Transcription Tulsa Mortgage
Steve: Welcome to the Steven N’ Tyler Show episode number 53
Recoded: Welcome to the Stephen N’ Tyler Show, with Stevecurrington.com and TylerWhyburn.com
Tyler: Who negotiated a contract for you?
Steve: I wrote it.
Tyler: You’re pretty smart. Good for you man.
Recoded: They’re talking about everything you need to know about Tulsa mortgage, home loans, and more. Nobody knows Tulsa mortgage like these two. Get ready because here’s Steve and Tyler.
Tyler: Good morning.
Steve: That was like, Tyler, you’re starting the intro, though, what’s up, it’s Stevecurrington.com, Tyler Whyburn, Steve N’ Tyler Show. Hello Tyler.
Steve: Hello, Tyler. Hello, Newman. Somebody called to the office the other day and said that it was George Costanza, remember that was.
Steve: Brand-new worth to call, our President, and CEO, and he said, “Its George Costanza calling for Stevecurrington.com.” I was like, “Oh my gosh, George is calling.” But hey, welcome to the show. I’m Stevecurrington.com. I’m here with Tyler Whyburn, we host the Steven N’ Tyler Show, it’s a podcast about home loans, about mortgage, about Tulsa mortgage which is what we do — we do home loans. I’m glad you’re listening.
Today we’re going to hit two things, one of them is — because he’s kind of like they’re about credit, we’ve been talking about credit for a long time — for like a lot of podcasts, which is good, because it needs to be talked about. There’s a lot of information but we’re talking about, “I’m a single parent and I’m a minority, does that help or hurt my credit score?” And, “How do lenders chose which credit scores to use?” Answer to your question; I’m a single parent and a minority, whether you have kids or not, regardless of your race, your religion, your national origin, your skin color — anything, doesn’t matter, doesn’t factor in your credit score.
Tyler: No, not at all. Not even a little bit.
Steve: Doesn’t matter?
Steve: No, doesn’t matter. But, Tyler, I’m a female, and I’m single, and have six kids, does that help or hurt my credit score?
Tyler: Your credit scores are number, that’s all it is. It’s a number
Steve: But does it matter that I have six kids, and I’m a single mother or father, shouldn’t I get something for that.
Tyler: You can go out and have another kid and make it seven, get married and divorced five more times, and be single, and it’s not going to matter.
Steve: You’re telling me it doesn’t matter.
Tyler: No, not at all.
Steve: This whole time, I’ve been doing this for 12 years, and I thought that made a difference. I’m not really making fun, but seriously it doesn’t matter. It doesn’t matter if you’re black, white, yellow, it doesn’t matter or what? You have six kids, no kids, married, single, has no bearing, whatsoever, on your credit score. Except to the extent that, maybe, you might mess up your credit, like, let’s say, you’re married and your spouse messes up your creditor, or you have a joint account that will pay it or something. I guess I could see, maybe, then that that would affect your credit score. But simply being a single parent or minority does not help or hurt your credit score.
The scores look at credit patterns and public records, they don’t care how old you are, they don’t care what kind of job you have, on which side you part or you used to part your hair. The only thing that really help are the items that we have discussed in previous podcast, like what types of credit that you use, how you utilize that credit, all that stuff matters. How you part your hair, unless you tie you don’t part your hair because your hair is perfect, so it just like sticks up and looks good by itself. Then now we’re talking about, “How do lenders choose which credit score to use?” Tyler, that’s a good question can you answer that?
Tyler: Yes. When we pull your credit we get three scores.
Steve: Three scores. What are the three credit bureaus? What are their names?
Tyler: Equifax, and TransUnion.
Steve: Ooh, TransUnion.
Tyler: Then regardless of which one is higher, which ones slower, we just take the middle — doesn’t matter if it’s Experian, doesn’t matter Equifax, we just take the middle of all three scores.
Steve: The middle one on the paper?
Steve: Or like?
Tyler: If that’s the highest score, we drop the lowest score, and use the middle.
Steve: I got you now. I’m making fun because someone actually asked that before. Like on the screen or on the piece of paper it has three scores, and the one in the middle was the highest, and now I see you drop that one?” “No, you drop the high score, drop the low score, take the middle score.”
Tyler: Alphabetically, Equifax, Experian, TransUnion, so you take Experian, right?
Steve: Yes. Alphabetically that works out. No, that doesn’t work. That doesn’t work either. I’m going to use the middle score, right?
Tyler: Yes. Everytime.
Steve: That’s what I’m going to use.
Tyler: That’s your score.
Steve: That’s my score. That’s the one I like to use. I don’t know about, like when you’re applying for a car or anything else, but do they do the same thing?
Tyler: I think they — I don’t know. I’ve no idea.
Steve: We actually don’t do car loans, so we don’t know the answer to that. Talk to your car lender. Here is the thing, if you utilize your credit correctly it won’t matter what score they use. Will it?
Steve: Because people with really good credit, what is one thing that you see with people that — you’re not going to know the answers because I have this in my head, this is one thing you see with people that have really good credit and people that have bad credit. People that have bad credit, lot of times you’ll see a big difference between their midst score, and their low score, their high school. Their low score might be a 516, and their high school might be a 620. Now someone who has perfect credit, like this gentleman I talked yesterday, he had a 774, a 778, and a 783. I mean all of his scores were like within 10 points of each other. That’s because he had no collection account, he and no late payments, and all of his credit was utilized about the same. The reason why, Tyler, “My credit score on TransUnion might be a 515 and on Equifax it might be a 610, is why?” There might be some items reporting to TransUnion that are negative, that are bringing my score down, do you think that could be it?
Steve: Because why? Because collection companies, and collection accounts, and medical, and all that stuff, they got to pay to report before something else does. Some of them only report to one bureau. You have collection accounts that you’re, “Well, that’s the loan by TransUnion — my Experian scores are 620 can I just use that one that will qualify?” “Well, now because you’re Equifax and your too low scores are in the 500,” because all of your collection accounts are reporting there. Let’s say I disputed account, and I get it removed from one credit bureau, doesn’t really matter. If you got removed from two, maybe, I mean, I guess, that could make a difference because it can increase your score. You noticed that, and, Tyler, you and I have never talked about that, but if you think about it, that’s a huge difference between people with good credit bad credit Tulsa mortgage.
Steve: People with bad credit, their scores are all over the map; they might have a 500, and then they have a 560, and then they have a 610, or they — you know mean. They’re never like, “I have a 580, or 581, and a 582.”
Tyler: No. never works that way.
Steve: No, it just doesn’t. It does when you have perfect credit, when your credit is perfect that’ll be around that area. That brings up another really good thing to talk about and that is, let’s say, Tyler I’ve got a 715, a 722, and a 610. Well, my mid score is still a 715, right because they throw up the low and the throw up the high one, I’m still 715, but should I be concerned?
Steve: Yes, you’re exactly right. Something’s on that other credit report that isn’t on the other two.
Steve: There’s something reporting, there’s something to be concerned about. If you’re a lender and you’re looking at that, you’re like, “What in the world is on,” and I’m looking for it, “What the heck is on TransUnion.” How is TransUnion is 610?” I mean it’s 100 points. Typically it’s because you have a collection account, or a late payment, or something that is only reporting to-
Tyler: lost you.
Steve: I dropped the mic. Hey, that’s what happens when you drop the mic in a studio. Awesome, Tyler, you’re supposed to jump in and like do my voice when that happens. Wow.
Tyler: I assume I was figuring out what was going on.
Steve: Guys, I just fell off of the studio, that’s what happened. Sorry about that. I don’t know what I was talking about. There’s something on that credit report, right, there’s something’s — there’s’ got to be. It doesn’t just become a 610, or whatever I said it was, from a 715 or 720 on its own. If I’m the lender, I’m looking at that, and I’m going to, “Dude, something is on this credit report. I don’t know what it is but we need to figure it out. We need to figure out.” We’re talking about what — , first of all that if you’re single parent, or minority, or whatever your status is doesn’t affect what your credit score is, and we’re also talking about how lenders choose which credit scores to use and so the answer is Tyler, we throw out the high score, we throw out the low score, we could take the middle score. You should be concerned if there’s a big disparity between all your credit reporting scores and you are trying to get a Tulsa Mortgage. All three bureaus, right?
Steve: Just be concerned. It’s just to me it seems logical that if one of your scores was 515 and the other one was a 700. There’s something terribly wrong on the other one. Now the other thing from a lending standpoint just so you know people that go through credit repair will see that sometimes because they will dispute items on their credit and the credit repair company will get them deleted but they won’t get deleted from all three credit bureaus. They are only going to delete it from two of them or maybe just one of them because they’re all three different credit bureaus and they’re different collection accounts on different credit bureaus. It’s very likely that after going through credit repair you can have one score that’s hanging out there like real low and then two thirds are high because you’ve gotten negative items removed from two of them and not from the third one.
Steve: Yeah. So just something to think about, that’s right, just something to think about. I don’t know if it’s like this level but it’s something to think about Tulsa mortgage. I didn’t drop a bomb on you, I’m just saying pay attention, pay attention to your scores. If there’s a big gap between them, you probably ought to figure something out, right Tyler?
Steve: I’m www.stevecurrington.com. We’re talking about credit scores and Tulsa mortgage, how we choose what to use. That’s a pretty simple subject but what we try to do is break it down for you. We break down even the simple stuff. We’ll break it down for you. And so I don’t use your high score, I don’t usually use your low score, I use your middle score, I throughout the other two. That’s the one I’m going to use and it doesn’t matter your marital status, whether you have kids, your race, your religion, nothing matters. What matters is your credit patterns, it may be public records we find. We don’t care how old you are, we don’t care.
We had a guy last what? About a month ago, 98 and wants to buy the house and do a 30-year tulsa mortgage, okay, I don’t care what your age is. I can’t discriminate for that reason and neither can your credit report. We don’t care what kind of job you have, we don’t care what side and we talked about this Tyler. I don’t care even though I might have an opinion a little different than yours. I may not part my hair the way you part yours. It doesn’t matter is if as it pertains to your credit score either. It’s just an opinion of how you like your hair, so it doesn’t matter.
That’s all I have for today. You’re listening to the Tulsa Mortgage, www.stevecurrington.com. Steven Tyler Show. Go to getqualified.com for more information. You can fill out a nifty little form. You can see our koalas there. We have wonderful Tulsa mortgage koalas in fact they’re very resilient koalas. We’d love to talk about that in the next podcast because that is super fun and thanks for listening today. I’m stevecurrington.com. I’m out.