Ready Set Sold with Bryan Vogt #41-01: Deb Rust: Don’t rely on .com companies to get your credit score!

Welcome to Ready Set Sold with your host Bryan Vogt. Are you wanting or even thinking about selling your house but don’t know what it starts good thing you found Ready Set Sold and now real estate broker Bryan Vogt.
Good morning everyone welcome to Ready Set Sold oh how are you doing this fine Saturday we have had I guess nothing unusual in the St. Louis much at least area when it comes to weather meaning is that I think Tuesday there was a gigantic snowstorm didn’t last very long and then all of a sudden it warms up and then it cools down and that’s just kind of the way it is in our neck of the woods if you’ve been here like I have literally all my life you kind of get used to it I say kinda get used to it but not a hundred percent with that said though kind of review a little bit what’s going on with the market.
The market is still smoking hot it just is the spring market is we’ve been telling everybody and I’ve said this on the program numerous times if your agent hasn’t contacted you might want to contact them you might want to print of their agent they’re not aware of what’s going on with the market this spring market is going to be huge in O’Fallon Townsville Edwardsville your Sky Force Base Mascoutah elbow I mean the whole game at Columbia I mean the list goes on and off so again if you’re even thinking about selling maybe even did it ladies on the market last year maybe even the end of last year November and December I would definitely be talking to an agent and getting it back on the market because some amazing things are happening already and they’re gonna be happening down the road.
Let’s also turn into how do you buy a house and the number one thing is you need to have that credit score that lender professional under get all those pieces together and I always say this 90 95 % of sellers are going to be buyers it’s very common they sell their house are moving up earlier moving down the sense of our house for either way they’re gonna need a lender and so I’m very happy very happy to have Deb rust with me today from new American funding Deb how you doing I’m doing wonderful thank you thank you for having me you’re welcome you’re welcome Deb and her company and Dave Hoey also her I guess partners can Canada in crime and maybe crimes a bad word disrespecting her partner this is the work force of years um they could make a David Deb’s going to be filling in.
And she’s got some great information simply fact oh my gosh you’ve got 20 years plus in the business and she knows herself and so I wanted to bring her on to talk about a problem that’s really kind of coming up that buyers need to be aware of and that is debase achill II the credit score’s yeah credit score is we’re seeing a we’re seeing a lot and I always try to keep what I talk about relevant and so this is just kind of what I’m seeing in the last you know couple of months and it you know it’s always a good refresher so you know like you said I’ve been in the business 20 years I started when I was five he sends a credit for credit scores are becoming more and more prevalent.
There’s more and more that goes into them and I just want to kind of explain you have a situation where buyers you know get ready to pull the trigger the markets hot houses are not staying you know available for very long they get in a bidding war with people you know with other potential buyers so it’s really important to you know be ready when we pull credit try to do the pre-qualification that’s not the best time to find out you know just through lack of you know looking at your credit or having pulled it to find out that you’ve got some work to do so lenders primarily all lenders basically rely 100% on the credit score to determine what program would fit you it’s just a way that you know they determine what measures you’re dependability and when it comes to paying the loan back I don’t agree with that a hundred percent of the time but that’s what we have to go by so and now I’m finding you know more and more that with the with the mortgage side of things getting you know back on track.
And people beginning more lakhs to sub climbs coming back a little bit the score is not only you know whether you’ll be approved or not approved but it also can determine the sort of program you get what kind of interest rate you get and you want to make sure you’re getting the best the best deal if you have a situation where are your scores two points away from getting and this is you know strictly as an example this isn’t you know exact but if you’re 2 points away from being able to do a conventional loan versus an FHA loan that’s worth smelling sex save you a lot of money over the long term so getting your credit poll is having a lender tell you that you can’t do it right now it’s probably one of the best things that can happen to you because you can know exactly and if you get if you get a good lender like you know myself and there’s other good lenders.
They can say you’re not ready right now that’s not the worst news on the planet here’s what we can do and get to ready in the next couple months so I think that spring and summer is going to be going to be huge and I want to I don’t want to get people ready for it oh yeah so I you know kind of just wanted to explain what a FICO was I know there’s Credit Karma and other companies out there that will send you your credit score from you know so you can kind of keep an eye that’s not what lenders use lenders use a FICO score it’s a little bit different just has a lot more that goes into determining your actual score and it’s not something that everybody knows so just kind of real quick what is a FICO your FICO is a three-digit score it ranges between 300 and 850 again it reflects your willingness to repay also known as your credit worthiness.
Obviously the lower your score the riskier you are the higher your score in the left risky you are so a higher score can mean a lower rate a better program you know those things like that so one of the things I always try to tell people is to everyone’s entitled to a free credit report annually
it doesn’t cost you anything the websites WW annualcreditreport.com and one of the best things to do is just to look at that for any errors or accounts you don’t recognize your identity theft all the time if you don’t check your credit quarterly at least you wouldn’t know if somebody bought a car on your behalf or a house on your behalf or just open a credit card or you know credit reporting agencies make mistakes you know Chase or Citibank could have reported a late payment and you would never know unless you unless you looked at it so look at that one of the things I always notice.
And what I always try to tell people well your FICO takes a lot into account that’s unrelated to debt and it can be you know if you change addresses a lot there’s a lot of addresses recording people use you know their parents address still or you know roommate from college or you know something to that effect you want to get those addresses off your score because if it’s anything that shows instability will affect your FICO score can be employment changes address changes various things like that and people don’t realize that so it’s really important to make sure that your report is up to date and if anybody if any of the three repositories are reporting incorrectly you just go online it’s a real quick fix I never resided here or I don’t reside here I lived here for this many years I’ve worked here I’ve never worked here and those are just really good things to keep your score you know at I appoint what I think to what I’m hearing to and is that’s great information for people that are just kind of curious or where they’re at.
And maybe starting the process but I would think though you know really the gold standard is contacting someone like you looking American funding and just finding out you know what the scoop is I mean most times as you mentioned that maybe it’s a month or two delayed but again you have a you have a starting point you know what you need to do to some you know credit repairs it’s nothing in the world but also the fact is that I would think that still the majority of people are probably having success so it’s kind of a win-win it’s what I’m hearing from you Deb it’s more informational base because that’s what we’re really trying to do is you’re trying to make the process as smooth and easy what you guys do as possible for the buyer so there is no big surprises because nobody wants that heartbreak sellers agents anybody.
Right absolutely and something is one of my favorite things to do to sit with someone and go over their credit report a typical you know person let’s just say my age your credit report is almost 40 50 pages long you know it’s a fun print of what you’ve done since you turned 18 or became credit worthy and I always hear people say you know I’ve always paid my bills on time and I don’t know what the problem is well that is 30% of your total credit score is paying your bills on time you could have 50 credit cards completely maxed out and you pay them on time and have a lower credit score than somebody who has two credit cards and has paid them routinely late for the last year and that’s just the reality of things so it’s very important to know you know what factors why.
And I think then just to kind of follow up on that too as I said I think it’s important that you again you choose real under wisely but they have that information that has experience like you guys do at new American funding and make sure do they get it right because again that’s the last thing anybody wants to do and the good news is we may be having some issues here it can be usually repaired are you have no issues at all that’s the other concern too is that we you know always have to be worried about at least on us on the other side is that people won’t act because they have a fear of something and it’s not like that at all just not that way at all I mean you’re not going to sit there and so Devin sit there and say you know it’s judgement day it’s a process of helping them through what doesn’t need you to get whether you go absolutely.
Okay I tell you what we’re running out of time in this segment but we’re going to have the back with Deb Rust of new American Funding with some more great information on the lending side even listened to Ready Set Sold with your host Bryan Vogt.