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Tulsa Mortgage : Podcast 158


Tulsa Mortgage This is Steve Currington dotcom and the Steven Tyler show episode number 1:58.

To Steven Tyler with Steve curry. Tom and Tyler one. Negotiating partner. Are. Very smart.

Good for you. They’re talking about everything you need to know. Nobody knows what it’s like to get ready. Steve.

Yo yo. Tyler what up to. Oh you know just rocking it in the box.

Tulsa Mortgage Rocks hit 315 studios and three to you I think it’s really cool. You know you podcasters out there that are listening. We broadcast from Jynx America at 3:15 Dot Com headquarters. Just pretty cool. And we’re in the box the rocks with a record the radio show that’s called the drivetime show. Every day from noon to 2. It’s pretty cool. So if you’re in the you know in the market pretty much almost what do we cover. Sam most of Oklahoma and some other markets that were there were covered in here. I’m looking at it goes all the way down to like OKC Ardmore Almost a lot. And Fort Smith Russellville Fayetteville Rogers Branson Springfield Kansas Wichita all over the place they broadcast everyday. Nice city. So we got the privilege of hanging out in the box that rocks at drivetime studios. And today we’re talking about.

Tulsa Mortgage Should I have collection accounts take your to school. Tyler. I’m going to hit play. You talk about that for a second.

Probably not at least not on your own. I definitely wouldn’t just go out there and be like hey man I got like 10 collection accounts. They’re only like $500 combined. I’m just going to go pay him off. That’s going increase my credit score. No it’s not bro. Not going to happen. So there may be a part. You know there may be a couple of collections where actually if you do you pay them off or you get a pay for deletion letter or something. And that can increase your credit score but you as a consumer don’t know that just by saying I have collections and then I’m going to go pay him off. So that’s not really something I want somebody to say to me is it going to go pay off collections and their credit scores are going to rise. It’s not going to happen.

Keep talking Tyler because Sally got a flat tire and she’s like answer your phone. I have a flat.

Tulsa Mortgage As I’m Triple-A. So. That’s going to be the big thing. Talk to the lender first. When we talked about this and other podcast foot credit simulator credit analyzer those are good things to have because those can tell you exactly what can happen as far as are you going to see any kind of increase by paying off collection. Chances are more often than not just paying the collection you’re not going to see an increase but if you can pay for deletion. That’s the biggest thing. Pay for deletion then sure your credit is going to jump up. I mean gosh what how would you not jump up by deleting negative items from your credit report. So in turn you know whoever’s on there on your credit. For that collection wants the money so you have to pay them. But part of your negotiation needs to be I’ve got what you want you’ve got what I want let’s all get happy. So you’ve got the money they want. They’ve got the letter of the Lieschen that you want. So you need to have those in tandem and that’s really the only area where you’re going to see paying off a collection actually improving your score so that you can pay it off to get it deleted. And that can be tough to do. Not everybody is willing to do that. A lot of them are just you know try to tell you whatever anything under the sun just so they can take your money get their collection paid for and move on down the road. But there are ways to do that.

Tulsa Mortgage I’ve seen it happen several times I think I’ve actually done it personally myself before. So it’s not that difficult. But at the end of the day not everybody is willing to do that. So but there have been several several people in the past that have gone out and you know they’ve come to us after the fact which kind of makes a little bit painful. But they’ve come to us after they’ve already done these things so they’ll cause them say hey you know I just paid off 10 collections on my credit. I should get to go. I’m ready to buy a house. And then we pull credit and their credit scores just tanked more than they thought it was before. Which is very common because a lot of times you know you can have a collection on there and say it’s five years old and hasn’t reported in forever. And then you go out and you pay the thing. And now all of a sudden becomes a paid collection on your credit report which is totally different than an open collection. But it’s now paid collection on your credit report. And before it hadn’t reported and for five years now it reported yesterday. So the fact that it’s actually reporting to your credit is actually going to take your credit score down. So you think you’re doing the right thing by going out there and paying it off and then you know you just naturally think that well I’m paying it off I’m done with it. And that’s going to raise my credit score. No no it’s really not. So definitely get with the lender.

And as a lender we’ll see I know you have access to this but the the what if simulator. Definitely some to run people through. If you’re in a hairy situation. Not every single person is around through it. I mean obviously if somebody can get a pay for deletion letter on a collection then absolutely go pay it get that letter. But that’s the only way that I would just blatantly say hey go pay a collection. But the water simulator that we can run them through we can really look and tell you know is it even worth it to do this. Is your money better spent may paying down a credit card versus going paying off a collection. Maybe it’s cheaper to go that route. So there’s several different things to look at in that aspect of what’s going to be better for the customer. Where is their money better spent if they are going to have to spend any kind of money on improving their credit. So sometimes I mean you can be so far involved as far as collections go that you know I mean it’s just more money than somebody has to deal with. But they have the option to go through what we’ve talked about for as while credit repair which would be a process to try to get those things removed from their credit naturally like they never happen. And then that would in turn raise your credit score. So that can be a little bit cheaper than you know say somebody has got five thousand dollars worth of collections out there but they can go to Kreder pair for three months.

Tulsa Mortgage It’s a lot cheaper than going out and paying off five grand in collections for them to go through that process and see about getting everything deleted that way. So again I mean it does happen all the time. You know people are just a consumer they just don’t know. They just think they’re doing the right thing by just going out and paying these things. But it really can cause pain and even more an even longer waiting period for people trying to buy a home because. You know they go out and like I said in my previous example I mean they go out and they pay that collection hasn’t reported it in five years. Now it’s reporting fresh. Maybe there’s really you know they’re very light on credit. So now I think tank them and they’re really just going to have to wait and that’s their only option because. They just thought they were doing the right thing. So Don comes back. Tragedy averted. So you know I was talking to other people that actually go out and you know they just pay off a collection that hasn’t reported in five years just because it actually negatively affects a buddy. They think they’re doing the right thing but has an important five years it’s really no big deal they go pay this little $50 collection to be rid of it. I think their credit is going to pop up and now it dropped.

It’s like I’ve said a thousand times I said it once I’ve said it a thousand times. If

Tulsa Mortgage you’re paying it because you have a moral obligation and you think you owe it or they’re suing you’re going to show your checks on my eyes. Go right ahead do that. If you’re paying it because you think it’s going to make your credit score jump up then it because it probably will.

And we often cringe we cringe because people call and they go Hey man yeah found John wine because you’re one in Google because you’re awesome. And I didn’t buy a house.

I just paid off all my bad debt. And so now I’m ready to buy a house my car it’s all fixed.

Want want want like what. That’s not how it works. And so we’re like oh God please tell me. Well yeah my grandma gave me 25 grand and. I. Just paid it off. You wasted 25. I. Wish you to called me last week have you already. You know how the checks are going on tour. And.

Honestly sometimes it’s better to put 25 grand down and not pay any collections.

Tulsa Mortgage Yeah I mean seriously again if they’re not. Like if you’re doing it only for the purpose of increase your credit score. That’s all I’m saying. Do you need to pay your debts. Absolutely pay. But if you’re not going to pay them unless they increase cuts more than don’t pay them because it’s not going to crush Grosskurth if that’s like your deal. You’re like well paid. But I live in a buyer’s market. Then don’t call us first. We will tell you specifically what to go pay.

And then you won’t have any confusion and you will have records or tank because you thought you were pretty cool.

Broadcasting live from the koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show