How To Boost Your Credit Score Trick

hey guys this is Nate Davis I'm president and CEO the Florida mortgage firm I want you all to take a moment to watch this entire video the reason I'm asking this is because we don't make build videos so everything I'm about to share with you is actually critical information this is not some kind of cell phone I don't like watching cell phone videos so I'm definitely not going to make one for you now you're going to get a dose of some professional advice from the experts here at the Florida mortgage firm we're going to talk to you today about is credit score's now there's a whole lot of general information about credit scores but I want to give you some precise specific information that you could take home and apply tomorrow and make a difference on your credit report this information about credit scores - this is also important a lot of people hear advice on you know this is how you can get your credit better and this is what you should do to improve your credit and people who have average or above-average credit will typically mentally turn off and say well that's not for me because I've already got it okay credit I've already got good credit here's the deal what about to tell you is equally as important to you as it is of somebody who might not have great credit I'm explain to you why in just a moment but just keep that in mind stay tuned and watch this video so you'll know more about this in just a moment so here's what happens before you formally apply for a loan you need to make certain that you are working with the mortgage professional the reason this is the case is because if you pair with the right person they can literally save you thousands of dollars on your loan by ensuring you have the best possible credit score for your scenario so it's not just like when you walk up whatever your score is is what it has to be I want to tell you some ways on how to get up before that my loan professionals are going to tell you advice on how that can impact you as well again it's not just about getting the best deal it's about getting yourself in the best position to then go get the best deal and that's what we do here by default whether you need it or not we're going to give you this expert advice now if you have weaker credit and I can show you a way to get your score up it might make the difference between you getting approved at all or getting denied on your loan so this is important for you folks to know obviously you want to get approved first and we obviously got to get you the best deal after that we're going to try to accomplish both now if you have good credit let me give you an example let's say you have a 716 score that is not a bad score whatsoever and you're applying for a conventional loan well in the conventional lending world that's where there are just parities between rates and costs for people who have different score intervals if you have a 740 score or above you're typically getting the creme de la creme and if you have a 720 score you're not really you're still getting a good deal but it's not as good as what you see out there you know advertised people's best rates putting their best foot forward then it goes down to 700 680 660 and so forth and so on so let's just take that example let's say you have a 716 score getting you up to a 720 from a 716 obviously easy math it's only four points and we can actually show you some ways to get there what will that do well it can possibly save you on your interest rate for the next 30 years it can save you money in your closing cost as well and if you're putting down a down payment of less than 20% a conventional loan to where you have to carry mortgage insurance guess what else looks at your credit score your mortgage insurance rates so if you have a 720 versus a 716 does that also lower your rate of mortgage insurance the answer is yes so you can see why it's important to get yourself in the best position not just simply say I got to go find the best deal I can look for out there with my current situation that's only one part of the equation so so here I only get just get down to it and tell you how this would work one of the biggest factors and getting your credit score is something that I refer to as debt to available debt in other words what is the balance on my credit card compared to the limit on my credit card so for example if you have a credit card and the limit is $1,000 and your balance is 900 you will have a worse score than the same exact person with the same exact credit profile that has a $1,000 limit and a $200 balance so people say all the time yeah keep your car credit card balances low and that's how you imagine to get better scores I'm going to take it a step further and I'm going to tell you right now what about to share with you a lot of people in my industry won't even know this information okay so the trick to it is this often times people get their credit pulled and they say man that's not my balance in that credit card I've had a thing off to zero every month that shouldn't be a problem I don't know why it's reporting so high well this is what occurs your credit card companies when that statement is issued when that statement is produced at that point in time that's when that balance gets reported to your credit bureau so if you have a high balance and you pay it down you paying it down does you know good as far as your score goes because that high balance that you had before your payment was made has already been reported so here's how you do it here's the trick when you have a credit card and you're really trying to focus on getting your score up as much as possible make that payment prior to your statement issuance date that way that balance that gets reported is substantially lower than it would have otherwise been and then guess what here's your limit now your balance is reporting here instead of here what does that do that makes a real difference you know what's the exact score improvement it depends on the credit profile is it unusual for that to swing you probably 15 points either way not at all that's very you know happens every day we see it all the time so hopefully today you've learned a couple things about the importance of these credit scores also just a few things and I haven't even scratched the surface of the some of the things that we do that the industry themselves don't even know about but if you're looking to have a mortgage expert on your side someone who truly knows you know the ins and outs of not just the industry but all aspects of lending all aspects of credit finances etc I strongly encourage you to give us a call again we are the Florida mortgage firm phone number is eight one three seven zero seven six two zero zero you can also check us out on the web FL mortgage firm comm FL mortgage firm comm our website is unlike any other it's not some templated website where we paid some company to put it up for us it's all custom content real life information you can apply damar just like you heard today my name is Nate Davis I'm the CEO and president of Florida mortgage firm I look forward to hearing from you thank you

Channel: Florida Mortgage Firm

Views: 257,016

Rating: 4.4477878 out of 5

Keywords: boost credit score, increase credit score, Credit Score (Literature Subject), Credit (Industry)

Id: 61GfJCaNXu4

Length: 6min 5sec (365 seconds)

Published: Wed Jun 18 2014