9 Credit Myths Keeping You From Buying A Home

Рет қаралды 8,250

Күн бұрын

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0:00 9 credit score myths holding back home buyers
0:32 Myth 1: Shopping for a mortgage hurts your credit score
2:40 Myth 2: Vantage Score don't matter
5:15 ScoreMaster
6:38 Myth 3: Credit work is hard
7:21 Myth 4: Only way to fix my credit is through expensive coaching
9:49 Myth 5: You need a "Good" score
12:08 Myth 6: If you have "bad" credit you shouldn't buy a house
14:26 Myth 7: Paying off collections will help my score
15:00 Myth 8: Closing a credit card is good
15:32 Myth 9: Pay someone to remove stuff I don't want on my report
- DISCLAIMER -
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.

Пікірлер: 47

@HALCYONphoto Жыл бұрын

Hey Kyle! Just wanted to say that my wife and I close on our house tomorrow and wanted to say thank you! Your videos were immensely helpful in understanding the process and staying level headed in this market. The only channel in this category that was enjoyable to watch and learn from. You’re the man!

@WinTheHouseYouLove Жыл бұрын

Hello HALCYON! Thanks for taking the time to share your positive experience with me. I'm thrilled to hear that my videos were useful in helping you and your wife navigate the home buying process and feel confident in your decisions! Congratulations on your new home!

@mrs.t333 9 ай бұрын

Such great info!🙌

@vulpixelful Жыл бұрын

I could fall asleep to him talking about credit scores 😌

@jgood5317 Жыл бұрын

I literally do every night. Take a 5m Gummy and listen to this - I'm done. This isn't a dig at him, I'm in the industry but it's just relaxing

@WinTheHouseYouLove Жыл бұрын

Lol this is funny

@lifeisbeautiful9455 Жыл бұрын

So true about myth number 6. I’ve talked about this with people and things I’ve seen growing up when my mother was alive. The domestic violence and financial abuse. People have no idea what you’re going through but yet they judge you.

@TLC717 8 ай бұрын

My husband paid a credit repair company to get a lot of stuff off his credit and they did it! They made it possible for him to get a mortgage. This was in 2017-2018. He doesn't remember the company name.

@rolandgruspejr Жыл бұрын

Awesome video and info! Thank you Kyle!

@WinTheHouseYouLove Жыл бұрын

Glad you liked it! Thank you!

@Barry17599 Жыл бұрын

Thank you

@WinTheHouseYouLove Жыл бұрын

My pleasure!

@daisymae913 Жыл бұрын

What about medical collections under $500? I thought they were supposed to automatically come off everyone's reports after Jan 2023? I still have 2 on my report. I paid a 3rd one off. The 3rd medical collection of $298 that was on my report, I paid it off in full. After paying it, I immediately filed a dispute (on Credit Karma) & stated that it was paid. It came off my report a couple weeks later & my score went up 28 points. Should I try the same thing with the other 2?

@thatONElatinoContent Жыл бұрын

come for the knowledge, stay for the looks (and the voice) 😂

@WinTheHouseYouLove Жыл бұрын

😂 Thanks for watching!

@paulinam9267 Жыл бұрын

Hi I’m sorry if you already answered this question but I want to know can I buy a house with a former employer refusing to give me my w2 form? My current job has given me my tax forms but the job I ended in may 2022 has refused to give me access to my old paystubs and refuses to give my w2. Will this hinder my ability to get a Morgage?

@cubbyv Жыл бұрын

Just here to see you.

@WinTheHouseYouLove Жыл бұрын

Thanks for watching. 😂

@belindawilliams4915 Жыл бұрын

Thanks for the video! Do you know if FICO 8 or FICO 9 is being used currently? If it is FICO 8, do you know when lenders might move to FICO 9, if at all?

@WinTheHouseYouLove Жыл бұрын

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

@belindawilliams4915 Жыл бұрын

@@WinTheHouseYouLove Thank you!

@youknowmyname5695 Жыл бұрын

Hello! I like your sound. What's the brand and model of your microphone?

@WinTheHouseYouLove Жыл бұрын

Neumann TLM 102. 😉

@youknowmyname5695 Жыл бұрын

@@WinTheHouseYouLove I knew it would be something fancy and expensive 😂 Thanks for replying! ✌🏼

@waynenorbreyjr9638 Жыл бұрын

Credit scores can definitely be overwhelming. Been trying to get my score up, especially being that between January and February I've paid the 2 that I have down to where on has a balance of only 29 dollars.

@robmc464 Жыл бұрын

So you mean to tell me I could of brought a house already! People always told me the perfect score gets you the house you want right now I have a 740 I have a full time job with the airlines im single no kids was aiming towards a condo but a house is a long term invest since I do want to have kids

@rbat115 Жыл бұрын

Hey so I have like 5 accounts in collections. my credit is in the mid 500s and I want to buy a house at some point but I was going to wait until I settled all those accounts. Are you saying I shouldn't pay them off?

@WinTheHouseYouLove Жыл бұрын

Talk to a credit coach before you touch collections

@rbat115 Жыл бұрын

@@WinTheHouseYouLove i appreciate the help dude. Thanks

@Scholar1435 Жыл бұрын

Whats an example of high touch coaching ?

@WinTheHouseYouLove Жыл бұрын

I like www.mycreditguy.com/

@Scholar1435 Жыл бұрын

@@WinTheHouseYouLove thx man. ✅

@captbshields Жыл бұрын

Hey Kyle, I actually plan on scheduling a call with you and the team soon. But, I'm curious if it's worth it on my end. Currently. I'm in between jobs. I start a new job within the next few weeks almost tripling my income from last year. Have you had any luck with a client who may have not worked a job for x amount of time? Or transitioned between jobs? Or maybe have been jobless for some months? Thank you for all of your videos. Seriously, you guys are excellent.

@WinTheHouseYouLove Жыл бұрын

For sure! It depends on the job gap length, type of loan you’ll be using, and new pay type. If you’re going to be starting a new W2 salary job, that is the easiest. If you’re going to be starting a 100% commission job, that is the hardest. Especially if you have a job gap.

@captbshields Жыл бұрын

@@WinTheHouseYouLove Thank you!! The new gig is W2, 3 month gap between old job and new job. I work in the maritime industry, so I work for a few months and then off for a few months. New gig is a month on month off. Anyways, House is one a really good friend owns. But, I'll schedule with you guys once I get everything sorted within the next couple weeks.

@ZorroDaddy Жыл бұрын

Would have been nice putting the links for the info, too many foot notes on CFPB, and all. thanks

@WinTheHouseYouLove Жыл бұрын

In the description

@ZorroDaddy Жыл бұрын

@@WinTheHouseYouLove Thanks, you're the best..

@leri3365 Жыл бұрын

Is it the same for auto loans when the pull your credit a bunch of times, it only affects the first time?

@WinTheHouseYouLove Жыл бұрын

I'm not familiar with auto loan rules

@saulw6270 Жыл бұрын

@@WinTheHouseYouLove no time stamps?

@saulw6270 Жыл бұрын

Sooooo no timestamps?

@WinTheHouseYouLove Жыл бұрын

We’re working on them

@NeoSoulCrew Жыл бұрын

You are wrong on the fact that too many inquiries won't hurt you. Anyone who has ever tried to apply for credit at various points in their life will get the "too many inquiries" denial message at least once. Just because its counted as one 3 point ding doesn't mean having 50 inquiries won't destroy your chance at other credit.

@WinTheHouseYouLove Жыл бұрын

I'm specifically talking about mortgage credit. After looking at over 500 mortgage applications this has never been an issue with a mortgage approval

@Princetonian4eva Жыл бұрын

You didn't listen to the video. This is only with regard to mortgage credit, not other forms of credit.

@thrumyeyesphoto Жыл бұрын

I think it’s important to note, you can only refinance if you have positive equity. With the housing market in decline that’s a risk that may not pay off for many years.