Transcription Tulsa Mortgage
Steve: This is stevecurrington.com and the Steven Tyler show episode number 45.
Narrator: Welcome to the Steven Tyler show with stevecurrington.com and TylerWhyburn.com
Steve: Who negotiated for you?
Tyler: A realtor.
Steve: You’re pretty smart. Good for you man.
Narrator: They’re talking about everything you need to know about mortgages, home loans and more. Nobody knows mortgages like these two. Get ready, because here’s Steve and Tyler.
Steve: Hello my people? It is stevecurrington.com coming to you live from the Clay Clark studios in Jinx America. Oh sorry I got a little bit excited there. I don’t know if they’re the Clay Clack studios, I think it’s the Thrive studio.
Tyler: It’s Thrive, Thrive15.
Steve: We are in the Thrive time studio and thank you by the way to Clay Clark and thrive.com. The Thrive guys, thrivetime.com for hosting us in their studio which is a pretty awesome studio. The only thing we have to do a few adjustments is turn the air down because it’s freezing in here at six o’clock in the morning, and we’re like freezing so we have to turn the air down but thanks for listening to our show today guys. I’m Steve Currington and I’m going to be talking about Tulsa Mortgage Loans and I have someone with me.
Tyler: Tyler Webber and we are gonna be talking about Tulsa Mortgage Loans
Steve: None other than tylerwebber.com. We’re talking about Tulsa mortgage, we’re talking about home loans, and we’re talking about credit scores. We are really spending a lot of time in the last the last few episodes of our podcast on credit scores. Luckily you’re talking to a Tulsa mortgage expert who is also a certified FICO professional. Thank you. Tyler do you have any like– I’m going to say that again and this time like make a really cool sound from it. Ready? Just come up with something right now okay? Hold on. Not only are you talking to your best Tulsa mortgage banker, but I’m also a certified FICO professional. Thank you. That’s like boom I think that’s the boom thing kind of like a Tulsa Mortgage
Tyler: I don’t know if you remember I actually did that as well.
Steve: Oh yes. Tyler is a certified FICO profession. Hey guys here’s what this mean– this so funny. Here’s what this means. So we did this online thing, where we took all these tests and everything that basically say at the end they give you this little certificate, this little sticker that you can put on your email signature. The good news is all the stuff that’s in that, was very good information and things that we already knew. Would you agree with that Tyler?
Steve: I mean it was all stuff I’d already taught Tyler, because I’m the credit expert, but to get the little sticker on your email you have to have that. Now I don’t even use it anymore because honestly I don’t need a sticker for me to know that I’m a certified FICO professional. I don’t even know what that really means except I know credit. If you’re looking for a Tulsa mortgage you came to the right place especially if you’re trying to maximize your benefits when it comes to the credit score that you have and the interest rate that you get on your loan because I can help you. In fact we do it every day.
Today we’re talking about how I find out what my credit score is. Put a boom punch. That seems like a pretty [laughs]– hey Tyler, you’re supposed to be running the sounds I have to do my own boom-boom. I don’t even know–
Tyler: I don’t think we have.
Steve: We don’t have a boom-boom. Well, listen. There is three credit bureaus. There is Experian, there’s Trans-union and there’s Equifax and so what we do and what a lot of creditors do is they pull all three credit bureaus, they throw out the highest score, the throw out the lowest score, and they use the middle score. The reason they do that is there could be something that’s a fluke on your way high score and there could be something that’s a fluke on your way low score, leaving your medium score, median– medium [laughs]
Steve: I’ll have it medium well, medium rare please, they take you medium, median score [laughs]-
Tyler: Get it right
Steve: -and they dump the other two. That’s what happens. How do you get your credit score Tyler? You can call the credit bureaus.
Steve: How do you find out what it is, you call the credit bureau. Fun fact for you, a little fun fact for those out there. When you get your own credit report and you pay for it with credit score, what do we call those Tyler?
Tyler: FAKO score.
Steve: Not a FICO score but a FAKO score. Tulsa mortgage FAKO score. Now here’s the reason why we call it a FAKO score, because it’s based on a scoring model that no one uses anymore and they sell it to consumers. I don’t know why but they just do. They sell it to consumers and those consumers believe that this little credit keeper, credit monitoring service they have– oh my gosh, I just talked to someone literally two days ago. What is today, Wednesday? Monday, I talked to this person who said, “Oh yes man. I looked and I’m 728.” I don’t know why talk country whenever I say so I was talking so because, they weren’t country but we’ll play along. That man I’m a 728 and they were like a 612. Look I’m not dogging them and their scores what it is, but here’s what happens. You pull your credit, they’re going to give you this FACO score which is the score model no one uses when a car place pulls your credit and you’re trying to apply for a car loan, then know that you’re trying to get a car loan, so you get a different score. You put through a different scoring model, it’s a different risk threshold of a Tulsa Mortgage.
When you apply for a mortgage you put in a different bucket, that’s just how it works. If you don’t understand that, then you kind of might be confused about what your credit scores is. But if you want to go to the credit bureaus you can get a free copy every year of your credit report. You can also get one of when you were denied employment, if you’ve been denied credit, if you’ve been turned down for a loan, that kind of thing you can get your own current report. You can go to annualcreditreport.com A-N-N-U-A-L creditreport.com and get your credit score and all three credit bureaus for free.
If you want your score you’ll probably have to pay a small fee, but let me give you some advice. Don’t pay for it, because the score is not going to accurate. Here is the thing, it’s like we’ll is there any kind of like formula to that? No there’s no rhyme or reason and there’s no formula for a Tulsa Mortgage. Here’s the formula it’s wrong.
Steve: When you say that, Tyler, I’m I pretty accurate in my assessment? Yes. It’s not even like well typically we see that the scores you get from your own credit score is 20% higher. No, it’s asinine and ridiculous, it doesn’t make any sense at all. We have some people that say they have a 628 and they have a 658. We have some that say they have a 728 and they have a 528, probably not that different but it just doesn’t correspond to any reason, I’ll just tell you that. It’s just a FAKO score. The fair and accurate credit transactions act that a lot of people don’t realize, there’s a lot of these like legal mambo jumbo mortgage terms. By the way again I’m doing a podcast and I have not told Tyler the subject so this is like a stump Tyler, so I’m asking him things and we’re having to like stop and rerecord because he doesn’t know the– I’m just kidding.
Tyler’s a very– tylerwbber.com is a Tulsa mortgage banker just like Steve and I’ll tell you this, stevecurrington.com trained the guy and he’s really good at what he does. But there’s a lot of these terms. Does anybody know what FACTA is? Do you know what FACTA is Tyler? F-A-C-T-A the Fair and Accurate Credit Transactions Act. Now, that is a law and part of it says that you can get a copy of your credit report for free every year regardless of any credit declination. It doesn’t matter if you’ve been denied credit, doesn’t matter what just you get a copy of your credit report free every.
Steve: That’s what it says. It also covers what creditors can report to your credit and how they can report it in the rules of how they report things. This is why when people go through like a formal credit repair program, many times they’ll get things deleted from their credit on a technicality. It’s kind of like getting arrested for something, and getting charged, and getting the charges dropped on a technicality because it didn’t follow the law, right? That happens unfortunately, or maybe fortunately for some people. It also happens in credit and that Fair and Accurate Credit Transactions Act says, ‘They have to report accurate information to your credit, and if they don’t and it’s inaccurate and you bring that to their attention, they have to remove it, they have to delete.’ That’s a good thing.
That’s why people think all the credit repair is a joke well, no it’s not really. Its hey, if I get a ticket– let’s say because Tyler and I you know it’s a little groggy this morning because we were out putting the pedal to the metal on the super cars last night till like midnight. Let’s say last night Tyler we’re doing 150 miles an hour down the Broken Arrow expressway in the Bentley, and we get pulled over by the police. I’m probably going to hire an attorney aren’t I?
Steve: Because I’m going to jail, it’s happening. If I have a heart palpitation, I’m going to go and hire a doctor who’s going to take care of me, who’s a professional, who knows the rules and knows how to take care of me and how to keep you from dying, right? Well, it’s the same thing when it comes to credit. It’s like, “Oh is it like a joke, and like is it fake, this credit repair work?” It’s no different than if you got a ticket you’re going to hire a professional to represent you if it gets into the law. Same deal. If I have something jacked up on my credit I’m going to hire a professional to fix it because they know the law. The Fair and Accurate Credit transactions Act is what a lot of credit repair or credit restoration companies use to get things permanently deleted from from credit because 97% of all statistics are made up on the spot including this one. 97% percent of everybody’s credit report is aired in some way. That might be an account we see it all the time. There’s an account that says it was opened in March of 2004. It was last active in February of 2014 but it had a late payment in September 2014. What? How’s the last activity in 12 but I had a late payment 14. That doesn’t make any sense. It’s just wrong. Student loans we talked about on the previous podcasts are literally notorious for this. You’re working on your deferment period to be extended. They’re telling you everything’s good, you’re fine you don’t need to do anything. They grab that tape, they report it to the credit bureaus and it shows you’re 60 days late on ten accounts. Boom goes your credit score, boom down, zero. You go from a 700 to a 550 in about 35 milliseconds because you’ve got ten accounts that are now reporting 60 days late. It just happens.
You hire a professional that knows the rules, that knows the law in order to prevent that from happening if you can or to clean it up if something does happen. Your mortgage term for the day is factor. What do you think about that Tyler, factor.
Tyler: That’s a factor.
Steve: That is a factor. If you’re getting a Tulsa mortgage from this guy then you better know the factors.
Hey it’s like I said factor but it’s not factor it’s factor.
Tyler: Well, another thing that we see a lot on the inaccurate side is they’ll have something reporting their credit negatively like a collection or something and probably hasn’t reported in five or six months but it’s still there.
Tyler: Happens a lot.
Steve: Or, it hasn’t reported in two years.
Steve: And they’re in violation of the law. We talked about previously, in case you listened to the previous podcast, the credit bureaus are getting paid by the creditors to report information. If you owe of medical collection that is $57 or dollhairs, 57 dollhairs and it costs, I don’t know, say it’s five bucks per bureau per month for them to report it. Every month, let’s just make this easy. It’s a $45 collection so every month they have to pay fifteen dollars to report it. You owe them 45 bucks so you can pay 15 bucks in January, you’re going to pay 15 bucks in February, you’re going to pay 15 bucks in March. Now they’ve paid just to report this negative account your credit as much as you actually owe them.
Steve: At some point it becomes asinine for them to keep doing that and they’re not going to keep paying to report the information. Now they’re in violation of the Fair Credit Reporting Act by doing that by the Fair and Accurate Credit Transactions Act, but you have to bring it to their attention. You’re the one that has to notify them. You know some thing I read the other day Tyler? Experian is now doing credit repair, what? You’re the credit bureau how about just make the stuff accurate on someone’s credit. I’ll tell you what, it tells you a very important thing. They’re not the ones reporting the information. They’re the ones receiving the info– I guess they’re the ones reporting it but they’re not– no, they’re the ones receiving the information. The creditors are the ones that are reporting it to them.
If the creditor reports the information then the credit bureaus going to give you that information. It’s just they’re getting it, that’s where it comes from. They’re going to report it because it needs to be reported. They’re basically saying we’re going to do credit repair to go back to the creditor to get derogatory and accurate and verifiable out-of-date information off your credit report. Because what happens with those collection accounts is the report for that 90-day period and they just won’t report them again. We talked about before about paying off collection accounts and that’s why don’t have a collection account unless they’re suing your bouncing check or something. Because why? Because now I’ve got a collection account that’s 45 bucks. It’s from three years ago that hasn’t reported for three years. Guess what, if i pay it, it’s now going to report paid because they’re going to report it and now it looks like I just paid off a collection of my credit. Which I did and what happened to the credit score Tyler?
Tyler: It’ll go down.
Steve: Tank, tank, tank, tank. The Fair and Accurate Credit Transaction Act, that is the fun for the day. How to go get your credit report is annualcreditreport.com. You can get it, you can pay for your score or call us it takes about 30 seconds for me to pull your credit. I’m stevecurrington.com, you can listen to all our podcast at podcast.stevecurrington.com. We’re the Steven Tyler show and we’re out.
[END OF AUDIO] [00:15:00]