Todd Pietzsch 02-21-18

Wednesday, February 21st

Todd Pietzsch joins us live in studio. A texter wants to know increase their credit score. A texter wants to know if now is time to refinance and get a lower mortgage rate. Vicky B wants to buy a house and needs advice. Vicky wants to know the difference in credit scores. Caller Mike has triplets going into college and wants to know what loans he can get. Caller Zach wants to know how his debt is being sold.


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

Do you resist the KI SW financial advisor appeared. Time I invented numbers so I know how this stuff works each. No 641 rock for Texas 77999. Got a question for Todd that's how you get in there and now of course Todd peach from DE CU dot org. And don't forget Mary if you wanna be part of VCU just you get a memberships on Asia live work or attend school in Washington State. It's as simple as that and top 225 years of experience the financial services industry which is why would love just haven't come in here and help us out. As you know attacks seasons on the way as you note did Todd is always a fun time a year love tax season that any better than that as a dad doesn't he if I can't believe you did does the average person see a lot of changes I mean if they were if they were used to doing stuff from because that whole trump tax thing I did that affect mostly are just the regular guys OK not for seventeen so now when you're doing your taxes this year but we're here talking about it next here we'll be some big changes fares are seventy was doing and yet where -- where were we were last year for the most part get down and always confuses me because of my god man it's funny eighteen I gotta figure odds again have you not doing your taxes for this year yet correct. Yeah yet so this taxis will take place next here heard this taxi appear to eighteen so I think that I did that enter your taxes some things like Davis and other yes and. It's always finds a turned your what I wanna blow my tax return on yeah yeah that guy you have won your life here and a lucky dog very yeah right to affect the oh yeah you got one you know for sure come on death no idea how you cannot ask you like you've already got it figured out to say hi last year yes I do called good for you buddy and I haven't done anything different. Still save student Steve Souza and guy had money you know against anybody is there anything to not yet now economic means you still claiming Lulu was independent absolutely a good job depends on the Liza always been known alimony finds a note of urgency does depend on you talk about arrows on their radio side I write off all over dog toys nice. I don't write up any of the worst. Well you know like dead news story that you'll be able to anymore well good jazz might do and I'm not doing their. I tell you the last laugh on yeah I don't know you worry about that C and I guess you don't have to anymore. Iraq death faux talk about next ditched your job tomorrow that's OK I'll put it in the calendar. If you got a question for Todd Collins now a 20642 on Iraq or in Texas 779991. -- we got Todd I'm looking to increase my score my credit score from 647 sort of buy new car and a little over a year what's my. Best ways to increased my score thanks. Well first volley at their most your credit 35% just paying on time to make sure everything is paid on time there's no collections that thing out there. Then it the other 30% the biggest part is called the utilization so that your outstanding balance to your credit limit. So for example we've talked about this before if you have a 5000 dollar. Credit line on your credit card that's for example on you and keep that it 10% or less on on your state and so 500 dollars to would be the maximum amount. So that is something now a lot of this state we get a credit card and we we can viola stuff and that's what I used to think it. Have no idea I was doing it myself so badly by basically not magnet utilization of that number you sent yeah that's thirty that's 30% of that many don't want to go close and account that longevity is another factor so if you have some. Some cards there were you know and credit out there that they just keep keep going to if you have credit card do you not paying anything because there to keep them out there ask the people used to say like my dad like nobody close those credit cards are bad for you but now. Really they're not bad for you as long as like you say you're using improperly especially each had a for a long time so the length of credit is that is a factor to say 1015%. So how lit that's why it's sometimes like when you're just starting out. If you here early twenties it's hard to get to that. You know high you know seven hundreds and whatnot because length of credit is there you don't have that yet you have to work to establish that. You can hurt your credit very quickly. That takes time to build it up. I'm I'm living proof that the because I hurt my credit badly when I was younger because I just spent everything didn't pay my bills on time was really delinquents. And you can't really do only what you're saying hello because I feel like you also can rebuild yourself a you know it's not I hope steeply to rebuild and if it could happen. Because I was able to rebuild my credit score is something Reno who that would that's good. And I don't wonderful lot of people feel that way when there in the 600 or lower really where they go I'll never be able to get climb this mountain and you can get there it takes time you just have to take little baby steps and and then eight it'll it's time will heal it that it will take some time Lumet sand dip. The United States is you know those mortgage notices right to lower mortgage payments are these letters for real what do I need to now. I'm I would not call them and I'll let you know I had some letters that make you saved me thousands of dollars he wouldn't pull my supposed to trust. Well be bad FTC news in your face tough. And it out of credit union in general assay that can easily win you know Canadians are owned by the members and we're focused on. On helping our members and we have their best interest in mind that's what we're therefore so. But they make these letters look so real and human like and ridden envelopes this fellow yesterday Kelly that's so it was good. Where the free dinner for your investments have not I think I was gonna go to our young don't tell policy chip whenever I see I hope one of the assume they see like you've been percentage APR any of those catch words I just rip it and throw no look hey you may not he may not be old enough to get those free dinners and he said I can't I get them all the time and talk sometimes about. Although give you a free dinner if you sit and listen to talk about your financial future your retirement can we do it over dinner and we have to do both it. Different times plug you wanna go to Ruth's Chris or not yeah I do yeah. Well I'll listen I think anyone necessary had dinner not to go to over at separate times you can't say no but boy they really make it tough to say no those dinners I had no problem saying no good idea to have no idea what I got to bring you to the dinner because you're so I don't know I'll go with the oh yeah I do they're always offer me free dinner. I've applied to make sure an opportunity your guy I'll look at this they acted different or I guy I ask my guy and I don't know yeah. I. That is it okay fine it is you know Leo hey it's so hard Tim. Really be on the lookout but instead they don't like Todd it's too good to be true. Probably yes you know lead at getting a lower mortgage payment the only way to really do that that's legit isn't just buy a cheaper house. FEMA you know I mean when you think about it yeah I mean that's certainly one may mean interstates there are times interest rates have been low right in. Yeah I would I would say if you're on an adjustable rate mortgage today than you definitely want to consider looking at a fixed Drake is interest rates. Have gone up a little bit and they're probably gonna continue to go up to it but as far as getting a lower mortgage rate you know certainly you can if you're at a 56% on your mortgage or arm meaning wanna look at refinancing to it to pull that down so it is possible it may yes certainly. And the last house you have lower year mortgage is going to be so that's good advice is Vicky over here is wanna buy a house and nice knowing you at the Helen do it yeah and so there and and so when something like think you just know she wants a house. And you know she's got to get a mortgage what's what's the best advice you give her because they're like first all what you should be thinking about when she's buying the south the first thing she should be thinking of and I never owned any houses or anything isn't the first time homeowner yes so what I coffee tables the first thing you should think about it and you're not alone there's a lot of people out there like you and and edited are looking that the first thing I would do is take a first time home -- class couple nice ad there's classes out there and it'll explain the mortgage process of home buying process. We beat at we have BC off Herman shares at a cuttings do the same thing. And there's also some down payment assistance programs out there for the first time homebuyers. We've BC just launched one I believe it's up to 6000 dollars for parallel it there are income requirements to it but and back. Look into those let us now focus will be glad to pay her less if we help prevent this. Be happy to help slow that process unity march commune that all three a lot of snow I'm on your side near the end and they can't yet. So on the ballot safer educate yourself first time home buyer classes and then there's the down payment assistance programs look at those. Check your credit score to go to annual credit report dot com. See what you see what's out there to your credit is that's gonna help you get a better look better or lower rate and indeed qualified fifth. Set that foundation and and then you can know where you're at it may be here maybe two maybe three years away. But they eaten the 20% no. It's great to have 20% down a bit better realistically. That's going to be tough these days. So why the difference between a Psycho score and my credit cards I'm trying to do their research and I don't know any of those crap. Yeah what does that mean well on a Psycho is one of the credit score so they aren't Fair Isaac Newton corporation is what stands for so there that we their one of the primary ones that look at that there are. There are others others out there at qwest Equifax Trans Union they held mail Kris scores but thank those kind of the one everybody looks towards the I'm your credit report is what determines escort so what's reported on your credit report. That's what that's what determines that score so that's where eagle Daniel Carty board to come see everything that's being reported on you because that's ultimately what's gonna determine that score that sense Canada us. Go to Mike in Seattle Mikey Robert Todd peach from being ECU dot org go ahead Mike. Good morning I got triplets that are going to be going in that caused many years oh I hate the country's yeah wow yeah. I. While so I'm I'm election are doing everything we can to get them there they're gonna break the cycle and our family will be the first. Talk to colleges are so nice comes. Yes we're happy about that I'm so that is. Not a so they're so cost we have. Toward that obviously. And so on trying to figure out what it is my best options for loans and. I'm so how how old are they aren't our base 179 grade now going there. Sorry there HE OK I am quote who I would start com I believe it's October 1 is that that free application for federal student made it a fast center opens. Tons that's going to be the first thing your wanna do is apply and then it's gonna help you because you have three at once they're gonna take that into consideration. That will then turn determine which financial aid they would qualify for and or loans. And it'll come up with an expect expected family contribution for years. I'm yes Daniel Daniel C okay this is what I need to come up with. And then you can determine you know how do you do that were they hit it big deep dark about where they wanna go to school. Still beat you real estate and one. Emission issues. Okay time United States pretty tough. You know I really balances not go to college for yeah. Only two days ago so maybe it's Harvard or something in themselves. It's not allowed horror you're gonna have Baghdad Mike to fill in you know NA. You know wanna option it for a lot of people is who is currently the first year to his community college that's not a bad I'm not saying that's what you wanted you need to do where wanted to do that. That certainly helps if if the cost is. You know make an excess I would get it you know encourage you not to go into a lot of debt yourself you need to have. Look out here for your own retirement. And your own being before you take care of the kids so be careful about a lot of the pair plus loans and getting yourself into a lot of debt just to pay for the kids' college that's good stuff I appreciate the call's going exactly throughout Zach you Iran Iraq retired from BC dot org go ahead. Yeah. Day and errors. They've got a got a good question or. It was dubbed ought to be good yeah obviously Nokia sugar company but they don't get our news since Greg and everything but aren't there. Danielle yeah. He didn't think log they looked pretty. It's big yeah. Like Gary. Election it's no longer under contract and our mom know you're not eligible to dad not liable but yet. Sergeant Ali is that true. No yeah. I'm now least you sign the contract time to penny and Leonard is. And say you're liable what they're all they're doing is they're selling that. That contract to the collection agency and can go from one collection agency to another to another to another. So you're still you're still liable now whether they decide to. File a lawsuit or do anything. That's that's a different story that's really a case by case situation you got a call Jesse Jones because he Taro seven despair government that's stuff actually from people I am the medical debt America Gary as sushi you're bad sector over the handling home debt though that we kind of cool and you know it's interesting because of course they buyer for mere pennies on the dollar tout and it how do they really go after people like data they just as far as like him lawsuits or do they get enough people who comply just with their letters. And that they can let the other people still just go offer and not in not doing their credit do you have any information well it's fairly small amount to 500002000. It's not gonna make sense for them to file lots of right it's gonna cost money and effort that goes into collecting that. That he you just by the sheer numbers right you can buy Nike said. Pennies on the dollar that they can go that and then there's been some. Cases. You know companies being sued for unfair practices right making threats against people on clay. And they can't do that so there's there's. There's there's laws around how they can go about collecting that so if you get harassing calls or whatnot. Need to report that so I Lamar. Hawks are always so helpful and willing to help everybody out an infant into giving wintertime when they're they're resource is oldest Texans have Vicki I teach homebuyers classes. I'd be happy to give your private session. Oh well we really I was waiting for to go vertigo like a dark granite. Wildness of the front yes I think that's the problem and children to I don't think I did I do and yet they have to condone similar accounts did you try to be coming out there. I'll tell ya a manager for Butler what they are writing well I as usual course I'm and it flies if you have any more questions for Todd he gets on the phone lines. You go to KI SW dot com to scroll down to see the veteran Todd smiling face. And then you click that and he's got an email address he'll answer any quest you costly campuses are great research pays there you know a lot of great resources on that. And again just go to like KI SW dot com. And don't forget BC dot org that's me go to do your banking it's a credit union which makes it our rock and place to do it Todd as usual good to see a budding Barclays Vijay thank you. The next morning it's. Yeah. I guess helps you.