Get Rich Education 54: Building You: Your Credit Score with Philip Tirone
#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.
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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