Episode 19: CreditIQ's CEO Don Oberle Shows How to Unlock your Financial Potential & Save Thousands

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Nate Carver
Hey, it's Nate Carver, your favorite mortgage guy on Between Two Doors
. And our special guest. This day, you're going to want to listen to Don Oberle He is the CEO of credit IQ, dawg, and for the over three decades, credit IQ has made its mark nationally. And what's truly remarkable, their expansive presence nationwide is built solely on referrals without a shred of.

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Nate Carver
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Nate Carver
Hey, I'm Nate Carver and welcome to Between Two Doors.

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Nate Carver
They, are trailblazers from day one, the very first in the industry, and they proudly wear the title as the all in one financial solutions experts. Now, a bit about Don is not just a national public speaker. Don is a leading authority on credit, credit scoring, credit repair, lending, bankruptcy law, tax law and financial fitness coaching, with a core focus within the realm of real estate acquisitions, acquisitions and investments.

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Nate Carver
He's the mastermind behind a creative strategies that have amplified numerous financial portfolios building wealth through real estate. Since 1990, Don has been at the forefront of educating an impressive 125,000 real estate professionals and over a whopping 650,000 consumers across the nation. His collaboration and training with top real estate agents like Brian Buffini, Barry Habib, Todd Duncan and Brian Tracy, and Real Wealth Wealth Network speaks volumes about his caliber.

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Nate Carver
But one of the most telling signs of his success is the overwhelming loyalty to his clients. It's their trust, their personal referrals, and their lifelong relationships he's built. It truly encapsulates the essence of Donald's illustrious career. I, too can call can tell you that I'm a client of credit IQ and Don, it is a pleasure to welcome you to the $20.

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Don Oberle
Thanks. Thanks for having me. We're going to learn a lot today. And, I'm going to, give some tips to your your, your viewers, on how to save at least 3 to 600 bucks a month, minimum, with some real world practical applications as well. So. So, you'll get a Harvard education.

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Nate Carver
Well, imagine you liberate 3 to $600 of your monthly income. Wow. That's something I'm all ears. School. Ha ha ha ha ha.

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Don Oberle
Well, you've been a good student over the years. We've known each other for many years now. So you you're you do what you say you're going to do and what you commit to with not only your own portfolio, but your with your clients. See, that's why I was a pleasure doing this with you in your teens.

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Nate Carver
Absolutely. Yeah. Thank you.

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Don Oberle
You're welcome. So, what I want to do is I'm going to show my screen because I'm a visual guy. And so usually most people are visual when they learn things. So, you know, pop this open here and let me, move my little stuff around here. Sorry about that.

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Don Oberle
Okay. Come on. Computer. There you go. Let's go back up a little bit. All right, so let's, Let's talk about credit. Credit scores and financial fitness, right? You know, our team at Credit Cue offers most trusted credit solutions. And after our our, podcast today, you're going to, you know, you're going to more and they what most financial advisors and lenders and planners know about and what 95% of the population doesn't know.

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Don Oberle
So you're going to love this. So share this podcast. Or recording with your friends and family because, right now the economy's a little wonky. I've been doing this for almost 35 years now, and, I haven't seen like this before. It's it's an interesting ride. So. But there's also opportunity, as well. Yeah. And so, what I mean by you and your family building wealth is once you obtain and maintain a 740 to 770 underscore lender score, meaning I'm not talking about Credit Karma or even if you subscribe to the credit bureaus Experian, what have you.

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Don Oberle
You're looking at what's called a simulated score, which I'll talk more about that in a moment. So, so whatever app you're using, you're probably not getting the real score, which we'll talk about at the moment. But so I really want to see if you fall below a 740 lender score the ones the bank shoes like Nate uses and my team uses.

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Don Oberle
That's the danger mark. Okay. And then once you break that, is it 770 kind of. You're kind of a plus plus paper in that, right, Nate?

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Nate Carver
Yeah. Anything over 770 I get people asking me or telling me they got 820 on their credit score. And I'm like, that's wonderful. Doesn't do anything. So but that was the magic number 717. And you'll see everything.

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Don Oberle
Additionally the middle score two right in the middle. So you take the high score move it a low score. Move it. Use the middle score. Right.

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Nate Carver
That's right.

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Don Oberle
Yeah yeah okay. So so on average, as I mentioned a moment ago, you know, by applying the techniques that Nate and I are going to show you in a moment, you can say at least 3 to 600 bucks a month in interest, and that's if you're making less than 100,000 a year. If your income is greater than hundred dollars a year, it's typically 600 to $1000 or more a month.

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Don Oberle
And savings. By applying some of these techniques, I'm gonna show you today, okay? And that comes with faster approval times and less money down because I think in in your world for mortgage banking, Nate, because you're one of the top agents in the nation. Is it a manual under. So you'd rather go do what's called do desktop underwriting than do manual?

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Don Oberle
Is that kind of how it works in your work?

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Nate Carver
That's right. On government loans. I'd rather if I could write the loan and and submit it to Fannie Mae and Freddie Mac up front, I get their approval on it. That's exactly how I write my loans to. And if they say it's up, up from the front end, that it's a good loan, it's a good loan, it'll be a great loan all the way to closing.

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Nate Carver
So that's that's right.

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Don Oberle
Right. And if we can hit those 770 plus then it goes through due a lot faster doesn't it.

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Nate Carver
A lot faster, lot smoother loan. The higher that score the less they ask for less conditions.

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Don Oberle
Exactly right. Yes. Yep yep. So, so with the 740 plus lenders score, the real score is, you can then demand and we. And once you go through our coaching folks, we give you scripts on everything I'm to describe here. Because there's a script that goes along with this or who to talk to, when to do it and how to do it.

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Don Oberle
So once you break that 740 lender score, you can demand a 0% rate on your next new car loan or lease on a new vehicle right. But you got to have 740 to do that, to be in that driver's seat, you know, no plant intended. And so, for example, if you go from a 640 score to a 740 lender score, you can earn a $25,000 vehicle.

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Don Oberle
The interest rate alone would save you about 125 bucks a month, a month. If it's a $50,000 car, just double this dollar amount. So we're talking some real savings here by understanding how the games play. All right. Also with a 740 real lender score what the bank uses. You can then take talk to your credit card companies and demand them to drop your rates from let's say 18% variable or 24% variable to drop them down to 9.9% fixed.

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Don Oberle
Right. And so if you're carrying just small balances, that just that technique alone would save you 85 bucks a month or more in an an interest. Just a loan, just that piece. Right. You're carrying larger balances. It could be 3 or 400 bucks a month savings. Okay. So and then did you know that auto insurance uses credit scores?

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Don Oberle
Folks. So most people aren't aware of that. So your home insurance and your auto insurance, both use, your credit score. So once you break 70, 40, we then give you a script on how how to talk to your broker, and when to do it on how to demand them to drop it, drop the rate and drop the P premium once you're at 740.

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Don Oberle
But they're not on. I'm think none of what I describing to you is automatic. You got to know when and how to do because they're not going to give you that free money. They're going to oh you got to know how to call them the carpet. Does it make sense.

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Nate Carver
That makes sense.

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Don Oberle
All right. So I mean that alone. This could save you 7500 bucks a month right there. You know, and then but the largest savings for most people in the nation is real estate by applying these techniques. And so, so if you have a foreign travel or a house, you know, you can save 2 to 400 bucks a month by understanding what I just share with you.

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Don Oberle
Right, or $133,000 in total interest. But let me show you an actual calculator. Let me go over here. And now Nate has a much more sophisticated calculator than I'm showing you. This is on our website. But he's got a much better calculator down to the penny that can do it. So if I go to calculator credit IQ or go to calculator, it's got a mortgage calculator and I put an estimate seven.

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Don Oberle
So Nate, what would you say the average, purchase price you're doing now is at like 600,000 and 500,000 lately.

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Nate Carver
Lately, I'd say about 425.

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Don Oberle
Okay. Well, that's very specific. I love it. That's what I love.

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Nate Carver
Yeah. For under 25,000.

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Don Oberle
I'm going to put it in here at four. And so you folks can play around with calculator too. So I'm gonna put 425,000 and I'm going to put in this credit score range. So eight it as high as you can go. So let's just select the 620 for a second. It's a 30 year fixed mortgage. So I'm going to open this up.

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Don Oberle
So now the rates. Now they can get you a much better rate than what I'm showing you. But this kind of gives you the idea how it works, right? Yes. You can I know you can. You're the investor pool you've got is barn on the best in the nation. So but this will give you an idea of folks of how it works the game.

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Don Oberle
So let's say you're you're doing a home loan and you got a 620 score. Then it'll say it's 8% interest at 3100 bucks a month plus property taxes, insurance compared to, you know, getting, a seven, 68, 57, 67, 70 plus score every, let's say, 6.5%, it would drop down to 26, 86 a month, plus property tax insurance.

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Don Oberle
So the the to score here and eventually getting you up here would save 458 bucks a month. Right. $5,500 a year. And by the time you're done, you and Nate just saved $165,000 in interest. That's a lot. That's another investment property somewhere. Right? So this is are the techniques on building wealth okay. Now, traditionally what we tell people is when they're in a hurry to, let's say do a, a purchase on a property and let's say they're below 640, then we'll say, hey, once we break 640, you know, and Nate can get you approved.

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Don Oberle
Just do it. Don't wait for us to get you all the way up here, because what? That takes a little bit of time, right? Because you can do what we call marry the home and date the rate, right? Right. So you lock and load, get that, that payment at three grand a month, and then and then we keep elevating the score.

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Don Oberle
And then once we get you up there and it makes and Nate has I know you have a pretty sophisticated tickler system that tracks all of your clients. So when you see that rate change, you call up, hey, I can get you locked in now, save you 500 bucks a month, right? Let's refi it and drop that rate.

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Don Oberle
Drop that payment. Right? That's right. Always refi later and get. You can get out of it, right.

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Nate Carver
Yep. So and I, I coach my clients to on their Fico scores for that refi to since we've got time. So we've got time to get there.

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Don Oberle
Yeah 100% 100%. So so going back here, to this slide, let's talk about simulated scores versus the real lenders score. So I know a lot of you are scratching your head right now. Well what's Don talking about. So the first rule of building wealth through real estate or wealth and period is to know your real lender score.

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Don Oberle
It says, did you know that Credit Karma and scores you obtain even from the credit bureaus directly as a consumer, our fake simulated score is that they're not real, but nobody reads the fine print. Okay. So the and also, let's say you, some clients get their score from the credit card company, right. Same thing. So oops.

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Don Oberle
Excuse me. So simulated scores are generally the ones you're used to looking at you consumers out there, they're generally 20 to 60 points higher than what the real lender scores are. The ones that Nate and and his and banking and banking pulls to make sense. So if you got your on your little app there, if it says you have a 700 score, just subtract 20 to 60 points.

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Don Oberle
And that's probably where your real score is at when the lender pulls it. Okay. It's a good rule of thumb. Easiest way to tell if you're seeing a real score is if you're not paying 50 or 100 bucks for that report, it ain't real. Okay. Because they're very expensive. They charge a lot. Right. And, and I think that you, you pull soft pulls to on occasion when it's appropriate.

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Don Oberle
Right. So when we do a credit score, there's no inquiry.

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Nate Carver
Is that right? Right. We we did a softball.

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Don Oberle
Yep. Yep. So do we. So so as we update you and Nate on the progress we always do soft pull more reports. That way we'll drop the score. It won't drop. And it was but you know inquiry right. So they're a little bit more expensive doing it that way. But you know we're more than Rolls Royce to the industry.

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Don Oberle
So Ferrari so free is never real, right? So if it's free, it ain't real. That's just the simplest way to to tell, right. Now how to achieve and maintain a score above 770. So, here's a grid. Now you're going to see why I said I want to, you know, Nate and I want to see everybody eventually above 770 is 850 as high as you can go.

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Don Oberle
But once you break 770 doesn't matter that anymore at that point. Right. So it's a plus plus. And so if you're home loan is what's called a jumbo loan or let's say it's over 800,008 22 or roughly 2 million plus, then we really eventually want to see you up here. And this this grade. Right? Right Nate. That's right.

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Don Oberle
Okay. So now if you're if the loan amounts below that dollar amount right, 822,000 or so, then 740 plus is just fine. But if you're below 740 that's the danger mark. And here's why. With the 740, as I mentioned earlier, it comes with better rates and faster approval times for Do. And you can then demand a 0% rate on your next lease or purchase, right?

00:15:35:17 - 00:16:00:22
Don Oberle
Free up cash flow there a couple of bucks a month. You can then demand the 9.9 fixed rates to drop your credit card interest rates down to 9.9. Fixed, right. And then you get cheaper car insurance. So that's the danger mark. Don't fall ever fall below 740 okay. All right. Now if you're a business owner, because I bet about 10% of you folks watching this podcast, or small business owners, you really want to be minimum 720 or higher.

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Don Oberle
If you want to get a business line of credit and you want to be. So you want to be a business for two years with a minimum seven, 20 or higher lender score, lender score, right? To get to qualify for a half $1 million line of credit or 100,000 or what have you. Okay. Now, if you're refinancing a home and then you're pulling cash out, or you're pulling some of the equity out to put in the pool or pay off some debt, the minimum that we like to see is 680 or higher, right?

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Don Oberle
That's right. Is that right, Nate? Okay.

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Nate Carver
That's right. Yep.

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Don Oberle
Yep. And then if you're refinancing your home and you're not pulling cash out, the minimum really is 660 or higher, right. And so but the higher to score the the lower the payment the better the rate. But these are the minimums that almost all banks require. That's the minimum just to get your foot in the door okay. Is that correct Nate.

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Nate Carver
That's right.

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Don Oberle
All right. Perfect. And then you know, because I know Nate, you're an ex-military. So thank you for your service. You're welcome. Brother. Worth it. Military came from a military background. Is, my family did, So thank you for service. So, I know you handle VA loans to VA, FHA, conventional investment properties. You name it, you do it right?

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Nate Carver
That's right. I've got it. I've got access to just about everything out there.

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Don Oberle
So yeah. Yeah, yeah. You're very creative. So, you know, you can go down as low as 580. You know, a VA, FHA with low debt income ratios. I know you probably even got a few lender investors. You can go a little bit lower than that. Right.

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Nate Carver
But I got one that go all the way to 500. But believe me, it's expensive. I just it's expensive. I hate to see it.

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Don Oberle
Yes, yes. And this is why you're hosting the podcast. So. That's right. Get this information out there. There's a there's always a plan to get you out of that. Right? Right.

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Nate Carver
That's right.

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Don Oberle
Or there's a plan that if you qualify, you can get a lower payment by, you know, 2 or 300 bucks a month. Right. So usually anything below, you know, 579 or below or is usually hard money, private money with very high or very high rates, like what Nate said. Right. Yeah. Okay. Do you want to add anything to this slide at all Nate for that cover.

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Don Oberle
Pretty good.

00:18:08:06 - 00:18:28:04
Nate Carver
That's covered pretty good I would say you don't want to get to 500 but you know it. If you got to have shelter you know and you're at a 500 score you get you do what you have to do. But I'm I'm not going to leave. I'm not going to need somebody there. I'm going to get them. I want them to get to where we could get them refinanced.

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Nate Carver
So yeah, this covers the the Fico scores.

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Don Oberle
Perfect. Thank you. Now, this is how banks, employers and insurance companies assess risk. It says as a group, consumers in the 707 49 range have a delinquency rate of 5%. This means it for every 100 people in this range. Approximately five of defaulted loan file for bankruptcy or fall 90 days past June. At least one credit count next two years.

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Don Oberle
So you know, credit IQ and they can get you back in the top one 2% to save you money for a lifetime, right? So if you're looking for a job or you want to get a promotion, most people don't know this is going on. But, a lot of employers now. So let's say there's one job position available.

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Don Oberle
Let's say it's a management. You want to get a pay raise and a promotion. And you're wondering like, why can't I get this? Well, this is usually the culprit right here. Right? So for example, let's say there's one position available and and Susie's got a 750 score and Johnny's got a 620 score. What they're doing is they're looking at the resume and saying, oh, you know, well, let's pull their scores and see who has the higher scores.

00:19:29:24 - 00:19:45:00
Don Oberle
They're not going to tell you they're doing it, but I know they're doing this stuff right. So hey, let's give that promotion and pay raise to Susie, because Johnny's got a 31% chance he's going to be late for work, call in sick, or have lack of focus on the job because there's a life event going on.

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Nate Carver
Well.

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Don Oberle
So this has been going on for about a decade, and it's becoming more and more prevalent. So, so and if you're looking to move jobs, this is definitely, a big, stickler for most people. Right. So now this is the breakdown of the formula. And by the way, what I'm showing you folks today is part of the 2 to 3 hour coaching.

00:20:06:24 - 00:20:23:14
Don Oberle
We do one on one with you and your family. And so you're kind of seeing a snippet, a small snippet of the coaching that we do, that Nate sponsor you for. So payment history is 35% of score. Now, we all know a late payment can drop a score, but most people have no clue at what degree.

00:20:23:15 - 00:20:52:13
Don Oberle
So says any new late payments collections, paid or unpaid or bad debt charge offs of any type will drop a score as much as 107 points. Even one new 30 day late payment of $5 can cost you a loan. You want the credit score to serve. Now here's the key point the lower the minimum payment is that's due to that you're late on, the further the score will drop, as it assumes, if you can't make a smaller payment, you're in serious jeopardy and then the score will then dramatically drop.

00:20:52:13 - 00:21:10:06
Don Oberle
So that's actually how it works. The smaller the payment is, the worse it is on your credit report. A lot of people go, well, Jesus, only 130 day late payment on my credit card. Mike. Well, that's the worse because your minimum payment was probably the 25 bucks or 50 bucks. So if you think about it, makes sense, like, hey, if you can't pay this 25 bucks, this person is in serious jeopardy.

00:21:10:06 - 00:21:35:04
Don Oberle
Let's dramatically drop this score. So that's actually how it works. Makes sense. So and also people think, well, hey, I'll just go pay off my collections. Then I'll come to see Nate and get pre-approved on a home loan. And my and life will be good. But and it doesn't work that way. Right? So before you start paying off collections and bad debt, let's huddle up with Nate and my team.

00:21:35:06 - 00:21:50:23
Don Oberle
And let's put a strategy together. Because what we'd rather do is see if we can remove those unpaid bad debts first, right. Without you paying on them, and if and only if they're going to fight us and they don't want to cooperate, well, then maybe we can do a settlement with them and ask them to delete the trade line on the settlement.

00:21:50:23 - 00:22:05:23
Don Oberle
So there's a whole technique behind that debt piece. And then we could get maybe 100 point jump right, rather than than 80 point drop by paying them off. Okay. All right. Well, you to add anything to that, Nate, I know you've seen this before where people go, hey, I need to buy a house. I just paid off all my bad debt.

00:22:05:23 - 00:22:08:01
Don Oberle
You're like, why is your score in the four hundreds?

00:22:08:03 - 00:22:28:04
Nate Carver
Yeah. And it Wrexham. Nobody. It's it's so counterintuitive but the credit game to play it and win take notes and reach out to us. We'll we'll help you and help you navigate this. This is amazing. I just learned something, and so thank you.

00:22:28:06 - 00:22:48:02
Don Oberle
You're welcome brother. You're welcome. So the next piece is the most important piece. I want you and your audience to memorize and apply the rest of your life and share this with your family, because this is really important. So amount of debt is 30% is score. And I would call this the 30% rule. Now this only applies to store credit cards and credit cards.

00:22:48:02 - 00:23:09:22
Don Oberle
Anything revolving debt right. So what you do is you look at each credit card limit per account, subtract 70% from the credit limit amount. This will equal 30% of available credit. If you're going to use a card, don't ever go above that 30% mark. So let's say you've got $1,000 limit. Don't ever charge over 300 bucks. Don't do it.

00:23:09:22 - 00:23:35:12
Don Oberle
Bad idea. Right. That's 30%. So a zero balance on the lender's report. When Nate pulls it for the loan. When it shows a zero balance on that report, you gain the most points. Every dollar that shows up in that balance column, the data was pulled. It takes away points. Once you break 30%, it dramatically drops it. Okay I mean we're talking 80 to 100 points swing sometimes right Nate.

00:23:35:14 - 00:23:36:09
Nate Carver
That's right.

00:23:36:11 - 00:24:07:08
Don Oberle
Right. So now to go a little deeper. Creditors report data to the bureaus every 30 to 90 days, which is the key point randomly throughout the month, whether it's the first the 15th to the 30th, when most people carry a balance, they do not report what you paid that month on your statement. So they're not reporting to the bureaus what you paid it down to, but rather what was your balance as a snapshot in time the day they upload their data, thus driving down your score and they can charge your higher rate.

00:24:07:08 - 00:24:34:15
Don Oberle
That's the game, right? So we don't know what day they're going to blow do we. Right. So so a key takeaway here is in a perfect world, ideally pay off all your revolving debt to to zero balances 90 days prior to applying for anything a home loan, car loan, credit card, job promotion, whatever insurance. Right? This will ensure enough time to upload a zero balance to maximize score.

00:24:34:15 - 00:24:51:22
Don Oberle
So we train people. I'll show you on the next slide. Is that lock all your credit cards away in the safe. That way you're not tempted to use them. Wrap up in a rubber band. And then what I want you to do is pay them all off to zero, wait 90 days, don't charge on them at all.

00:24:51:22 - 00:25:03:15
Don Oberle
And then you apply for whatever you're looking for. That will allow them enough time to upload it to the bureaus. Because there's a lag time, there's always a lag time. Right. So any question on that, Nate?

00:25:03:17 - 00:25:31:24
Nate Carver
I will just underscore that that lag time, there is not a credit bureau out there or a lender lender, a credit card company that's going to move their schedule for you at all. Ever. So yeah, that lag time it is, I see that a whole lot when we're trying to get a loan to close. And if we just wait for this to clear made, my scores will go up.

00:25:32:01 - 00:25:54:04
Nate Carver
It doesn't work that way because we don't know. They don't answer to us. They won't jump through the hoops for us. You pay it off, they're going to send you on their normal schedule, a new credit report or credit card report with a zero balance on their schedule, not your schedule or my schedule. And, that's the causes a lot of stress.

00:25:54:06 - 00:25:57:23
Nate Carver
And so, yeah, I would be watchful of that 90 days.

00:25:57:23 - 00:26:18:23
Don Oberle
Yeah. You're very good about, you know, like your, your a, the clients are like, getting on our plane and they're sitting down and you're the, their pilot. You're announcing, okay, we're going to be flying in 30,000ft altitude, and we're going from LA to New York, and you're going to have turbulence, and that's that. That shows you who a true professional.

00:26:18:24 - 00:26:37:16
Don Oberle
That's what I love about working with your clients in you is your you tell clients all the nuances that could could happen during the process. So that way there's no surprise. And then, you know, it's managing our emotional state where I see all these loan officers, they don't tell the clients up front what all the things could happen, so they're prepared for it.

00:26:37:16 - 00:26:56:12
Don Oberle
And I found it. As long as you tell people good, the bad and the ugly, what can happen, they're okay with it. When they get surprises, that gets frustrating. It doesn't create a good experience. And so anyway, I just want to point that out for your viewers who don't know you yet because, you're a diamond in the rough when it comes to that, you know, setting expectations correctly.

00:26:56:12 - 00:26:57:05
Don Oberle
So thank.

00:26:57:05 - 00:26:57:20
Nate Carver
You.

00:26:57:22 - 00:27:22:00
Don Oberle
Yeah. So length of credit history is 15% of the score. Now the longer your revolving credit cards are store cards and credit cards are active and open, the better your score will be. So first off let me tell you, if you don't have at least three active, open, good revolving trade lines that are active, open and current greater than 12 months old, it's very hard to get up in the high seven hundreds, if not eight hundreds.

00:27:22:06 - 00:27:44:04
Don Oberle
Almost impossible. Okay, so for those of you watching us say, hey, I've only got one card, I'm a joint use or authorized user, I might, but those don't count, right? Has to be under just you. As if you. Let's say you have one. You need to get two more quickly. And we have some companies we can refer you to the guarantee you hit that card, whether it's secured or not.

00:27:44:06 - 00:28:00:17
Don Oberle
And, that way you get the approval going and you want to age those suckers for at least 12 months, right? So if you think about buying a property or doing a home loan the next 12 months, you're in the next 12 months, you know, just start doing this quickly. Get those other two cards going. Okay. So this is how you manage them.

00:28:00:17 - 00:28:18:20
Don Oberle
It says do not ever close a revolving account store, credit card or credit card because if you do, this will cause you to lose all the good history you built on those cards. So don't ever get mad at and close it. You're going to hurt yourself, right? Instead of closing it, just make a $5 purchase on them a cup of coffee once every five months to keep them active.

00:28:18:20 - 00:28:40:09
Don Oberle
Why? Because a zero balance credit card that hasn't been used, in six or more runs, it goes inactive and will then drop your score. So you want to what I what I train my clients to do is you go to your, your calendar and do a reoccurring, alarm to alarm you every five months for the rest of your life.

00:28:40:13 - 00:28:55:08
Don Oberle
And when that alarm goes off every five months, says, pull the credit cards out and put five bucks on each one. Go to the safe, pull them all out of the rubber band same day. Put five, five, or ten bucks on each card. Put them back in the safe. When the bill comes in the mail, you pay two zero.

00:28:55:10 - 00:29:12:17
Don Oberle
Now, if you can do that, it will definitely help your score, right? So they don't go to sleep in. And because they could close them as well. Right? So just to be clear, the definition of an inactive card is any open cards with the zero balance that has been used at six months is considered inactive. It will drop the score charging a small amount in the card every five months.

00:29:12:17 - 00:29:30:09
Don Oberle
This is five bucks for a or less. Paying it off when you get the statement will help the score increase with the 90 days stealing activity and ensure the card doesn't close them from non activity and a closed card. Once again, if they close it on you or you close it could drop it. A hundred points gone gone.

00:29:30:11 - 00:29:34:23
Don Oberle
Okay so this is a pretty big deal. All right. Any questions on that one Nate.

00:29:35:00 - 00:29:38:13
Nate Carver
No that's okay. Yeah. Gracious.

00:29:38:15 - 00:29:38:24
Don Oberle
Yep.

00:29:39:04 - 00:29:42:17
Nate Carver
It's just thinking about a card that I have not touched in a while.

00:29:42:19 - 00:30:02:06
Don Oberle
That is yes. So yeah. And remember to put that alarm on your calendar. Otherwise you know I have one I'll forget you know. So now new credits, 10% of the score, new open accounts. Drop your score for a year. Once again, always plan one year ahead of the curve with any big ticket. You do a car, home, stuff like that.

00:30:02:08 - 00:30:22:17
Don Oberle
Always plan when you hear the curve. So don't open up any new accounts one year prior to doing a home loan, especially right? Now why is it do that? So Fico says, okay, well, if you're going to open up a new home loan, car loan, credit card, whatever, we want you to prove you can handle this new debt for a year.

00:30:22:19 - 00:30:42:08
Don Oberle
And as long as you weren't late on it, we'll give your points back on the 13th month and then give you a boost on the score. So that's how to properly plan ahead. Now, inquiries when they pull the credit can drop it 2 to 3 points. So it says new inquiries. Two or more inquiries within 90 days can drop it 5 to 22 points.

00:30:42:10 - 00:30:59:01
Don Oberle
One inquiry within 90 days can drop in an average of 2 to 3 points. So the good news is your points are returned within 90 days of each inquiry, your points back after 90 days. The more inquiries you do over 90 day period, the higher the score loss. Again, please consult with Nate and my team before you do anything.

00:30:59:01 - 00:31:16:11
Don Oberle
So you never going to bug us, right? So as good just run it by us for. Hey, I was thinking about doing this. What do you think? Right? Because I've seen people blow their leg off or step on a landmine by doing silly stuff like that, and you lost loan over it. Okay, okay. And then finally. Types of credits, 10% of score.

00:31:16:11 - 00:31:37:11
Don Oberle
There's a hierarchy as far as credit weighting the weight of it. Mortgages have a grace amount of weight with good bad things happen to them. Then it's auto loans. Now this is interesting. Do not pay off the car loan in less than two years. Otherwise what will happen? It'll drop your score up to 60 points. Gone. Now if you're scratching your head going, wow, that doesn't make much sense.

00:31:37:11 - 00:32:08:03
Don Oberle
Really. It's the same reason why it drops your score and you pay off a collection. It's raging it. And and so it Fico can't calculate how much money you've got in the bank. There's no way for it to calculate that. But what it does do is look at patterns. And so what it's what Fico has discovered in their algorithms is, when people pay off bad debt or they pay off a car loan earlier than two years, what you're typically doing is you're taking your savings or your reserves to pay it off early, right?

00:32:08:05 - 00:32:26:06
Don Oberle
Which means, hypothetically, that you made depleted their savings. And now if you you know, if you're sick and you miss a couple paychecks and you have no more savings to fall back on now, or what's going to happen, you're going to be late on other accounts. So that's why it drops the score. It doesn't raise it. Makes sense.

00:32:26:08 - 00:32:53:16
Don Oberle
Okay. Now revolving lines of credit such as bank cards and store cards and other installment loans. So this is a big one such as student loans have the least amount of weight when it relates to the balances or the debt load. So, I'll give you an example. We've got doctors that were enhancing the credit score as they're doing a home loan with Nate, and we've seen him pay off a half $1 million in student loans in one day, and you would assume the score would skyrocket, right?

00:32:53:18 - 00:33:07:22
Don Oberle
It only went up three points. That's it. Half a million bucks. So the good news for you folks that have student loan debt, you're probably thinking, well, she is. I need to pay off my student loan debt. So I raise my score. I can get a home loan. It ain't going to help your score, so don't worry about it.

00:33:07:22 - 00:33:17:18
Don Oberle
That's the good news for you. The student loan balances are not really affecting your scores, but if you're late on it, that's a whole different story. I'm just talking about the balance is the helpful.

00:33:17:20 - 00:33:18:13
Nate Carver
Yes.

00:33:18:15 - 00:33:41:05
Don Oberle
Okay. And generally speaking, what Nate does is is he uses a technique where, to pay off a student loans rather than work a whole bunch of extra hours is you buy one, you know, buy a property, let the values go up, 100 grand, 200 grand, whatever. And then when it makes sense to refinance the loan, he's watching it.

00:33:41:07 - 00:34:02:12
Don Oberle
And then once the rates drop, he'll refi it with you and pull that some of the equity out, pay off student loan debt. And now you're debt free. Right. So it's a great technique to pay your kid student loans off with your student loans and get rid of that right, right on your back okay. All right. So a mortgage loan carries more positive points after being open for greater than 12 months compared to the type of credit.

00:34:02:12 - 00:34:22:21
Don Oberle
So we're getting close to the end here, guys. So if you're if you're wondering, well, hey, you know, what if I've got some derogatory credit? Good news is we've got a program for that too. It's called forensics. So, and, and we cover that in our financial fitness coaching we do with you if you happen to have any booboos.

00:34:22:21 - 00:34:43:01
Don Oberle
Right. So within 45 days on our program, typically 40% or more is deleted with a 30 to 50 point jump on the score. Right. And I'd say 80% time. Nate, all you need is 30 and 50 points to get that next tier, right? That's right. All right. So now whatever is left on that report that's negative. Then we aggressively attack them again.

00:34:43:01 - 00:35:05:21
Don Oberle
And the bureaus use a proprietary forensic software program that I developed. You know, my background is aerospace, by the way. So I kind of think like an engineer. That's how I discovered this three decades ago. And so we asked them a different set of questions every 90 days thereafter. So this is not the normal credit repair techniques of letter writing, which is slow and less effective.

00:35:05:23 - 00:35:27:10
Don Oberle
And, and our work is permanent as we come back. So this is one of these TikTok people out there and giving you crazy advice. You know, so it's a process of elimination. Eventually we win because we're persistent. Now, within the first year, 80% or more comes off with 100 plus point increase, provide added. There's no more new derogatory items appearing after we start.

00:35:27:10 - 00:35:45:23
Don Oberle
So long as you keep your nose clean, you follow my coaches recommendations and makes recommendations. This will work for you and your family. Okay, and then here's just a brief overview of all the things that we're involved in, because not everybody needs everything. So the the credit in financial fitness coaching is what, Nate's going to sponsor you for in just a second.

00:35:45:23 - 00:36:06:03
Don Oberle
We're going to have special offer coming up, for you and your significant other. It's 2 to 3 hours, one on one session with us doing strategy session, and giving you written advice. And we'll also give you a five year written action plan on how to, knock down all your goals investment properties, car loans, business loans, all that.

00:36:06:03 - 00:36:29:08
Don Oberle
And we map it out for you, right? Most financial advisors don't even do that. Right? I think there are two lazy, the forensic credit restoration. If you have any booboos, we can talk about that too. We also, you know, can assist you with bankruptcy, loss or filing bankruptcy if it's really bad, filing your corporate taxes or your personal taxes, dealing with the IRS to the state.

00:36:29:08 - 00:36:48:23
Don Oberle
So it's a full suite of legal services if you need it. And if you're if you're a business owner, we can do some business coaching with you at no charge, compliments of Nate. Okay. So you might want to thank him for that. And then we also do professional credit monitoring where you get these updated real mortgage samples, you know, every six months for the rest of your life.

00:36:48:23 - 00:37:12:09
Don Oberle
So you see what the real spores are at. Debt settlement. We have a team of attorneys that can go in there and usually settle on bad debt for 20 or $0.30 on the dollar very quickly. And then but the most important thing is I'm going to show you for wrap it up is this we have, a ministry where it's, community church outreach program that Nate and I can do, for your church.

00:37:12:09 - 00:37:27:14
Don Oberle
So be honored to do a mini version of what we're doing today at your church. To help your congregation out with that. Just let Nate or my team know if you if wants to come into your church and talk to your pastor about that or what have you. We also do corporate lunch, luncheon, learn.

00:37:27:14 - 00:37:50:22
Don Oberle
So if you've got a business and you're manager and you want your team to get financially, financially fit so they're more focused, we can do this for your company. And or let's say a police union fire union, whatever organization you want. And then also, if you're a realtor watching this, Nate and I would be honored to come into your company meeting and actually roll this out to your entire organization, for your agents.

00:37:50:22 - 00:38:05:00
Don Oberle
Why? Happier? Okay, and most of the realtors that we've done this with, Nate, they love. They love it. It's really making them cutting edge for their clients. Right? We get a lot of feedback from that. That. Right.

00:38:05:02 - 00:38:34:05
Nate Carver
That that's a that's right. That's amazing. I, I was taking notes and counting and just trying to do really, really fast math. The amount of income that you can liberate, just getting your Fico scores. In a annually is over ten grand. It's like a percent closer. I start counting at 17,000.

00:38:34:07 - 00:38:35:02
Don Oberle
Yep.

00:38:35:04 - 00:38:55:17
Nate Carver
Yep. And that's just in interest fees, financial fees, the rates that they charge that they're going to charge you on your insurance, your other policy. And I used to just think in terms of, oh, we got to get your Fico score up so we can help you buy a house at a lower rate. It's so much more than that.

00:38:55:18 - 00:38:59:24
Nate Carver
We got to get your final scores up so we can liberate your income.

00:39:00:01 - 00:39:06:04
Don Oberle
I like the way you put it. Liberate? It is liberating. You're right. Yeah. I'm in bondage and I've been debt free.

00:39:06:07 - 00:39:27:06
Nate Carver
Yeah, that's a lot. Yeah, that's a big deal. That's. I mean, what that means into what type of home you could originally afford to what you could now forward, if you want to look at it that way or don't increase that, but just enjoy the fact that you now have given your family a pay raise future. You will.

00:39:27:06 - 00:39:49:01
Nate Carver
Thank you for this. Yeah. For getting this fixed. Absolutely. That's why I'm a client. I was looking in terms of what getting my insurance lowered on my automobile. And, and then the next home I buy, I want to be in the top tier on the Fico score, since is thousands of dollars in savings. At closing.

00:39:49:01 - 00:40:01:18
Nate Carver
And then, you know, you're talking a 10,000 plus, annually that I'm not having to send to somebody else. I hang on to that is spending on my toys or my chair. Yeah.

00:40:01:20 - 00:40:20:20
Don Oberle
Amen. I before we wrap up, I do want to show because remember I mentioned that we give your your viewers and your clients a scripts on cars, all the credit cards, the insurance policies. I'll only show one script. So you kind of get a taste because a lot of people have been, you know, their cars are kind of, you know, in bad shape.

00:40:20:20 - 00:40:41:24
Don Oberle
And this is this is a common one. So I'm going to give you guys a treat today. Just give you one of the scripts for automobiles okay. Without going through crouching. So this is how you negotiate the deal. So with auto financing new autos, only a 740 plus lender score gets a 0% rate or tier one financing. Now tier one is lease terms for 0% interest.

00:40:41:24 - 00:41:00:23
Don Oberle
So if you wondered what that meant that's what that means. Tier one okay. So this is the script you're going to use when you negotiate with your with your car people okay. Now you use vehicles 1 to 5 years old, 740 plus lenders score gets a 1.9 to 2.3 rate. Now you'll never get 0% on a used vehicle.

00:41:00:23 - 00:41:20:24
Don Oberle
So that's why we train people. Don't buy use ever buy new? Okay. Because you'll never get 0% rate on a used vehicle. That loan doesn't exist, right? I don't want you paying interest anymore. Right now it says specially do not finance cars over five years old. Because even with an 800 score, the rate will be too high because a high risk loan.

00:41:21:04 - 00:41:38:05
Don Oberle
Right? So, now if you're buying a Ferrari, you're going to hold on to it for 30 years. Okay, fine. Whatever right is an investment. But other than that, you know, what's your everyday driving car buy you is either purchase a new or lease in. They're only right now you want to. Do you ever see the Wizard of Oz Nate when.

00:41:38:05 - 00:41:39:01
Nate Carver
You yes I have.

00:41:39:02 - 00:42:04:15
Don Oberle
Okay. Yeah I said watches adult. So that the guy behind the curtain, the wizard that nobody talks to you, right. That's the desk manager. Right? So you want to speak with the desk manager only? Not the finance manager. Salesperson. Why? Because you bypass these two folks and go directly to dust manager day one. You don't have to pay their commissions, which means now you position yourself to lower the price of the car, which I'll show you next.

00:42:04:17 - 00:42:27:24
Don Oberle
Okay. So you speak to desk manager over the phone, not in person. Tell the desk manager I'm above 740 and my score. I want 0% rate or tier one financing. You're gonna say this verbatim. Okay, so don't deviate from my script. And then the very next, And then the very best days to buy a vehicle are always the day after Christmas through January 2nd each year.

00:42:27:24 - 00:42:50:20
Don Oberle
Why? Because it's both the dealerships month and year end. So for the last 20 years, this technique I've been using, I always, always plan it out. Day after Christmas, I'm in there negotiating with the desk manager. Okay, but here's the key. You got to close the deal by January 2nd or this next piece won't work. Right. So. So now you know the date and time who talk to you and what to say.

00:42:50:24 - 00:43:17:12
Don Oberle
You then tell the desk manager I want 30% off the price or I'll go elsewhere today. Now, the reason why I gotta tell them 30% off, because I know there's at least 15 to 30% margin their vehicle, depending on what manufacturer it is. So if you tell them 30, you end up at 20 or 25. Great. But don't go below 15% off because even a terrible negotiator could get at least 15% off doing this technique for sure.

00:43:17:14 - 00:43:37:20
Don Oberle
Okay. And right now there's so many cars being repossessed, they can't even keep up with it. You know this the day after Christmas this year, you can definitely get a huge amount off 20, 25% off because they're desperate to sell cars right now. If you didn't know that right now, if it was during Covid, know that they were overcharging, right?

00:43:37:20 - 00:44:03:14
Don Oberle
But right now it's you're in the power position if you didn't know that. So, you know, the average savings on a $25,000 vehicle, as I mentioned earlier, just by getting the 0% rate or tier one is 135 bucks a month savings. Easy, right? By hitting that 740 score, not to mention the percentage off. So hopefully you guys are getting an idea now how our scripts work for each industry.

00:44:03:16 - 00:44:24:00
Don Oberle
And kind of you got a little bit a small taste of our three hour coaching of of how we customize it per family. Right. And so I'll, I'll wrap it up with this. So what's your investment if you want some coaching it's normally 300 bucks I mentioned earlier. But based on our relationship with Nate, you're going to receive that same, coaching and report for only 95 bucks as a gift from Nate.

00:44:24:02 - 00:44:43:07
Don Oberle
Right. And that includes your significant other, your boyfriend, your girlfriend, your son, your daughter, your wife, whatever. It's two for one. Okay? Compliments of Nate. You're going to get up to three hours of coaching, copy of Lens Report with the real scores. It's a soft pull. It won't drop your scores. It's not that fake. Scores you're used to looking at as a consumer.

00:44:43:11 - 00:44:58:21
Don Oberle
And that comes with a written action plan how to quickly achieve your goals. It's a five year plan. Right. And then, and then we'll keep Nate update every step of the way in the progress so he knows when you're ready to pull the trigger on the refi or the purchase. Okay. So here's the scan. So you can scan this in on your phone.

00:44:58:21 - 00:45:16:02
Don Oberle
This little link here, there'll be a calendar pop up on your screen. And just pick a five minute slot for Grace to call you. So you'll get on Grace's calendar, and then you'll tell her when you and your significant others, have, what day and time's good for you for the full blown coaching. And then she'll book the appointment, so.

00:45:16:02 - 00:45:37:13
Don Oberle
Or you can reach. Better yet, reach out to Nate and he can send you through the system. And then and then, have that report ready for us as well. Okay. And then if you got tech savvy, you can also call Grace directly at 925269 433. But mention Nate Carver. Otherwise it'll be 395. All right. And so yeah, that's all I got for you.

00:45:37:13 - 00:45:40:21
Don Oberle
For you today, Nate and your team. And you want to add anything else?

00:45:40:23 - 00:45:59:14
Nate Carver
I'm going to put the links wherever you're watching this. Or if found this, there will be links attached to this. So if you're listening on or watching on YouTube, the links be down below. If you're on my podcast page, it'll be there. If you're listening on Spotify, reach out to me on natecarver.com and I'll get you some.

00:45:59:20 - 00:46:22:00
Nate Carver
I'll get you just to. Hey, I wanted to know more about the credit IQ, and I'll get you taken. I'll get you taken care of. And, I would love to do some of these presentations with you. To some more to some, community. So if you have a church or a civic unit, that we could meet with, reach out to me and let me know.

00:46:22:00 - 00:46:50:14
Nate Carver
This would be a fantastic. Fantastic. I'm just blown away by this. I just I am so close to being completely clear of all of this stuff and hitting my personal Fico score goal. That I was targeting, and I can taste it, and I'm like, I just know I really look at it in terms of liberating, there's some financial goals that I've made commitments to personally, to give to some charities that are very, very dear to me.

00:46:50:16 - 00:47:10:08
Nate Carver
And, I'm going to be able to do that instead of getting a paycheck. And, you know, you pay your bills, then you're like, you don't have as much left over and, I it's just it's a liberating experience to know that your income is a lot stronger than these credit cards make them out to be than the debt.

00:47:10:08 - 00:47:24:24
Nate Carver
And so, anyway, super grateful for what you're doing, Don, across the country. Thank you very, very much for, taking some time out and meeting with me on between two doors. I really appreciated it. Thank you.

00:47:25:01 - 00:47:30:20
Don Oberle
You're welcome. It's been an honor. It's been an honor and looking forward to a lifelong relationship with you.

00:47:30:22 - 00:47:38:00
Nate Carver
All right. That's it for this one. Thanks, everybody for listening. And we will see you on the next between two doors.

00:47:38:02 - 00:47:40:20
Don Oberle
All right. Thanks, Nate. Bye bye.

00:47:48:19 - 00:47:56:21
Unknown