Transcription Tulsa Mortgage
Steve: This is a benchmark, this is big–
Steve: Can we say something about that on the– should we like when we actually start recording that it’s our 50th- I’m so excited. All right, this is stevecurrington.com and the Steve n’ Tyler show episode number 50.
Narrator: Welcome to the Steve N Tyler show with stevecurrington.com and TylerWhyburn.com
Steve: Who negotiated the contract 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: What up Tyler?
Steve: Oh my gosh. This is an epic day. Why is it epic Tyler?
Tyler: Run number 50.
Steve: Number 50. This is the number 50 podcast of the Steve and Tyler show. [noise] My people, my people this is number 50. That’s the giant bomb blast that never ends. [laughter]
Tyler: We’ve done 50 podcasts–
Steve: Are you not entertained?
Tyler: 50 podcasts about Tulsa mortgage.
Steve: 50. That was perfect I said, “50 right”? That is a really good bomb blast, anyway–
Tyler: Halfway to a 100.
Steve: I just spent one entire minute into the podcast screaming 50 and saying “are you not entertained’? I hope you were entertained because today we’re talking about increasing my available credit without opening up new accounts. What do all those inquiries mean, for my credit score like, I’ve applied with a few Tulsa mortgage companies? But, I want to know what that does to my credits score right, Tyler.
Steve: We’ll talk about that. Our over- watching message for the last I would say 4, 5 episodes and maybe this will be continuing Tyler is, be careful where you get your Tulsa mortgage information from. Just be careful because, we’re professionals and we find stuff every day that’s available online that people that are incompetent, WRITE. Look, I don’t know how I can say that any better. I’m not going to sugarcoat it. People are incompetent, people that write things about mortgage and credit score don’t know what they’re talking about, a lot of them. Okay. Entire books, written on it, entire books and while anybody can get some of the information right because it’s available they probably copied from someone else. But, there’s just a lot of it, incorrect data that’s out there. It’s just like people that are just blind.
Steve: Like Ray Charles, and in America, we have credit. You know, the credit started- big, the credit started in the ‘90s when Tyler was just in Junior High.
Steve: I think you’re in junior high might have been in kindergarten. Do you remember the ‘90s?
Tyler: Yes. I remember the ‘90s.
Steve: The ‘90s started 26 years ago, that’s going to date with this podcast if you’re listening to this in 2027. You’ll be like, “Oh my gosh those guys lived in the ‘90s?”
Steve: Anyway, the point is, don’t fly blind like the Ray Charles. How can I increase my available credit without opening up a new account? [laughs] I’m reading this and it says, “You can’t.”
Steve: Sorry you can’t. This entire chapter is about things you can’t do and you can’t increase your credit score but, you can ask for credit limit increase. Here’s what it is, I’ve got a Capital One credit card with a $1,000 limit it’s my only card maybe, I want more credit. So, what do I do Tyler?
Tyler: Ask for an increase in the limit.
Steve: I can ask for an increase in the limit because, I am a good customer, I have paid said credit card on time, all three months that I’ve had it [laughs]. Don’t do that after three months, you’re probably not going to get it. Let’s say you’ve got a good 12 to 24 months history of paying that card on time. You go to Capital One you call them up, maybe they offer it to you. No kidding got one the other day you know they said, “For $35 we’ll increase your credit line by 1,000 bucks”. Really now? So now they’re charging for it 35 bucks. There like, for a service fee we’ll give you more credit. No thanks–
Steve: I’ll just wait till you just give it to me for free. I’m telling you, they should charge over the limit.
Tyler: [laughs] You could.
Steve: I mean that increases your credit line effectively. Doesn’t it?
Tyler: No, you probably don’t want to do that.
Steve: How can I increase my [inaudible 00:05:16] without opening up a new account. It’s by asking that Linda Coleman and say, “Hey I need to increase my credit line”.
They may do a credit pool on you, that’s okay they’re your creditor they can do that but, they may not. They really look at your payment history with them and determine from that whether or not, they can give you an increase. So, that’s pretty self-explanatory out there. See, if that’s something you need to do– because let’s say, Tyler that you have a $600 balance and you have a 1,000 limit on your Cap One card. And, you don’t really have the resources right now to put your down payment down on your house. I’m trying to get a Tulsa mortgage and I need to put six grand down which I’ve got but, I also need to pay down my credit card from 600 bucks down to 200 to get into that happy place of 21% of my available credit and I don’t have that 400 more bucks. I’m pinching pennies to get my down payment.
You could, you call Cap one, you could say “Hey, Cap one can you increase my credit limit?” and say they bump you up to $2,000 limit. Now, where you at? You’re at 30% I’ve just got head blown away, 30%. You can literally pay a 100 bucks or 200 bucks instead of 400 bucks to get your credit score up essentially. Something to think about you know, you could literally call your creditor and say, “Increase my credit”. It’s really impossible to increase available credit without increasing both inquiries and the number of new credit accounts.
If you don’t open up a new account– when you open a new account, listen here’s the thing, use your credit, use it just use it. Use it like I mean, pay your bills on time if you need to open up an account open one. It’s not rocket science pay it on time, okay. Not one thing that you do is just– besides missing a payment is just going to ruin things.
When people are like, “Oh don’t go open up a new account because that will just ruin your score”. It’s bull crap, it’s just not true. It’s just to the extreme, it’s kind of like this, I’m going to have a beer tonight. Okay, big deal right. I’m going to have a beer. I’m going to have a 24 pack and two bottles of rum. That’s a problem, right, and that’s exactly my point is, don’t go to the extreme. Okay, open one new account.
Don’t go open 16 of them, you know. Open one beer not 16 beers it’s that concept it’s just like try not to do things to the absolute extreme. I mean these are really good action steps just don’t do it to the extreme, okay. Don’t max out your cards don’t, just do normal stuff. That’s all anybody’s really saying is just do normal stuff, right. Do normal stuff, open one account, you’re never going to really hurt yourself if you open up one new account. All right, the next thing which we can talk about for about eight minutes probably or 10 this will be like, this is good. I’ve applied at more than one mortgage company will all those credit inquiries hurt my score? Now, what does it say? Read it, Tyler, because you’re looking at the same I’m reading.
Tyler: You skipped on me.
Steve: No I didn’t.
Tyler: No you did.
Steve: I went from- no I didn’t, it’s at the very bottom.
Tyler: Yes. You skipped on me, thought we’re still talking about increases here.
Steve: Oh sorry yes. You don’t have to go that far down.
Steve: It’s the next page. I didn’t write this– listen as I’ve said before we pull data from places for the purpose of showing you that the information, that you can even find online or in books is crap, it’s crap.
Steve: Episode number 50. We didn’t make 50 podcast episodes and not know what we’re talking about. Come on, one day we’re going to be at 5,000. Do you think when we get to like, 4,000 we’ll celebrate every 50?
Tyler: I don’t know.
Steve: It’s like when you get married and you celebrate your 15th which I just had, by the way, love you Sally if you’re out there listening just had our 15th. That’s like a big one but maybe 16. This is 16, 20 Ooh, big time. I don’t know maybe when we get to 5,000 we’ll quit celebrating 50s but right now, 50 podcasts. I’ve given Tyler plenty of time to scroll down to read where it says, “I’ve applied at more than one mortgage company will all those credit inquiries hurt my score. What does this say, what does this information that we got from a very what some would think a very reputable source say?
Tyler: It says,”If not all inquiries are from the same mortgage company.” Oh man.
Steve: Are you kidding me.
Steve: Argh, I can’t believe. Okay, so just be careful what you read, because this is coming from a book, I mean this is like someone wrote this, and listen it’s probably out of date, honestly.
Steve: Let me tell you how out of date it is. 2007, it’s before 2007, because years ago they put some rules in place, laws in place that allow consumers to shop for big-ticket items, like cars and mortgages, and it not affecting their score so they could get rid of these knuckleheads salespeople that say, “Oh man, don’t go get your credit pull because you credit score is going to drop.” It’s crap, it’s a lie, they’re just don’t shop, they don’t want you to call this Tulsa mortgage guy, they want you to call another guy. I’m the Tulsa mortgage guy you need to call. I’m going to tell you the truth whether it means I get your loan or not, okay. Here’s what it is. An inquiry occurs when someone or some business inquires about your credit by contacting the credit bureaus.
Let’s define what it is, and what is, and what’s not an inquiry. The reports you cross yourself to check your credit are not count as an inquiry. If you go to freecreditreport.com, annualcreditreport.com, whatever it is, that doesn’t affect credit score. But, if you request from someone else, for instance, you apply for an automobile financing with your credit union but also a dealer checks your credit CV qualify, this will read as an individual inquiry. If you’re applying in two different places they’re going to read it as individual inquiries. Now what is happening now, what the credit bureaus have done now for inquiries, is if you apply with this Tulsa mortgage company and, let’s say, three other Tulsa mortgage companies in the next two weeks, right Tyler?
Steve: At the end of 30 days from the first inquiry they’re going to lump them all together, and they’re going to count them as one. Don’t be afraid to apply at a couple different places. If someone’s telling you that your credit score are going to drop, okay, you score that I get might be two points lower but it might be two points higher, it might be different but it’s not the extent that some people would have you believe, it’s just not.
Steve: Don’t be afraid to get a second opinion, to get somebody else to look at it and know it is not going to affect your credit score, despite what some online information is that you might find — G Freaking Wiz, [laughs] be careful about where you get your information. The reason I’m kind of somewhat making fun of this is because every day, every single day, every single time we take an application this comes up. Would you say that, like-
Tyler: Oh yes.
Steve: I would say 99.9999% of the time people say, “Well, is it going to affect my score if you pull my credit?” [chuckles] I go into the same spill about tulsa mortgage– tell them exactly what the law says. I mean you go and look up the Fair Credit Reporting Act. I mean you go look up this information, just be careful about what blog that you read, or some 17-year-old wrote some stuff about whatever back in 1980, [laughs] check the date on it. If you check the date on it might be not accurate, [laughs] just the information might be old.
Tyler: No matter how many people say, “Hey, can you just use this credit report, this one that I just got, can you use it?” No, I can’t. “What if you made a late payment, that’s not showing up on that, I wonder?” “What if you really get a Photoshop?” No, I can’t just use that one.
Steve: Yes, it doesn’t have a score. It’s a consumer report, it doesn’t matter.
Tyler: We’re going to have to pull it.
Steve: By the way I’ll say this too, if you’re getting your credit scores from someone you’re paying them to monitor your credit and you’re getting scores, we call those FAKO scores, because everyday people call and they say, “Oh yes man, my credit keeper, my whatever, you name the service, pick one, says I got a 752.” No, you don’t.
Steve: “What do you mean no I don’t?” You don’t, you don’t know something– let me go pull real quick, “Oh look you’re 640.” Why the heck did they– because it’s based on a score model that no one uses any more, it’s like windows 98 for a Tulsa mortgage. Do you have Windows 98 on your computer, Tyler?
Steve: Okay. I don’t either, you know why because it’s obsolete, just like the credit score that you get from the credit monitoring services, just saying, because now they drop you into a different bucket based on what type of credit you applied for because everything has a different risk tolerance, just so you know. Just be careful about who you talk to, about inquiries on your credit, right, and know that you can increase your available credit without opening up new accounts just by using your current creditors that have given you credit lines, if that helps you. Don’t be afraid to shop around for a mortgage with a Tulsa Mortgage Lender like stevecurrigton.com or Tyler Whyburn a Tulsa mortgage guru. Don’t forget to check out our podcast at — all our podcasts, I should say, podcast.stevecurrington.com. Like I said this is episode number 50, so you can get on there, and we talk about everything, literally mortgage 101, through those 50 podcasts that we’ve done so far. We appreciate your listening. That’s all we’ve got for today. We out. See you.