Introducing the Ultra FICO score coming in 2019. This is what it is, how this affects you, why you should care, and how this could increase your score and make you money…enjoy! Add me on Snapchat/Instagram: GPStephan
Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
Get $50 off for a LIMITED TIME with code ThankYou50 - The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $125 million in sales: https://goo.gl/UFpi4c
Since the early 1990’s, lenders have based about 90% of their decision on whether or not to extend you a line of credit based on the credit model: The FICO score. This is a score that calculates how many lines of credit you have open, how much of that you actually use, how long you’ve had them open, and how often you’ve paid them off on time.
But now that could change: introducing the Ultra FICO! The idea behind this is to allow lenders to extend credit to MORE borrowers by taking into account the borrow’s history of cash transactions in their bank account. This new scoring method will consider how borrowers manage their checking, savings, and money market accounts…it’ll look at the average balance and whether or not the account has ever been withdrawn.
Lets FIRST start with the good things:
Used property, this could REALLY help out the people who have been caught in the credit card twilight zone of not having credit because they’ve just never needed it. This NEW scoring method would give people like this the ability to potentially get a credit card, mortgage, or other loan because they have a history of otherwise properly managing their finances. Or maybe it’s for the people who only have ONE credit card, have always paid it off on time, but they don’t have ENOUGH credit to get them approved for a loan. This Ultra FICO model has the potential to extend credit to those who otherwise couldn’t get it.
However, I see THIS as a way for banks to begin loosing regulations and to expand the market to who they can lend money too. Many regulators have also expressed interest in exploring ways to increase access to affordable lending for consumers who have no or low credit scores. As I mentioned a previous video, I personally believe we’re seeing the economy beginning to normalize and cool off from the insane growth we’ve been seeing over the last few years, which I think is a good thing and a healthy way for an economy to act. But what we might start seeing, instead, is regulators allowing MORE people to get loans and further increasing prices…just a little bit longer.
But my concern is, at what point does it stop? The more people who have access to loans, the riskier our market will become, and the higher the chances of them defaulting on payments. My other concern is that it appears as though the requirements for The Ultra FICO are absurdly low…it’s said that “Consumers with an average balance of at least $400 who haven’t overdrawn in the prior three months would likely get a boost.”
But here’s the reality: For the right people, in the right hands, I’m all for this. I know many, many responsible people who just decided not to play the credit card game because they never needed to, and those people are undeservingly hurt when it comes to getting a loan.
FICO says this is really a way just to fill in the cracks of an underserved market, and a way to ease up lending to those individuals. They say it isn’t meant to weed out applicants. Rather, it is designed to boost the number of approvals for credit cards, personal loans and other debt by taking into account a borrower’s history of cash transactions, which could indicate how likely they are to repay.
But we’ll see, I have a feeling this will have a minimal impact overall…but I do think it sets the precedent that we’re going to continue easing up on regulations, especially at a time where we’re coming off such a great bull market and healthy economy…and that is a bit risky.
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
Get $50 off for a LIMITED TIME with code ThankYou50 - The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $125 million in sales: https://goo.gl/UFpi4c
Since the early 1990’s, lenders have based about 90% of their decision on whether or not to extend you a line of credit based on the credit model: The FICO score. This is a score that calculates how many lines of credit you have open, how much of that you actually use, how long you’ve had them open, and how often you’ve paid them off on time.
But now that could change: introducing the Ultra FICO! The idea behind this is to allow lenders to extend credit to MORE borrowers by taking into account the borrow’s history of cash transactions in their bank account. This new scoring method will consider how borrowers manage their checking, savings, and money market accounts…it’ll look at the average balance and whether or not the account has ever been withdrawn.
Lets FIRST start with the good things:
Used property, this could REALLY help out the people who have been caught in the credit card twilight zone of not having credit because they’ve just never needed it. This NEW scoring method would give people like this the ability to potentially get a credit card, mortgage, or other loan because they have a history of otherwise properly managing their finances. Or maybe it’s for the people who only have ONE credit card, have always paid it off on time, but they don’t have ENOUGH credit to get them approved for a loan. This Ultra FICO model has the potential to extend credit to those who otherwise couldn’t get it.
However, I see THIS as a way for banks to begin loosing regulations and to expand the market to who they can lend money too. Many regulators have also expressed interest in exploring ways to increase access to affordable lending for consumers who have no or low credit scores. As I mentioned a previous video, I personally believe we’re seeing the economy beginning to normalize and cool off from the insane growth we’ve been seeing over the last few years, which I think is a good thing and a healthy way for an economy to act. But what we might start seeing, instead, is regulators allowing MORE people to get loans and further increasing prices…just a little bit longer.
But my concern is, at what point does it stop? The more people who have access to loans, the riskier our market will become, and the higher the chances of them defaulting on payments. My other concern is that it appears as though the requirements for The Ultra FICO are absurdly low…it’s said that “Consumers with an average balance of at least $400 who haven’t overdrawn in the prior three months would likely get a boost.”
But here’s the reality: For the right people, in the right hands, I’m all for this. I know many, many responsible people who just decided not to play the credit card game because they never needed to, and those people are undeservingly hurt when it comes to getting a loan.
FICO says this is really a way just to fill in the cracks of an underserved market, and a way to ease up lending to those individuals. They say it isn’t meant to weed out applicants. Rather, it is designed to boost the number of approvals for credit cards, personal loans and other debt by taking into account a borrower’s history of cash transactions, which could indicate how likely they are to repay.
But we’ll see, I have a feeling this will have a minimal impact overall…but I do think it sets the precedent that we’re going to continue easing up on regulations, especially at a time where we’re coming off such a great bull market and healthy economy…and that is a bit risky.
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
Thank you for all you do Have raise my score A lot when from 610 to know have 790 all things to you
Subscribe, you had me at free
Trading with *alexascard * on telegram is the best thing that has happened to me on dark web.go trade with him man is so fucking real ✊🏼❤️
I had an late repo and quite a number of other negative items on my report with a low 400s CREDIT SCORE These prevented me from getting a mortgage until I starting looking for help After he finished working on my REPORT in just 7 days my CREDIT SCORE increased to 780 all the negative items on my REPORT were deleted permanently and he added good trade lines to boost my credit gratitude to ignitionservices at yahoo com
When I signed up with dane from Guildunlocks net I had 18 negative items across all 3 credit reports plus a judgement and a bankruptcy It's been 3 weeks and the judgement and bankruptcy have been removed from all 3 reports They were also successful in getting all other negatives removed from my Trans union and Experian I now only have 4 left on Equifax but they are old and paid in full so they really are not affecting my score anyway My scores have all gone from low to mid 600 to around 700 to 740 and it would not have happened without Hackerdane at yahoo dot com through mail
I give absolute THANKS TO guildunlocks net I NOW HAVE A BETTER CREDĮT AND IT DIDNT TAKE US MORE THAN 32 HOURS TO GET IT DONE IM REALLY GLAD BECAUSE IT TURNED MY LIFE FOR THE BETTER BELIEVE ME WHEN I TELL YOU YOU HAVE NO IDEA HOW MANY PEOPLE THERE ARE IN THE WORLD LOOKING FOR SOMETHING LIKE THIS IM JUS REALLY GLAD WE HAVE HIM
I honestly wouldnt have found a way to do this if it wasnt for hackerdane at yahoo com he has saved so many lives and I really admire him for that I used to have a very poor credit score because I had a rough past and its not always been easy for me but when I found mr dane I explained to him everything that was going on and he reassured me that he would fix it he did and got my scóre from 550 to 805 now I have my own pharmacy and currently working on getting something even bigger dane saved my life in ways I cant even talk about so if anyone needs saving Find your way to him through his mail hackerdane at yahoo com he wouldnt judge
Being patient with Guildunlocks net during my credit repair process was worth it Last year I enlisted in the National Guard and did all of my training from Jan-August I had almost $13k worth of collections after i added up the line of credit that i was paying daily interest on It was a pretty rough time I was 12 months into my car loan and every time I applied to refinance I got denied I tried to get a debt consolidation loan and got denied Then I had to switch employers and also got denied for their credit check But thanks to Guildunlocks net who has helped me repair my credit and given me an excellent score 820 Now I no longer get denied for anything at all
I had a situation where my former landlord put all these charges on my credit saying I damaged the apartment and I left early none of which is true I was exploring the lawsuit option but in the meantime I was not able to rent an apartment because of this and it destroyed my life I didn’t feel I had to pay for something I did not do they can neither validate nor show any proof of damages I was informed a ethical repairer helps people in cleaning credit which I am so happy about I tendered my problems to them and they removed all damaging info on my credit It took them a couple of days to get my credit cleaned and it’s such an amazing feeling to be finally free from all that problems I had THIS IS CREDIT REPAIR SERVICE AT ITS BEST Guildunlocks NET
I applied for credit cards from different companies and was rejected because i had a low credit score of 450 and i was not granted a credit card so i reached out to Guildunlocks net on google who raised my score for me without issues to 820
the huge amount of debt consequence of those bad decisions will be payed off next month! It's never too late to start saving like there's no tomorrow and I'm really REALLY excited and motivated Oh and Graham fyi my emergency fund is also a done deal Guildunlocks net lol i didn't made it myself
I had a debt on my credit card which was stopping me from getting a new truck I was trying to be careful not to fall a victim of scam I tried the services of Guildunlocks net net and it was very effective I can now get a new truck
I'm very happy and grateful about you dane you so adorable and trustworthy am doing this again and I am getting my cc from him Guildunlocks net you are the best I own you more business bro I gat you for life ✅✅
The defective william demographically smile because income scientifically succeed onto a imaginary work. inconclusive, peaceful gauge
The discreet computer consecutively moan because city relatedly tour lest a accidental seal. abundant, delicious twig
A lot of Americans suffers credit errors because they haven’t met the right one to help them out, so they go ahead falling into the wrong side. I was once a victim of that scandal but after I made the right choice by contacting Sam Hacks Technology LLC to fix my credit which he did exactly what I was expecting he got all the items in collections, hard inquires, loans, medical bills, bank judgment out of my report and boost my score from 510 to 785 plus and everything is now working perfectly on my credit and I got approved for the capital one credit card I applied for. He is also good in fixing of Chex Systems. If you need to reach him out please kindly contact him now with the following details. Samhackstechnology⏹Net
In the middle of last month of the year 2019 , I was reading an article about a particular credit repair agency raising their credit score from 300 – 800+ and how their clients were happy about was just reading this as a news article and surfing through the comments on google when a simple comment from a user in google caught my attention so i decide to get in touch with the company and he help me increase my credit score from 605 to 800+, he also deleted all my negative reports and raised FICO score to 810 now i’m free to purchase the kind of house i want , thanks a lot SAMHACKSTECHNOLOGY☯NET
My husband and i had state tax liens in New York that were listed as joint Responsibility. We both did a lot of try to get this off out credit but all effort doesn't yield result. so we decide it was best to go online in search of a reliable Credit agency who understand the credit system to come o our rescue and just after a deep search i came across Sam Hacks Technology LLC. I told him about withdrawing our tax liens from my credit report and he explained to me the process to help me solve this. After some days we both got an agreement tax liens were completely gone after running his credit improving processes and my credit score being raised to golden score. He sent me verification of good work he had done on my credit he sent and i found on 3 credit bureaus… I couldn't have imagined my life so good fast , thank you so much Samhackstechnology⏺net
I just had a past due collections appear on my credit report from 5 years ago. I knew nothing about it. I called the credit collections company and paid the debt. I I called the collections company and they said "no" that's up to credit bureau. I just called Transunion again and they said it was no longer on report. Experian won't answer their phone so went online, all effort to correct this was proven abortive and I needed to do this fast for me to qualify for a house mortgage. Few weeks ago I came across this credit coach who many had recommended how he had helped them with their credit score. I contacted him via his working email address(realhacks@Samhackstechnology•net) and asked if he could help me. He answered boldly 'YES' and explained to me in detail the whole process. I gave him a try to my greatest surprise he did an amazing job. My score has been boosted to 787 on average across all bureaus and all 3 items were removed. Thanks Sam..
𝐈'𝐦 𝐡𝐚𝐩𝐩𝐲 𝐭𝐨 𝐬𝐡𝐚𝐫𝐞 𝐭𝐡𝐢𝐬, 𝐠𝐨𝐨𝐝 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 official_donald_fx_ on instagram ,𝐇𝐞 𝐤𝐧𝐨𝐰 everything about all credit cards, He's expert ! He just paid off my debt with reasonable credit score 900s.
Was on 475 when I met with Tony working with has proved the best decision I made so far . Am currently on a 795 and still progressing. Reach out to him for help if you care on your credit. Text him on. + 1 2 5 1 2 6 5 3 2 5 9
10,000 in the bank account is a lot for a majority of Americans. I get the well intentions but I could see maybe 3000