Credit for Fort Wayne Deals Is Our Biggest Leveraging Stick
it let’s us to get more for less
When you combine great credit with prudence and education you can leverage small amounts of OPM (other people’s money) to create a secure life and true wealth.
And the savvy, educated real estate investor knows that building and maintaining high credit scores is no longer optional; it’s a requirement.
But there’s a huge problem with doing that… The Credit Scoring System Sucks. Why?
Because financial decisions that are truly smart financial decisions to make are penalized by the consumer credit scoring system. In Dan’s new book, “FINANCIAL FOLLY…Seven Smart Financial Decisions that Lower Your Credit Score” he describes the details of the seven financial decisions that are truly smart financial decisions to make….but are penalized by the consumer credit scoring system.
These errors can cause you to “accidentally lower your own credit scores” which can cause higher interest rates, higher insurance premiums and limit job opportunities. However, the educated real estate investor who know the rules can still profit by using your credit to make (and save) you a lot of money.
For example, did you know:
- Refinancing a loan even at a lower interest rate can have a negative impact on your credit score?
- For investors who buy real estate with our own cash and private money, we’re no better off. If we don’t know the rules that they make, paying cash or using private money can also have a very negative impact on our credit scores both personally and financially.
- Free credit report….Free Score…. are these sites worth the money we are charged to monitor our credit? NO! and Dan will explain why and how you can save $240 and then review your critical credit information for errors, inquiries, payment history, and identity theft.
- And here’s where gets tricky: for landlords running a tenant application to verify if they will be a quality tenant: The problem is that credit scores are not always the most accurate measure of quality or risk. Scores can move for non-pay history reasons.
In this market, whether we’re talking your business credit or your personal credit, if you don’t know the rules of the credit scoring game you unlikely be able to ever achieve true wealth because you’ll be overpaying on everything from car tires to houses. Worst case scenario is you’ll be wiped out because of a lack of cash flow.
Savvy real estate investors know when, and how, to use their credit to do more deals and build wealth. Now You Can Get the Facts from an Expert in credit about:
- Debt ratios. All loans require a specific debt ratio which is the monthly payments divided into the income. When people borrow more money, as they have three months in a row, then the payments to service that debt increase. This increase in payments causes the debt ratio to increase.
- For many mortgages the acceptable ratios are 28/40. This means 28% of a person’s income can be applied to the mortgage debt. The 40% means by adding the mortgage debt and all other consumer debt (auto, personal, credit cards) cannot exceed the 40% ratio. The three month increase in consumer debt puts these debt ratios at risk. Don’t meet the ratios….don’t get the loan!
- Balance ratios. The balance ratios are a whole other animal and apply only to the credit score. 30% of the credit score (255.0 points) are awarded based on the amount of revolving debt divided into the revolving available credit. If the three month increase in consumer debt is due to increased credit card usage, then undoubtedly the balance ratio has increase. This increase in balance ratio will lower a credit score.
- Types of Accounts. The “types of accounts” portion of the credit scoring system is worth 10% of the credit score. That means “85” points are awarded or not awarded to each of us based on this particular portion of the credit scoring system.
Now is Your chance to get Rare Wisdom you can use for years to Come
This chance to hear from Dan about the importance of getting credit and the strange secrets of keeping good credit is invaluable to a real estate investor. The nuggets of gold in this interview and REI Live Main Event can make a big impact on your strategic credit planning and to create more wealth for years to come.
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MEET THE EXPERT
Having personally reviewed more than 14,000 consumer or business credit bureau files, 3 time author Dan Ridenour, CBA, is the most effective coach for who desire to protect their credit score from unforeseen disaster and increase a credit score fast.
Dan is the founder of the CBF Institute, which is a credit education company. CBF Institute studies the impact of Credit, Budgets, and Financials on consumers and small businesses providing specialized trainings, seminars, study materials and personal coaching.
Dan Ridenour earned his CBA designation through NACM and has 28 years of credit / lending experience which includes serving as:
- » President and COO of National Association of Credit Management Inc.
- » Assistant Director of Business Network International
- » National Sales Manager for EQ Financial, Inc.
- » Regional Vice President with Credit Depot, Inc.
- » Assistant Vice President of Indirect Lending with EquiCredit Corporation
- » Assistant Vice President of Indirect Lending with Old Stone Credit Corp
- » Plus numerous branch management / underwriting positions
Dan Ridenour is considered by many as the most effective coach for those that desire to “protect” their credit score from unforeseen disaster or “increase” a credit score fast! Anyone can INFLUENCE THE CREDIT SCORE and Dan teaches people how.
Dan once achieved acclaim when challenged to increase the credit score of a University Professor in Muncie, Indiana. With Dan’s guidance and assistance, this professor experienced a “90 point” increase in just 46 days.
“In this real estate market I can’t over emphasize the importance of credit for Fort Wayne deals. This training gives real estate investors and Landlords the knowledge in building and maintaining credit. I encourage you to carve out the time and invest it into what Dan has to share.”
-Scott FladHammer, R.E.I. Association™ President