54: Building You: Your Credit Score with Philip Tirone
Released Oct 23, 2015
Today your are probably going to learn more about credit scoring than you ever have. We’re joined by 720 Credit Score’s Philip Tirone. Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive Maverick turnkey RE webinar opportunities. 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.
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.