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Quick Credit Tips For First Time Home Buyers
Bonus Credit Tips To Help You Prepare To Buy Your First House
We all like free stuff. You see the commercials all the time for credit cards that are going to offer you free miles, free bonus points and cash back. What’s the catch? There’s got to be a catch. Be careful because that catch might be keeping you from being a homeowner which means a long time of high rising rents. If you’re here for the first time, this is an education informational show for you. We’re going to try to help you learn how to turn your largest monthly bill, that nasty old rent check into your largest automatic wealth builder and you might be able to do it a lot sooner than you think. That’s why we’re here. We want to help you understand and learn how quickly you might be able to turn from a renter into a homeowner. This show is dedicated to help educate people well before the rest of the industry, whether it be real estate or lenders or anyone else is reaching out there and trying to talk to you. We want to save you tens and possibly hundreds of thousands of dollars. I think about what I did in my past and when I was in my twenties how much rent I spent because nobody got a show like this. Here I am helping you because we believe that you can do this. Starting off, we’re going to ring the bell. We’ve got 77, 78 and 79. We’re up to 79 first time buyers here in Southern California. Don’t fret if you’re anywhere else in the country. This information can help you anywhere in North America. We’re proud to give it out to you. In the end, I’ll give you some testimonials and let you know about some other great new friends who’ve been using this information and are on their way buying a home, getting ready to run out and kick their landlord. What we’re going to talk to you is about a podcast. This one is coming at you rather quickly after the last one because we had a great interview and we had lousy sound. Due to some technical difficulties, I’m going to give you the highlights. Don’t let a bad credit score be your deterrent. We talked to Chris Lahage from SpeedyCreditRepair.com. They’re good in all 50 states. You can check out Chris Lahage there. One of the big things he said was, “Don’t let a bad score scare you. There’s nowhere to go but up.” Everything in credit takes time. The longer the wait, it’s that bury your head in the sand thing. If you don’t feel like you have the income now to buy a house, but you are thinking about it, then start doing all the things you need to do. One of them is taking a look at your credit because it will take some time. You can get some advice, some direction and some minor modifications. They will give you a free credit review so you can check them out. Here are some of the tips that Chris said. The first thing that people say a lot of times is the consumers will come to the credit repair places and say, “What we did is we maxed our cards out, and then we paid them off so that they knew that we were good and that they knew that we were responsible. They would put our score up.” Chris says, “Who are they?” There is no they out there. It’s an algorithm and maxing it and paying it off. If it hits at the wrong time, then it can go bad and plummet your scores. That’s the catch with all of those people. There are a lot of people that have great credit, but what they do then is use their credit to get the miles and the points. They think they get all these free trips, but what happens is if you maxed your card out, there are three different credit bureaus. One of them might decide to do the report on the first, one might do it on the twelfth or one might do it on the 23rd. If you’re maxed out at that time, your available credit is a gigantic part of your score. If a couple of them hit it when you’ve got a $10,000 credit card, for these people who have had great credit and they’re trying to get super credit now or they’re trying to get all their miles and their bonus points, what happens if you have a $10,000 credit card and you get hit when you’re at $9,999? Now you’ve got 99% usage and 1% availability and that’s no good. What Chris had recommended was setting it up and paying it off as often as you can. If you want to be a point monster and you want to go after all that stuff, more power to you. I can’t stop you, but you are reading this blog so that means you must have an open mind. What you can do then is we live in an age where you’ve got everything right in your hand. At the moment that you end up trying to get all those points, a day or two later, pull out your phone, open the app and pay it off. You get your points and your score doesn’t go down. We live in an age where you've got everything right in your hand. Click To Tweet Here’s another tip that Chris told me. If you’re new to credit and you’ve got your debit card and you think those little magic logos are giving you credit on a debit card, even if it says MasterCard or Visa, that is not building your credit. That’s not what we call a revolving credit. That is just a piece of plastic that works like a checkbook. A checkbook is a rectangular piece of paper that you used to use to write checks, and sometimes people do it at the grocery store and I want to punch them. We talked about maxing out the points. Remember that if you are maxing anything out, your available credit will show not as high as you’d like. A lot of people would say that you want to keep your available credit at 70%. Some people are saying 80%. If you’ve got $1,000 credit card, you want to keep it. Some people say below 300 and some people are saying below 200 that 20% threshold to be safe. Another tip that he gave us never became an authorized user on a stranger’s card. I know we’ve talked about authorized users in the past. We’ve got episode number three, where we went way deep into some of the credit stuff for mom and dad, aunt and uncle or someone like that. That’s awesome. There are companies that are selling other authorized users to people out there to help bolster your credit. That would be what we call in the business a shyster. Run from that. Never do that with a stranger. This is going to take you some time. If you’ve got lousy credit, that’s cool. You’re still here, you’re still reading. You still want to learn. You’ve got nowhere to go but up. Nobody can speed up this process. There are definitely things that you are going to need the involvement depending on where you’re at with a credit repair specialist. They can do things faster than you could. You can’t walk in and give him $10,000 and have your score go up 200 points overnight. That means to get started right now.
Important Links:
- SpeedyCreditRepair.com
- Episode Number Three – Previous episode What Do You Need To Know About Credit
- How to Interview a Realtor – Previous episode
- @DavidSidoni – Instagram
- Facebook – How to Buy a Home Facebook Page
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