GOOD DAY my Red Phoenix fanatics and blog aholics! Hope everyone is having a great start to the summer and is feeling great! I wanted to talk about a couple things and get you thinking a bit. Last week was awesome for me, I got 8 people qualified and out looking for homes and on top of that the first Annual Survivor's Open was a great success. We had a charity golf tournament for the Spare Key Foundation which raised a lot of money for kids. What's so great about the event besides raising money for a great cause?!?! I knew a ton of the golfers, which means a lot to me. It tells me that I'm friends with and that I'm doing business with the right people who care a lot about others! Thanks to all of those who played and helped make it such a great event!
Onto the post my friends! Believe it or not loans are still getting done everyday and rates are still fantastic. Average rates out there right now are about 4.5%, holy buckets is that awesome! That is causing a lot of people doing a couple things and getting bad advice is one of them. First is going to a random web-site, pulling your credit to just get your "score." Those web-sites offer a score but the score you're getting is called a "Vantage Score" not a FICO Score. I've seen Vantage scores inflated anywhere from 10-50 points. FICO is what 85-90% of banks and lenders use to qualify your for a home. Feeling the need to check your score before you talk to your mortgage expert? Pay $20 and go to www.myfico.com and get the right score and look at your accounts. It won't count as an inquiry and you get your real FICO score. SO DO IT!
Secondly, if you're feeling left out and everyone is telling you to go get credit to build your credit. From what I'm seeing you're getting denied and you keep applying all over the place! STOP! Just because you go to the gas station, department store, the bank, the hardware store the wherever or whatever store doesn't mean they are all different. There are only a few major banks left in the United States right now. All these places may offer their own credit card but they are backed by real banks. Those real banks usually are the same from place to place. Think about it?!?! Do you think Best Buy has their own bank? NOPE! So stop! Get a copy of your credit, review it and talk to your bank or a small bank and tell them what you're trying to do before you have your credit pulled over and over again. I've been working with a lot of frustrated clients out there who thought credit was easy or they have friends and family who tell them, "ya just do this" and don't really know anything. Credit has a lot of complexity, but it doesn't have to. I don't do this often, but I'm telling you to call me if you need help. I'm not going to judge you! If you think for one minute I haven't been in your flip flops your nuts! Lost in the world of credit? I'm right here and I'm not going anywhere! If you need me, have questions or need some advice I'm always around...
john@redphoenixco.com
twitter @deletebadcredit
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