This NEW FICO Credit Score NEWS Impacts MILLIONS of Americans
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- čas přidán 1. 07. 2024
- This new FICO credit score news impacts millions of Americans.
CNN, released an updated chart of current mortgage APRs based on FICO credit score numbers.
The article further highlights how valuable a good or excellent FICO credit score is when it comes to home purchases.
The article provides proof that higher FICO credit score numbers are synonymous with lower APRs.
In this video, I discuss the FICO credit score article posted by CNN and explain why having a good or excellent credit is so important.
If you’re looking to purchase a home in the near future, increasing your FICO credit score should be your goal.
With a FICO credit score above 750, you set yourself up to have the lowest interest rates in regard to mortgage.
#creditscore #creditscores #creditscorenews #creditscoreadvice #ficoscore
Article referenced in the video: www.cnn.com/cnn-underscored/m...
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Thank you to everyone who watched this video. Be sure to "LIKE" the video, and also, my E-Book 'Strategies to Master Credit' is available here: www.mastercreditbook.com/product/personal-debt-management/
These private companies dictate how you move in life. I remember life BEFORE credit scores. I own two homes...OUTRIGHT. I own my car...OUTRIGHT. I have no debt. My score was 790 and because I’m not in perpetual debt, my score dropped. I applied for a personal loan. I have more money in the bank (and have maintained that balance for more than two years) then the amount I attempted to borrow. I was denied because I “don’t have collateral”. Apparently the money in my account and my assets are not collateral? Make it make sense! This is a bs system perpetuated by everyone who supports it.
Thanks for watching.
Its because you are not a candidate for monetary slavery.
I have the same issue. I am worth way more than my home is worth . I had a helluva time getting a loan to buy my home . I wanted a loan in 2020 because I could potentially get a 3% mortagage and use my capital to make more money on treasuries than the mortgae rate. I finally secured that loan but it took an act of God.....
Look up Professor Werner. Also TILA. The entire credit scoring system is designed to maintain economic oppression. Utilize the FCRA & be prepared to file claims against the Ex, Eq & Tu.
That makes zero sense. You must have messed up on the application. Also, if you own two homes outright, why not a HELOC loan? Why do you need a loan, if you have the money in the bank? Pay yourself back.
@@micker9830well you’re a financial genius if you equate a heloc to a personal loan 🤣
Those people who say credit score doesnt matter also need to know that there are jobs and landlords that look at a persons credit score(s) too and they could lose a job or a rental if they have bad or low scores...and the numbers of them are growing!!!
Most states got rid of jobs deny for credit
Indeed. Thanks for watching, Neiker.
@@stanleyscott7608 According to Experian, only 11 states prohibit the practice...so, far from MOST!
This is BS Not Landlords Could deny Rent for Your Credit Score 🫵👀
If you have a good income and low amounts of debt, you'll be just fine. There are plenty of people who don't have a lot of money but high scores. People who have money will always be ok
820 when I bought my last car inn 2021. Highest the finance Manager had ever seen. I just got 2 more credit cards last year to strengthen my score. It dropped my score temporarily 20+ points. You have to create some debt to keep your rating up.
Thanks for watching, Ricky.
You don’t have to create “debt.” You simply have to have a large amount of available credit with a low debt-to-income ratio.
If you don't use the credit line they will reduce it and they will mark it against you that you are not making use of credit you have I was told that when I asked for a line increase for a card I had for 3 years holding a max of 1% usage
@@Jbig1430switch banks - this is your bank trying to trick you into having debit.
Credit scores become irrelevant once you're comfortably wealthy. As in you have long-term assets and can easily afford to spend years without a job. Up until that point, they run your life.
At that point, food prices, fuel prices, etc. also stop mattering. But nobody says that part out loud.
Thanks for watching.
once the house is paid off and you have 0 debt the score probably doesn't matter very much. With minimal expenses, it would be easy to save up cash for larger purchases like cars as long as you plan a little in advance.
FICA scores are tied to so many things related to finance. This is why these scores are so important. Another thing the banks, finance companies, and insurance companies among others can use against you as a consumer. The game is RIGGED. And knowing how to play the game can save you tens if not hundreds of thousands of dollars.
Definitely. Thanks for watching, Gordon.
@@gordonallen9095 it's a game I no longer play, thanks to the Equifax and Experian breaches. You're right when you say it's rigged, because it most definitely is. Has anyone ever asked exactly how those three credit companies, and now their 3rd party minions, have made billions upon billions of dollars?
Personally... I'm done feeding the machine! FTS
Amazes me how the institutions handing out credit scores operating in a country trillions in debt Can control your access to money.
Thanks for watching, Jose.
lol good point America doesn’t pay its debt, credit score probably 400
Wrong. YOU control your access to money.
Make better choices, have a better score, get better access to money.
No federal or state agency controls what you do with your money and your credit.
@@youcantfoolme9950-I was just about to say the same thing. They only control your access to debt.
There is a huge difference in those interest rates when you think about the cost of a house. The rates will eventually go down but they will never be where they were during the pandemic.
When I picked up my current home. I was able to secure 4.5% fixed interesting rate in 2018. But one thing I tell people is to look at the overall cost of a home and make sure you can easily make those payments.
Yep, it definitely makes a difference, Sledge. Thanks for watching.
Purchased my home in 2017 at 4.5% as well. I refinanced during the pandemic due to rate drops and was able to lock in at 2.25%.
Credit scores matter! As was mentioned, you never know when you might need to refinance or apply for something.
Take his advice and good luck to everyone out there!
@ngenious01 I thought about refinancing in 2021, too, while rates were low but I couldn't find any loans with the same or shorter terms at that rate. So I just kept what I had.
A lot of my neighbors sold to Zillow when they were buying houses because the offers were too good to pass up. But yeah, scores do matter
Wonderful video man, but I'm not buying anything until they lower these interest rates!😂
I appreciate it. Thanks for watching.
Those rates add up in a 30 year loan. Having an excellent credit is key 🔑 Thanks for sharing the information Nell!🫵
Definitely. Thanks for watching, Cesar.
Congrats on the 1 million views 👏🏾👏🏾👏🏾🎉🎉🎉
I appreciate it. Thanks for watching.
Credit score changes what you pay for auto insurance so that alone makes it matter to everyone financially unless they don't drive.
Thanks for watching.
Great video bro 😎
I appreciate it, Calvin. Thanks for watching.
Congrats on 1 Million Views, Stay Blessed..Keep Striving.
I appreciate it. Thanks for watching.
Solid info! The difference in rates over time is a big difference in cost and its important for people to be aware of that.
Congrats on the 1 mil man. On to the next one!
I appreciate it, Darius. Thanks for watching.
Credit Score/debt scores are a scam. I have a low score. I don't have debt, no credit card debt, no car payments. I pay my bills. I have a low score because banks and credit card companies don't make any money off me.
Thanks for watching.
It's better called a debt score. It's about seeing how you manage debt against your income. I hate this system too. Learn to use it to your advantage so when you need it, you have it.
Same
Just save and buy what you need not want.
Thanks for watching.
That’s a fantastic plan; however, you need to have a good credit score. Did you know your car insurance rate is based on your credit score? Your homeowners (or renters) insurance rate is calculated the same way. Better score = Lower insurance premiums. Looking for a new rental? Good credit score = lower deposits and highly increased chances of approval.
As it relates to a mortgage, u gotta have more than a good credit score. Lenders will validate HOW u got that credit score. If it's sound fiduciaryly, then yes, u can use it to negotiate mortgage rates
BUT if that credit score has questionable means when tested, or if u have a high debt: income, then the fico means nothing!!
Thanks for watching, Mielle.
Your FICO is based upon your debt-to-income ratio.
Man, this sh!t also my hobby. Nice work, bringing attention to the impact of credit scores on more than just credit card approval.
Thanks for watching.
What a lot of people don’t get is that these supposed “high” rates are historically average. These low enjoyed for a long time were artificially low. This created high demand for CHEAP debt and stoked demand for tons of hard assets.
The result us the artificially high increase in home values. That completely destroyed the purchasing power for many, and these rates make it look even more unaffordable.
Thanks for watching.
I bought my house 8 years ago, fha, my score was a 630, my Apr was 3.625. I only put 3% down. The only catch is my pmi. Because I didn't put 10% down I have to pay that for the life of the loan, a little over $40 a month unless I refinance. My credit is about 100 points higher these days but because of the economy even if I put 20% down I can't get better than 9% and that number is actually more like 11% and I live in ohio.
Thanks for watching, Scott.
You don’t have to pay PMI the life of your loan. You only have to pay until you have paid 20% of your loan. Once you’ve reached the remaining 80% you can have the PMI removed.
@@valenciaj2502 unfortunately not according to them because its an fha loan. The only thing I can do is refinance and I'd be a fool to lose my 3.625%
@@valenciaj2502 unless you think they are not telling me the truth? I wonder what my course of action would be?
Not your score but your profile is what really matters
Thanks for watching, Nathan.
thats from what I understand is less than 24% of the nation’s population with a credit score that high.
Thanks for watching, John.
Just found your channel…just liked & subscribed 👌🏾
Welcome to the channel. I appreciate the sub. Thanks for watching.
I have never had a credit card or even monitored my credit. I leased a chevy & they told me it was over 700.
Thanks for watching, Joe.
Paying certain bills over time gets reported event tho u might not know about it and that impacts your score
Great info 👍
I appreciate it, Kemar. Thanks for watching.
Thank you for the update.
Thank you!
You're doing the Divine's work. Be blessed
I appreciate it, David. Thanks for watching.
It's not credit scores that are the problem. The problem is, homes are too expensive with a crap build quality. Then the property taxes and homeowners insurance is all too high after you buy the house. And 3rd, the government taxes the hell out of your pay so you have nothing left to own anything.
Thanks for watching, Jeffrey.
Great informative vid. Keep it up
I appreciate it, Taichiro. Thanks for watching.
credit is king!
Thanks for watching.
Very good info! Thank you for sharing! New subscriber here!
Welcome to the channel, Jennifer. Thanks for watching.
I was shocked when checking for car insurance to lower my bill. Gieco lizard ran a credit check on a estimate . I was just comparing. Pissed me off
Thanks for watching, Keez.
It doesn't matter. Anyone ignorant enough to finance right now is setting themselves up for failure.
Thanks for watching, James.
Not true. Its all about managing your debt. I had to get a car loan. Just because I have a high interest rate doesn't mean I'm going to pay the full interest. I will have a 7 year loan paid off in less than 3 years. But then I never pay minimums or just keep the normal payment. Ilike to double my payments or more if I can swing it! Even with a really good credit scores these interest rates are too high lol. I do agree there!
Now if you just make minimum payments or just make the normal monthly payments then sure. Not a bright move.
As a banker at a credit union, scores are not relevant due to government control of rates. We see scores of 850 and above that get our best rate at 6.49 on HE loans and variable or prime rate at 7.75 for helco…Scores don’t seem to make any difference when the government is involved..😅
Thanks for watching, Nadirah.
Yes, people should try to get their Credit Score as high as they can and KEEP it there. Just play the "credit game" to do that. Sadly, being "cash only" person/policy doesn't help you in that game much (if even at all).
For renters, apt complexes check your score, when you buy a car they also check your score. They may even run your credit report when applying for a job (besides the background/criminal check of course). So even if you already own a home, your score will be important in other areas as well. It's a fact of modern life and almost unavoidable nowadays.
-- BR
Thanks for watching, Bill.
Your car insurance payments are now affected by your credit score. It's crazy!
Thanks for watching.
I didn’t know that until recently. Having a higher credit score helped big time with my auto insurance.
Congratulations
I appreciate it, Stephen. Thanks for watching.
759. They talk to me nice…😊
Good job! Thanks for watching.
820, they talk to me a little better. Lol
715, they won't let me leave the office...
620 to 650 score and I was offered a rate of 7.6%.. and a fee if I wanted to get a lower rate.. If I wanted a rate of 4%.. I would have to pay $6000
Thanks for watching, Will.
The credit unions give that bag out 🎉 I' need a few things removed from my credit
Thanks for watching, Jabari.
As of next month, I'll be a non-driving housing renter who owes nothing on credit, cards or otherwise.
Also had no idea what a FICO is. So what do I win?
Thanks for watching, Ed Weirdo.
Wait what was the new FICO score calculations? I heard they changed how they calculate credit scores
I’m assuming you’re referring to FICO 10T. Thanks for watching.
@@WaterYourSoil yes that’s it! You have a video on that one? Thank you.
@@justSTUMBLEDupon czcams.com/video/LmfzupWhrfI/video.htmlsi=AoECZxJZxyf-fzWn
I'm curious to see what happens to my 800+ score when the house is paid off in a few years. Will only have a few credit cards that I pay off monthly at that point.
Keep us posted, Brian. Thanks for watching.
Nothing will happen. Trust me. I’ve seen it.
Having a good credit score is never a bad thing....unless your wealthy and set for life
Good credit is cheap....
Thanks for watching, Kirk.
You know that every thing and everyone needs to understand FICO is not the FICO 9 is very different than FICO 10, the said it can drop by 20 points.
Thanks for watching, Eddye.
I have a 825 credit score , is there a big difference between that and 750 ?
You tell me. Congrats on the 825. Thanks for watching.
I was told that the scores that the public has access to are not the actual scores that are used. The banks and others have access to the real information. Really then, why is this information not available to the actual person?
Make sure your sources are legit, Amanda. Thanks for watching.
@WaterYourSoil I was told this by a mortgage broker when we were looking to buy a house. They told us the score we see is not the score they use and that their was no way we could get a loan. Our scores were at 745 at the time. They told us the scores were actually at 310. I told them to prove it. They gave us the run around. We didn't use them and are still researching information on this topic.
@@user-rl3tn1uh3p Did you ask the mortgage broker why the information wasn't available to you?
@WaterYourSoil yes, they claim that only financial institutions are allowed to see the actual score. The big three do not count. Our information is not actually something we are legally obligated to have. We told them they have our personal information, and then we have the legal rights to see it. We even went to the top person at the company and was told that the banking system has their own reports and scores that are used and are not publicly available. We have yet to find these other reports and scoring models. That this company claims the banking industry uses.
@@user-rl3tn1uh3p Give this post by Equifax a read: www.equifax.com/personal/education/life-stages/articles/-/learn/credit-scores-lenders-vs-consumers/#:~:text=Since%20each%20agency%20independently%20determines,different%20from%20agency%20to%20agency.
It's ironic! Being a millionaire, and having a low credit score!
Thanks for watching.
The credit scoring system in America is outdated and unique compared to other countries, but it seems unlikely to change.
Thanks for watching.
…but which credit score?
Please read the title of this video. Thanks for watching.
I like hearing about credit cards.
Thanks for watching.
Cool channel name!
I appreciate it, Loren. Thanks for watching.
@@WaterYourSoil I appreciate you trying to help people. I'm at a 663 and am trying to improve, you have one more subscriber.
@@lorenc8010 I was once there. I was stuck at a 660 for 9 straight months. Now I'm in the 800s. Stick with it and learn as much as you can.
We all are caught in the madness of ....the tricks and games of the ones who are pulling ALLL of our
STRING'S.
Thanks for watching.
Do you in your opinion, think interest rates will go down soon?
We will find out this week actually. Thanks for watching.
You don't need credit if you are wealthy.
Thanks for watching.
If we practiced the Constitution in America, this wouldn’t be happening. 🇺🇸
Thanks for watching.
China has the social score, in the USA, we have the credit score.
Thanks for watching.
Social score is coming
Your credit score doesn't matter... when you have money.
Thanks for watching, Germain.
Sorry to say this, you do need credit. Refinacing is dead, rates are too high. I got a way better rate than 6.4% when I bought my house.
Thanks for watching, Greg.
I got a 2.95% rate three years ago. Sadly, it is cheaper to make a house paymet than pay rent.
Simple strategy - undeterminable.
Thanks for watching.
Lol I need 300 points to get to 770.. ooh wait I have never used credit, lol. 33 make 237k a year selling credit card processing. own my house all 3 cars 2 motorcycles 4 kids married.. never applied and never will
Good for you. This video and is for people who aren’t in your predicament. Thanks for watching.
You came on this CZcams video to make this comment 🤦🏾♂️🤣
Never say never anything can happen in life so there’s no need to brag.
credit scores are useless. just means you can borrow more that you cant afford. its not linked to income, just debts and payment.
Thanks for watching, John.
Credit is everything CASH IS NOTHING(READ THAT AGAIN)
Thanks for watching.
There should be no such thing as credit scores!
Yeah. But it is, so it’s best I teach people how to get them to work in their favor. Thanks for watching, Diana.
Credit score is a scam period.
It's a game. We're not the players, we're the pawns.
A good to great credit score can help you in many ways. Low financing on mortgage loan, home/ car insurance, utility bills, and even better employment opportunities.
Thanks for watching.