Todd Pietzsch from BECU 08-16-17

Wednesday, August 16th

A texter has debt and wants to know if he should use his house to pay it. Caller Cory wants to know if it’s worth it to get a pre-paid credit card. Caller Tyler has bad credit and wants to know if he can put down money to make up for it when buying a house.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Do you is it that KI SW financial advisor here to talk money is well. God I invented numbers so I know how this don't word speech. As I'm inside the region if you have any financial questions at all. Throw a lumpy EC dot org they send Todd over here on a regular basis. And there ever since ever since we went down the toilet. I've been always. We've had Todd command and help us just dig our way out of it a lot of folks have really benefited from the fact that. At times just some basic knowledge that you thought it. Yes I did and turns out we were really didn't have which is why a lot of us control back in 08. And NBC of course design is a great credit union does everything a bank does except swell. Puts in a real bad financial plays like some other banks might have done. Maybe diagonally. Yeah yeah and DC dot org if you live work or attend school in Washington State man you can be MPC member it's pretty awesome. And Todd of course its member owned and that's a beautiful thing about it right. Get you on the place BJ I do and that means it's not about making profit it's just about making sure that our money is cool yeah dollar decisions are based upon you know what's best served you the number of beating Kim north of a framed picture of himself as I wanna hang instance I own this place yeah. I'll bet my yeah that's a that's why yes sometimes they just remodeled place now I need just you know what that's the final touch of class and restraining him DJs. Holding on I where I mean I Christmas gift maybe for yeah I think so happy holidays guys here's a picture of me. Hi if you have any questions for Todd he's 20642 Enron you can Texas is 77999. Also later on today. Kind of a cool thing is VCU is goal and maybe. Yeah we're gonna FaceBook live noon today Tom Ruth a colleague of mine we're gonna be. Like from twelve to 1230 I'm talking about homeownership and hot markets so we will get some tips to. To anybody you know not to be NBC number is sitting in that if your interest in buying a home I join us in new needing just go to I mean EC UR FaceBook page. Anything near or send us your do your questions at VCU chess so. Looks up on FaceBook and slash BC you announced Joyce an index as sweet man because buying a house for the first time for a lot of people man and yeah he didn't think that's what you wanna do I wish you know at some point sure everybody wants to have that American dream yet. It's so important to know if it's the right time and how to maximize. The you know your money to buy the house the best way you can you guys are really good at that break in I mean I eating and thinking about this I look back on my. You know my process thirty years ago or whatever was in the mistakes that I made on the DL and I can remember those myself in on the owning a home can be great long term on number Sharon treat her garage yeah harmonizing. Jeremy and I thought. And with business here Aslan and I am so that's where the man so true that is where the man cave was on the East Coast it was easy you know me basement. We we can go well I mean yeah home equity Mars had very good about that. I'm an answer for everything I chose exports of one Roxy and also Texas 77999. If you have a question for Todd from VCU. On org we get a few questions at him volatile stuff Firefox and I'm a 100000 dollar in debt twenty dollars and aren't getting credit card debt three vehicles and 50000 dollars in student loans my house recently was appraised for 209000. Dollars more denial from Hussein's cell and pay off all the debts and then buy another house or should I call home equity line of credit to pay off meanwhile hollow I mean how long do you want it where you live if you miss LA where you go but I guess would be my first class offerings remember BC you're you move into the office. I had done my sense knows that place. CEO Todd that's a really good question because you know I never thought of that like how long am I going to be in that house or where my gonna go fight side to get out of that thanks. I know I never thought those things back then in the there's a lot of people that are due for retirement they sell here for. Eight and then they lose to. Care's owner or wherever I NG -- the -- to sell their house for 600000 minus 300000. And have 300000 and they can work with caution you that way I shouldn't sell my house and senate doesn't go buys it some doesn't know housing going to massive debt when Hannity mentioned that in front of the best idea I tried but I mean I guess my question how long you lived there and if you're gonna sell your home were you gonna go. To an end you wanna come back because today you know the time we come back prices might and he hires in the south. They ain't got that if you're not gonna move there and then now home equity would be something to look at the we don't want to use a home equity as an ATM so clear if you're gonna pay these debts off with a home equity that can be a great strategy on but you're gonna wanna make sure you don't even get them paid off and you don't. No raise you know who's. Getting them more credit card debt so he's in a home equity is is it as ATM machine then. Hey Gary Hart off and then you know three years later he had more credit card debt so we don't want that so it to become equity can be a solution so you know let us know we can talk to you about that. Most of their time patient DEC you'd. I don't or he'll answer your questions to a 6421 rock Texas 77999. Let's go to Korea and Tacoma. Corey you are on the Iraq. Hey good morning guys mark Corey would you money. I'm well. I think we're gonna my credit lately and I've dropped about 3000 dollars and now all my old creditors. And I was. I was trying to figure out look is they're worth it you get a prepaid. Credit card chances I can't even get a no regular credit card to might think like well what Peter that's Groucho I just waited out a little bit so my support goes out Bert I like your eyes or else. Will Corey if you don't have any credit out there right now you're gonna have to establish credit to get your score out so a security card or what you're talking about you mentioned prepaid minutes is secured card so for example you played. 200 dollars down the economy into and I against the county and a 200 dollar limit on your credit card so yes that would be what I would suggest would be tied to start that ways he can start to build some credit now important thing is you don't have to pay off every month it's the first sure that's 35% of your score. How many wanna keep that balance of 10% or below so. It's it's a 200 dollar credit limit you know Biden's twenty dollars is when you know more than twenty dollar should show up on that statement when you get it. NSA that's a lifestyle and a southern a lot of people forget I didn't know is that holds 10% of your credit limit is all this is showing each month yet. Yeah I mean this some people say 25%. Or less than thirty that the research shows often lead to people with the best credit scores how blessed and tempers I saw it happen I god dang man. I I got dinged because I have a lot I charge of a lot of stuff one month and one of my cards and I'll pay it off the same my paid off right and all of a sudden I get a little notation hey your cycle scores change and I checked in on it went down here. And I'm like not. Kind dame I hated also made paid off the month I die I never she might balanced by over a minute and didn't matter now because I use more than 10% they drive they during my score again the alarms going off week is the people they get into trouble that's you know and they don't know they don't know it's. A month later you're gonna pay that off right Smith. Since you raised the young people who come to a lot of dead in a hurry it's a little red signal NSA and to me I appreciate the call Cory things and that's that you know western psyche part about how people say we should stereotyping here a lot of conversation politically about stereotyping all us. We do it all the time in the world of business like we do with kids insurance if you're under 21 we don't care you're gonna pay more hidden because our stats show that you're more likely to even those like well what if I never knew why why celeb to be penalized. And just like that is in a price for others other people are excited yeah I think guys should get credit for paying the whole damn thing not to show they like I'm still responsible and take a look at my record I never carry a balance I pay it off every month. Doesn't matter I get things get. If you're. 206 point 21 ride on second. Thought maybe I don't lose and wind Syria they don't like he's trying got to fight I know everybody has dogs cats like go let's go to Tyler John tell your I would Todd from BEC dot org go ahead but he. You find out. It's another. And then there is I. Embracing my talk show my mom right now. And my mom told me recently that we have to do that she acts as well let's. Right now I'm in that yes there have been a touched by Bret Michaels said that she didn't help us now with the money to get into a new plan. One problem I have is so boy oh boy what I was weird far out not so bureaucratic. Death. I. Had surged 20000 dollars. And I bet as a down payment. Boy and I wouldn't be able to yell lord he'll let my bad credit car. It's street you can buy something a Condo or out okay how bad easier credit Tyler. Since CNET about our earlier on route eight yeah. Why did not try to get. Out brought up yeah. Unfortunately that's going to be too low to qualify for early any of the programs that are out there from from a mortgage perspectives so. I'm that's going to be the first thing you're going to do is end and we and we can keep did you have died Thursday in National Foundation for Credit Counseling on the they can't help you with some tips on how do you get back credited improved didn't get that score that's what has to happen I mean yeah he needs he needs to really get credit and arrows were irate and I it's better just to get into an apartment in -- turner proved that way once again at Mac opinion talk how much gas he had Tyler I mean I think the first thing is we do you you're gonna have to work on the credit comment like Vijay said I would find something they you can rent down and then really if your goal is owner home let's come up with a plan high in May be a one year maybe three years maybe five years met. We can come up with a plan engaged there. I called Tyler you know and again that's the beautiful thing about not talking to people know what they're doing because. And we never do this for some reason I don't know parents thank god our help deal with this and men and the kids go okay. But it seems embarrassing for someone to go get financial advice. When in reality how the hell we know these interest in things are behaving nobody really knows what should go to school Florida. I Serrie just got to texas' Todd had some good advice she gave on Eric Dodd who is someone else getting credit counseling best thing ever did sign my situation wasn't as bad as I thought awesome climate. I'm done about that sometimes we also make up like how bad things are never any prizes free resource is right in you can talk to mortgage advisor for free you don't have to get alone until lucky through the qualifications alone products that are out there. I mean you can continue to put together a plan to get their hurt any humans are on the phone lines today you know what you can always go to KI SW dot com. And you can click on the Benetton smiling face and he will answer every question via email that's the best of his ability. And today you guys doing the FaceBook alive and talking about getting into our house if you wanna do that's a let's continue the conversation and then I don't know I'm an NBC's FaceBook live time you can send your questions at bat species act. Pretty sweet man Todd as usual it's awesome BEC dot org as we wanna go outside impeachment today. Yeah so I did and there you notice that I'm now a member and an owner to his side might have to be to take tomorrow. I AJ appreciate your time.