Transcription: Colorado Springs Mortgage
If you have a moral obligation and it’s like, “I owe this, I just feel like I need to pay it” then you probably ought to pay it. If you’re going to go it pay it off because you think it’s going to improve your credit score, then don’t do that because most times it doesn’t. What I’m talking about is we’ve got a professional credit repair, credit restoration, credit counseling company that can help you get things that are illegally reported to your credit. They’re either out of date, erroneous, invalid, incorrect, something’s not reporting right, they get that deleted from your credit report permanently, so that your score goes up. Does that make sense?
Tyler: Got you. Now what if I just went out and got one of those payday loans?
Steve: Any loan that you get, as long as it’s going to last for, I would Colorado Springs Mortgage say six or more months, is going to help you. I wouldn’t go to a payday loan company. I would go to a bank and get like a secured loan or a secured credit card or get a revolving because you need an installment debt which is what that would be and you need revolving debt. Most of the time, payday loans a very short term. By the time you start getting any credit for them, like paying on time for 90 days, they’re paid off because they’re short term. They really don’t help here and we see that a lot Tyler. In fact I can see that you’ve had a bunch of payday loans and you’ve paid them all with the exception of one or two that you had a couple late’s on.
Those don’t really help you because they’re like 90-day loans and then they’re gone. And they just refinance you every time. You think you’re building your credit with that and you’re just not. Here’s what I’m concerned about. You’ve got 12 medical collections and you’ve got the Cox Cable that I was talking about and you’ve got a PSO. They’re small. PSO 286 bucks, Cox is $600. It’s not the end of the world. They’re not killing and then you’ve got some medical that are in there. You’ve got a medical that’s $13, but guess what, it was last month. You probably don’t even know it’s there. You probably ain’t get a bill in the mail. Did you you? It’s probably a co-pay.
Or maybe it’s 15 bucks, pay a co-pay. What will we do, I’ve got a company that we refer clients to, that Colorado Springs Mortgage specializes in the laws behind credit reporting. What they’re good at is using the law to get things like that that are on your credit deleted from your credit report, so that we have a shiny new thing. And then at the same time, we’re going to help you build other credit like we talked about revolving debt, secured card, unsecured card, whichever works for you, so that we can get your score up because if 50% of those got deleted, and then you got some revolving debt, I can do a loan for you.
Tyler: What if– I got like 900 bucks in the bank. If I just went paid all of that.
Steve: Remember if you’re going to pay it because you have a moral obligation or because they’re assuming you’re going to get your check or something, then yes. If you’re paying it because you think it’s going to improve your score, I’m not, by getting it deleted from your credit report, I’m not releasing your liability of having to pay it. I’m just releasing their ability to report it to your credit anyway. If you go pay– Let me show one of these collections is from 2012. If you go pay that, your scores will go down because they Colorado Springs Mortgage haven’t even reported for five years, and you’re going to pay it and now it’s going to report zero, and it’s going to look like a new collection.
That’s where a lot of– Probably two times a week, I wish people would have called me before they did stuff because they’ll call and say, “Hey man, I just got ten grand from a grandma and I went and took five grand of it and I paid off all my bad debt and I’m just cringing inside because they didn’t improve their score. They made it worse. They literally made it worse. We’re more strategic about our approach and how we do stuff. If you go through credit repair and our professional credit repair guy says, “Pay this off. It will help your score.” Then we’ll go pay it off because it’s going to help your score, but otherwise, you’re just arbitrarily throwing money and the problem isn’t going to fix it.
You’re going to throw money at credit repair because it’s not free. I’ll let them talk to you about what the cost of it is, but if you’re serious about buying a house, we want to do two things. We want to educate and change habits, and we want to teach you the right ways to use your credit so that your scores up because you’re going to need it. I don’t even care if you’re a millionaire, you need your credit at some point. Millionaires need it. I got a million bucks in the bank. I’m a millionaire. Do I need my credit?
Tyler: I don’t know.
Steve: Yes. You know why? Because you know millionaires do, they want to buy a plane [chuckles]
Maybe they want to buy mansion, maybe they want to buy something, they are a millionaire they’re not a billionaire. Maybe a Colorado Springs Mortgage billionaire doesn’t need credit, but even if you’ve got five million bucks in the bank, I’ve talked to him I know. The day comes when they need their credit, so that’s all I’m trying to do is educate clean up and get you in a position where you can buy a house cause that’s what you said you wanted to do, rather than send you packing.
Here’s how our process works, I’m going to get in touch with our credit repair company that we work with, have him reach out to you, you guys can connect, he can tell you about this program and then from there you can determine if it’s a good deal for your not. I don’t make anything from credit repair, it’s just a resource rather than saying, “hey man sorry your credits terrible, I can’t help you.” It’s just a resource to you, do you want me to have him call you?
Tyler: Let’s do it.
Steve: Word to your mother. Alright so that’s my entire spill that has not changed. Tyler how long have we worked together?
Steve: Long time, that hasn’t changed since 2006.
Steve: It’s just there’s a couple reasons because first of all, cause it’s true, and second of all cause it works. If you’re the guy that gets a sixteen credit score or 590 or 550 you go, “I can’t be bothered with this,” then you’re leaving money on the table. If you just take the five minutes that it takes to talk to someone about how they can improve that and Colorado Springs Mortgage actually do what we’re supposed to do as professionals and help somebody. Then you gain a customer for life even if they don’t fall through the program you think they’re going to send their friends and neighbors and whoever to you because you showed them some, like value– maybe.
Even if I don’t do their loan, I have people that don’t finish credit repair I get referrals from. I’ve got clients I’ve never closed– never closed a loan for, they send me referrals because they know am the expert because they didn’t follow through with what they needed to do [laughs]. But that’s okay one day maybe they will and we don’t judge but every time they have someone that says the word mortgage, they go, “call Steve he’s the expert,” that’s what you really want. What do you think about that Tyler? Was that good?
Tyler: Good stuff.
Steve: You haven’t yawned
Tyler: I did it a couple of times. But I – [crosstalk]
Steve: He hit the yawn guys, he hit the law, he hit the yawn, so the Koala get a victory folks.
Announcer: Broadcasting live from the Koala studios, Tulsa, Oklahoma. You are listening to the Steve N’ Tyler show.
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