Transcription Tulsa Mortgage
This is stevecurrington.com in the Steve N’ Tyler show episode number 49.
Automated voice: Welcome to the Steve n’ Tyler show, with stevecurrington.com and TylerWhyburn.com
Steve: Who negotiated the contract for you?
Tyler: A realtor.
Steve: That was pretty smart, good for you man.
Automated voice: 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: Well, hello Tyler.
Steve: How are you this beautiful morning?
Tyler: I’m doing well my friend.
Steve: In jinx America? You’re doing well?
Tyler: Doing well.
Steve: Good. That’s jolly good.
Steve: This is the British Steve N’ Tyler show.
Tyler: You know my sister-in-law is in London right now.
Steve: Maybe she can bring us something back so we can add it to our show. I don’t know why I’m talking like that. But we’re talking today about other things that affect my credit score because we talk about everything. Then increasing your available credit without opening up new accounts is another one that we’ll hit and listen, we’re going to have this theme for probably like a few podcast here, and here’s what the theme is. Be careful where you get your information because why, Tyler?
Tyler: It could be wrong.
Steve: It is wrong. If it didn’t come from stevecurrington.com it’s wrong. Just kidding. But seriously though, okay, here’s the deal, we’re pretty savvy cats me and Tyler, we know our stuff, okay? We can go to Google just like anybody. Well, a lot of people can’t go to Google. That’s like my answer. Listen, today, I’m going to give you a bit of information that’s going to change your life. The next time, I need some good music for this. The next time you want to ask somebody a question about anything, I don’t care what it is, what’s that song that so-and-so played back in the 80s, all you have to do is Google it, that’s the answer. Am I right Tyler?
Tyler: Yeah. Just Google it. like you would google Tulsa mortgage
Steve: Just Google it. Your lender stevecurrington.com doing your Tulsa mortgage, wouldn’t mind at all if you Googled some of those questions that you have for your lenders sometimes.
Tyler: But you’ll get the answer but not the knowledge.
Steve: You will. Now so my point is, is you can get a lot of information from Google or Yahoo or whatever, maybe not, try googling Tulsa Mortgage I don’t know if Yahoo’s is accurate. But I’m kind of a Google fanatic. But if you can Google it, trust and verify, oh snap, trust and verify.
Steve: Trust and verify.
Steve: Trust and verify. Remember that Tyler?
Steve: You know what trust and verify means? Trust and verify means, Tulsa mortgage okay you found it online, maybe you can trust it but you better go verify it somewhere else, okay. If you find the same information in like two, three, four, or five places, it’s probably right. Like trust and verify what my address is, if you find it in few places, it’s probably right. But when someone tells you maybe you Google the things that affect your credit score and some 17-year-old wrote an article on it in 1998. This is a little tidbit for you, scroll down as far as you can go or anywhere on the screen and see if you can find out when it was printed. If you download a PDF, sometimes we’ll download, people will send us underwriting guidelines. You remember this has happened, maybe not recently but this has happened Tyler, right?
Somebody says, “I read online that FHA loans you only have to put 2.25% down,” and they send me a PDF of a guideline that says that, but what they don’t realize is that on the bottom of it, it says it’s from 2007. When by the way you could do FHA loans with 2.25 down. But how long’s it been since 3.5%, since you’ve been in the business?
Steve: Be careful where you get your information because it might not be accurate, it might be old. We had a lady the other day that said, well, her mom told her that this, this, this, and they were freaking out it. They called me on Saturday 3 o’clock in the afternoon, no big deal, I answer the phone all the time. We’re doing their Tulsa mortgage, actually they’re buying like jinx. My mum said, blah, blah. I’m like, “Okay, when is the last time your mum bought a house?” “Well, it was in like 2002.” “Okay, we’ll stop listening to your mum.” We love mum, okay, but mum hasn’t bought a house in like 13, 14 years, so mum is probably not the knowledge resource on financing a home. I totally get what she’s saying but that was in 2002, we don’t do that anymore.
Steve: This thing happened called “14 years” so be careful where you get your information always trust Tulsa mortgage. When you do get your information just make sure it’s accurate, make sure that you can trust it and verify it, and make sure it comes from a good source. Don’t go buy a book and think that everything in the book about mortgage, your Tulsa mortgage, is accurate because it probably isn’t. In fact Tyler and I did that just to get some knowledge or database or information to go through for our podcast. What we found week upon week as we record this podcast that the information in there while it’s not a polar opposite from the truth, it’s just not exactly right in my opinion. We said in my humble opinion before.
Anyway, what else affects my credit score? We talked about this before, so your credit balances, the amount you owe, your payment history, those are the biggest factors. Your payment history we talked about actually represents about 35% of your score. We just had a guy we’re doing [unintelligible 00:06:30] right now and said, you may not –- I don’t know if we talked about this but he owes like 3,500 bucks on a car. He’s had the car loan for 20 months or something, it’s a 36 month loan. His dad wants to just pay it off for him. Did I tell you about this?
Steve: You talked to him and then I got the phone.
Steve: He’s like, “Well, my dad wants to give me this 3,500 bucks to pay off this car.” I’m like, “Well, okay, can he wait like three weeks? I mean, we’re right in the middle of doing your loan.” “Well, is it going to matter.” “Well, yeah, it’s going to matter. You know, you’ve got 35% of your score comes from payment history,” and I don’t know, I mean, you pay that thing off and there’s no payment history for that loan anymore. I don’t know. Can your score stand at 25 point drop. I don’t know, what your score?
It’s just your payment history is a big part of it, and so this guy is in the middle of doing his loan, he wants to go pay some stuff off, he says, dad is a stubborn old codger and he just wants to give the money. I said, “Well, if your dad loves you, and he wants to help you, tell him to give you the money, you can put in a shoe box, or just do it in three weeks.” It’s like not the end of the world.
Is he saying I’m going to give you 3,500 bucks now or never? Then I don’t know what to tell you. But your payment history — listen, people all the time, they’re like, “I’ve paid off all my debt, now I know my score is good.” What? “What you’re saying is weird” No.
Tyler: No, it doesn’t work that way.
Steve: I paid off all my debt now my credit is good. No. I want to like, I need a no sound byte, no, just says no, no, no. Because it’s literally not true, it’s just not true, it isn’t true, it’s incorrect. Don’t think that if you pay out – they’re basing your score on your payment history on all your accounts, oh he pays that on time, oh he pays that on time. Now what do you think happens when you pay all that off, now you have no accounts that are open that are rated every month that you’re paying on time. What do you think is going to happen Tyler, you think the score is going to go down a little bit?
Tyler: Oh, yeah, it’s going to go down. Can’t go up.
Steve: So payment history, 35% of you score, it actually is the largest part of your score. We’ve talked about this before, I have had perfect credit for 40 years, I have never missed a payment in my life until last month when I missed six payments on five different credit cards and my score tanked, does it even matter that 40 years I’ve paid my bills on time?
Steve: No, it doesn’t. Because we only really look at the last 24 months anyway and you were late on five accounts last month. Dude, that’s going to hurt bad. You’re late on five open accounts you already have, do I want to lend you any money, absolutely not. Like you can’t even pay the bills you currently have. You know that’s logic, isn’t it?
Steve: Am I being too harsh.
Steve: You know it’s just your payment history, so if you don’t have one, you’re not going to get 35% of your score. It’s like we talked before, it’s like trying to get a 4.0 and you don’t take math, doesn’t matter. Other items that can affect your credit score… number of credit inquiries is what this book says. We need a — we literally need like a “BS” thing. That just keeps going, we could play that for 15 minutes, we can have an entire podcast of just farm logic. Okay so, let’s talk about inquiries Tyler, how many — what do you think, made-up on the spot statistic is for how many people, whose credit we pulled that says they have too many inquiries in the last 12 months?
Steve: Yes, that’s pretty aggressive. I think I’d like go with 98, but whatever it doesn’t matter. What would be the point of having credit if you don’t use it? It’s just funny to me, because people will be like, “Man I had a really good credit score, then I had this lender, he pulled my credit like, six times, and then my score dropped, and now I’m a 550.” Bull crap, you’re a 550 because you have like, six collection accounts, and you didn’t make your car payment on time last month. “Well a-,” exactly “well a-.” It just, it’s not logical. Like, “Oh had an inquiry, so my score dropped,” I had a 750 credit score but then I had too many inquiries, so now I’m a 650 – no. I’m just saying like, use common sense. Doesn’t make common sense that you make all your payments on time for your entire life, but you inquire — you have a department store that pulls your credit and then a credit card company, and then a car loan company, and then a mortgage company, now your score is going to drop 100 points. No, your score is going to drop 100 points because you don’t make your payments.
I guess I’m passionate about that, I don’t know, it felt like I’m getting a little mad here. Your Tulsa mortgage expert, stevecurrington.com is fired-up I guess. But here’s the deal, I get fired-up because once again we find information on the internet, that people are probably out there digging up, that says — because every single day I get a call from someone that says, “Well, I don’t know if I want you to pull my credit because I had a guy pull it back in 1997, and I don’t want my score to drop.” Bro, I love you, but it’s not going to affect your credit score.
Steve: Making that $600 car payment is going to affect your credit score, so just make sure you do that. But we’ve debunked that so — look here’s the deal, if you do just go buck-wild and decide you’re going to apply for credit at every possible place in a two week period or over two months or whatever, or just applying everywhere, it can affect your credit score. But not in the way that you think, we’re talking 10, 12, 15 points if you’re like a major offender. Like you’re a major — like you literally like, every time you meet somebody for a month you’re like, “Oh yeah, pull my credit.” It’ll hurt you a little bit. But it’s not to the extent that some people — I think we did an entire podcast on this. This is sales people that don’t want you to shop, okay that’s what they tell you. They go, — it doesn’t matter if you have perfect credit, it doesn’t matter if you have borderline credit, it doesn’t matter if you have crappy credit, here’s what they say: Mr. Perfect Credit; “Hey man, your credit scores are right on the line for me to get you that perfect rate, man so look, don’t go applying anywhere else, I’d hate for that 800 to drop to 799 because then your interest rates is going to go up by an eighth.” You’re like “Oh man, okay, yes I won’t do that.” [unintelligible 00:14:00], “Hey man I barely got you qualified, don’t go and get your credit pulled my anybody else, I don’t want your score to drop then I won’t be able to get you a loan.” It’s just a sales tactic.
Steve: Right? It’s annoying. It’s annoying. Anyway, it’s not going to affect your score. Just to tell what this — what the book says, “Lots of new credit inquiries could mean that, for whatever reason, you needed to establish new credit lines.” That’s interesting Nate did you hear that? Nate listen to this and then laugh, because Nate’s not a mortgage guy, but he’s in the studio listening. Lots of new credit inquiries could mean that, for whatever reason, you needed to establish new credit lines. Is that why people apply for credit? Is because they need to establish new credit lines?
Tyler: Yeah, I mean that’s pretty sure that’s probably the only reason you’re going to apply for credit.
Steve: I don’t even know what that means. You didn’t have enough money to buy what you wanted to buy for you Tulsa mortgage, so you put it on credit, lots of recent credit accounts might also indicate a potential for default. A person with a high debt loan and lots of credit payment is a greater risk than someone with fewer accounts.
Tyler: I don’t know. I’d say-
Steve: I think we need to write a book.
Tyler: Well, recent credit account and lots of them. Risky maybe, if you are trying to get a Tulsa mortgage
Steve: We need to write a book. We don’t even have time in this podcast to go into that. We’re going to dedicate an entire podcast to what that line just said. By the way, for the record, if you just dropped in and listened to that, that was crap, that’s not true, forget about it. stevecurrington.com is your Tulsa mortgage guy that can give you the correct information. I was going to talk about increase in available credit without opening up accounts, but I can’t even go there, because we’re out of time. Go the podcast.stevecurrington.com, you’ll see the silly photos of me and Tyler, we do this everyday. We’re are your mortgage guy, we do Tulsa mortgage everyday. We eat, sleep, breathe it, and then we do this podcast, we appreciate you listening. Don’t forget to share it with somebody, social media, wherever, and you can go to podcast.stevecurrington.com as I mentioned to get them all, and we’re on ITunes. Check it out, see you. [sound cut 00:16:20]