Weekly Wisdom #165 - How to Easily Win the Credit Score Game

Hey, everybody, it's Dean Graziosi. Welcome to the Weekly Wisdom. I read all your great comments from last week. You know, a couple of people asked if you didn't watch last week's video, you should. It was one of my better ones. And thanks for all the great comments and posts. The subject was the villain within. That little negative voice that just sits on your shoulder and tells you you can't or don't try it or you're crazy or talks you out of, you know, taking action. We all know that we have exterior things, but that inner voice can kill you. And a lot of people had asked, well, know you well, how do you kill the villain? Well, I'm going to go deeper on that next week, but let me just start here by saying you need the strong reason why. You know, a couple of weeks back, if you don't remember, I did a post, I did a video about, you know, when you're on a plane, they say if your oxygen mask drops first, secure yours first and help the person next to you. That's what we want. We want to be so secure we can help the people around us. If you let that villain run your life, if you let the inner self doubt run your life, you'll never be secure enough to help everybody around you. So just that alone could kill that villain. But really the only way to do it forever is to have the strong purpose and a strong reason why you want to be successful. And the seven levels deep. If you've never done that again, we'll go a little deeper on this next week because this week I have my good friend Phil Tyrone. Phil, thanks for being here, bro.

Good seeing you, Dean.

Appreciate it. Phil is not only a good friend, a great guy, good human being, but also a credit repair expert. That's what he's done. He's written books on it. He's helped countless people all over the country raise their credit score because you have a lot people against you holding that score down. Because the truth of the matter, and you correct me if I'm wrong, a lot of people make a lot more money when people have bad credit scores than good. True or not true?

It's a scam. It's a scam that's like every. It impacts everybody in America or statistically speaking, the 80% of us that have errors on our credit report.

Gotcha. So what I wanted to do today, some of you left some questions. I wrote them down. I'm going to ask Phil some questions on that you posted on last week's blog and Then get some more information. He's gonna do a webinar. An hour long webinar.

About an hour.

About an hour with amazing training. So we're gonna do a lot here, but I don't wanna make this blog an hour long. We're probably gonna go 10, 12 minutes right now. But then we'll give the ability for people to sign up for your webinar so you can help them. So what has changed in the last year you were on last year, you helped so many of our students loved you, by the way. You did so many great things for our students. You helped so many people get their credit score up. And again, if you have a decent credit score and wanna go up, you have a crappy credit score that you want to improve or you just want to make sure no one ever messes with your credit score ever, this is the guy that can help you. So what would you like to say to people on the big picture of credit? What's happening with it right now?

Well, I mean, the thing is, if you're not taking advantage of your credit score, like if you do not understand the game, I mean, there's certain rules of the game that you just have to follow. If you follow the game correctly, you will win. I mean, it's as simple as that. And this is how you're going to win. When you have a high credit score, you pay lower, obviously, interest rates of your home and your car and things like that. But there's also things that people don't realize. Car insurance is lower. According to Inc. Magazine, 61% of employers are running a person's credit report before they hire a person. So things like this, I mean, it impacts all parts of your life, especially our students.

A lot of them are on the edge now of getting a loan or refinancing, pulling their cash out or getting a loan on their first deal, or getting a home equity line of credit. So they can use that to go out and buy these great deals that are happening all over the country. And they're this close. And you know what? It's like you did a hidden camera going into a bank. I watched that video. It was amazing. You go into your local banker and they say, sorry, your credit score is 10 points off. We can't help you. You say to your banker, how do I fix it? Go online. Google it.

Well, they give you the wrong information. I mean, not only do they not tell you how to fix it, they give you the wrong information on how to fix it. And the reality is, it's not in your bank's best interest for you to have a high credit score. Because when you have higher credit score.

They charge you lower.

They charge you higher. Yeah, exactly. Higher credit score, lower interest rate. And I mean, I've done it. I've gone to the major banking institutions, and I said, hey, here's a program that you can put in your name. Put in your name and, you know, just teach your clients and teach your people how to. How to raise your credit score. And you can do refinances and different things. It's all crickets. They're not interested. They don't want it. It's not in their best interest. It takes away from their profitability. And that's what I've learned.

At the end of the day, most banks are publicly traded entities. They're big entities. What do they have to show at the end of the quarter? Yeah, they have to show profits.

Yeah, right.

So if you have an ideal credit score is what Philip is saying. If you have an ideal credit score, then they have to charge you the lowest interest possible. Right. If you have a higher credit score, they go, well, Phil, we could give you the loan, but we're going to have to charge you 8% when everybody else is paying 3, because your credit's dinged. And it might be dinged in a way that you could fix it with some of the techniques that you have, but they're never going to give you that because they can't make more money. And one other thing, and I don't want to turn this into a conspiracy theory, but the credit reporting agencies, the three credit reporting agencies which are TransUnion, Equifax, Experian, okay, they make their money. A lot of. They make a lot of their money with data. Correct? So when they sell names and tell me if I'm wrong, but when they sell names, if they sell a name to a bank that wants to try to get you a credit card, if you have ideal credit, your name is worth less than if you have not so good credit. Is that true?

Well, here's what I know to be absolutely true. Is the primary way the Experian, TransUnion, Equifax makes money is from the banks that they're buying and reporting this information. So if you go to Experian and say, hey, this information's wrong, you want to know why it's so hard to get this information changed? Because the person that's feeding them all their profitability year in and year in and year out are the people that you're Basically, when they fixed your credit score, it's taking out of their profitability. Profitability.

Gotcha.

And here's the thing I want to point out. People think I had a bankruptcy, I'm out of luck for 10 years. I had a foreclosure, it's on my credit report for seven years. That is true. However, and this is what we are going to teach in the webinar. You do not need a clean credit report to have a high credit score.

Okay. So could you have a bankruptcy four years ago and still have a 700 something credit score?

You can have a bankruptcy a year ago and have a 700 plus credit score six months ago and have a 720 credit score. It's about re establishing credit the right way. And here's the key difference.

It's knowing the rules of the game.

Yeah, that's it. I mean, and the thing is, people think they pay thousands and thousands of dollars for credit repair. Okay. And credit repair is I'm going to get this bankruptcy off your credit report. Well, first of all, it's illegal. The FTC slams that. And that's not what we teach. If you keep whatever happened in the past is the past. Let's rebuild around it so you can have the benefits of a high credit score without having the benefit to high credit score. And take saving money and different things like that while having that bankruptcy foreclosure on your credit report. It's not the end of the world.

So I want to get a couple questions. I don't want to make the blog too long because we'll let you do that. You can register below for Philip's webinar. And I told him he's going to do multiple times because I know our students, you guys are all busy. So when you register below, will it give them options?

Multiple days, multiple times. And we're just going. And you're going to love the value of this webinar. I get emails, people go through the webinar and they say, boy, the webinar was so great. The program's not for me. Because what we're going to have, we're going to have for those who want additional training. We're going to talk about on the webinar.

Yeah, exactly. And just so you know, Phil did the same thing last year. When you watch the webinar, if you want Phil's education training to get your credit score up and make it bulletproof so you know the rules of the game, there's a program that Philip gives you the opportunity to get Enrolled in. And because Philip and I are good friends and because he knows how I care about our clients, it's a fraction of what you charged for it in the past. So, anyway, I encourage you click below and register. But I want to go through a couple questions that our students posted and then we'll let everybody go. I don't want to make this too long, but I guess the question is, so many people have lost hope because of what they hear. You know, it's unfortunate. My students are the best on the planet, you know, because they realize everybody told them they're crazy to get involved in real estate. My students know this is the best time. You know, contrarian thinking. So many people think, well, my credit score got dinged when the economy hit. I didn't pay my mortgage for three months or I had to do a short sale. Does everybody have an opportunity, once they know the rules of the game, to raise their credit score?

Okay. In no uncertain terms. In no uncertain terms. Anybody who, no matter what has happened to you in the past, if you rebuild your credit correctly in the right way, taking the simple steps, you can have immediate impact on your credit score. I don't care if you had a bankruptcy and a foreclosure yesterday, you start rebuilding it. Oh, yeah, instantly. And you're going to see massive movement, massive movements in four, five, six, seven months. Massive movement. So, I mean, it doesn't matter.

And think of the money a good credit score saves you or can make you through all the years. So let's go with a couple questions.

Sure.

I'm just going to read the name of the handle or what our students are registered in. So Real estate investor wrote, I've always heard to use less than 30% of your credit, but recently I heard now it's 10%. Is that true?

Okay, great question, Real estate investor. And here's the exact answer. There's different criteria on your credit score. It starts at night. When you pay down your credit card to 90% of the balance, your credit score goes up a little bit. And these different levels are 90%, 70%, 50%, 30% and 10%. So it's always been the same. So if you pay your credit card down to 10%, you're going to get a little bit of a credit bump. However, the rule is the overall rule, make sure it's always below 30 for the maximum impact on your credit score, not necessarily 10. Yeah.

Okay, cool. A question from TM028. What is the best way for teenagers, young adult children, to earn good credit without handing Them over a credit card.

Great question, Dean. Or tm, I should say. And it's about reestablishing credit from the beginning. And there's ways that you can do. And we talk about this in our program, where you can build credit for your teenagers without giving them a credit card by putting them on your account as an authorized user, not giving them the credit card to just walk around with.

Oh, that's smart. Yeah, yeah. So they're on there. So they're getting all that. The action that the parent does is going on their report.

Absolutely. And then when you say, okay, teenager, go get me groceries, here's your credit card to use, they're actually getting in that habit. And we actually have other steps that you can take. I won't get into it now, but once they establish base credit, we give you exact steps on what else you can do in terms of installment loans and different things. Other credit cards where they're not at risk of putting on tens of thousands of dollars in debt, but building credit. So when they leave the house, their credit score is 720 plus, easily.

Awesome. Okay, this is from R. Beverly. I could really use some help getting my credit repaired. I went through a short sale and I need to get it repaired.

Okay. R. Beverly, it's same exact thing I said earlier. I don't care if you had a bankruptcy, foreclosure, and a short sale yesterday. If you just take the simple steps to reestablish your credit, your credit score will skyrocket. The one good thing about our credit scoring system, with all its flaws, is that anyone can re establish your credit from the beginning. And it's very, very simple. Make sure you register for the webinar because we talk about this in great detail.

Okay. One thing that I want to share with everybody too, is obviously I don't have to. I hardly ever bring anybody on. Philip's a good friend. Philip doesn't have the magic pill that if you watch his webinar and get involved in his program, even though it's a fraction, it's pennies in comparison to what it could save you. It's not a magic pill where you watch the webinar and all of a sudden your credit report, credit score goes up immediately. Like everything. Phil's the real deal has been involved in this for how many years now in the finance world?

No, no. 14.

14 years. 14 years doing this. Philip has broken the. He has broken down the system to come up with a process. So you're educated, so you know the rules of the game. And the rules of the game are now on your side rather than everybody else's. Okay, here's the last question. I bought a house a year ago in January. I paid all my bills on time, accidentally made a hiccup on one of my credit cards, paid it late, and as soon as I found out, I made the payment catch up. Then I made another small payment to the card again and will make two payments each month after this. My question to you is, I would like to refinance my loan on my house so that I could lower my interest on my loan. Do you think that will affect my loan or the refinance?

And who's that from?

Armen.

So it's a handle Armen Dar or something like that?

Something like that.

Armen Dar 15 so here's the thing. Armen Dar 15 it depends on how deep your credit roots are. See, one of the things we teach in our program is you need deep roots from a credit scoring perspective because 80% of Americans, according to a United States public interest research group, 80% of Americans have an error on their credit report. 80. So when an error comes on how much does that lower?

And that error could negatively impact. So you could be paying hundreds, even thousands of dollars more a month by an error.

By an error. Well, according to the same survey, 25% of the errors are so bad that if you applied for credit today, this is an error you'd be denied because of the error. That's according to United States Public Interest Research Group. Okay, it's a scam. But anyways, Armin, so if you have deep credit roots, that one mistake could impact your credit score. Five, 10 points, no big deal. If you don't have the right roots, credit roots, deep rooted, that could have a 50, 60, 70 point impact on your credit score. So what I would say to you is you need to run your credit report, make sure you have the deep root. And if you don't, establish them now before you refinance.

Awesome.

Yeah.

Well, guys, I don't want to make this blog an hour long, even though this is amazing information. Philip, thank you so much. What you need to do is if you want to improve your credit score, if you want information, literally his our webinar is filled with wisdom. Filled with wisdom. And at the end you have the opportunity to get Phil's program that's a fraction of what he charges everybody else for. So I think you should click below right this second and register. I know you're having the webinar multiple times all this week. So everybody watching can get on. I encourage you to work with a guy who's a friend, amazing at what he does, and a caring individual who can show you a path and plan to understand the rules of the game and get your credit score up because it can only save and make you some additional money. Philip, thanks so much. Any last words before you go?

I'm just like you said, you started off with hope and that's what I want to point out. I mean, if anyone has had the conversation of your credit score makes you queasy. Oh, I've missed those late payments. Let me tell you, I created this program because I had poor credit, okay? So I know how that feels. And if you've ever felt that way before, just watch the webinar and you will literally start feeling hope and seeing how it's really easy and you don't need to be held captive by these banks.

Awesome. Thanks again Philip and thank you guys for watching another Weekly Wisdom. Next week we'll go deep on giving you another level of purpose so that little villain within or the negative news or the negative people in your life become absolutely. We put that bullet proof glass up and no one can get you out of making 2012 the best financial year of your life. Talk to you soon.