54: Building You: Your Credit Score with Philip Tirone

Get Rich Education

Keith Weinhold

Realestateinvesting, Income, Passiveincome, Money, Business, Wealth, Investing, Careers, Realestate, Kiyosaki, Real, Rich, Creatingwealth

4.3 • 602 Ratings

🗓️ 23 October 2015

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

#54: Today you are going to learn more about credit scores than you ever have. We’re joined by 720 Credit Score’s Philip Tirone.

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Listen to this week’s show and learn:

01:33 A high credit score reduces your cost of capital, and maximizes your ROI.

08:28 You can have bad credit even if you pay your bills on time.

09:04 Credit scores matter for: property loans, car loans, insurance, employment, credit cards, more. 61% of employers run your credit report before hiring you.

10:21 Why credit scoring is a monumental scam. Yes, a scam.

11:45 You can have a clean credit report, yet poor credit score.

13:45 Many credit repair companies use illegal tactics.

15:03 46% of credit cards in your wallet do not report proper information to the credit bureaus.

18:28 You need 3 to 5 credit cards.

20:20 Get credit cards that: 1) Report to all three bureaus. 2) Report the proper credit limit.

21:03 Credit card utilization ratios. American Express often behaves differently.

23:30 FICO credit scores are the ones that matter.

26:07 U.S. vs. Canadian credit scoring Other developed western countries like Great Britain and Australia are similar.

27:10 The well-known pie chart at www.MyFico.com.

28:10 Installment loans’ importance.

29:02 Credit utilization ratio “breaks” at 100%, 90%, 70%, 50%, 30%, 10%, and 0%.

31:57 Credit inquiries and how much they matter; controlling credit report errors.

33:50 If your credit score is already above 720, you could still be brought down by one error.

34:55 Collections.

36:42 Get free credit reports (not scores) annually here: AnnualCreditReport.com

40:00 Why banks lack motivation to help you improve your credit score.

Resources:

720CreditScore.com - Philip Tirone’s company that helps clients rebuild their credit.

MyFico.com

AnnualCreditReport.com

MidSouthHomeBuyers.com or call (901) 217-4663 for Top-Notch Turnkey Rental Properties.

NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Turnkey Cash-Flow Investment Property.

GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.

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Transcript

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0:00.0	Get Rich Education is brought to you by Norrata Real Estate Investments and Mid-South Homebuyers.
0:10.8	Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and
0:21.9	billionaires than anything else and can provide you with more wealth and happiness than
0:27.2	you ever thought possible. Now, here's your host, investor, entrepreneur, business owner, and
0:34.4	educator, Keith Weinhold.
0:42.3	Welcome to Get Rich Education.
0:43.7	This is episode 54.
0:47.6	I'm your host Keith Weinhold, and I'm back to help you build your wealth.
0:52.7	Today, it's the third and final installment of the Building You series, where we're taking stock of exactly where you are
0:55.6	financially right now, often numerically, and then we're looking tactically at how we can improve
1:02.6	you. The first of the three Building You shows was about your net worth. The second one last
1:08.8	week was about your personal cash flow, and today it's about
1:12.0	your credit score, and we're fortunate to have America's top authority help us discuss this
1:18.3	today with Philip Tyrone from 720 credit score. In the credit scoring world, Philip will tell
1:25.6	you that there's no scenario that he hasn't seen.
1:30.7	As an investor, having a higher credit score, that opens up your investment opportunity.
1:37.1	A high credit score gets you the best interest rates in loan terms, meaning you minimize your
1:43.0	cost of capital, and in in turn you maximize your return on
1:46.9	investment. And that's going to be true for real estate investment property loans, a loan on
1:52.9	your own home that you live in, an automobile loan, and even in setting premiums with your
1:58.2	insurance company. We're going to talk about how often employers
2:02.4	check applicants credit scores too. Okay, I hope that one doesn't scare you. A bad credit score,
	...

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