Kyle! Thanks so much for all the time you put into the videos. You are so good at explaining the home buying “shop talk.” Most YT creators in the finance space assume their listeners know “basic” terms. Your videos are easy to listen to because you can define things concisely and you aren’t afraid to repeat things.
Thank you Kyle! Perfect timing on this subject. I’m actually going through a rapid rescore process now with LO. A bit complicated to explain why, but this rescore would determine our home victory. Feel confident we will win. Can’t stress enough the importance of building credit at the beginning, during, and always on the home buying process- all parties involved too who are applying with you! Anything can happen when buying a home!
@@WinTheHouseYouLove Thank you Kyle! Just an update that the rapid rescore was a success and we’re clear to close now! Quite the experience and super grateful for your guidance and your referral to our LO, couldn’t do this without all of you!
Thank you for posting this. I've been looking to buy as a 1st time homebuyer, & working on improving my credit score. It's now in the 680-706 range (depending on the agency/model), but now of course it probably not a great time to buy. Still best to know what is needed, so thank you!
OMG your voice is so therapeutic!!! Im binging on your videos and I swear I feel so much calmer. So Soothing!! Also theyre SO informational. Im teaching myself as much as I can to become a better applicant in the near future and your videos are easy to understand and chock full of useful information. You are really good at this! Thank you!
Thank you very much! I am currently sitting with a million questions in my head and you were able to answer all of them. This video makes me a lot more confident for the near future. Thank you so much!
Hi Kyle I get so excited when you post because I learn so much from you when it comes to buying a home . When I'm ready I'll have a lot of knowledge. Thank you 😊
I've been working on my credit for the past 2 years got rid of some collections etc. It went from 500ish to 720. I applied for a home loan but I can't qualify for conventional because my credit history is barely 2 years old and also my credit limits on my cards are low I have 4 with $4000 limit combined . I keep getting outbid on my offers I think having a FHA loan is one of the reasons why 😔
Great work on your credit! It sounds like you should be able to qualify for Conventional soon. Talk to your loan officer and ask "why scenario would I need to qualify for Conventional?". You could also explore adding a co-borrower if you have that option and are comfortable with it. Your loan officer can input scenarios into your application to see what could get you to qualify for a Conventional loan, examples: - having more cash reserves - having a larger down payment (even just a just higher can help) - paying off a specific debt - looking at a lower purchase price
Yes, mine 3 years, closing next week. Signed the contract last year while I am on second year on job. Please check different lenders or go for 1st internet bank, FIB. Mine 760ish. But you will qualify. Good luck !!!!
Some capital one credit cards do get deleted from your credit report whenever you have a zero balance. It's dumb, but that means you have to at least keep a few dollars balance at all times if you want the card to show up at all times on your report. Just an FYI.
🙋🏾♂️🙋🏾♂️ I have 2 questions Mr. Kyle!! 🙋🏾♂️🙋🏾♂️ 1) If you are really good about paying your balance in full every month no matter what the balance is, is it still smart to abide by the "stay under 10% rule??" 2) Is it ever too late to start working on improving your credit score?? What I mean is if you want to buy a house in about 2 years and you start working on it now buy applying for credit cards, does that affect your credit history??
1. Ideally yes, because the statement balance will show your utilization 2. NEVER too late or too early. If you want to buy in 2 years, now is a perfect time to get some credit cards and allow them they age into your account
@It’sMeLearyB you can call your creditors to find out what day of the month they report. Many only report one time per month for all their customers. And the majority of their customers don’t have the same due date. Another way to help is to pay off when the cycle date closes, not the due date, as some lenders will report all the same customers with the same due dates. If you pay on the cycle date and your lenders report that way, your balance will be zero by your due date.
I am 30 years old. I have a 768 FICO with zero debt. Unfortunately, my in ome is 52,000 per year so even an extremely small mortgage at a 30 year fixed rate is a huge portion of my income. I need more time to grow my income before buying a home is an option. Thank you for this video.
@@JoshuaKevinPerry I save 1400 a month. Yes your are correct I need to save more. But I need to earn more money to save more. I'm not really sure how this comment is based in logical reasoning.
Great video as always Kyle. I do have a question. I am preparing my condo for sale and have been putting repairs such as painters, cabinet refacing and flooring on two different credit cards. I always pay my balance in full each month but recently with the cabinet reface and the flooring I had to go up to half of the allowed credit on each of my cards. I paid the balance off before my closing date so I stay under half. Will this keep from getting dinged ?
I'm very glad you made the correction in this video about keeping a balance on your credit!! Mainly because I just watched your other video where you initially said it 🤣🤣🤣
is there any way to get past the charge off of your record even after paying in full? I have multiple cards that are now paid off, so no more debt on my end but I'm still having issues with my score being 620
The creditor will market the account as a "Paid Charge Off". You cannot get that to come off your report (to my knowledge) unless it was an error. Time will definitely help your score increase. Also, talk to a lender and have them run a credit simulator to see what you can do to help increase your score.
Thanks for another great video. Q for you - Is it worth paying off any debt(Ex - Balance Transfer Credit Cards) before you go to the pre-approval process? If we pay down how long do we have to wait until it reflects on the credit report?
So my lender said credit karma is about 30 to 40 points higher than actual credit score for a home. Is that true? My experien shows 685 and credit karma has other 2 scores at 670. Just wondering if it's true credit karma is off or not
Can you give me some idea of how to get my rent counted towards my credit score? I've asked the landlord and they said they don't report to credit bureaus, but she said she'd sign a statement saying I've never been late in 2+ years.
This was really helpful for someone that needs to build credit. Question for you: I enjoy your teaching style. What application do you use to be able to capture your worksheet with notes?
Experian: FICO Score 2 based on Experian data; also known as Experian/Fair Isaac Risk Model Version 2 Equifax: FICO Score 5 based on Equifax data; also called Equifax Beacon 5.0 TransUnion: FICO Score 4 based on TransUnion data; also called TransUnion FICO Risk Score 04
Kyle, recently I came across an article that "exposed" incorrect reporting on Equifax that resulted in lower credit scores for a considerable number of people. If you cannot dispute an across the board internal credit error how does a lender make an accurate decision? Some of us are just a few points away from a 640 and this error could easily affect the pre-approval. Is this a correct analysis?
Kile love your content, I’m a real estate agent in Nj and I’m looking to launch my TH-cam channel soon, how do you share your screen? I’m looking to do video the buying road process showing my face and the main steps just as your video is …how do you do that if you don’t mind…😌
Kyle! Thanks so much for all the time you put into the videos. You are so good at explaining the home buying “shop talk.” Most YT creators in the finance space assume their listeners know “basic” terms. Your videos are easy to listen to because you can define things concisely and you aren’t afraid to repeat things.
Thank you so much! I'm glad they are helpful and easy to understand!
Thank you Kyle! Perfect timing on this subject. I’m actually going through a rapid rescore process now with LO. A bit complicated to explain why, but this rescore would determine our home victory. Feel confident we will win. Can’t stress enough the importance of building credit at the beginning, during, and always on the home buying process- all parties involved too who are applying with you! Anything can happen when buying a home!
Awesome!! Wishing you the best!
@@WinTheHouseYouLove Thank you Kyle! Just an update that the rapid rescore was a success and we’re clear to close now! Quite the experience and super grateful for your guidance and your referral to our LO, couldn’t do this without all of you!
Thank you for posting this. I've been looking to buy as a 1st time homebuyer, & working on improving my credit score. It's now in the 680-706 range (depending on the agency/model), but now of course it probably not a great time to buy. Still best to know what is needed, so thank you!
Awesome, keep up the great work!
OMG your voice is so therapeutic!!! Im binging on your videos and I swear I feel so much calmer. So Soothing!!
Also theyre SO informational. Im teaching myself as much as I can to become a better applicant in the near future and your videos are easy to understand and chock full of useful information.
You are really good at this! Thank you!
Thank you so much for watching!! :)
Thank you very much! I am currently sitting with a million questions in my head and you were able to answer all of them. This video makes me a lot more confident for the near future. Thank you so much!
Glad it was helpful!
Your videos are helpful and you explain everything well thank you for taking the time to help us with your knowledge of buying a home.
Thank you so much for watching!! :)
Hi Kyle I get so excited when you post because I learn so much from you when it comes to buying a home . When I'm ready I'll have a lot of knowledge. Thank you 😊
I’m so glad to hear, thank you for watching!
I've been working on my credit for the past 2 years got rid of some collections etc. It went from 500ish to 720. I applied for a home loan but I can't qualify for conventional because my credit history is barely 2 years old and also my credit limits on my cards are low I have 4 with $4000 limit combined . I keep getting outbid on my offers I think having a FHA loan is one of the reasons why 😔
Great work on your credit! It sounds like you should be able to qualify for Conventional soon. Talk to your loan officer and ask "why scenario would I need to qualify for Conventional?".
You could also explore adding a co-borrower if you have that option and are comfortable with it.
Your loan officer can input scenarios into your application to see what could get you to qualify for a Conventional loan, examples:
- having more cash reserves
- having a larger down payment (even just a just higher can help)
- paying off a specific debt
- looking at a lower purchase price
Yes, mine 3 years, closing next week. Signed the contract last year while I am on second year on job. Please check different lenders or go for 1st internet bank, FIB. Mine 760ish. But you will qualify. Good luck !!!!
Some capital one credit cards do get deleted from your credit report whenever you have a zero balance. It's dumb, but that means you have to at least keep a few dollars balance at all times if you want the card to show up at all times on your report. Just an FYI.
🙋🏾♂️🙋🏾♂️ I have 2 questions Mr. Kyle!! 🙋🏾♂️🙋🏾♂️
1) If you are really good about paying your balance in full every month no matter what the balance is, is it still smart to abide by the "stay under 10% rule??"
2) Is it ever too late to start working on improving your credit score?? What I mean is if you want to buy a house in about 2 years and you start working on it now buy applying for credit cards, does that affect your credit history??
1. Ideally yes, because the statement balance will show your utilization
2. NEVER too late or too early. If you want to buy in 2 years, now is a perfect time to get some credit cards and allow them they age into your account
@It’sMeLearyB you can call your creditors to find out what day of the month they report. Many only report one time per month for all their customers. And the majority of their customers don’t have the same due date. Another way to help is to pay off when the cycle date closes, not the due date, as some lenders will report all the same customers with the same due dates. If you pay on the cycle date and your lenders report that way, your balance will be zero by your due date.
@@drewcoleman738 thank you!
@@WinTheHouseYouLove thank you!!
Good question and answer 👍🏽
Great video! I didn't know you joined the HIGHWAY PATROL! (mustache jokes!)
Hahah you should join the club!
@@WinTheHouseYouLove ahahahahahahhahhahahhahahahahhah
Ahahahahahahahhahahhahahhahahaha
I love the layouts and fronts as well as your explanation in a calming voice
Thank you so much!
I am 30 years old. I have a 768 FICO with zero debt. Unfortunately, my in ome is 52,000 per year so even an extremely small mortgage at a 30 year fixed rate is a huge portion of my income. I need more time to grow my income before buying a home is an option. Thank you for this video.
No. You need to save more.
@@JoshuaKevinPerry I save 1400 a month. Yes your are correct I need to save more. But I need to earn more money to save more. I'm not really sure how this comment is based in logical reasoning.
Great video as always Kyle. I do have a question. I am preparing my condo for sale and have been putting repairs such as painters, cabinet refacing and flooring on two different credit cards. I always pay my balance in full each month but recently with the cabinet reface and the flooring I had to go up to half of the allowed credit on each of my cards. I paid the balance off before my closing date so I stay under half. Will this keep from getting dinged ?
Yes, but my credit score with crazy when I bought it down to 1% util
Good stuff! 👊🏽🔥
Appreciate it!
Great video!
Thanks!
New video! Same stache
👨🏻
Your email ?
I'm very glad you made the correction in this video about keeping a balance on your credit!!
Mainly because I just watched your other video where you initially said it 🤣🤣🤣
Hahah yes, always learning :)
is there any way to get past the charge off of your record even after paying in full? I have multiple cards that are now paid off, so no more debt on my end but I'm still having issues with my score being 620
The creditor will market the account as a "Paid Charge Off". You cannot get that to come off your report (to my knowledge) unless it was an error. Time will definitely help your score increase. Also, talk to a lender and have them run a credit simulator to see what you can do to help increase your score.
Thanks for another great video. Q for you - Is it worth paying off any debt(Ex - Balance Transfer Credit Cards) before you go to the pre-approval process? If we pay down how long do we have to wait until it reflects on the credit report?
So my lender said credit karma is about 30 to 40 points higher than actual credit score for a home. Is that true? My experien shows 685 and credit karma has other 2 scores at 670. Just wondering if it's true credit karma is off or not
Credit karma uses vantage 3.0 while lenders use Fico scores. Experian should be the score you focus on
Could you do a video explaining the standard mortgage interest deduction?
Thanks! Any advice on using a retirement account for a house purchase?
This would be a great topic for me to cover, I added it to my video list :)
Can you give me some idea of how to get my rent counted towards my credit score? I've asked the landlord and they said they don't report to credit bureaus, but she said she'd sign a statement saying I've never been late in 2+ years.
This was really helpful for someone that needs to build credit. Question for you: I enjoy your teaching style. What application do you use to be able to capture your worksheet with notes?
Glad to hear! Ecamm
Curious if a deal could fall through with the lender even after signing closing docs. I just signed yesterday but I’m still anxious 😅
If you signed closing docs the house is yours and the loan is finalized
@@WinTheHouseYouLove woo! 🥳
Thank you from Fontana Ca 👍🏽
Thanks for watching!
Could you do a video on the major differences between the different fico scores (8,5,2,4) and why there are such differences between these scores
Great suggestion! I'll be adding this to my to-do list. :)
Agreed. Not clear what those numbers mean, and why 3 of them are linked to the 3 credit bureaus. ???
Thanks for this! I love your videos, so helpful❤
Glad you like them!
So handsome loving the calm vibes.
Had a Lady tell me no FHA for 614 I will keep looking around at other lenders
Keep exploring or take a pause to bring your score up a bit. Both are good options
Thanks for the information Kyle 🔥
Thank you so much for watching!! :)
740 is ideal, but every 20 point increments over 740 will get you a reduced rate. Having a 780 score will get you a better rate than a 740 score.
I have not seen a lenders rate sheet above 740. If you have proof of this, I'd love to see it kyle@winthehouseyoulove.com
How do you deny someone/tell them you can’t proceed?
What are the scores mean within each bureau-4 ,8 etc
Experian: FICO Score 2 based on Experian data; also known as Experian/Fair Isaac Risk Model Version 2
Equifax: FICO Score 5 based on Equifax data; also called Equifax Beacon 5.0
TransUnion: FICO Score 4 based on TransUnion data; also called TransUnion FICO Risk Score 04
Makes me feel like having a good score was for nothing as my co has lower score🤔
Kyle, recently I came across an article that "exposed" incorrect reporting on Equifax that resulted in lower credit scores for a considerable number of people. If you cannot dispute an across the board internal credit error how does a lender make an accurate decision? Some of us are just a few points away from a 640 and this error could easily affect the pre-approval. Is this a correct analysis?
Hi! I'm not sure if you already watched this video, this is all about a credit simulator. Here's the link: th-cam.com/video/g50HA6ytz_w/w-d-xo.html
i needed to hear this
Let's all have better credit. Cheers!
Loving the new mustache !
Thanks!
Hi do you know lenders for va loans with credit scores under 600.
Yes! Please email me kyle@winthehouseyoulove.com
Best video !!
Glad you think so! Thanks for watching.
You’re a literal genius
Haha not quite but I appreciate the compliment
Kile love your content, I’m a real estate agent in Nj and I’m looking to launch my TH-cam channel soon, how do you share your screen? I’m looking to do video the buying road process showing my face and the main steps just as your video is …how do you do that if you don’t mind…😌
Advice for me when I have delinquent cc accounts? Hurting my chances
Hi! You can check out 22:46. :) Thanks for watching. :)
Ok
Thanks for watching
great stash my dude.
Thanks!
Where is score master?
In the description
I payed off one of my credit cards and my score dropped significantly
Hmm, longer term your score will increase. Give it time
Nothing you can do if you have a bankruptcy
I would like to have a grass credit card but my guy only accepts cash. oh well.
LOL
"Grass" credit card hehe
🌿💳 😆
13:56 I, for one, have a grass credit card. Like if you do too. #420
Haha incredible!
Ahahahahhhhaha