you get older, you got to be on your own.
00:30:00
Speaker
You go through these struggles and you go through this failure.
00:30:03
Speaker
And I think just like mental health, just like financial literacy, I think credit as well is in there altogether.
00:30:08
Speaker
We have to start normalizing the conversation around it.
00:30:11
Speaker
Right.
00:30:12
Speaker
Yeah.
00:30:12
Speaker
And when you hit that and the fact when we talked about it, you know, between ourselves, it's so true, man, because I know how I feel like when we weren't having these conversations and I was out the loop.
00:30:24
Speaker
I had no knowledge of anything.
00:30:26
Speaker
And then, like I said, once I got to the point of trying to jump in,
00:30:30
Speaker
I had no, no understanding.
00:30:33
Speaker
And I literally like put myself in some crazy situations with that.
00:30:37
Speaker
And, but also it affected my mental health.
00:30:40
Speaker
It affected me like wanting to, should I go get, should I go apply for a credit card?
00:30:46
Speaker
Or should I not?
00:30:47
Speaker
Are these myths behind all these things that I guess over time just kind of got surrounded by me, my head to like,
00:30:56
Speaker
I was literally operating in fear and that was the wrong way to operate, you know, especially when you're trying to get some money or you're trying to establish a new relationship.
00:31:03
Speaker
Operating in fear is not going to help the situation at all.
00:31:06
Speaker
Uh,
00:31:07
Speaker
And yeah, it just took for me to be more knowledgeable what I was getting into, aligning with the right individuals that have the right knowledge.
00:31:15
Speaker
And then it just basically took me to a whole nother stratosphere and then being able to help others, which is most, most of my most important thing that I enjoy doing what I do is because just the acts of service part to be able to see people, you know, get approved for cars, get approved for homes.
00:31:31
Speaker
you know, work on getting their personal credit structure right so they can go get business funding, see them being able to scale their business.
00:31:38
Speaker
These things are rewarding, man.
00:31:40
Speaker
They feel so good to see these people take initiatives for themselves.
00:31:45
Speaker
Like, because, you know, yeah, I have a service to be able to support, but if you cannot do the work yourself, you're just going to be basically back in the situation you were in and you're going to call again and be like, hey, Brad.
00:31:56
Speaker
Yeah, yeah.
00:31:56
Speaker
So you have to establish those good habits along the way for yourself.
00:32:00
Speaker
And I'm, you know, the team and I, you know, we have a, I mean, I have a relationship with, you know, attorneys that also,
00:32:07
Speaker
now talk with on the daily that help me with clients uh we we have the right system to support but it all starts with the habits that you are creating what you want to create in that time frame so yeah that's that's it's important and it's super vital i mean before we move into the business funding and we're going to get to like you know the credit we can talk about some more about this credit man yeah but i want i want to kind of like
00:32:30
Speaker
I want to kind of concise and break down like because you know it's like when you get when we give an information and knowledge and wisdom people got to go back and you know and get the information pay attention hopefully it can they can retain it understand it but I also know I ain't got to take some got to take notes right but in the beginning of the interview you said the thing that got you into credit credit repair and increasing your score and becoming more applicable knowledgeable was you found a mentor you run into him playing pickup basketball right so
00:33:00
Speaker
Outside of finding a mentor or someone you can look up to, what are like a few other things that people can do?
00:33:06
Speaker
I mean, hire someone like you, of course, to improve their credit.
00:33:09
Speaker
Like, because it's just, it's not just one, you know, one well that's going to feed the village, you know, you need several.
00:33:15
Speaker
There's no way.
00:33:15
Speaker
Yeah.
00:33:16
Speaker
So what are your things?
00:33:17
Speaker
There's no
Business Funding Essentials
00:33:18
Speaker
way.
00:33:18
Speaker
Number one, I would go into, man, if you like to read, I would suggest going into these libraries, picking up some books, learning about financial literacy, learning about credit.
00:33:27
Speaker
They got books on credit, man.
00:33:29
Speaker
They got those things accessible.
00:33:30
Speaker
They're free.
00:33:31
Speaker
You can go pull them up and read them on YouTube University.
00:33:34
Speaker
Yeah.
00:33:35
Speaker
I love you too.
00:33:36
Speaker
You know what I'm saying?
00:33:39
Speaker
You can go there and get that information and figure it out, you know, and do it yourself.
00:33:44
Speaker
A lot of, I still, to this day, even me being in this field, in this industry to give a service to others, I'm learning on the day to day basis.
00:33:53
Speaker
I'm not going to stop learning.
00:33:54
Speaker
Like, because there's always, I mean, with how this credit stuff works, even like to, to be very transparent, these things change.
00:34:01
Speaker
They, they change.
00:34:02
Speaker
They, they, once we, once things get figured out, they want to find other ways to maneuver too.
00:34:07
Speaker
So you got to be sharp, man.
00:34:09
Speaker
You got to be sharp.
00:34:09
Speaker
You got to stay on with, you got to stay on everything and just constantly be able to be coachable, seek information.
00:34:15
Speaker
But yeah, I would say between those, yeah, reading our information, just pulling to go on the internet, man.
00:34:21
Speaker
It's all there for us.
00:34:22
Speaker
People have been in the same situations we've been in or even worse than what you've been in.
00:34:28
Speaker
Even worse.
00:34:29
Speaker
I have a client of mine who was $700,000 in debt.
00:34:34
Speaker
What?
00:34:35
Speaker
Oh, yeah.
00:34:35
Speaker
And they got out of it, though.
00:34:37
Speaker
You know what I'm saying?
00:34:39
Speaker
I'm not about to put everybody.
00:34:40
Speaker
I got some great clients that I've been able to help be in homes within like $300,000 in debt.
00:34:45
Speaker
You know what I'm saying?
00:34:46
Speaker
So it's a real thing.
00:34:48
Speaker
Yeah, and I think sometimes coming where we come from, we think our debt or whatever we face is the worst of all.
00:34:54
Speaker
Whereas people who like, they have hundreds of millions in debt, companies, you know?
00:34:59
Speaker
Like literally, it's real.
00:35:01
Speaker
I mean, in America, there's a book, I think it's called One to Zero.
00:35:05
Speaker
It talks about tax laws and, you know, America.
00:35:07
Speaker
Like I think American debt is like maybe almost a trillion dollars, if not.
00:35:12
Speaker
Yeah, we are in debt.
00:35:13
Speaker
Right, we're in debt.
00:35:15
Speaker
So don't feel bad, people.
00:35:18
Speaker
The people who are supposed to be running the world and telling us what to do are in debt.
00:35:22
Speaker
They need to come to you and get some credit repair.
00:35:24
Speaker
Hello, tap in.
00:35:26
Speaker
Hello.
00:35:27
Speaker
Oh, my boy.
00:35:28
Speaker
Need to get the credit boom in America.
00:35:31
Speaker
It's bad over here, brother.
00:35:34
Speaker
Yeah, but you know, debt is, you know, like the word debt itself too.
00:35:36
Speaker
It's also, yeah, you know, you got good debt.
00:35:38
Speaker
You got some bad debt, you know, but you.
00:35:41
Speaker
You want to be able to be on the good side of debt.
00:35:43
Speaker
You know, like I think I've had I know what that fear is.
00:35:46
Speaker
You know, when you hear that word, you hear, like I said, others around you telling you about how this affected their lives and oh, they couldn't do this.
00:35:55
Speaker
Don't do that.
00:35:56
Speaker
cut your credit cards, do this, blah, blah, blah.
00:35:58
Speaker
And it's like, yo, it makes no sense.
00:36:01
Speaker
After when you get the information, you'll start to be like, why was I, why was I moving like that?
00:36:06
Speaker
You know, but you had, but you can't also, like I said, you have to just be able to be open enough to understand and get to that point.
00:36:12
Speaker
And it's like, yo, I don't know.
00:36:14
Speaker
And I'm ready to learn.
00:36:16
Speaker
And that's going to change the whole trajectory of what, what happens to you moving on, moving forward in your life is just getting to that point where you're just like, let's go, let's learn.
00:36:24
Speaker
Yeah, so we just talked about debt and you said there's good debt.
00:36:29
Speaker
And as we go on to talking about getting business funding, you know, there's a guru out there named Dave Ramsey.
00:36:35
Speaker
He doesn't believe in that.
00:36:37
Speaker
Oh, my God.
00:36:38
Speaker
He believes.
00:36:38
Speaker
Pay everything off.
00:36:41
Speaker
I get it.
00:36:42
Speaker
I get it.
00:36:42
Speaker
I get it.
00:36:43
Speaker
I understand.
00:36:44
Speaker
Okay.
00:36:44
Speaker
I'm not mad at you.
00:36:45
Speaker
I would love that as well.
00:36:47
Speaker
Like OPM, he ain't never used no OPM.
00:36:51
Speaker
Right, other people's money, right?
00:36:54
Speaker
Oh, man.
00:36:55
Speaker
So what is good debt?
00:36:57
Speaker
And can we go into, like, the business funding or, like, what's the first thing to know when getting funding for your business?
00:37:05
Speaker
Well, you know, moving forward right now on how things are working with being funded and things are getting a lot more tighter is essentially you need your personal top tier level to think about any type of funding.
00:37:21
Speaker
Like, you know, I know you hear people just like, yo, you know, I can get X amount of money with $300.
00:37:28
Speaker
credit score, personal credit scores, and I can get funding still.
00:37:32
Speaker
But it's like that window is very small.
00:37:38
Speaker
The best thing you could do for yourself is to first work on your personal credit, making sure that it is structured correctly so that way once it is time for you to receive funding, then we can also work on and help educate you how to structure your business properly to then get funding.
00:37:56
Speaker
Because there's definitely...
00:37:59
Speaker
levels to this.
00:38:00
Speaker
Like, you know, there's things that have to be in place, things that have to be structured, like everything, a system.
00:38:05
Speaker
There's a system in play for you to receive funding.
00:38:08
Speaker
You know, it's not just like, hey, you know what?
00:38:10
Speaker
Hey, Eric, I got this LLC now, man.
00:38:13
Speaker
Look, I'm on.
00:38:16
Speaker
Let's go to the bank.
00:38:17
Speaker
Let's go run a trip for about $50,000.
00:38:18
Speaker
It ain't going to work like that.
00:38:21
Speaker
You know, it ain't going to work like that.
00:38:23
Speaker
I'm going to just be, that I have to be transparent with you and everybody here that's tuning in.
00:38:28
Speaker
is that number one, just take that time to, like I said, create a plan first and then also get into structuring your personal credit.
00:38:37
Speaker
Once your personal credit is structured correctly, now we're going to talk some business funding.
00:38:42
Speaker
Got it.
00:38:43
Speaker
I like it.
00:38:44
Speaker
Have a plan, get your personal credit in some structure and booming, as you like to say, and then we'll talk business.
00:38:51
Speaker
Let's talk business.
00:38:52
Speaker
So say, for instance, I'm at like, say, for instance, you know, average person, I got between a 678 and a 715 credit score, just said, personally.
00:39:03
Speaker
And I want to go get $10,000 to $15,000 for my business that I just opened up, LLC.
00:39:09
Speaker
Say LLC.
00:39:11
Speaker
How would that work or does that work?
00:39:14
Speaker
So, number one, having that 700 credit score and up is the ideal.
00:39:18
Speaker
Okay.
00:39:20
Speaker
the help on the business funding side.
00:39:22
Speaker
But then there's things such as, you know, just because you have those scores, you have to also have a legitimate business, you have to now apply to get get the structuring of the business, right?
00:39:33
Speaker
You need actual whatever, if it's the LLC, a C core, like you need, you need to get basically
00:39:45
Speaker
You need to get your funding.
00:39:47
Speaker
You need to get things in order.
00:39:48
Speaker
I'm sorry.
00:39:49
Speaker
I'm looking at something.
00:39:49
Speaker
But you need to get everything in order on the business structure inside by making sure you're a legitimate business, having the structure between the business address that they're going to look at, having a business phone number, website.
00:40:06
Speaker
The list goes on to what it takes for you to be structured properly to get the funding that you need.
00:40:12
Speaker
Yeah.
00:40:13
Speaker
So basically you saying like all around you got to be polished or somewhat put in place to kind of get that funding in your business.
00:40:20
Speaker
You still got to have a business that actually isn't that's running, right?
00:40:26
Speaker
And your personal credit got to somewhat be an S-700, you would say, that to get the funding that's more window opportunity is more open.
00:40:34
Speaker
Right.
00:40:35
Speaker
And I'm also I'm also thinking that I talked to a credit guy probably like two years ago and he sent me a book.
00:40:41
Speaker
He actually had a book and in the book it talked about I think they call credit lines or trade lines.
00:40:49
Speaker
You can actually go to websites and pay in to be on someone else's.
00:40:56
Speaker
Get somebody someone else's trade lines or business trade lines.
00:40:59
Speaker
For business trade lines.
00:41:01
Speaker
I think it was, is it both?
00:41:03
Speaker
Can you do both for personal and business or just personal?
00:41:06
Speaker
So basically there's a website.
00:41:09
Speaker
You do need trade lines to get yourself established also for business credit.
00:41:14
Speaker
You're going to need to have the structure that I was explaining.
00:41:17
Speaker
And I can more indefinitely go around that too.
00:41:19
Speaker
But you're also going to need the proper trade lines on the business side.
00:41:25
Speaker
Because the business sides have their bureaus that they report to as well on the business side.
00:41:30
Speaker
totally different from the personal to personal you have Equifax, TransUnion and Experian.
00:41:37
Speaker
On the business side, you have Dunman Brad, you have Equifax Business and then you have Experian Business.
00:41:44
Speaker
And those they report totally different bureaus, totally different structures.
00:41:49
Speaker
They have their business have their systems, personal has theirs.
00:41:53
Speaker
So you do need to establish trade lines as well
00:41:58
Speaker
with business trade lines to get you funded too as well.
00:42:03
Speaker
Got it.
00:42:03
Speaker
That's definitely key.
00:42:05
Speaker
And it's important to kind of understand the difference because I thought when I first got my credit from my bank on the business side, you know, I thought it was –
00:42:18
Speaker
I mean, the same as the personal side, but I didn't know that they were using my personal accounts to give me the funding for my business, like you said.
00:42:25
Speaker
Yeah, because that's called PG.
00:42:28
Speaker
It's called PG.
00:42:29
Speaker
Personal Guarantor, right?
00:42:30
Speaker
Yeah, yeah, yeah.
00:42:31
Speaker
Personal Guarantor.
00:42:33
Speaker
99% of the banks, they're going to run up the PG.
00:42:36
Speaker
They're going to run your PG once you're trying to establish a business on the starters before you have any business credit.
00:42:44
Speaker
uh they're going to run that's why i said the personal has to be structured just as well as uh to get yourself in a position for the right business planning you do need the structure and your personal to do so to maximize it you know so and then you're going to need also between their personal to get higher limits because you don't want to mess around you don't want to just go in there and don't have the structure and getting low limits to your business uh business supply like credit lines you're not trying to go get no thousand dollars
00:43:10
Speaker
credit card and business like what's the point of doing that?
00:43:13
Speaker
Like, so you're going to have to have like also on your personal, like overall budget over like about a 10, I would say about five to six accounts, but at least have it like a 10,000 balance and total.
00:43:28
Speaker
So that way that can help with also the PG to that they see, okay, are you working with me between about 10 K and up on your personal
00:43:37
Speaker
We can now match that on the business side for your personal guarantee.
00:43:40
Speaker
We're giving you like, let's say, 20K in a business, running a 20K here or 30 here.
00:43:47
Speaker
You need that on your personal side.
00:43:49
Speaker
You need to have those types.
00:43:51
Speaker
You need to be working on that level of overall credit to get like a higher increase on the business funding side when you're first PGing.
00:44:00
Speaker
So I just want to I got a quick question.
00:44:03
Speaker
What's the quickest or the easiest way to increase your credit with all your accounts you have open?
00:44:11
Speaker
So say I got three accounts open and say I got like out of those three accounts I got like 30 to 40,000 right?
00:44:17
Speaker
But say I want to get maybe 50 to 60,000 say on one account I got
00:44:23
Speaker
uh 18 000 limit right but i want to get that to 25. what's the key in your report that i will need or is it your payment history to kind of get that without no question like how does that work well sometimes you can get it with no question they'll go back to see your your payment history from the last 24 months they'll see like okay check it out you've been doing this for x amount 24 months let's give them a budget increase especially if you are already banking with this institution as well you have like a personal bank
00:44:52
Speaker
with them and then you also have a car they'll see like the transactions that's happening between your personal account and then you know that would help you with just getting that increase without even asking but you also can ask for increases every six months long as you're doing what you have yeah yeah every six months yeah go call those guys up like hey chase you know uh as you know
00:45:18
Speaker
I'm over here handling business, you know.
00:45:20
Speaker
Yeah.
00:45:21
Speaker
Globalization is looking top tier.
00:45:23
Speaker
Payments is in 100%.
00:45:24
Speaker
What's that?
00:45:26
Speaker
So I get to my pocket.
00:45:27
Speaker
So is that the same for both sides, for business and personal, when you're asking for a credit increase?
00:45:36
Speaker
You can ask, yes.
00:45:37
Speaker
Is it six months on a personal side as well?
00:45:41
Speaker
No, it's six months.
00:45:42
Speaker
That is six months on personal.
00:45:44
Speaker
Six months on personal to get the increases.
00:45:47
Speaker
Okay.
00:45:48
Speaker
You can hit them up for that.
00:45:50
Speaker
Yeah, so six months personal, you can call and ask for increases.
00:45:54
Speaker
And then that will also help with your utilization overall.
00:45:57
Speaker
Like, so, because- Yeah, yeah, yeah, that's what I'm saying.
00:46:02
Speaker
You need higher limits so that the overall can help your utilization balance out a little bit more so it's not as high with all accounts on your personal, you know?
00:46:11
Speaker
I also was told, someone gave me a tip.
00:46:15
Speaker
They said when you got a credit card balance, pay 15 days, pay half 15 days before the due date and then pay the remaining three days before the due date.
00:46:26
Speaker
Have you heard that before?
00:46:28
Speaker
Yeah.
00:46:29
Speaker
I mean, you definitely want to know, those are your reporting dates and your closing dates are very important to know because if you pay, if you have a
00:46:41
Speaker
zero balance like if you're matching out and you don't have anything they're not seeing nothing that's left behind I don't care if it's like two dollars like have a little pay
00:46:51
Speaker
as much as you can for sure, but like leave a little, leave a little on the side.
00:46:55
Speaker
Yeah.
00:46:55
Speaker
That's what I had to learn.
00:46:56
Speaker
Cause I was paying everything all the time.
00:46:58
Speaker
Like I wouldn't even leave.
00:46:59
Speaker
No, it would just be zero.
00:47:00
Speaker
I'm like zero balance, zero balance.
00:47:02
Speaker
Then it's like $34.
00:47:03
Speaker
Like I'm not really getting a chance to increase my score because I'm not showing them that I'm accountable for a long period of time or I can be accountable.
00:47:12
Speaker
It's kind of like knowing all the answers to the test without taking a test.
00:47:16
Speaker
So it's like, I mean, we can pass you, but why?
00:47:18
Speaker
Like, I mean, you're not even, you're not even failing.
00:47:21
Speaker
You know what I'm saying?
00:47:22
Speaker
So, I mean, it makes sense, man.
00:47:25
Speaker
All these fun facts and these tricks.
00:47:28
Speaker
Yeah, man.
00:47:30
Speaker
Yeah, man.
00:47:30
Speaker
And also, like I said, with this business funding, man, it really helps people once they get their self-structured correctly to really scale their business, you know, uh,
00:47:40
Speaker
I know the person, I know it from a personal standpoint of establishing a business and having to put my own money up all the time and trying to flip the money that I'm making to put back, to reinvest back into the business.
00:47:53
Speaker
Like your business can only scale so much.
00:47:55
Speaker
Doing that, you're going to need the OPM.
00:47:59
Speaker
So like, you know, what we provide is basically the knowledge to be able to give you indefinitely.
00:48:06
Speaker
Like a lot, because I know we're, like, I don't want to,
00:48:08
Speaker
explain too much to where it's going over people's heads right now, but we do have the service to be able to consult with you, to give you all the right tools for you to get that funding that you are looking for.
00:48:20
Speaker
And how do people go about that?
00:48:22
Speaker
Where can they find you?
00:48:23
Speaker
What should they look for?
00:48:24
Speaker
Is it a website?
00:48:25
Speaker
Instagram?
00:48:28
Speaker
I have a website at creditreplendance.org That's creditreplendance.org and then you can also tap in with me
00:48:37
Speaker
on the on instagram you know like hey brags you know i met we met you on the let's say this is it live with diggy with my my man e yeah i'll tap in there uh emails we have those as well you can find me at mike at creditriverplanet.com uh you can send in your inquiries and we'll basically get get things situated oh you got it yeah is that it did i spell it right
00:49:03
Speaker
Yeah, yeah, yeah, that's it.
00:49:04
Speaker
Perfect.
00:49:04
Speaker
Y'all see it.
00:49:05
Speaker
See the pin, guys.
00:49:06
Speaker
Thank you.
00:49:08
Speaker
Follow that.
00:49:09
Speaker
Tap in.
00:49:10
Speaker
Get some information from Mike.
00:49:11
Speaker
He's always booming.
00:49:13
Speaker
If there's any questions, like, you know, we can shoot any questions, too.
00:49:16
Speaker
Yeah.
00:49:16
Speaker
Anybody has something to add.
00:49:17
Speaker
Yeah, y'all got questions.
00:49:19
Speaker
I think someone said something earlier if we're going to save it live.
00:49:21
Speaker
I'll call once a year and tell the bank to increase my limit.
00:49:24
Speaker
They do every time.
00:49:25
Speaker
Pay it for it.
00:49:29
Speaker
And by the way, how much should you ask for limit increase?
00:49:32
Speaker
Is it 3,000, 5,000, 10,000?
00:49:33
Speaker
What's a good limit?
00:49:35
Speaker
I mean, I would just say based off of what you can manage, you know, like, you know, figuring out what you can be able to manage within that time to then.
00:49:46
Speaker
But yeah, get the score.
00:49:47
Speaker
The higher the score, the better, you know.
00:49:49
Speaker
And you can also like help with, you can also help with when it comes to like, I'm going to talk about it on a personal side too.
00:49:56
Speaker
with, you know, because it's, you need also, it's better when you have multiple accounts because then you can diversify making payments with your credit cards.
Handling Derogatory Marks and Credit Repair
00:50:07
Speaker
So that way, you know, that can keep your utilization low.
00:50:10
Speaker
So like if, you know, you're not just using one card all the time to pay this, you got about like six credit cards you can
00:50:17
Speaker
Now keep them all equally balanced out.
00:50:19
Speaker
I think I was doing some research.
00:50:21
Speaker
Yeah, and they were saying that the rich or the wealthy, they got between, I think it's 9 to 11 open credit lines that they have.
00:50:29
Speaker
They might not be using them all, but they got, I think it was between 7 to 9 or 9 or 11.
00:50:38
Speaker
Man, well, they say for an excellent, you want to make, the more you manage, the better rapport you have with the lenders and the bank.
00:50:44
Speaker
Oh, really?
00:50:44
Speaker
You really want to
00:50:45
Speaker
rock with you yeah so like 21 accounts you can manage 21 accounts yeah somebody got 21 accounts i heard that yeah yeah you can manage 21 accounts that's considered like excellent you know now you're working on like okay yo this man can manage 21 accounts all 100 payment history no derogatory no no derogatory marks whatsoever utilization is at top tier
00:51:10
Speaker
from 0% to 9%.
00:51:11
Speaker
And then, you know, don't let it also with age too.
00:51:15
Speaker
Age matters.
00:51:16
Speaker
You know, the car age is definitely a top tier having, you know, X amount of years with these open accounts matter just as much.
00:51:29
Speaker
So how often should we open up another credit card?
00:51:32
Speaker
How often should we apply to get a new credit card?
00:51:35
Speaker
So I would say like with that,
00:51:39
Speaker
depending on how your credit is structured, if you're not in the best space to be like trying to get some like open up accounts, I would like refrain from like putting so many inquiries on there because what that would show, we give a little red flag that you're not really probably trustworthy at that time.
00:51:57
Speaker
You're just trying to find money somewhere and they would deny you.
00:52:01
Speaker
They would deny me.
00:52:02
Speaker
So I would say about six a year, you know, if you can get that.
00:52:06
Speaker
Six a year.
00:52:08
Speaker
Yeah, you can probably get that in.
00:52:09
Speaker
And then also, too, over time, over if you're like with inquiries, since it is very low, it's like 10%.
00:52:14
Speaker
If you give yourself maybe six months, a time frame between six months or a little more to then like go back to then going to go open up, let's say, open up other accounts, revolving accounts or whatnot, looking for more credit cards.
00:52:30
Speaker
I would say give yourself a six-month time frame.
00:52:33
Speaker
Don't just go all the way back to back to back to back and just kind of go.
00:52:36
Speaker
Like the kids keep coming back and getting candy.
00:52:40
Speaker
Like, come on, I need more candy.
00:52:41
Speaker
Yeah, yeah, yeah.
00:52:42
Speaker
Man, what's going on over there?
00:52:43
Speaker
Why you need so much candy, man?
00:52:45
Speaker
You know, that's what you're signaling to them.
00:52:49
Speaker
And like I said, it's a really – it's a big red flag.
00:52:52
Speaker
So, yes, you want to make sure you have a lot of – you want to make sure the more it counts, the better.
00:52:59
Speaker
like I said, it would definitely help you overall to then see that you're in good standings with these institutions.
00:53:07
Speaker
You're able to then now get those increases over time with the utilization being, like I said, having the right utilization to those and the payment history.
00:53:17
Speaker
And I want to speak also too about derogatory marks, man.
00:53:21
Speaker
Okay.
00:53:22
Speaker
And what those are.
00:53:25
Speaker
For those that don't know,
00:53:27
Speaker
one thing you don't want to report is derogatory marks.
00:53:30
Speaker
That's collections, that's charge-offs, and any other blemishes.
00:53:37
Speaker
Like, you don't want those on the report.
00:53:40
Speaker
They are affecting you dramatically.
00:53:43
Speaker
And if you do have those, I would say get in touch with somebody like myself or anyone else that can support and help you, or even yourself, if you do the studies to be able to remove these accounts.
00:53:55
Speaker
because they affect your score dramatically.
00:53:58
Speaker
It can be a difference maker for you getting into that apartment.
00:54:03
Speaker
It can be a difference maker for you to get into that car that you want, or even sometimes jobs that you're trying to get applied for.
00:54:11
Speaker
Right, some jobs, you check your credit, man.
00:54:14
Speaker
That's right.
00:54:14
Speaker
Yeah, check that and be like, yeah, you're just not fitted.
00:54:18
Speaker
So the best thing you do first is just kind of look at your report, see if you have any derogatory information on there.
00:54:25
Speaker
and do your best to then put in the work to get those done and removed.
00:54:30
Speaker
One thing, though, about collections, man, don't let them sucker you in to pay them things, man.
00:54:37
Speaker
Don't let them pressure you like that.
00:54:39
Speaker
Really?
00:54:40
Speaker
Oh, yeah, really.
00:54:42
Speaker
Huh?
00:54:44
Speaker
So let me break it down to you.
00:54:47
Speaker
With this collection, these collections, these collectors, right?
00:54:51
Speaker
Yeah.
00:54:52
Speaker
They're considered third parties.
00:54:56
Speaker
And with that being said, the first original creditor basically sold your debt.
00:55:03
Speaker
Oh, yeah.
00:55:04
Speaker
I remember reading that.
00:55:09
Speaker
And now they're sending it to the next person to hound you and to house you and call you over and over and over again, talking about, yo, I need X amount of money.
00:55:22
Speaker
Is this so-and-so?
00:55:23
Speaker
Oh, yeah, yeah.
00:55:24
Speaker
Do you know that you, yeah.
00:55:26
Speaker
That is all that in that process is illegal.
00:55:29
Speaker
So what should we do then?
00:55:31
Speaker
Oh, what?
00:55:32
Speaker
What should you do?
00:55:33
Speaker
Yeah.
00:55:33
Speaker
Remove them things.
00:55:35
Speaker
Get them removed.
00:55:36
Speaker
How do you do that if you feel like you didn't pay that debt from seven, eight years ago?
00:55:41
Speaker
How does that work?
00:55:43
Speaker
Seven, eight years ago, they still call me from that.
00:55:45
Speaker
They should have fell off anyway because also with certain accounts, they stand up until about seven years and then they fall off.
00:55:53
Speaker
So, you know, they do stay on for a long period of time.
00:55:56
Speaker
And if you are just like, let's say, for instance, getting into you have now some derogatory accounts on your report, you want to you want to get those removed as soon as possible because they can affect you for about they can stay on there for seven years.
00:56:10
Speaker
Bankruptcies can stay up to 10 years.
00:56:12
Speaker
So you have all this negative history trailing you for years and years and years.
00:56:17
Speaker
And it's just a bad thing when you're trying to, like I said, get yourself in position to then, like, let's say,
00:56:23
Speaker
just do the things that you want to do and also get business, you get funded.
00:56:29
Speaker
You can't, you can't have that type of history anywhere on your report.
00:56:33
Speaker
If you're looking to be one, any of those things going.
00:56:36
Speaker
So like, you know, what you have to do with that is that once you see that, that, that has happened, if you did not know, like I said, it's illegal.
00:56:44
Speaker
They cannot now go ask, hound you for money that they already rented off.
00:56:49
Speaker
What about taxes?
00:56:50
Speaker
What about taxes?
00:56:51
Speaker
I know somebody who owed back taxes for years and they got a third party.
00:57:00
Speaker
All that's disputable.
00:57:02
Speaker
Oh, wow.
00:57:03
Speaker
But I will tell you, you want to work with a specialist or learn it accurately yourself because some people can think like, hey, I had an experience.
00:57:14
Speaker
I just pressed dispute and I didn't get
00:57:18
Speaker
you know, I press dispute.
00:57:19
Speaker
I thought I disputed it, but it's still on my account, Mike.
00:57:23
Speaker
Like what's going on, Brad?
00:57:24
Speaker
It's like, why is it there?
00:57:25
Speaker
Because you have to have the right structuring letters that has to be sent out.
00:57:30
Speaker
You have to have the right information.
00:57:32
Speaker
There's so much on the back end that goes with being able to remove these type of negative accounts on your, especially that even repos, like stuff like that, like you mentioned, there's so much backlining that goes on that if, um,
00:57:47
Speaker
Once you're able to extract all the things and get everything on a playing field to where it's squeaky clean, because like I said, there's information that you, there could be inaccurate information that they don't have that you could then give updated on and then send those disputes out and then they will fall off because information on your reports are inaccurate at that time.
00:58:10
Speaker
I got to call somebody because I know somebody who's going through that right now and they hitting their pockets like heavy.
00:58:16
Speaker
Oh, yeah.
00:58:16
Speaker
They're going to hit your pocket.
00:58:19
Speaker
They're going to ask you for about 50% of this and settle for this.
00:58:25
Speaker
Once you do, if you do get on that phone and you find yourself basically agreeing to those, because they can send you those letters.
00:58:37
Speaker
They can serve you to pay these debts over time.
00:58:41
Speaker
If you are served and are asked to go to court,
00:58:46
Speaker
You know, you will have to do that and you can't go away from that.
00:58:50
Speaker
You have to make sure that you handle that and either pay those debts or, you know, also have the right, if you are wanting to go there and to, you know, take them to court regarding that account, which you can do.
00:59:05
Speaker
I've seen so many people win cases.
00:59:07
Speaker
on derogatory information reports like on their report where you know they end up getting paid for the stuff that is going on fraudulent on their behalf on these collectors behalf.
00:59:19
Speaker
But yeah man all those things that like that are removed.
00:59:24
Speaker
It also with collections to save you you paid off of full collections right.
00:59:29
Speaker
It will show as report as reported as a zero balance.
00:59:33
Speaker
But do you also understand that the history
00:59:35
Speaker
that is going to be left, the history is going to be left behind on your report.
00:59:39
Speaker
So it was so a zero balance.
00:59:41
Speaker
Yeah.
00:59:42
Speaker
And you will still have the negative history showed on your report.
00:59:45
Speaker
So you paid for nothing.
00:59:48
Speaker
Yeah.
00:59:48
Speaker
You paid for nothing.
00:59:50
Speaker
Oh.
00:59:50
Speaker
You paid them for nothing.
00:59:51
Speaker
Wow.
00:59:51
Speaker
Because now the history is still on there and lenders are not going to approve you for what you want to get approved for because your history is still stuck on your credit.
00:59:58
Speaker
You got to remove the whole file.
00:59:59
Speaker
You have to remove, you have to remove not just the dead itself.
01:00:03
Speaker
You have to remove the history.
01:00:04
Speaker
The history.
01:00:05
Speaker
You know, you have to remove the history off your reports.
01:00:09
Speaker
Got it.
01:00:09
Speaker
That is essential.
01:00:11
Speaker
And it happens to a lot of us.
01:00:12
Speaker
You know, we get nervous when they call us.
01:00:15
Speaker
We don't know what to do.
01:00:18
Speaker
We don't know.
01:00:20
Speaker
We don't know.
01:00:21
Speaker
But I'm telling you, it's attainable for you to get those removed off and to have a fresh, clean slate.
01:00:28
Speaker
You know, and that's the greatest thing about this is that you have an opportunity now to, you know, start fresh, you know, establish some better positive habits.
01:00:37
Speaker
Start
Conclusion and Call to Action
01:00:38
Speaker
fresh with creditrepunished.org, you know.
01:00:40
Speaker
Come on, man.
01:00:41
Speaker
Hit the website.
01:00:42
Speaker
For the mind itself, man, it will change the whole, your whole stratosphere on everything, how you think, how you feel about yourself.
01:00:49
Speaker
So, man, thank you for having me.
01:00:53
Speaker
I'm honored to be here.
01:00:54
Speaker
I'm looking to help as many people as I can along this journey.
01:00:58
Speaker
which is very important to me.
01:01:00
Speaker
And yeah, man, let's get it booming.
01:01:02
Speaker
Yeah, man, let's get it booming.
01:01:04
Speaker
Follow my guy, man.
01:01:05
Speaker
Bragg's booming.
01:01:07
Speaker
And hit the, you see the pin link, creditrepunished.org.
01:01:11
Speaker
Hit them up on there and ask all the questions.
01:01:15
Speaker
A free consultation.
01:01:16
Speaker
You know, you can sign up for there.
01:01:18
Speaker
You get your free consultation.
01:01:19
Speaker
Do you guys remove or dispute things on people's accounts?
01:01:22
Speaker
Are you guys able to?
01:01:23
Speaker
Yes, we have.
01:01:25
Speaker
We are able to do all that.
01:01:26
Speaker
I have my stuff on the team of attorneys.
01:01:29
Speaker
we're able to dispute on uh your behalf get things removed off that account get you booming get you right you know so yes yes we have those we have all that for you and like i said we're here you're not you're not playing around i love it amen i appreciate your time i appreciate the insights and the energy i learned some things today i gotta go call a family member say hey
01:01:53
Speaker
I need to run something by you.
01:01:56
Speaker
But it's important to share the knowledge, to share the wisdom so we can become financial savvy.
01:02:01
Speaker
We can improve our credit score and we can get that business funding we deserve and we can boom in all aspects of our life.
01:02:08
Speaker
You know, we need it.
01:02:09
Speaker
We need it, man.
01:02:10
Speaker
Mike, I just want to say thank you once again, man.
01:02:12
Speaker
Have a beautiful evening and guys follow him and, uh,
01:02:17
Speaker
Subscribe to the podcast, Bigger Talks podcast.
01:02:20
Speaker
In this episode, let's go.
01:02:22
Speaker
Let's get it.
01:02:23
Speaker
Let's get it, Miss Roses, man.
01:02:24
Speaker
This man has been putting out some great content.
01:02:27
Speaker
He's so consistent in what he does.
01:02:29
Speaker
He's really just a genuinely good man.
01:02:31
Speaker
And he's for the people, man.
01:02:33
Speaker
You see, he's created a community for us to be here.
01:02:36
Speaker
It's about being able to take this information that he's sharing with us, apply it to our lives.
01:02:40
Speaker
Tap into all that he has going on, man.
01:02:43
Speaker
And that's what I was able to do.
01:02:45
Speaker
Yeah, yeah.
01:02:46
Speaker
My God, my God.
01:02:47
Speaker
And now we're here.
01:02:48
Speaker
It's a family, bro.
01:02:50
Speaker
It's community.
01:02:50
Speaker
It's a family, man.
01:02:51
Speaker
It's community.
01:02:52
Speaker
It's a we thing, man.
01:02:54
Speaker
Come on, man.
01:02:55
Speaker
And that's what I'm about.
01:02:55
Speaker
And I have to support that.
01:02:57
Speaker
And I have to tell you, you're doing an amazing job.
01:03:00
Speaker
Thank you so much.
01:03:01
Speaker
Always, man.
01:03:02
Speaker
And we're going to get it.
01:03:04
Speaker
We're going to connect.
01:03:04
Speaker
Hey, man.
01:03:05
Speaker
Thank you.
01:03:05
Speaker
Have a good night.
01:03:06
Speaker
Talk soon.
01:03:07
Speaker
And yeah, people, there it is.
01:03:09
Speaker
Credit repair, business funding, credit scores from my boy, Mike.
01:03:13
Speaker
Keep it booming.
01:03:14
Speaker
Come on, man.
01:03:14
Speaker
Let's get it.
01:03:15
Speaker
Boom life.
01:03:16
Speaker
Yes, sir.
01:03:17
Speaker
Peace and love.
01:03:18
Speaker
Be great.
01:03:18
Speaker
Peace.
01:03:19
Speaker
Yep.
01:03:23
Speaker
So.
01:03:24
Speaker
That was another episode of Bigger Talks IG Live.
01:03:28
Speaker
Hopefully you learned something about your credit score and how you can repair it.
01:03:32
Speaker
All the inquiries and the payment history and your utilization.
01:03:36
Speaker
It's important.
01:03:37
Speaker
Information changes situation.
01:03:39
Speaker
I'm out.
01:03:40
Speaker
You guys have a phenomenal evening, night, morning, wherever you are.
01:03:43
Speaker
Subscribe to Bigger Talks podcast and keep booming, like Mike said.
01:03:48
Speaker
Credit booming.
01:03:49
Speaker
We out.
01:03:50
Speaker
Peace and love.