Tulsa Mortgage : Podcast 156 – Part 2
Tulsa Mortgage You probably know it was there and they’ll give you a letter that says I’ll delete it from your credit. If you do that I can do a rapid rescore I can get it deleted on our end. Get your score up get you better. OK. So then I was able to give the client the path. Listen if you can call them pay it good. Pay for deletion letter then your credit score will be X.. And when it is X then I can get you this rate or this cost or whatever. That’s what the differences with the simulator if I put in the simulator it’s automatically going to assume five grand I change it. It would have done nothing. It would have just said she was going to get to a 7 16 which would have helped us or whatever the the number was the ten point. So yeah the simulator what I say simulator. There’s two pieces of it. There’s the what if. And then there’s the analyzer the analyzer is just like no thinking. 5000 bucks unless you change it. This is what it’ll do. These are the steps you can take and look it’s a great report I mean it gives you a detailed report with specifically what to do and here’s what’s crazy about it.
People will get. Q Right. And they’re like. What says to pay this credit card. From a $300 balance down to 98. So they just paid off. No don’t do that. No. No.
Do exactly exactly what it says because exactly what it says is to pay down to 98 bucks I have. This is going to blow your mind consumer out there and maybe loan officer but I have had I have had situations where paying a card to zero. Maybe got someone 12 points but paying it down to $1 or eight bucks or 10 bucks got 40.
Yeah. What y. I don’t know.
Tulsa Mortgage I mean I’m a certified Piko professional. I don’t know. It’s like some kind of. Computer. One of them their computer algorithms. I don’t know I mean it just is what it is. But that’s why I use that simulator because the other thing is you can run that that analyzer and that’s great. But like once you get on the phone with the client you’re like hey do these things and they go on roof of those books. Well like I would you know I’m paying eight bucks to do this so I’m going to go run the whatever simulator and I prefer And you know what you want. I’ll talk to the client. Ahead of time in this guy’s case we’ll talk to him today but he’s already paid some stuff down. So I can go on that simulator and just literally say well if you play this to hear Oh I’ve already done that or called then you’re going to get to them. So let’s give her let’s give it a few weeks and let those payments you made report and let’s report because the what if it’s is like I’m a human I’m using my brain. What if I did this I can tweak it play with it do that kind of thing. And the analyzer is just straightforward. Five thousand bucks. Go do this go pay this. Pay this down do this. And then this is the score that you get.
That help. Do you now see the difference Styler. Well there’s a there’s a technicality in the word slight technicality. Even though it says five grand It may only take him fifteen hundred.
Tulsa Mortgage Oh yes. OK you’re right about that. Tell us about that. And I you know. I prefer to get I mean literally on a simulator. I can go in and literally say they’ve a $300 balance with then $900. And I can just go to nine. Mr.. Two points or whatever and you can literally just get in so I’ve done that before because I’m out of curiosity. We’ve done it before on the big screen in the office right now out of curiosity like hey I’m taking bets. Let’s say. For example this is a good one Tyler because this happened for example plant calls and he’s like well high that repo that’s on there it’s like 50 800 bucks. I just paid that my grandma gave me 20 grand I went to get my pay that off. So that’s where you go. And I’m like oh god no. Or you tell me you just paid fifteen hundred bucks to a collection that hasn’t reported it since like five years ago. Yeah. So I said to the whole crew I was like Are you guys come in that store bets on this deal. And we made bets on paying off a 50 $800 collection in the what if simular What did it do to his score. Tyler dropped him. They remember this were you there. This was your area. And here’s what happened. I’m going to tell you specifically what happened. His score.
Increased zero points and decreased his score by like 11 by paying off a collection. Nice. That’s what the simulator told me. But the problem is he already did it. So before you start on good money at bad debt call your lender and let’s make sure it works.
Tulsa Mortgage Now I will tell you this not only because with if you’re the paying stuff and you’re trying to get something here and you have a moral obligation to pay them and you just feel like you need take care of it and take care of it. By all means. But if you’re doing it because you want to improve your credit score you think it’s going improve because score.
Talk to us first or your lender first because you will literally be throwing good money at bad debt that may not help you in the end.
Broadcasting live from the koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show