What's goin' on party people?!
André Bohall:
Watch Me As I Realestate;
We are an affiliate of Keller Williams.
TODAY.....
I'm comin' at you... Bearing gifts...
Here's the gifts...
They are conceptual gifts,
which means they are not tangible.
Sorry, but still they're gifts
and I pray that these are good for you.
This information that I'm gonna
relay to you because it comes from personal anecdote
So let me throw that anecdote at you.
If you don't already know, the title[of the video]
should elude to what I'm going to talk about today.
"CREDIT", right?!
So, what happened was this:
Our car, the one my wife and children
mainly ride in
decided to quit on us, or at least
quit at some points.
Obviously if your wife drives your kids around,
it is not a good thing:
Wife doesn't feel safe, you got your kids in the car...
as a husband, you gotta feel like-
"I gotta make my wife feel safe.".
So, we decide- " Let's go and get this car from a dealership.
And were gonna use financing to purchase this car.".
So we roll in and my credit has always been good.
I'm like-"Psssh! My Credit is on point!"
"I'm on point"
[Alluding to vehicle] "I'll take one of those,
bring it on over."
[To the salesman]"Go ahead, and pull my credit
just pull it now so we don't have to wait.
"so you already know who you're dealing with."
(Salesman)"Here's your credit score sir."
(Me)[Awkward pause and chuckle]
"This isn...this isn't my...We have to go now..."
and so we took off from there
I was like- "Well, I was not expecting THAT.
But I guess 'it is what it is', right?" I mean,
I gotta be honest with everyone, it is not where it was at previously.
There is a little bit more behind the story,
but we decided "Hey, we just deal with it.
They're not going to give us the 0.9[%]"
and that's fine."
We go to another dealership..
Well, I mean I ain't go back to that same one right?
So we go to another delership
and same thing, you know, find what we want:
get the vehicle.
They pull our credit, and it's like
completely different...
I'm like "That's what I'm talking about!
That's what my score looks like on a regular basis.
Can I...
"Can I get a witness? Can I..
Something like a phenomenon"
"L.L.?! L.L.?!"
Some of you will get that, some of you won't.
But the point being is
I was like-"What just happened?"
I realized in that moment
that I really didn't understand credit
as I should understand it.
So went and did some research
and I want to share that with you.
What I came up with was fascinating,
and what's fascinating is this:
There's two things that I'm going to talk about briefly:
"Credit History", and the "FICO Score".
Okay, so, credit history
as we all have maybe heard,
or hopefully have heard,
There're big credit reporting bureaus and that is:
Equifax- Can I use that word? Is that a cuss word yet?
Experian, and TransUnion
And what they do, is they have relationships
with the lenders
and as you establish credit, use credit cards,
The lenders collect that information, [such as]
are you paying on time?,
How much debt is on your credit card?
Have you paid that back?
What is the % of balances?
All those different things.
That information goes back to the credit reporting bureau
and Equifax takes it and give it to Hackers....
I guess that just comes with the territory, right, Equifax?
I'm just playing...
Sorry, I forgive you...
It happened, it's over with, we're moving on.
We all have to heal together...
all Hundred and forty-three million of us.
[takes a deep breath]
I need to move on... so... What happens is
They[Credit Bureaus] take your information
and create your credit history.
So you have this credit history
and as credit history moves on,
and you build that history,
or decide not to, whatever your plan is,
That gives a way for you to come up,
to have a credit score.
Now, "Where does a credit score come from?" and
"What does 'FICO' actually mean?"
So, this is where it comes from:
1989- Fair Isaac Cooperation established
a consumer predictive analytics system.
and this system is now known as a "FICO score".
And that Fair Isaac Cooperation is now known as "FICO".
Since 1989, different versions of this system have been released.
However, not every lender has always
updated their systemon a regular basis.
"So, what does that mean?"
That means that you have lenders
that utilize different systems in order to come up with your credit score.
so all this information from the credit history is fed into these systems,
the algorithm is ran
and the numbers pop out
and as these number pop out
that is your credit score.
Okay, now we went to one place and got one number.
We went to another place and got another number.
"How did that happen?"
The only thing that I can discern,
and deduce, that happened was
they're[lenders] using different versions.
And as I started to look into the versions of FICO
There are about 49 different FICO versions, and
on top of that they also have industry specific FICO.
[The] Auto industry for instance.
And not every lender uses...
Uh, even the ones that, ah, lend to the, .. Auto industry,
don't use the specific Auto FICO
system version. You understand what I'm trying to say,
But basically there are just a ton of the different systems
and all lenders have different versions
They're not like the iPhone,
Ya know you get an iPhone and everyone updates at the same time,
or usually around the same time.
Well, FICO updates, but lenders have to choose
to join into that.
and take the new system
or continue on with the old one,
and that's how you get discrepancies.
"Well now what does all of this boil down into?"
Well, it boils down into a couple pieces of information
that I think would be super helpful for you.
Especially pertaining to real estate
I don't know if I mentioned this:
André Bohall:
Watch Me As I Real Estate
affiliated with Keller Williams
If you are thinkin' about buying, selling,
investing in real estate
talk to André.
Now, "What does this mean?"
Well if you going to purchaser a home,
whether you're selling your home,
moving up and financing, moving down and financing,
moving sideways, buying your first house,
whatever that may be,
especially first time home buyers
because it's a really daunting journey
Make sure that you talk to more that one mortgage company.
because there's a chance that they have programs
and scores that might be
different at each company.
and one might benefit you more than the other.
The second important thing that you have to do
is make sure that the loan officer
you are dealing with is competent.
That they are able to take your loan to close:
Meaning that if say they are going to give
you 'x' amount of dollars to purchase a house
that it is actually going to happen,
and they are doing all of their research on the front end.
And the third most important thing
Is this:
Pay your bills on time.
[chuckles] Pay them on time.
It is not only something your should do
just out of a good character
It's something that is also going to help you
create a better FICO Score, and therefore
have more options when it comes to financing
different things.
if you decide to finance.
Late payments tend to kill people.
That's what I have seen over, an' over, an over again.
And going in to research all of these different things
.. you can see..I'll throw a graph up here at the end...
You can see how much weight is put on to each
category of your credit scores.
So you have your history and that history
is broken down into different categories,
and that is how you come up with the number of your credit score.
So, I hope that all of that helps out.
Helps you to understand what credit is, and
kinda, how it works.
And, uhhh.....yeah!
Any questions about real estate, buying, selling, investing
We would love to hear from you.
Of course, my name, again, André Bohall...
Did I brand that enough? I fell like I haven't branded that enough.
...What's the next line?
[Speaking to person off camera]
"Can I get a line here?
Line!?"
#Watchmeasirealestate
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