Guest Speaker Sam Parker with My Credit Guy

Caeli Ridge recorded this episode on 1/23/2024
 
Guest Speaker Sam Parker with My Credit Guy

Sam Parker of My Credit Guy joins the podcast today to talk about credit, credit repair, the percentages of the different points that make up your credit score, and some really interesting tips and tricks of the trade for building your credit and maintaining a high credit score while investing in real estate.

Sam & Caeli have some great Q&A where Sam details a few things you can do to improve your credit score, and how his company can help you in achieving better credit scores by following their personalized guides.
 
Sam also shared with us his website where he partners with Experian, creditsitter.com

You can find Sam at mycreditguy.com or www.team-parker.com
 
Check out the video with the screen share and the documentation in the Community and our YouTube Channel.
https://www.youtube.com/c/RidgeLendingGroup

You can join these live  by following this link to join the call:
https://community.ridgelendinggroup.com/events/live-with-caeli

As always, give Ridge Lending Group a call if you have any questions at 
855-747-4343 or email us at info@RidgeLendingGroup.com

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Transcript

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Karlie Smith: Hello, everyone, and welcome to calling all real estate investors a live event with Caeli Ridge from Ridge, lending Group. You can reach us at info at Ridgelendending group.com by email, or you can always call into the office at (855) 747-4343. That's 8, 5, 5, 74 Ridge

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Karlie Smith: during today's live call. If you have any questions throughout, please just drop those questions into the chat as they come up, and then we will answer them as soon as possible.

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Karlie Smith: And today we have a very special guest speaker here with us. Sam Parker from my credit guide. I'll hand the mic over to Caeli now for his introduction and to get into today's episode.

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CAELI RIDGE: Thank you, Mrs. Smith.

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CAELI RIDGE: Hey? Gang nice to see you all for anybody that I didn't see last time. Happy New Year. I feel like I can use that through the end of January. It's still valid and for anybody that missed this last week. My sincere apologies, it was a complete shit show the weather down here in Portland, was. It was. It was nuts. It was absolute disaster

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CAELI RIDGE: across the board. The whole city was shut down, so my apologies for anybody that tried to show up didn't get the the notification that we had to postpone. And to you, Sam, I haven't even talked to you since then. So my apologies to you for

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CAELI RIDGE: that last minute. Snafu, anyway.

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CAELI RIDGE: Thanks for being here. I'm happy to be with you. I think today is gonna be an excellent bit of content. I'm I'm very, very excited. I've spent some time with Sam. I find him to be extremely knowledgeable and extremely credible. I know that you guys are gonna feel the same way before we get started. Before I officially introduce Mr. Parker. Something came across my desk. You know, it's been something that's that's been

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CAELI RIDGE: peeking in here and there, and and I think a lot of us in in real estate investing have probably started to read the headlines or see some of the publications, but I wanted to just take a second touch on it before we get started today. And that is commercial real estate.

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CAELI RIDGE: Is struggling, and by struggling it is on its way down in a big, big way. And before I give you any of my personal opinions, or or you know, predictions which? Ii was looking back, and I think I'm about 70 in accuracy, for you know some of my predictions in real estate and and interest rates, and and what the forecast for things are so not

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CAELI RIDGE: super great. I don't know that you would take me to Vegas. I don't know. 70% might be good odds. I don't know but I do have a good strong indication about this. So for anybody that

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CAELI RIDGE: is interested in commercial real estate, or or maybe thinks there's some interest futuristically into some commercial real estate. I think that you should start paying a lot closer attention. Here's what I I'm going to to say for the record, for now we're gonna be in a very unique position. And II should preface by saying, I've never gotten into personally anything over like 5 10 units in real estate. And that's not what this is. I'm talking about. Retail Space office space like the big boys.

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CAELI RIDGE:  that's going to be on fire sales soon, and for anybody that wants to be at the ground level where real estate, because it still is real estate where real estate is concerned, you should be paying attention. I was talking to another client recently about this

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CAELI RIDGE: and and she agreed that there's going to be some unique opportunities. So here's what I would share.

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CAELI RIDGE: You know you talk about. Some of the things that that I've been noticing most recently their office conversions. Now, I will preface by saying that currently financing for this type of property, this class type is not going to be as easy as just picking up the phone and calling Ridge. And we do some of this stuff. But it's a different animal. So you're gonna wanna do your due diligence there. But when we talk about

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CAELI RIDGE: office space or office conversions, I think a lot of people are gonna be looking at that and preparing for taking advantage of very, very low priced inventory to turn into hospitality. Perhaps

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CAELI RIDGE: housing, perhaps on those bigger office type scale properties, the other ones that I think are going to do very well the

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CAELI RIDGE: retail spaces for things that really need in-person attention.

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CAELI RIDGE: the Spa health, wellness, that kind of stuff. There's lots of different mediums and venues that are going to still need

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CAELI RIDGE: commercial real estate. So now is, gonna be the time. If you guys do want to take advantage of, I would start educating yourself about what's gonna be coming available in your backyard, or what markets we think are gonna be hitting, hit the hardest and start investigating there, if you know. And you may even be a little bit late to the game. If you start now. Not for the masses, but for the people that understand commercial real estate especially. They've already been putting their fingers all over this thing, and and they're gonna be ready to make a mint

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CAELI RIDGE: commercial real estate can be highly lucrative if you get in on the ground level. And that's, I think, coming up real quickly quickly here. So I would just encourage you. That was really it. I just wanted that sun by soundbite out there. I would just really encourage you guys to start looking into that and and taking note of

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CAELI RIDGE: commercial real estate as a means of real estate investing and feel free to to call me or email me. If you guys want to talk further about any of your ideas or

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CAELI RIDGE: things that might have to do with that Is that it? I think that's all I wanted to mention.

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CAELI RIDGE: Oh, you know what? There! There was another thing that I just recently talked about that I wanted to to talk about real estate commercial real estate. So airports. This might be something of interest to some of you. And it's it's similar to housing in that the Micro Unit hospitality hotels. So you've got a lot of for years and years. You would see the pop ups those those strip malls that weren't far from the airports that have. You know, the the fast foods.

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CAELI RIDGE: and and things of that nature. Those are all going away. They're they're just not doing well over there. So they're talking about micro

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CAELI RIDGE: unit hospitality for just overnight

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CAELI RIDGE: people that need to go. They wanna be by the airport for their traveling, for the flight attendants and the the pilots, etc. They've got the, you know, the shared ins and stuff. But these are gonna be a little bit different on a smaller scale. But for those that just need those quick overnights and and have key access codes and things where you can just go in, drop their stuff, sleep, and then leave that kind of thing, that micro kind of

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CAELI RIDGE: strategy. So look at those possibilities as well. If you wanna look that up micro hospitality in your airports. I think there's gonna be some some big wins there. Okay, enough about that.

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CAELI RIDGE: I will. Intro. Now actually let me start by saying for any of you that have gone through my certified power buyer course with me, one on one related to the education that we do, you know, or have heard from me what I talk about credit wise. We do some deep dives into

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CAELI RIDGE: definitions from underwriting guidelines, how it applies to credit and qualifying your credit, and how it applies to you, and qualifying and what you qualify for. And then we take time to talk about

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CAELI RIDGE: optimization for

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CAELI RIDGE: future values. Right? We're investors. So our credit scores are constantly going to be moving and changing and and up and down, etc. So it's important that we understand from an underwriting perspective what that means and how to keep it at its best, and it's optimal. So we we do get into quite a bit of that.

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CAELI RIDGE: I have not had conversations with anyone really, that I can think of in the last 10 years that really understands it from that perspective as much as Mr. Parker does. So I'm really excited that he's here. I think that he's gonna enhance everything that I talk about. He may even give us some some new tricks and tips. So this is gonna be a lot of QA. You guys, I've got some some things that I'll ask him, but he's got his own spiel, and I've heard him give it a couple of times now, and I'm hoping that he'll do that again here today.

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CAELI RIDGE: Because it'll be a lot more efficient than what I would be able to regurgitate. I know I'm gonna forget things, and so it'll be a lot more complete and accurate if he gives it to us, and then we'll we'll get into a QA. So when he's talking think about your questions related to your your past experiences, or or etc. Optimization about credit write them down so you can put him in the chat for Curly to ask

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CAELI RIDGE:  and then let me just read his bio, and we're going to get Sam to give us what he can on

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CAELI RIDGE: credits. So he's got a world of experience.

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CAELI RIDGE: I think that if I remember correctly, Sam, you've been doing this for about 105 years. just kidding. So 20 years of experience in the credit repair business, Sam has been a key player in bringing quality and integrity to such fresh, such a fragmented industry. And just to kind of dovetail on that.

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CAELI RIDGE: you guys, credit is kind of a black box. Does anybody feel that way where you kind of get an idea of what credit scoring is? Where to find your credit score how to keep it. Good. You get different answers and information. I mean, you could ask the question 10 times to 10 different people and get 10 different answers. Right? So I think that it's really important to have somebody that has their finger on the pulse that lives in that space as an authority and getting the information directly from them. It's not a good, dear Google topic. I'll tell you that.

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CAELI RIDGE: Okay, carrying on with his Bio. After working for other companies and recognizing where they were falling short, Sam set out and started his own business. My credit, Guy.

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CAELI RIDGE: Sam's vision for how to treat people right, which is another thing I loved about him, his his personal touch to everything. What you say you're going to do and add more value than any other credit repair agency has been a key formula for my credit guide success.

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CAELI RIDGE: It's more than just increasing credit scores. It's also about getting people educated, love it

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CAELI RIDGE: and setting them up for success in the future. Sam is well known in the industry, and is a go-to expert on all things credit repair. You will often see him speaking at leading industry events. That's huge

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CAELI RIDGE: and or hosting webinars where he reaches people all over the country focusing on important lessons, on how to repair or rebuild poor credit. His passion for the industry is also seen by the guidance he provides mortgage and real estate professionals

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CAELI RIDGE: to help build their business and succeed by focusing on technology driven platforms. Sam has created a credit repair company that no others compare to Sam's partner in business and live is his wife and co-founder, Tricia, and he couldn't get it done without her. So sweet that you put that in there, Sam? They share 2 beautiful daughters, and they mean the world to him. So welcome, Sam, thank you so much for taking your time to be here with us today. Really appreciate it, my friend.

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Sam Parker: Of course. Thank you so much for having me again. I enjoyed our conversations before, and so when you brought this up. It was something I wanted to hop all over. So thanks for having me

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CAELI RIDGE: my pleasure. Yeah. So what? I was hoping if you could just kind of an overview of your services. Ii you know, maybe abbreviate, because I really do want to give the people that are here today an opportunity to do some Q. And a. I expect that there's gonna be some good questions. So just kind of that, that sound bite or or 30,000. Okay.

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Sam Parker: is work side by side with our lender and real estate partners to help their clients by starting with a review of any and all credit reports that you have. If you have a client with a credit report, you can send that over to us. If you just have a client that has identified themselves. Having credit issues, we can pull credit. But we start with a detailed interview and a free game planning session where we'll go through the credit report. Figure out what the client disagrees with. And why? Just because.

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Sam Parker: just because a client says that they disagree with it or really hate, it doesn't mean that it doesn't legally hold up right? And so that's something that we kind of need to sort through as the what the game plan is gonna be. But we'll go through and identify the items that are actually problematic. We'll also shed light on some things that they might not see or know about when it comes to credit, because a lot of clients focus on the wrong thing. When there's other things that could get them points right away.

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Sam Parker: we'll go through and get items like that removed or updated. If they're inaccurate, outdated, or duplicated. If they do remain, we have a debt resolution team that will call up those remaining creditors with the client, or, on behalf of the client. Negotiate settlements, pay for deletions and resolutions, so that underwriters can clear the way, and like what they see on the credit report rather than just leaving those out there.

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Sam Parker: Most credit repair companies just dispute over and over again. Even if an item is not gonna come off the credit report. Each client is assigned to a dedicated credit coach that handles them through the entire process, educates them, answers questions, and keeps our partner or you up to date every step of the way. Credit repair is a black hole in general, because communication is so horrible. We exceed that communication regardless of industry. Once you work with us, we will also have conversations about

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communication, our flow, our process because we take great pride in it. And because we pair great people, great process

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Sam Parker: and a great system, then we can consistently bring people back to the closing table. We charge no upfront fees. We are the only cover repair company that I know. That truly does not charge upfront fees will charge anything until the thirtieth day after work and art has already been done, and then we charge every 30 days again, after work has been done, and the client agrees and wants to continue on another month.

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and again keeping you posted every step of the way, so that we bring you back, usually within, anywhere from 2 to 5 months, is kind of our sweet spot in the client needs full repair. However, 40% of the clients that you send over to us, I'm just gonna be able to give you a game plan that you can execute on without us being involved, the client opening something up, paying something down, increasing a limit transfer, revolving debt to install it.

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Sam Parker: that something like that that doesn't need our assistance, but that we gain plan for you at no cost, so there's no cost to you. There's no cost to the client until we've already provided services. We guarantee our work. Each client does go into the process knowing how long it's gonna take how much it's gonna cost as long as they follow our process.

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CAELI RIDGE: Are you kidding me? Are you guys listening to this

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CAELI RIDGE: holy crap? That is amazing, absolutely amazing. And I'll tell you guys in the I mean, it's been a shortage time, but in the shortest time I've been working with Sam and his team I can attest unparalleled the customer service, the communication, the tech everything is a plus top notch. I could not recommend them more. A couple of things just based on what you said. And the costs are so reasonable you don't pay anything unless they're gonna actually do the work. They give you the game plan. I mean, that's

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CAELI RIDGE: that's that speaks volumes to me. Because you know what you're doing and you you trust in your abilities, and you can offer that extra. I think it's very cool. One of the things I wanted to ask you is this is not just for someone that has poor credit, especially for our clients. As you know, real estate investors, because they are constantly buying or selling or refinancing. They really want to keep that credit score optimal

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CAELI RIDGE: for not just qualifying right? Because they're gonna be benchmarks and some of the products that we have. You have to maintain such and such X

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CAELI RIDGE: credit score, but also for our interest rates everybody in in no matter how much II beat against. The the stream. Everybody wants to talk about interest rate.

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CAELI RIDGE: and not everybody. Most people want to talk about interest, rate, and credit scores are directly linked to that. So even if an individual does not have damaged or poor credit. There is ways in which they can work with you and your team to look for that. that schematic from you and your assistance to help them keep it at their highest level, based on what they're going to do. And I have a scenario.

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CAELI RIDGE: Sam, do you mind if I just kind of give you what I the advice that I give, and you can tell me what's right, wrong, or what could be better about it.

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CAELI RIDGE: Sure. Okay. So one of the things that I will coach with my clients about credit optimization and something called rapid acquisition is when investors are purchasing multiple properties in a small ish window of time. Very high credit scores, even if just temporarily, can take a a pretty big hit down below even that qualifying mark. So what I tell them is is that because a credit report itself is valid for 120 days, so we when we run our credit, we get to use that report for 4 months, 120 days.

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CAELI RIDGE: So what I have been strategizing with him over the years, and it seems to be working pretty well is that as long as communication is good and we know what they've got coming. If we know that there's going to be a credit score requirements based on having X number of properties. And we're right in that mark. Okay, listen. We just closed on 2 transactions over here. We've got 2 more coming. And at which point this report is now gonna expire, and we're gonna need a new one. I

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CAELI RIDGE: am telling them we want to run a second report before those first to hit and could potentially damage bias a new 120 days, so that we can use that and get done when we need to get done within the timeframe that we have to get it done in? Does that resonate? Does that make sense in terms of advice for

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CAELI RIDGE: credit optimization.

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Sam Parker: Yeah, absolutely. III mean, because as soon as those new installment that's hit, that's gonna hit your new credit section of the scoring algorithm. It's also gonna re age, some of your length of credit history. So that's a great strategy to use.

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Sam Parker: And there's, you know, there's that. And then on the other side of that, and I'm gonna dive too far into this too soon. But there's

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Sam Parker: there's dates to know, in terms of reporting with credit cards. There's dates to know in terms of reporting with auto payments, and how it corresponds to like monthly payments being reported, but with debt load absolutely. That's next level strategy that you're providing to do that. And it makes tons of sense. So there's a lot of yeah, there's a ton of strategy here that we don't really think about.

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CAELI RIDGE: You know those of us that have. And I've worked hard. I've worked really hard to to get a a very fine credit score, and there's a it's similar, I think, to interest rates. There's a a psychology about credit score, and it's funny, because I'll have you know, husbands and wife supply jointly, etc. There's always a competition piece going on there where he may have 2 points over her, and it's kind of fun fun to look at, so you may be able to give them advice on how they can edge the the spouse

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CAELI RIDGE: of the partner. If there's one thing that you could impart to us most important for optimal credit scoring, what would it be, Sam?

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Sam Parker: I think it's the power and credit use cause, I think everybody knows. Keep your payments on time, and I can get into that, and I and I probably will. But but it's using your credit that people shy away from, and they get scared of. And mostly what I'm talking about in that section is credit cards

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Sam Parker: and knowing how to use them to. Not only, I mean there's such a cool tool, I mean, you can take free vacations, increase your credits, or not part with your liquid cash

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Sam Parker: all in the same.

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Sam Parker: you know strategy as long as you time it right and are are smart about it, and so I really love the power of credit cards, and it's where so many people kind of shy away from it. So keeping those credit cards at certain dates below 50 below 30 between 5 and 10% knowing when to have those payments in. So that you're getting that optimization on a monthly basis like

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Sam Parker: a lot of people will. They'll they'll have a due date of, say, like the 20 third to the 20 sixth. Right? So they'll pay that, or they'll even pay it early. Some people are out there saying, Oh, I think 2 payments, and that is what increases my credit score. Really, what is increasing credit scores is when a payment is made before the new data is sent into experience, Equifax and Transoom, that new data is usually collected and sent in

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Sam Parker: before mid month, and then and then our payments aren't due until the end of the month. Ish right? And so every time that our credit cards are reporting data, if you don't have it paid off in time, they're reporting your high balances that you're paying. So, even though you think you're playing the game correctly, you're not playing it in time to really have it affect your credit. So anyway, that's just one of those rabbit

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Sam Parker: polls. One section of credit. But it's 30% of your credit score that you completely control. There's no if ands or buzz, just how do you use your credit card? So that's my, that's a good one. That's a really good one.

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CAELI RIDGE: I you know I've got a ton of questions, but I think that we should. I should defer to our our audience here. What do you guys have anything for for Sam that you want to ask? Or were, you know, curious about credit, wise optimization. How do you do this, how do you fix that?

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Karlie Smith: And just a reminder? Just pop the questions in the chat, and I'll read them out loud. And then, you know if we need some clarification from you guys, we can unmute you, and you can go ahead and give us that clarification. But any questions just right in the chat.

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CAELI RIDGE: Thanks, Carly. Okay, so as we're waiting for those, I guess I'll just keep. I'll keep asking mine. So utilization, I think, and when the payments are made was the number one thing that's 30. Could you maybe break it down like a A, you know a college grade? What are the the

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Sam Parker: percentage of different factors that make up the actual credit score. Yeah, so as of right now, it's 35 payment history, which is just, do you pay your bills on time? Do you have late days collections charge off profit and loss all factor into that? Because it's just. Did you pay your bill, and if you let it go, how far did you let it go? That's like the question being answered in that 35. So while we're there, let's also talk

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Sam Parker: really quickly on how to optimize if you're cool with that, and that would be to get on everything on Bill pay. It is so simple. In 2024 you you! You just by the bullet, and you go into each one of your credit cards, each one of your auto loans, and you hook them up to your bank account and you won't miss a payment. And if you just wanna add insurance to that, you get credit monitoring and you just check it once a month, and you sign up for notifications on later

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pays or pass due amounts. You can do that in them. And so with that, there's just no way to mess up so late pays, or are the number one culprit there? But again, collections charge off. Profit must

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Sam Parker: all fall into that category of 35 payment history. 30% is your credit usage. And that's the credit cards that we just talked about. You gotta you gotta get out there and play the game. Some people say I, you know I have my credit under control. Don't use it. It's like then you don't have it under control. That's not. That's not showing that you can use it responsibly and strategically. That's not playing the game right? And and you are costing yourself.

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Sam Parker: I mean, I don't wanna get too much up on a pulpit. But II would say, if you don't have your credit optimized, you're costing yourself hundreds of thousands of dollars, if not millions of dollars, in this game on lost opportunities as well. Right? So managing your credit cards, knowing how to do that again. You could do a lot of that in your back office. You could set

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Sam Parker: that those payments to be made. You can say anytime that my balance goes over $2,000. I want it paid down by this amount. There's a lot that you can do there. 15% is, gonna be your length of credit history, and that's why, when, like a Dave Ramsey tells everybody, close all your credit cards down, it's such bad credit, at least just credit. I will talk about the rest of the good advice. But credit wise, it's horrible because

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Sam Parker: it's it's eliminating those years of pain history. The same thing ultimately happens to like. If you've ever seen one of your clients, or you had where it's a happy day. I paid off my mortgage. I paid off my student loan. I paid off my car, and then, a month later, my 4 dropped 30 points. What the head is because your length of credit history that was more than likely a 5 year account, but 10 year account that just got paid off compared to the rest of the accounts that

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Sam Parker: that maybe been open 2 or 3 years. So when we close account, even for whatever reason, it removes itself from that average. Okay, so we wanna keep accounts open for as long as possible, and just be strategic with them. And again, that's why, if we're in process or our clients are in process, please don't close the car. Please don't call me with the great news that you think you're being financially amazing that you paid

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Sam Parker: this offer. Close this out right? 10% is, gonna be mix of credit, and that is having both installment like credit or student loans, car loans and real estate mortgages.

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Sam Parker: and a mix with revolving credit cards, lines of credit. There's 2 different behaviors there that the investors want to see. Installment is kind of set of them. Forget it. Think about that process. You sat down. We filled out paperwork that mitigated their losses, pre contract or pre money being given right? A credit card. They're just going.

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Sam Parker: Let's see what this guy does, you know. And so it's 2 different behaviors that they wanna look at. And ultimately they're they're creating a credit score. That's gonna determine. Should we let this person hundreds of thousands of dollars or millions of dollars for real estate? That's where it all kinda okay. And then the last 10 is new credit, which is like, are you getting your credit? Pull all over the place, and then it's just.

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Sam Parker: and you can't get away from this. But if you have a lot of new items in comparison to not that many older items that'll kind of ding you for a little while until 6 to 12 months pay history. So that's the breakdown. 35, 30, 1510, and 10

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CAELI RIDGE: sweet dude. That's such valuable information. Okay, we've got questions. But I have some my own. So I get to go first. It's my show. Okay. is is a reasonable hack. So utilization. We talked about revolving credit card debt, and over 50% really starts to hit you 50 below 30 below 5, 10, etcetera, is optimal. One of the things that I'll do, instead of having people throw a bunch of money at that credit card debt is if they have that long history with the creditor, and they've got perfect payment history. Go to them and say, Hey, chase

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CAELI RIDGE: up my credit limit. I'm gonna trick the system or manipulate the system so that now my utilization, as long as they're not charging anything more, utilization appears to their advantage. Right? That's a good hack. Yeah, I mean, absolutely. And you're not even all you're doing is being rewarded for the good credit that you've built up just haven't cashed in on it lately, because if your credit wasn't good enough and your payment history wasn't good enough. They're gonna go. No, you can't increase right.

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But I could go right now, and any of you could, too

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Sam Parker: log into your city card or log into your capital long card. You can request a a credit line increase right there. It's gonna go cool. How much do you make right now you're gonna put in your updated income in, you're gonna hit it. It's gonna run a soft pull on you behind the scenes. So credit polls not gonna show up. It's gonna look at your income. And then it's gonna say, Yeah, you can have that, or it's gonna say, no, we need to make a a a decision behind the scenes, or it's gonna go. No, you can't right now. Sorry.

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CAELI RIDGE: But

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CAELI RIDGE: what about authorize user? Now, this one is kind of a 2, for on your side, and then on what we do for for credit scoring. We see that a lot authorized users. You know. In some cases it can be detrimental to debt, to income ratio. But wh? How? What is your your take on authorized user? I guess it just depends on the overall credit profile.

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Sam Parker: Yeah, II think that they're an excellent tool to use. And honestly, if there is a loophole left for clients, it's authorized user, the reason being that you're not truly legally liable for that debt. It's not like a joint user. So authorized, let's talk through it from the very beginning. Let's say that you don't have an authorized user account. What you're looking for is a spouse business partner or immediate family member. The reason I

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Sam Parker: say that is that there's shady companies out there that would try to sell you or your clients. Stop on an authorized user credit card. Stay away crazy, fraudulent. You don't wanna mess with that stuff. But if you are in some way associated with the credit card and you're added as an authorized user, you now, all of sudden, on your credit history. You're going to see all that person's payment history that's on there, and you're getting credit for it.

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Sam Parker: Full credit for it like you were there for the whole ride. Okay, now it could be a good ride, or it could be a bad ride if they've had a long payment history, and they've been responsible with it. Your scores are gonna shoot up in most cases like significantly depending on what you started with with credit, profile, and credits for. But we can see a really big increase, especially if somebody has thin credit. Now, if that credit card

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Sam Parker: is late, ever maxed out, really anything negative. You're also gonna experience that. So whatever it is, you're gonna get right. Now, here's the really cool thing about it. And we don't shout this out loud because we want this thing to stick around for a long time. If anything ever goes bad with an authorized user, you call them up you go! I want off that thing. Get me off it right now. Take it off my credit, and they'll go. Oh, looks like on great! I don't care

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what you say.

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Sam Parker: I do not want this on my credit report anymore. Take it off, and they have to within 30 days. So it's a nice little hack that can get clients some points, especially in in the case where they are associated with that credit card already, they should be added. But here's the thing you gotta make sure that you are giving with. If you're the person adding that client or or relative or friend as an authorized user. They gotta have their social. They gotta have

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date of birth. Otherwise they're just gonna add them on as like a joint user or

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Sam Parker: not an awful, but they can use your credit card, but it's not like a full. It's not on their credit report. So you gotta make sure it's a true authorize, either. They'll read you a little script. It's like, you understand that by adding this person, and it's gonna report on their credit report Yup cool. That's exactly the one I want. So all good on authorized users, and if they're ever an issue, we just call them up and talk tough

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CAELI RIDGE: and that just kind of for. For let's say that we've got husband and and wife, teams or partner teams, or whatever, and the ones got really strong credit. Maybe the other one doesn't have any established credit. One of the things that we'll have them do for qualifying purposes is to start planting those seeds and get them on as authorized users immediately, so they can start building that credit. Anything else for for spouse or partners that don't have a lot of credit. Sam, that you would say they should do.

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Sam Parker: Yeah, I mean. So again, all strategy. And it's all situational, because a lot of times I like to separate that right like. I don't need to be on the line. Then I then will just be tritch or the other way around right. But in a situation where it's like, man. We gotta get her credit, Bill.

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Sam Parker: I would be adding her on to like car loans with me if I was gonna get anything new, I would be adding her on really anything new that I was getting to get her up and off the ground. I think as soon as possible. We wanna separate me 2 very strong individuals with separate credit profiles as much as possible.

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CAELI RIDGE: So, guys, I wanna make a point on that because it's really really important for for the lending side debt obligations a pretty big deal. So if you need it for credit, scoring like, he said, just to get them started. Let's do that. But then, ideally, you really want to keep that separate for Dti purposes, because that debt obligation can be pretty fine a fine line. Once you start amassing

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CAELI RIDGE: investment properties and some of that debt plus the income. But if you've got a partner or spouse that you want to use their golden tickets for themselves. Start there, but then make sure that you are separating that that debt obligation you don't want to be tied to, or have them tied to things that were really yours. To begin with.

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CAELI RIDGE: get in their own or or none ideally on that point credit is all scaled meaning. It is set up right now for somebody regardless of your background, or how much money you start with to have the opportunity to have a high credit score. And that's one thing I love about. It is like the American dream put into like an algorithm. Just work hard, do the right thing, and regardless of where you come from, you, too, could have the opportunity at an 8 50 credit score. Right? And

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Sam Parker: so the reason I'm saying that is, if somebody is just getting started, they can get started with a $200 credit card. They can serve the $500 credit card they can get started with a $5,000 auto loan. You might have $20,000 in the bank right now, probably more, I know, but but your key might even write to go buy that part. I would suggest financing it, and people are like paying interest on. It's like, No, get a high credit or pay lower interest

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Sam Parker: on your $400,000 first home that you're gonna buy and pay a little bit more on a $5,000. Call right now. So there's just again some strategy there. Sometimes people like I'm not taking on dead if I don't have to. And it's like

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Sam Parker: you're gonna take on that sooner or later. It's building to that again, that peak, that crescendo where you gotta have awesome credit to borrow hundreds of thousands, so that then you can cash out on hundreds of thousands.

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Sam Parker: you know, down the road. You guys know what I'm talking?

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CAELI RIDGE: Yeah, that that plays into. I'm always preaching about doing the math. You gotta do the math in order to understand where it is you want to go, and and what you're about to accomplish or not accomplish, or the risk that you're taking or not taking. You've gotta be doing the math absolutely. Okay. My last question, I swear. Do you? Before I forget. I wrote this down. The best monitoring service. What would you have? A recommendation? What's the best one

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Sam Parker: I do? I do so as a separate company. We were tired of seeing people not have access to fico so we built credit sitter.com. So that is ready now it's a fico. Only option. Right now we do have a relationship with vantage so soon. It should be that true marketplace where the client can choose from the 2

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Sam Parker: our so Credit Center and I do have to be clear on this ours, meaning mine. And Trisha is in partnership with experience in the Credit Bureau. It's not a product of my credit guide. They make sure, I say that, but what it is is for $32 a month, which is normally 45 to 60 on other fico products. A client can monitor their fico and update it twice a month. Where right now, applying in the marketplace

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Sam Parker: can usually only update fico 40 every 45 days, and that just sucks when you're trying to increase credit because you're you're doing actions. You don't wanna wait a month and a half. So credit center.com is ours. There are some others out there. Identity IQ. I like for advantage, and then, if nothing else, and II hate them. But credit. Karma is better than nothing. I would still rather have a client cognizant and watching their credit

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Sam Parker: then not. It's just that what people do have to understand, and this is bleeding over into another topic of trigger leads people got. Oh, you pulled my credit for an investment property, and now I got, you know, 42 calls because of you. It's like, no, no, I didn't like submit your information. You when you chose free things like credit karma log all your updated information with them, and then they sold it when we pulled credit. So again, just be cognizant that if

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Sam Parker: I always tell people, if you don't pay for the product. You are the product, right? And so credit Karma is that. But I'd still rather have them aware of credit and getting notifications. But Credit Centercom is Carly. We put that in the chat, please. Credit centercom. I'm checking that out. Thank you, Sam. Okay, you can read questions now. I'll I'll

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CAELI RIDGE: I'll give him up. You guys are open for QA.

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Karlie Smith: Perfect, all right. We're gonna start with Lorena. Thank you for your question. She said, thanks for coming, by the way, and she said, we use our credit cards to support our real estate. They do flips into rentals. So yeah, her credit scores fluctuate quite a bit, depending on whether she's changed. She's having them charged up or paid down. But even though she has nothing negative and no late pays. Her score is impacted when she uses the cards.

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Karlie Smith: Should she open up a line of credit or do something else?

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Sam Parker: Great question, and trust me, I did this. I have my city cards with my airline miles, and I rack them up as much as I possibly can, and and that's just smart. You run everything you can through them. You got a couple of options. What I do is I sit right on the backside of those anything that's a large or a certain amount I pay off right away. So I run it through the car. I let it count for my airline points or whatever, and then paying it off usually within an

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Sam Parker: day or 2. So I'm not having those issues of fluctuation. The other thing is just to know yourself for the most part. Meaning.

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Sam Parker: Am I gonna make any major purchases? Not not in the next 30 to 60 days? All right. Don't stress about it too much. Just use your credit cards as you would right? Otherwise. You just have to again be cognizant of what you're trying to do and go this month. I'm gonna have to keep them in this range right rather than letting them go up and down, or just make sure you're making that payment. So all I'm trying to say is the situation

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Sam Parker: aware what you're trying to do? We could say the right, the the technically correct. We always keep them there, but once we get to a certain level, everybody where it's like

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Sam Parker: I get credit. I'm not struggling with the concepts of credit. I totally understand it. Then II say, look, you can Max out credit cards. You just got to know when you're gonna finance. You gotta pay down. Now. I will say this might damn sorry is that with the updates coming, okay? So you have the new fico coming out, and you have vantage that are supposed to be released within the next 2 years. They are going to have what is called trending data built, in which means these.

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Sam Parker: with the ability of running the high credit limit and then paying it down really quick is not gonna be there because they're gonna trend. And that data over the last 24 months. And so they're gonna look at your average over the last 24. Not what is it today? So so the days of paying something down rapidly restoring it. And then, boom! You're an 8, 50, or

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Sam Parker: 8 20. That's probably gonna be a lot tougher to do going forward. But again, if you want to get way ahead of that. Then just use that strategy of Oh, my gosh! We just paid off the whatever that's a $12,000 charge. Jump on and pay 11,000 off, you know, in 2 days, if if that's what you're doing, is kind of playing that credit problem game

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Karlie Smith: perfect. Thank you. And Lorena asked, when is that coming online? And I think you said, maybe in the next 2 years is when they're doing that.

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Sam Parker: they keep pushing it back. And here's what I'll say is that, like a lot of credit updates get a lot of hype. It takes the burden off of the credit bureaus from like a social perspective cause everybody's like, Oh, credit's not fair. No problem. We have this update that's coming. Soon. Everybody calms down, and then they go back and they go. Hey, Banks, what do you guys want? That's what we'll use right? And so we'll see. They have pushed in the late

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2025 right now, which sounds a whole lot like 2026 to me.

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Karlie Smith: Perfect. Thank you. Lorena did add a a little thing here that her cards are sitting charged up until we refi. So does that change anything from what you said at all, Sam.

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Sam Parker: Well, it's just that. If you have a refi coming up

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Sam Parker: and you're trying. I would like you to. I would like to see you move that. Now you got 2 choices. Okay you have. If if what you're doing is out of that refi gonna pay these down, and you're trying to kind of move that debt to increase credit. You can move it 2 places. You can move it to installment, or you can move it to revolving if you move it to installment. Here's what you're gonna get. Okay.

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Sam Parker: That new installment. If it hits. You might be looking at like 2030 points right? But you're probably getting a lot of points from paying down credit cards and getting rid of that revolving that don't close the credit card off, just paying down.

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Sam Parker: If you're moving to a larger revolving line, you gotta move fast so kind of like what we were talking about earlier about how, hey? I have this coming up. I'm gonna pull credit. And then it's gonna last this long. If you're moving, revolving debt to revolving that you have a window where, when it's paid off, that new one has not shown up on credit. Usually for 60 days. You need to move fast right there.

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Sam Parker: Have credit hold. You're still gonna have to account for debt on on the the Dti. But credit for wise. You're gonna be in a nice little sweet spot right there.

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CAELI RIDGE: and let me add to that, too. So, Larina, in that case, and they've been wildly successful. She is. She and her husband have really mastered the art of utilizing their credit to their advantage and and leveraging what they've done is is pretty remarkable.

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CAELI RIDGE: but that kind of plays into. If the timing works out with what the renovation or the flick, the fix flip trajectory is that 4 months of utilization of the score we can strategize and time it so that we're pulling before

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CAELI RIDGE: you're actually driving those cards, those limits up the usage up, and we have that for 4 months. So if it works within the the project, if the if the long project, then maybe not so much, but we can. There is a piece in there. We can strategize timing wise, anyway. Sorry, Carly. Go ahead, honey. No worries, thank you, and thanks everyone for your questions. We have a new one here from Teresa.

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Karlie Smith: she asks. I had my credit pulled in November for a mortgage. I have a good credit score. Another lender wants to pull my credit again. How much will my credit score decrease because I'm out? The 2 week window, after having 4 lenders pull my credit.

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CAELI RIDGE: So I wanna just real quickly, cause I want. I want Sam to see if I'm right or wrong on this. There's every time I have this conversation about inquiries, and how it affects the credit score, etc. I hear everything from. You've got one week to have it pulled as many times you've got a month. You've got 2 months, and it's gonna drop 20 points, or 5 points, or 50 points, or whatever

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CAELI RIDGE: I feel like. It's 45 days. I believe the Cfpb

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CAELI RIDGE: publishes this. I'll go over that in a second. We can put a link in in the in the chat and that they should be able to have it pulled as many times as they need to, for exclusively. I'm trying to be smart here. I'm I know I'm going to be wrong somewhere for exclusively mortgage related purposes, not for cars and boats and screatscreen Tvs and and new credit cards exclusively for mortgage related. They're supposed to have that window right, Sam, to have it pulled as many times as they need to, without an adverse effect on the score. Is that right?

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Sam Parker: Yes, so you are right. 45 days. No additional adverse effect. The first part in query can cost typically anywhere from 2 to 5 pm. But it is not that doppelganger or doppelganger. What am I trying to say? That's not what I mean at all. That's not that monster that is gonna cost you 20 to 40 points. It's

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Sam Parker: 2 to 3, maybe 5, a lot of times 0 points, and then a 45 day window to shop as a consumer as much as you need to. Now I do tell consumers

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Sam Parker: do a little research first, please, because going out and having your credit hole everywhere is not the best thing, but at the same time you gotta make sure that you are doing what's best for you and your family, and you have the right to do that in the same industry. You're absolutely right now if you go out. And I went and I applied for a mortgage credit card. Carlo. You know, a a line of credit, all that

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Sam Parker: those are all separate industries that could all cost me again 2 to 5 points. But it is not the credit killer that people make it out.

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CAELI RIDGE: and when they see their credit drop like that, and they think it's because of an inquiry. Guys credit scores. And this is another one. Sam. Check me if I'm I'm wrong in any any space here. Credit scores are. It's similar in some ways to interest rates, and that they can change daily, based on a variety of variables which might be the utilization. It might be a multitude of inquiries, it might be old and new and late, and and things that it could be all of these things right? It's it's the constant scapegoat.

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Sam Parker: What do I not have any control over inquiries must not be, and and and that's where I might pay. Hold on. It's probably the fact that you let your credit card see your city card. It jumped up from 29 to 32. There's this, the 12 points that you're missing. Well, what about those inquiries?

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Sam Parker: 2 points. It's still just the 2 points like, I know, you don't like my answer, but it really is a simple one, but it's just go on there and pay $4, and you're gonna drop back down and you're gonna be good. But it's almost always when I see somebody that

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Sam Parker: says my credit score went down in the last month. It's late pays. It's a collection hitting. It's increased credit cards.

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Sam Parker: It's a closed account almost always one of those. There's a few other outliers that might hit in that meantime. But those make up 90% of what happens. And then every once, while you have the big ones come on, you know a charge off, or a collection, or something like that. But it's usually something simple. That's like, not okay, thank you, Sam.

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Karlie Smith: What else we got? Carly? Alright perfect. Peter asks, how early can you add kids onto car loans and other recurring payments to help boost their credit score and their credit profile? You know, before they hit college age 18 or 19. Can you do it earlier?

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Sam Parker: I know it. But 18, at least, it's like, Get Get going. If you're gonna especially if you're gonna buy your kid a car, not pay cash for it. Have that long as a joint user and and teach them what it is to to build credit. Now.

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Sam Parker: while I'm on this, I really wanna talk, and I can talk fast about

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Sam Parker: Oh, what am I trying to say, Co, cosign. Sorry. So if you cosign for somebody, and you're gonna do that and don't suggest doing it. But if you're going to make sure you're the primary on the account, not the co-signer, because it doesn't matter. You're 100% legally obligated to it, no matter what, whether you're the co-signer or the primary. It's just that if you're the primary they're gonna call you when a payments, miss, they're gonna

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email, you text you in a payment, Smith, where you're the co-borrower. You're gonna hear about it once your credit score drops by 70 points, and you have a late pay that you can't remove off the credit report.

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Karlie Smith: Boom! That's good. That was that was worth the price of admission. Yeah, good one. What else we got, Curly? Now we got one more here. From Doc. Dr. Haywood. Maybe Dr. Heywood. But can you clarify? Is the 30 credit usage for your current credit card debt to credit limit ratio. Assuming it's paid off monthly

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Sam Parker: 30%. Okay? So sorry cause there's percentages. And then more percentages. So 30% of like the pie graph. Okay is credit usage. And that is basically the credit card section, because that's what they're looking at. When when the storing algorithm looks at installment loans, it's already pre calculating in the risk, right? And so what so think about all installment loans? I bought a

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Sam Parker: $450,000 house. I was able to use a 0% program on that 450,000, or maybe put 3 and a half 10%, you know, stuff like that. So the scoring algorithm doesn't deem you for high balance to limit ratios on installments. It's on the credit cards. And then once you get into the credit cards, then it's you want to keep them below 30 ideal or or in a

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Sam Parker: good world, and then between 5 and 10, but know that if you cross the 50 threshold on a revolving account. You have entered into that account potentially earning you more than it seemed to help me.

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CAELI RIDGE: So 15 below good 30, and below great 5, 10 is bling, bling Yup and 0 can be problematic. And and that's because if you put it in your wallet or your person. You don't take it out for months. You're gonna stop getting credit for it, too. You need to display these responsible behavior where they are incentivized to keep doing business with you, and that is letting them make a little bit of money to, or have that potential to. Yeah.

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Karlie Smith: Carla, I like that live. I'm looking at the questions now. I think that's a great one. Let's finish with Mr. Peter and his question. Can we perfect? All right from Peter? First of all, he says, thank you for this. Live great info. Thank you, Peter. Is it possible to have late payments removed from your credit profile? I've heard mixed information on this. Some have said goodwill. Letters can do that.

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Sam Parker: Yeah, great question, Peter. It sounds like you're already on the right track and pretty knowledgeable about this goodwill. Letters is where I start, and yes, you can have late payments removed. But to when credit repair companies make a broad statement like we remove late pays. It's like

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Sam Parker: you're just miss advertising because it has to be situational. If someone has a long track record of late pace, and then they oops miss another one. We're gonna have almost no shot and getting a good will letter to work because it wasn't a one time isolated incident. If there is a long relationship, if there are extenuating circumstances.

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Sam Parker: excellent chance at getting a good will deletion, if it's in the middle of you, kind of not paying a lot of things. We're not paying that account many times.

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Sam Parker: almost no chance. Okay. Now, if a good will negotiation does not work we can follow up with a true dispute. And we do get items like that removed. But you're talking single digits under 10% of the time. Are we gonna be able to move a valid late pay? If

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Sam Parker: it doesn't get removed through a goodwill, which is probably actually about 2530% success rate when we're when we're going at it right now.

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CAELI RIDGE: So awesome. I just in the sake of time. Lorena, my friend, I'm gonna copy that that. Carly, will you copy that question for her and send it to Sam and his team? And maybe we can get an answer for hop book. You have been amazing. This is, these are, I love it when they go over, because that means that we're really digging into it, and some good content is getting out there for people. So thank you again for your time, Carly, will you? Maybe wrap us up if there's something that we need to know about the next. Podcast and of course, all of Mr. Parker's contact information.

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Karlie Smith: will you get us done? Take us home. Yeah, absolutely. So for February. We're gonna be having our lives on February 6 and the twentieth we, you'll see that email come over with those topics shortly. February sixth chile is. Gonna talk about doing the math.

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Karlie Smith: One of her you know best her slogan. Exactly. So. You know. Keep an eye out for that. And then I'll actually hand it over to Sam. I want to make sure that we're getting that information out correctly, Sam, please let us know your website contact information where people can find you.

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Sam Parker: Yeah, absolutely. So you can go to my creditguy.com. I am going to pop a link right down here. That's okay. And this is to get marketing information. Sign up for a one on one. Demo. Have us set you up with a tracking portal all that good stuff in there. You'll see that we've taken a lot of your social media or marketing off of your plate. We can customize so much for you. We just want to educate. We just you'll see none of it's

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Sam Parker: none of it's marketing. It's all education, and that's what we want to help you do for your clients. So my creditgui.com, or reach out to us through the team, dash Parker, com, and we can answer any questions for you, going through any scenarios or give any support. But thank you so much for having me on. II really do appreciate it. And great group and great questions appreciate you, Sam. Just Fyi. These are going to be the clients. So, guys, you working directly with us.

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CAELI RIDGE: we will link you with Sam and his team as well, if you want to go that way, but if you need direct access, it's all right there in the in the chat.

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Sam Parker: and we should it sorry just to make that process clear as and many as we can, we should run through that just because we have such a sweet process ready for you guys to run it like that. But yeah. And then to him, let us know. Yeah.

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CAELI RIDGE: cool. So again, just just to clarify guys

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CAELI RIDGE: working through us. And then they they've got the tech is amazing. We will then submit who you are and your information. You go directly. There is no compensation. We're not making anything. There is no Jo. Jv, nothing. This is just all for education, like Sam said. Okay. Any last words, Mr. Parker.

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CAELI RIDGE: No, just just thank you. We're ready to go to work for you. Okay, appreciate you. Thanks, guys. We'll see you soon.

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CAELI RIDGE: Bye. Gang.