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The Truth About Credit with Humberto Garay and Giovanni Dalama
This podcast episode explores the importance of credit repair services and how they can help improve financial standing. Credit Repair Organizations Act must be followed, and the concept of Credit Repair Integrity emphasizes the importance of doing the right thing when it comes to credit repair. Furthermore, the Payment Statement Date is a factor to consider when managing one's credit score, and paying off credit card balances is an essential step in maintaining a good score. Co-signing loans can be a great way to help someone out, but it is important to be aware of the risks involved. Finally, due to the pandemic, the demand for credit repair services has seen a surge. Having a good credit score can save thousands when it comes to purchasing a home.
Episode Outline:
(00:00:04) Credit Repair Services
(00:06:30) Rebuilding Credit
(00:12:57) Credit Repair Effects
(00:19:01) Credit Repair Misleading
(00:25:05) Co-Signing Loans
(00:31:10) Credit Repair Trends
(00:37:55) Credit Score Savings
(00:44:14) Credit Repair Integrity
(00:50:30) Payment Statement Date
(00:56:09) Pay Off Credit Card Balance
(01:01:45) Credit Score Tips
Quotes:
(00:02:23) Credit is everything. I know a lot of people talk about that. You really can't get anywhere without credit. Even if you had a million dollars, you'd stash a nut under your bed. You really can't do anything without proving to someone else that you are responsible enough to pay your bills.
(00:11:02) What we tell clients is just because it takes one day to mess up your credit doesn't mean it's going to take one day for you to fix it. It's a process. It's like a war.
(00:17:52) You can't just buy your way out of credit. You kind of hit the nail on the head in the beginning, where you're saying you had a million dollars, but what does your credibility look like? Are you a liability? Can the lenders trust you? And how are they going to trust you if you have not organically built credit? All you have is authorized user accounts. You're still going to get absolutely.
(00:19:25) We never tell clients what they want to hear. We tell them what they need to hear.
(00:30:45) But still a joint decision. You guys are still supporting each other equally, correct? Right. Like how you said, it's not anything about it being separate, actually, it gives you guys more options and opportunity to be able to do things together.
(00:37:10) Credit is king. People that have no credit or bad credit, it is way more expensive to live life. Right? For example, let's say you try to purchase a vehicle. Yeah. Let's say you try to purchase a vehicle. You go to the dealership; you have a 580-credit score. Expect to put a minimum of anywhere between $3,000 down. The interest rate is going to be high, and so are your monthly payments. However, if you go with like a 750 plus, you save those $3,000 as a down payment. Your interest rate is low, payments are low. You can apply that to a house as well. It's not the same buying a house at a 580 than it is with a 740.
(00:40:51) It really does depend on a few things, especially the personal aspect. Why are they moving? Where are they moving to? What kind of situation do they find themselves in? Do they have small children? Are they getting a divorce? Do they have elderly parents? Do they need to be closer to work or closer to parents? I mean, there's a myriad of reasons why people actually choose to move.
(00:48:32) It's all about the customer. We like to put the customers first, and I think that's super important and imperative, not only in this industry, but in any industry.
(00:52:50) It is a sin if you pay on the due date with our company. It's a sin and then goes up because you didn't pay on the statement date. You got to pay the due date. It's crazy.
(00:56:56) The dollars go a long way here.
(01:03:19) But 850 is where everybody looks at, and I believe the number was less than 10% of all Americans have even, oh, I bet passed to the 850. It's elusive and it's not easy. People that hit that usually have like, 15 plus active accounts.
Social Post:
Are you struggling with your credit score? Do you feel like you don't know enough about the back end of credit? On the latest episode of The Real Talk, Raquel Rmairez, Humberto Garay, and Giovanni Dalama discuss the five factors of the credit score, the 30% rule, and the truth behind the guarantee of a credit score increase. Tune in to learn more about the legal rights and protections in place for consumers and how to build your credit organically! #TheRealTalk #CreditScore #CreditRepair
Are you looking for advice on how to protect your credit score? Tune into the latest episode of The Real Talk podcast to hear Raquel Rmairez, Humberto Garay, and Giovanni Dalama discuss the importance of authorized users and joint accounts when it comes to credit. You'll also hear a funny story about two clients who were both working with the same person without knowing it! Don't miss out on this great episode! #TheRealTalk #CreditScore #FinancialAdvice
Are you looking for a podcast that will give you real talk about the credit repair industry? Look no further! On The Real Talk, we have Raquel Rmairez, Humberto Garay, and Giovanni Dalama discussing the evolution of the credit repair industry and the trends they see in the future. Did you know that the US has the highest amount of credit card debt in history? Or that having good credit during times of crisis can help you stay afloat? Tune in to The Real Talk to learn more about how to manage your credit and stay ahead of the game! #TheRealTalk #CreditRepair #MoneyMatters
Blog Post:
If you’re looking to improve your credit score, you’ve come to the right place. Credit repair can be a daunting task, but with the right advice and guidance, it’s possible to make a significant impact on your credit score.
In this episode of Absolutely, Umberto Garai and Giovanni Dalama, the owners of Credit Rights Services, discuss the importance of paying bills on time, reducing credit utilization, and disputing inaccurate information on credit reports. They also explain the different scoring models, the effects of late payments, and the importance of understanding the client’s needs and circumstances before making a decision.
Umberto and Giovanni emphasize the importance of not exceeding 30% of the credit limit and paying off credit cards in full or leaving a dollar balance to help the credit score. They also advise against taking out loans or using credit cards if you don’t have the funds to pay them back. Additionally, they recommend against joint accounts for married couples, suggesting authorized users instead. Umberto even goes as far as to suggest that only co-signing for someone if you know you can take over the payments if they default.
It’s important to note that there are over 30 different scoring models for credit, and payment history affects 35% of the credit score. Credit utilization affects 30% of the credit score and should not exceed 10% of the limit. It is impossible to predict how much a credit score will drop due to late payments or other events because everyone’s credit report is different. It is also illegal to guarantee a credit score increase.
Raquel, Humberto, and Giovanni discuss credit and credit scores. They suggest that the client should pay off their credit cards in small increments rather than using credit consolidation or debt consolidation. Humberto and Giovanni are both in the 800 Club, meaning they have a credit score of 800 or higher. The highest credit score possible is 850, and less than 10% of Americans have achieved this. To reach the Elite credit score of 850, one must have 15 or more active accounts and a mortgage.
Raquel and her husband were offered the chance to refinance their mortgage at a 1.75% interest rate, but they needed an 800 credit score to qualify. Unfortunately, they missed the 1.75% interest rate by one point, and ended up refinancing at 2.25%.
It’s important to be wary of companies who promise a higher credit score in 30 days. A lot of clients get baited into signing up for services with the promise of a higher credit score. The Credit Repair Organizations Act prohibits companies from making false promises to clients, and companies in the credit repair industry have nothing but positive reviews because they never lie to their clients.
No two credits are the same, and it is not possible to copy someone else’s credit report. Piggyback writing is a way to help support credit, but it is not the same for everyone. Having one spouse with good credit can help the other spouse get a loan, even if their credit is lower. Authorized users are not a way to be separate from your spouse, but rather a way to protect yourself and have more options.
A person’s credit score can be affected by a divorce, even if they no longer own a property. Credit repair companies can help people improve their credit score in 6-8 months. It is important to do research when looking for a credit repair company, as some of them often don’t answer the phone or follow up with clients after they sign up. Joint accounts can affect a person’s credit score if their spouse fails to make payments.
In conclusion, it’s essential to pay bills on time, not exceed 30% of the credit limit, and pay off credit cards in full or leave a dollar balance. Credit repair companies can help people improve their credit score in 6-8 months, but it is important to do research when looking for the right company. Finally, remember that no two credits are the same, and it is impossible to predict how much a credit score will drop due to late payments or other events.
Resources:
Connect with Raquel Ramirez:
Connect with Humberto Garay:
Connect with Giovanni Dalama:
Other Materials
These materials help you promote your podcast. Quotes can be used for audio & video grams or quote cards. Blog and social posts will help your website and social media presence.
View all episodes
By Raquel RamirezThis podcast episode explores the importance of credit repair services and how they can help improve financial standing. Credit Repair Organizations Act must be followed, and the concept of Credit Repair Integrity emphasizes the importance of doing the right thing when it comes to credit repair. Furthermore, the Payment Statement Date is a factor to consider when managing one's credit score, and paying off credit card balances is an essential step in maintaining a good score. Co-signing loans can be a great way to help someone out, but it is important to be aware of the risks involved. Finally, due to the pandemic, the demand for credit repair services has seen a surge. Having a good credit score can save thousands when it comes to purchasing a home.
Episode Outline:
(00:00:04) Credit Repair Services
(00:06:30) Rebuilding Credit
(00:12:57) Credit Repair Effects
(00:19:01) Credit Repair Misleading
(00:25:05) Co-Signing Loans
(00:31:10) Credit Repair Trends
(00:37:55) Credit Score Savings
(00:44:14) Credit Repair Integrity
(00:50:30) Payment Statement Date
(00:56:09) Pay Off Credit Card Balance
(01:01:45) Credit Score Tips
Quotes:
(00:02:23) Credit is everything. I know a lot of people talk about that. You really can't get anywhere without credit. Even if you had a million dollars, you'd stash a nut under your bed. You really can't do anything without proving to someone else that you are responsible enough to pay your bills.
(00:11:02) What we tell clients is just because it takes one day to mess up your credit doesn't mean it's going to take one day for you to fix it. It's a process. It's like a war.
(00:17:52) You can't just buy your way out of credit. You kind of hit the nail on the head in the beginning, where you're saying you had a million dollars, but what does your credibility look like? Are you a liability? Can the lenders trust you? And how are they going to trust you if you have not organically built credit? All you have is authorized user accounts. You're still going to get absolutely.
(00:19:25) We never tell clients what they want to hear. We tell them what they need to hear.
(00:30:45) But still a joint decision. You guys are still supporting each other equally, correct? Right. Like how you said, it's not anything about it being separate, actually, it gives you guys more options and opportunity to be able to do things together.
(00:37:10) Credit is king. People that have no credit or bad credit, it is way more expensive to live life. Right? For example, let's say you try to purchase a vehicle. Yeah. Let's say you try to purchase a vehicle. You go to the dealership; you have a 580-credit score. Expect to put a minimum of anywhere between $3,000 down. The interest rate is going to be high, and so are your monthly payments. However, if you go with like a 750 plus, you save those $3,000 as a down payment. Your interest rate is low, payments are low. You can apply that to a house as well. It's not the same buying a house at a 580 than it is with a 740.
(00:40:51) It really does depend on a few things, especially the personal aspect. Why are they moving? Where are they moving to? What kind of situation do they find themselves in? Do they have small children? Are they getting a divorce? Do they have elderly parents? Do they need to be closer to work or closer to parents? I mean, there's a myriad of reasons why people actually choose to move.
(00:48:32) It's all about the customer. We like to put the customers first, and I think that's super important and imperative, not only in this industry, but in any industry.
(00:52:50) It is a sin if you pay on the due date with our company. It's a sin and then goes up because you didn't pay on the statement date. You got to pay the due date. It's crazy.
(00:56:56) The dollars go a long way here.
(01:03:19) But 850 is where everybody looks at, and I believe the number was less than 10% of all Americans have even, oh, I bet passed to the 850. It's elusive and it's not easy. People that hit that usually have like, 15 plus active accounts.
Social Post:
Are you struggling with your credit score? Do you feel like you don't know enough about the back end of credit? On the latest episode of The Real Talk, Raquel Rmairez, Humberto Garay, and Giovanni Dalama discuss the five factors of the credit score, the 30% rule, and the truth behind the guarantee of a credit score increase. Tune in to learn more about the legal rights and protections in place for consumers and how to build your credit organically! #TheRealTalk #CreditScore #CreditRepair
Are you looking for advice on how to protect your credit score? Tune into the latest episode of The Real Talk podcast to hear Raquel Rmairez, Humberto Garay, and Giovanni Dalama discuss the importance of authorized users and joint accounts when it comes to credit. You'll also hear a funny story about two clients who were both working with the same person without knowing it! Don't miss out on this great episode! #TheRealTalk #CreditScore #FinancialAdvice
Are you looking for a podcast that will give you real talk about the credit repair industry? Look no further! On The Real Talk, we have Raquel Rmairez, Humberto Garay, and Giovanni Dalama discussing the evolution of the credit repair industry and the trends they see in the future. Did you know that the US has the highest amount of credit card debt in history? Or that having good credit during times of crisis can help you stay afloat? Tune in to The Real Talk to learn more about how to manage your credit and stay ahead of the game! #TheRealTalk #CreditRepair #MoneyMatters
Blog Post:
If you’re looking to improve your credit score, you’ve come to the right place. Credit repair can be a daunting task, but with the right advice and guidance, it’s possible to make a significant impact on your credit score.
In this episode of Absolutely, Umberto Garai and Giovanni Dalama, the owners of Credit Rights Services, discuss the importance of paying bills on time, reducing credit utilization, and disputing inaccurate information on credit reports. They also explain the different scoring models, the effects of late payments, and the importance of understanding the client’s needs and circumstances before making a decision.
Umberto and Giovanni emphasize the importance of not exceeding 30% of the credit limit and paying off credit cards in full or leaving a dollar balance to help the credit score. They also advise against taking out loans or using credit cards if you don’t have the funds to pay them back. Additionally, they recommend against joint accounts for married couples, suggesting authorized users instead. Umberto even goes as far as to suggest that only co-signing for someone if you know you can take over the payments if they default.
It’s important to note that there are over 30 different scoring models for credit, and payment history affects 35% of the credit score. Credit utilization affects 30% of the credit score and should not exceed 10% of the limit. It is impossible to predict how much a credit score will drop due to late payments or other events because everyone’s credit report is different. It is also illegal to guarantee a credit score increase.
Raquel, Humberto, and Giovanni discuss credit and credit scores. They suggest that the client should pay off their credit cards in small increments rather than using credit consolidation or debt consolidation. Humberto and Giovanni are both in the 800 Club, meaning they have a credit score of 800 or higher. The highest credit score possible is 850, and less than 10% of Americans have achieved this. To reach the Elite credit score of 850, one must have 15 or more active accounts and a mortgage.
Raquel and her husband were offered the chance to refinance their mortgage at a 1.75% interest rate, but they needed an 800 credit score to qualify. Unfortunately, they missed the 1.75% interest rate by one point, and ended up refinancing at 2.25%.
It’s important to be wary of companies who promise a higher credit score in 30 days. A lot of clients get baited into signing up for services with the promise of a higher credit score. The Credit Repair Organizations Act prohibits companies from making false promises to clients, and companies in the credit repair industry have nothing but positive reviews because they never lie to their clients.
No two credits are the same, and it is not possible to copy someone else’s credit report. Piggyback writing is a way to help support credit, but it is not the same for everyone. Having one spouse with good credit can help the other spouse get a loan, even if their credit is lower. Authorized users are not a way to be separate from your spouse, but rather a way to protect yourself and have more options.
A person’s credit score can be affected by a divorce, even if they no longer own a property. Credit repair companies can help people improve their credit score in 6-8 months. It is important to do research when looking for a credit repair company, as some of them often don’t answer the phone or follow up with clients after they sign up. Joint accounts can affect a person’s credit score if their spouse fails to make payments.
In conclusion, it’s essential to pay bills on time, not exceed 30% of the credit limit, and pay off credit cards in full or leave a dollar balance. Credit repair companies can help people improve their credit score in 6-8 months, but it is important to do research when looking for the right company. Finally, remember that no two credits are the same, and it is impossible to predict how much a credit score will drop due to late payments or other events.
Resources:
Connect with Raquel Ramirez:
Connect with Humberto Garay:
Connect with Giovanni Dalama:
Other Materials
These materials help you promote your podcast. Quotes can be used for audio & video grams or quote cards. Blog and social posts will help your website and social media presence.