What Is REALLY Happening With Your Credit? - OTE Podcast with John Mackey

Today, We’re talking to John Mackey, who is an expert on Credit Reset, Credit Education, FICO Scoring, and Debt Collection. We have a fascinating conversation about the things consumers often miss about understanding their credit, myths about the power of a ‘consumer credit score,’ and other serious financial issues going on in the United States   4:00 - What does FICO mean? How does it affect me?   9:25 - What is wrong with America’s dependance on Credit Karma? In so many situations, most consumers think that their Credit Karma score will help them buy a car or a house. Unfortunately, the truth is that Credit Karma just provides a ‘consumer score’ which basically rates your ability to get another credit card. These credit scores have nothing to do with other, much larger loans.    14:50 - Did you know there are 43 Credit Bureaus? There’s even one for Medical Debt. Why are they collecting this information? How are they profiting off of it?   24:00 - Hove you ever heard the advice to just ignore the Debt Collector? We discuss why this is terrible advice, and what exactly is going on behind the scenes regarding your money, your debt, and your financial reputation. Scott discusses a story with debt collectors that he is dealing with as we speak!    36:30 - What are the major components that go into crafting a good credit score?    45:30 - Why do credit pulls have such an impact on your credit score? What’s the difference between a hard pull and a soft pull?  55:10 - Why does your credit score go down when you pay it off early   58:00 - How do poor people get ahead in todays banking climate? Is all hope lost or is there some kind of solution to make what money you DO have grow?   1:06:00 - There seem to be two thoughts on how to live live, either save up and live poor your whole life, or live well and hope for the best. Do you think one is better than the other? Which makes more sense when considering the world of credit?   1:18:00 - Do you think education in the credit world is up to par with what it needs to be? What can we do to shift the mentality of Americans when it comes to debt and credit? It seems that there is a generational gap between those that save and the current consumers.    ------------ Quickly- I'm Scott Groves - Husband, Father, Loan Officer, Coach, Author, Podcaster, and Recent Blue Belt in Brazilian Jiu-Jitsu.   This podcast is paid for and brought to you by.... by me, Scott Groves :-)    Because I think these kind of long form conversations are valuable, I pay for 100% of the production of this show out of my pocket.  This channel is FAR from monetization and because of the subject matter, may never be monetized.   I am a Mortgage Loan Officer & Loan Officer Coach in real life. It's the money that I earn, from helping home-buyers and home-owners obtain home-loans, that pays for this show. If you, your friends, or your family are looking for a home loan from an honest Loan Officer, please contact me at [email protected]   I can do the loan for you (our team is licensed in 8 states) - OR - I can refer you to an amazing loan officer in the state where you're searching. ON WITH THE SHOW!!!  New Full Episodes are released every THURSDAY at 10:00am and clips are released frequently throughout the week. SO MAKE SURE YOU SUBSCRIBE!!!   -------------  Thank you for checking out the Podcast. We're building our community AS WE SPEAK and would love it if you checked us out in one of our communities:  On The Edge Podcast Community & Facebook Group on Facebook: https://www.facebook.com/groups/ontheedgepodcast/On The Edge Podcast Page on Facebook: https://www.facebook.com/MeetScottGrovesOn The Edge Podcast on Locals: https://reddotbluestate.locals.com/