Paul Ritter has over 25 years’ experience in the mortgage and credit enhancement industries. He has developed software, which invokes mortgage-underwriting guidelines. It is very useful for anyone looking to buy a home, wants to run “what if” scenarios and is especially useful for Lease Option transactions. Paul has formerly owned and operated several mortgage companies. He is currently the owner of Credit Investigation Service, dba My Credit Team that specializes in credit enhancement for the Real Estate Industry. He also owns a screening company, which provides the front-end piece to evaluate potential tenants/buyers. He is an expert in building Business Credit. Paul is FICO certified, an expert in his field and a national sought after speaker.
What you’ll learn about in this episode:
- How Paul and his team at My Credit Team help buyers enhance or repair their credit to prepare them to purchase a home
- Why many people wrongly believe that paying off an old account removes it from their credit report, when paying off an old debt can actually cause your score to go down
- Paul explains what your debt-to-income ratio (DTI) is, and why a poor DTI is the biggest reason people are rejected for mortgages
- Why working with a credit repair company can help you quickly find and correct problems on your report, and why it’s important to find a company you can trust
- What steps self-employed people can take to build credit, and why it’s advisable to get a credit card with at least a $1500 credit limit
- Why it’s important to use your card at least once every six months, and why a small balance on the card can be helpful to maintain a good relationship with the issuer
- Why you shouldn’t close your older cards/accounts, and why a trusted credit advisor can help you determine which accounts to keep open
- Why paying off an installment debt such as a car payment won’t raise your score, and why instead it’s important to make regular on-time payments
- Why free memberships with FreeCreditReport.com and Credit Karma can give you valuable insights into your credit situation
- Why seeking help to repair your credit will dramatically speed up and simplify the process and can more than pay for itself
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