Dallas, Texas – A simple error on a loan application can cause banks and other sources of credit to simply toss your application out without ever evaluating your creditworthiness. “I remember when I first realized there was a game afoot with the credit industry,” said Merrill Chandler, founder, CEO, and chief strategist at CreditSense, a company dedicated to assisting real estate investors, business owners, entrepreneurs and savvy consumers create fundable credit profiles. Chandler presented some of his insights to attendees of the Think Realty National Conference & Expo in Dallas, Texas, on February 24, 2018. “The important thing is for investors to understand how to play it,” he added.
Chandler explained that there is a direct relationship between time and the value of your credit account. If you have good credit behaviors over time, then you will likely have better credit history, for example. However, he said, credit card bureaus may not have any information for you that is up-to-date at all. “They can have information that is 20 years old!” Chandler exclaimed. While this might not seem like a very big deal, in reality, it is often a deal breaker.
“If the information on your credit application today does not match the information in the credit bureau’s file, your application score will fail, and your application will get thrown out without any of your information ever getting evaluated,” Chandler warned. In that event, your longstanding good credit behavior could be worth nothing because it will never see the light of day. “Credit is a puzzle, and I want to solve it,” explained Chandler, noting that once the puzzle is solved, many investors are able to access “top tier, stated-income, check-accessible credit” at rates between three and six percent.
Make sure you do not miss your chance to attend a Think Realty event in 2018. You can find the full list of events here.