54: Building You: Your Credit Score with Philip Tirone

#54: Today you are going to learn more about credit scores than you ever have. We’re joined by 720 Credit Score’s Philip Tirone.

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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.

34:55  Collections.

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.

Resources:

720CreditScore.com - Philip Tirone’s company that helps clients rebuild their credit.

MyFico.com

AnnualCreditReport.com

MidSouthHomeBuyers.com or call [phone] for Top-Notch Turnkey Rental Properties.

NoradaRealEstate.com or call [phone]. Your Premier Source for Turnkey Cash-Flow Investment Property.

GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.

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