Joshua Rico || Secrets to Powerful Credit Repair Program

David Pere: Ahem. What's up military millionaires? I'm your host Dave Paray and today we have Joshua Rico on the show and we are going to be talking all things credit from repair to business credit to just setting yourself up for success. So Josh was a United States Marine and now he is Really just I think the phrase entrepreneur as buzzy and buzz wordy as that is fitting. He owns section 8 rentals He does credit repair. He does business credit. He has dabbled in a myriad of different things And we got linked up on Instagram and we're going to be chatting about just a whole bunch of different stuff revolving around the credit industry because it's really important. And he's just really passionate about helping with all that stuff. And so we're going to just jump right in because I didn't feel like doing any sponsorships or anything on this episode and we're just going to do

Joshua Rico: That's

David Pere: exactly

Joshua Rico: it.

David Pere: that. So Josh, welcome buddy.

Joshua Rico: Thank you, I appreciate it. I like to keep it raw, straight to the point, you know, Marine Corps style, like,

David Pere: Hehehehe

Joshua Rico: speaking crayon style, you know what I mean? Hey, let's go straight to the point, dumb it down, and let's get to it. I don't like the sugar poached it. Can we curse on here? Okay,

David Pere: Oh absolutely, yeah yeah, we marked it explicit.

Joshua Rico: good. I like to keep it real, you know?

David Pere: Yeah, have fun.

Joshua Rico: So yeah, basically, you know, when I was in the Marine Corps, you know, we were never taught anything about credit. Don't you agree, David?

David Pere: Oh yeah, no.

Joshua Rico: Still probably not. I don't know. I mean, I have a couple of friends who are still in. They're hitting the 20 year mark. But you know, I encourage them and I encourage anybody who's still active. Instead of these MCIs, I know these MCIs are good, right? But instead of these MCIs, teach them about financial literacy. Teach them about credit. Because I strongly believe that it's the foundation of financial literacy. You know that, life insurance, real estate, of course, right? To build your wealth and generational wealth to pass down to your kids, right? So, funny story, back in 2009, I was a victim of identity theft while serving in Iraq. I was in Salsanjar with Third LAR. Right?

David Pere: He-he.

Joshua Rico: I was in South Sinjar, the third of the yard in Iraq and I was a victim of identity theft. One of my own family members, blood family members took 6k out of my bank account without my knowledge. Plummeting my score to the 500s. Obviously, I couldn't deal with this shit because I was deployed. All right. So I didn't pay it on mine. When I got back from the pump, I was trying to apply for, you know, cars, apartments, and I got denied for the apartment. I got denied for a car. And when I did get approved, it was 17, almost 18% APR. And those, if you have that right now, Maria's Day or anybody who's watching, if you have that right now, you need to come see me because that ain't it, right?

David Pere: Yeah.

Joshua Rico: You need to have a lower percentage, lower percentage APR. But anyways, I thought that was good. I didn't know anything, right? Look, I hate feeling dumb. I mean, Marine Corps, the Marines get a stigma of being dumb anyways, right? But I didn't want to be more dumb, if that makes sense. So I started diving deep into the credit world in 2009, right? Over the years. So over the course of 10 years, I got out the Marine Corps over the course of 10 years, I started studying about credit. You know, I paid mentors $50,000 plus and still invest until this day in my knowledge, right? But like I've now have 800 FICO scores over 250,000 in both business and personal credit and counting. And I leverage that to purchase Section 8 rental properties now. All right. Now I have a business as well, right? That cash flows monthly, right? But my end game is, you know, financial literacy, one, teaching my kids. And then two, putting something into something that's guaranteed because Section 8 is guaranteed. The government is going to pay you whether it's up economy or down economy. Right. A lot of stigma goes around Section 8. People don't like Section 8 because of the tenants or. Problems that it has, you just got to properly screen it. If the numbers work, low turnover cost, it's a good model. You can scale, et cetera. And it's real estate. You're growing your net worth and you're growing your cashflow at the same time. So multiple exit strategies. But that's the gist of most of how it started. There's a little in between that I missed, but that's what we do now.

David Pere: Yeah, I like it. And you know, my first, uh, my first duplex, uh, the tenant on the other side was section eight and they were, you know, I had them, I think they were in the house for, Oh man, two and a half years probably before they moved out. And. You know, I maybe had one or two small issues with them, but I mean, it was like, when I say small issues, it was like,

Joshua Rico: Yeah.

David Pere: Hey, can you take the TARP? off of the porch because it looks stupid, you

Joshua Rico: Yeah.

David Pere: know, type like just like kind of nuisance stuff. It wasn't like they were bad with rent or destroy the property or anything. They were good with pretty much everything. It was just like kind of just, you know, hey, general like upkeep kind of cleanliness type stuff

Joshua Rico: Come.

David Pere: that you kind of, yes, typical tenant like, hey, mow the yard, you know, crap. Which If I hadn't lived in the house, I would have never known about. And I'm sure all my other tenants are the exact same way. I just don't know. Cause I don't live in the house and they moved out and they were great. Now we didn't go back to section eight just cause we had some really good other tenants come in and they were paying a little bit more rent, but I've never been opposed like I I'll buy section eight properties. I will, you know, uh, there's a great market for them in a lot of, there's just not a lot of. There's not as many Section 8 properties in my current market as there are in some markets.

Joshua Rico: I'm in Cleveland, Ohio. There's a ton.

David Pere: Yeah.

Joshua Rico: That Detroit, et cetera. Now I don't invest in war zones. I invest in, you know, but I wanna tell you a story too, how I was able to obtain this Section 8 property. David, I bought this Section 8 property with business credit cards only. That's the story that everybody likes. So I put it on my YouTube. I could mark it here, right? Guys,

David Pere: Yeah.

Joshua Rico: go

David Pere: Guys

Joshua Rico: follow

David Pere: go

Joshua Rico: my

David Pere: follow

Joshua Rico: YouTube

David Pere: my YouTube

Joshua Rico: channel,

David Pere: channel.

Joshua Rico: Joshua Rico. I give all credit tips, business credit, and actually walk through the property. I mean, I bought this property over the internet. I didn't have to go fly over there being an out of state investor, but I wanted to shoot content. I flew on the plane for free using points and credit cards, hotel for free using points and credit cards, and basically I leveraged credit to live a free. Lifestyle marketing lifestyle, but invest into castle and assets and the way I did this is Astonishing so basically, you know, I had I had the purchase price purchase price of the property was 75k current key It was turnkey. I do not spend more than 5k on a property For you know, cosmetic lipstick cosmetics, right for fix-ups If not, I move on but it was turnkey 75k out the door That was my first property. I was dealing with Kiavi. And we were set to close two weeks out. They said, we can't fund the deal. Cause I put a 25, it was 20% down about 16K closing calls. It came out to like 20, 22K, 23K out of my pocket. And you know, there's, we were set to close with Kiavi. They're gonna fund the no doc loan for like the low doc loan for like 50K, which is unheard of now. Nobody's really doing 50k if you are let me know if you get a lender. Let me know because I need that but um They were gonna loan 50k at the closing table and two weeks out before closing date They said we cannot fund the deal you have no experience blah blah. We don't make money on the deal, etc So like wow, what the fuck am I gonna do? So I started thinking wait a minute. I'm the credit guy, right? So I have these credit cards. I already have 23k in the deal. I'll run it up to 25. I need 50 more thousand dollars as your percent APR. So I had 50 thousand dollars. I liquidated this credit card. These credit cards liquidated them and I paid 75k cash at the closing table. So I bought it cash. But as a real estate investor, you don't want to buy things cash and out right? Right. You want to leverage. So I went back to Lima one, right? Lima one capital, right? And basically what I said was this, look, you guys fund deals if you're experienced, right? So of course I had the HUD, I had the title, I had the DS. All right, so does this count as experience? It says it sure does. So I said, okay, I wanna put a loan on it now. So I did a delayed

David Pere: Hehehehe

Joshua Rico: fine in your place. So they paid me $52,000 at the closing table. I paid off my credit cards. So technically I still went in with only 23K. By the way, that property is rented for 1200 a month. So over section eight, fully 100% section

David Pere: section

Joshua Rico: eight,

David Pere: 8.

Joshua Rico: fully screened. So that's over 20% cash on cash return per month. using business credit cards.

David Pere: Yeah, that's pretty solid.

Joshua Rico: Now you can rinse and repeat. But

David Pere: So

Joshua Rico: I wanted

David Pere: ha-

Joshua Rico: to talk about like the criteria. What it like because a lot of I mean, I don't know if Marines are watching this or anybody like that, but you need to know what to do to get those funds those credit card funds because not all the time the banks or the hard money lender is gonna fund you but what we're about to say, sorry to cut you off.

David Pere: I was going to ask, you said you liquidated the credit card to cut a check cash for the 50K. How did you manage, you can't just swipe a credit card at the title company.

Joshua Rico: No, you can't,

David Pere: So

Joshua Rico: you can't.

David Pere: I know there's some websites and there's some tricks. I'm curious how you managed to,

Joshua Rico: Yes, I'm gonna go

David Pere: right?

Joshua Rico: through that.

David Pere: That's a piece a lot of people don't understand.

Joshua Rico: Yes, I'm a walk through that. So I

David Pere: Perfect.

Joshua Rico: actually a payroll guy, right guys payroll. When you have an escort will by law if you have an escort, you have to pay yourself, right? You have to report that right? So you have to have payroll by law. Even if you have an LLC, you have to make it look like you are paying yourself with W2, etc. Right now my payroll guy. We create legal pay stubs one for bank statements. It saves on taxes and You can liquidate your credit cards with my payroll guide. And for those of you who don't know, look up Plastiq.com, P-L-A-S-T-I-Q.com. Now they do charge anywhere from two to 3% of the swipe. So you need to kind of offset that. That's the only way, you know. Other merchants do it too. Back in the day it was PayPal, Stripe, et cetera, but you wanna stay away from those because they will shut you down. So

David Pere: Mm.

Joshua Rico: go through Plastiq.com. and you can liquidate that. If you guys are interested, just text me payroll and then I can set you up with my guide too. We're beating a lot of people from Paychex who come from Paychex and other payrolls. Anyways, but so I liquidated it through the payroll system and Plastiq.com. With that plastic comm you get the funds to you in that you know in your checking account your business checking account by the way I bought it under my LLC to I don't buy it under my name I buy it under my LLC and if you

David Pere: Yeah,

Joshua Rico: do

David Pere: same.

Joshua Rico: buy it under name you can do a quick deed transfer quick claim that deed transfer to your LLC, but um You know for protection, but that's what I did. I liquidated I got it the funds in my business checking account and then wired it to escrow Does that make more make a little more sense?

David Pere: Yep, easy enough. I like

Joshua Rico: Look

David Pere: it.

Joshua Rico: up Plastic.com guys, look up Plastic.com, that's who we partner with. But you can do it yourself, go to Plastic.com and set up the liquidation yourself and you can call them too.

David Pere: Beautiful.

Joshua Rico: So if you have business credit cards, especially at 0% APR, liquidate those to put down payments on your properties or even outright, right? So rinse and repeat. And you can do this with multiple LLCs. So that's why

David Pere: I love

Joshua Rico: it's

David Pere: it.

Joshua Rico: good to do that. But people don't understand there's requirements that you need to have before getting to the funding. It all starts with personal credit. I'm gonna pre-set to the day I die. If you don't have good personal credit, You're not going to be able to leverage. I mean, correct me if I'm wrong, David. Like when you had to buy your properties, they check credit, do they not?

David Pere: Well, on a good chunk of them,

Joshua Rico: Yeah.

David Pere: depends on how you buy them, right? You start getting into the crazy commercial

Joshua Rico: Your finance.

David Pere: and seller finance world. You don't have to play that game, but for most of them, yes.

Joshua Rico: for starting out, yes, for beginners.

David Pere: Oh yeah, yeah. Yeah, yeah, yeah.

Joshua Rico: Definitely, I like seller finance, so I'm just getting into that too. So that's when it gets no cash or credit. That's good, but no.

David Pere: I've definitely bought my share of odd ones where there's you know, it's beautiful. There's no bank. There's no credit There's no cash out of pocket. Yeah, it's kind of magical but that is not a easy or

Joshua Rico: you.

David Pere: Normal transaction. No the

Joshua Rico: Definitely

David Pere: vast majority

Joshua Rico: not.

David Pere: need

Joshua Rico: Majority

David Pere: credit

Joshua Rico: of people, they need to have a good foundation of personal credit. And then income too, income and taxes, they come into play too. So once you have, I mean the three C's, cash flow, collateral, and, Jesus, cash flow, collateral, and credit. I'm a credit guy. I don't know. Yeah.

David Pere: I was like, wait a minute, I feel like it's credit, but I don't want to say that because I feel like you would say that already. Yeah,

Joshua Rico: Yeah,

David Pere: yeah, no,

Joshua Rico: I freaking

David Pere: I

Joshua Rico: had a branch

David Pere: got

Joshua Rico: right

David Pere: you.

Joshua Rico: there. Damn. But yeah, so I want to go over the requirements of what your credit report should look like. It could be on credit karma, but I like to check FICO the most. If you guys don't know where to check your credit, I can send you DM with that. But with credit monitoring, it's important to have credit monitoring because you got to track what you measure. You got to know what's going on in your credit. Like I said, I was a victim of identity theft. Had I had this credit monitoring service before, I would have been protected. liability wise etc. You know no hard feelings to that person right but they don't understand better like nobody understands credit like that but you know so what it looks like to have I'm gonna show you what it looks like to get $50,000 anywhere from 50k to 250k and more at a 0% APR whether it's personal credit and or business all right so if you pull up your credit karma I just use credit karma for you know instructional purposes, even though the stigma on credit karma, let's set this straight. Everybody says, oh, it's not your real score. They could be right. It's just, it's, they're right and they're wrong. It's your real score. It's just a different scoring algorithm. They run off of Vantus 3.0, right? Their credit karma scoring. It's a different scoring algorithm. The fact that people don't know is that bankers, loan officers, they use FICO, FICO based, mostly FICO 8. So what I'm saying is this, your FICO needs to be stacked up right. But let's go for Credit Karma for instructional purposes. You're gonna go to your Credit Karma, let's click on Trends Union or Equifax, one of those. And you'll scroll down to where it says credit factors. There should be six of them. And basically you want all those to read green. And this is what it should look like. The top is 100%, should read 100%. If it's less than 100%, if it's 99, that's good for MCIs

David Pere: Close the eyes

Joshua Rico: in college,

David Pere: and college.

Joshua Rico: but it's not good for credit, which means you have a late payment on there. Okay. This is 35% of your score. Okay. If you're late one time, your score drops anywhere from 50 to 180 points. So put that bitch on auto pay. All right. And pay three to five times before the statement date. There's different dates, statement date and due date we're going to talk about next. Alright, but always pay before the statement date. You're going to set yourself up for success. Right, so it's your read 100%. Now, credit repair wise, I do own a credit repair company, right? Full disclosure, full transparency. However, late payments are the hardest to remove and reverse in the credit repair world. Alright, I'm going to give you guys an actual... a law that we use in our credit per service so you can do it yourself. Right. This is free information. I'm not holding back. Nothing. This is for my military members. I'm going to give all this sauce for free. So if you Google, go to Google and type 15 USC one six Bravo and press enter. You'll see the law that we use for late payments. That's just one of the laws that we use for late payments. It's a billing error. Technically

David Pere: technically

Joshua Rico: it's saying

David Pere: it's a...

Joshua Rico: that you can't be late for any purpose on an open end credit card plan and they must send in You know 21 days before this statement date. They must send you a letter saying that here's your bill, etc Must send a certified to it. They not if they have not done so that's a violation of your consumer rights, by the way guys look Especially if your veterans are active duty, even if you're not you're still a consumer in America. You're protected by laws laws that Congress had into place. Obama,

David Pere: Obama,

Joshua Rico: put

David Pere: right,

Joshua Rico: into

David Pere: put into

Joshua Rico: an

David Pere: orbit.

Joshua Rico: 08, when we had that financial crisis and the real estate crisis, he created something

David Pere: created something where it's called

Joshua Rico: called the CFPB,

David Pere: the CFP.

Joshua Rico: the Consumer Financial Protection Bureau. And it's for us,

David Pere: for

Joshua Rico: apparently, supposedly.

David Pere: us. Man, that's a cool thing. Hey, hey, hey.

Joshua Rico: So, leverage that to use that as your advantage.

David Pere: So

Joshua Rico: Late payments

David Pere: late payments.

Joshua Rico: do not get them. If you have a late payment, here's an exception to where you can get funded. If it's a late

David Pere: It's

Joshua Rico: payment.

David Pere: a late

Joshua Rico: Now,

David Pere: payment now.

Joshua Rico: late payments

David Pere: Late

Joshua Rico: stay

David Pere: payment's

Joshua Rico: on your

David Pere: beyond.

Joshua Rico: report up to seven years, but we don't wanna wait seven years. Now they do cost less, like way less. If it's one late payment and it's been over two years, I've seen, I've funded someone $100,000 before on the business side with having one late payment on the personal. By the way, I know I get off track a lot, but. Everybody's asking about business credit, how to get funded from business credit. Look, guys, you cannot get funded EIN only on the business side. This your business side, unless you're doing two million to three million revenue and your paydex score and business credits is built out. All these other gurus, I'm anti-guru, I hate gurus. All right. All these other gurus are selling the stuff online. Hey, get funded business side. If your personal credit is trashed, don't fall for the trap. There's something called PG, personal guarantor on the business side. Okay, when you're getting funded for on the business side, they do what is called PG, personal guarantor, PG. They want to see your personal credit first. Because if you default on that business side, it's gonna,

David Pere: Good

Joshua Rico: you're

David Pere: night.

Joshua Rico: gonna be the personal guarantor, right? Using your social security, et cetera. So don't get tripped up on what people are selling on this. Hey, get funded, you can have bank credit. Don't listen to them. You have to have good personal credit first. Get funded, build it, right? If you need to go through credit repair, go through credit repair. If you need to build it, build it correctly with certain banks

David Pere: certain

Joshua Rico: and

David Pere: events.

Joshua Rico: credit unions, local community banks, et cetera. Build the banking relationship, and we'll talk about that later, but build the banking relationship, create the data points, get funding on the personal side. Why get funding on the personal side? Because on the business side, I know it doesn't report to the personal credit report unless it's defaulted, but. They lend up to five times the amount on your personal latest credit card. So if you have a 25K limit on your personal side, which I do multiple cards, that looks good on the business side. Hey, we can lend up. He can handle 25K on the personal. Let's give him more. Right. We're getting at we're getting clients average 50K, 100K on one credit card on one product. Why? Because their personal is structured right. All right. So I just want to put

David Pere: I

Joshua Rico: that on the side.

David Pere: just

Joshua Rico: So.

David Pere: want

Joshua Rico: 100%

David Pere: to

Joshua Rico: payment history.

David Pere: put

Joshua Rico: Okay, we got that

David Pere: that on the

Joshua Rico: next

David Pere: side. So 100% payment

Joshua Rico: is

David Pere: history, okay? Next. I've been, if you've noticed, I've been looking off to the side. While you were chatting, I got it all up. I created a Karma account. I'm a 99, so now I'm, mm. Yeah. Okay.

Joshua Rico: Yeah,

David Pere: Mm-mm.

Joshua Rico: okay,

David Pere: We'll

Joshua Rico: and we'll talk about that later. Okay,

David Pere: talk about

Joshua Rico: so

David Pere: that

Joshua Rico: next

David Pere: later. Yep.

Joshua Rico: this

David Pere: Okay, so. I know which one I missed too, and I know why. So.

Joshua Rico: We can talk, I can give you real data and procedure on how to attack that too.

David Pere: Yeah. So it for since we're just being I'm all about transparency on the podcast. It happened. It is up. I'll even pull the fucking culprit out. It

Joshua Rico: Yeah.

David Pere: is. Oh, actually, the card sitting over there.

Joshua Rico: What bank?

David Pere: It is

Joshua Rico: What

David Pere: my

Joshua Rico: auto?

David Pere: it was no, it was my it was my United or my Barclays

Joshua Rico: Barclays.

David Pere: card for American Airlines, which I never use. And I used it apparently. I had one payment go out

Joshua Rico: Mm-hmm.

David Pere: and I think I was like $1 short on paying it off. And it was like right when I got out of the Marine Corps, it was like that month. And so the statement went to my Oceanside address as I moved back to Springfield.

Joshua Rico: Check this out. Oh, I'm going to drop some bars. So when we fix credit, right? When I fix credit for my clients, the first and foremost step is this. Pull up your credit reports. You have to have credit monitoring. And I can drop a link below for credit monitoring for our viewers to have to get access to all those three reports. And they're covered with liability insurance, too, for my identity theft. But anyways, pull up all your three reports. The first thing we have to look at is your personal information. It should be one name. It should be all congruent between TransUnion, Equifax, Experian, and there's a new one, David. I'm about to drop on you guys. InnoVis. Okay. Fun fact, when I was disputing something off of Navy Federal for my own accounts, right? Because they deleted some things on my own accounts. I asked, hey, you guys are not, you guys are not reporting to the three, but what's going on? He said, actually sir, we do report to the four. I said, the four? Who's the fourth? said yes sir experience trans union echo facts and innovist guys um nobody is teaching you this a lot right so there's multiple credit reporting agencies they're not bureaus by the way guys they are not bureaus people think they're bureaus they're not i don't mean be racial anything like that but when you call in who you're answering you come hello how are you doing right all right

David Pere: Yep.

Joshua Rico: i'm just being real right they're for-profit companies okay Okay, um, and you can't say that out. I know there's some snowflakes out there some pussies

David Pere: Oh

Joshua Rico: and

David Pere: no

Joshua Rico: Yeah,

David Pere: no, it's whatever. Unless you want me to pull it out, I don't

Joshua Rico: all

David Pere: care.

Joshua Rico: right, okay cool No, I mean we're back in my day when we were serving we were you know, we were all about that I don't know but now you got

David Pere: No,

Joshua Rico: it You know

David Pere: it's whatever. It is what it is, you know? We outsource call centers.

Joshua Rico: Now, exactly. We also as call centers. I mean, we do it too. I mean, but the thing is this.

David Pere: I've got more virtual assistants than I do in-person employees, so

Joshua Rico: Me

David Pere: whatever.

Joshua Rico: too. And I train them, stab them, and they're phenomenal. But what I'm saying is this, the point of my thing is this, they're for-profit companies. They're not bureaus. The only bureau there is CFPB, the Consumer Financial Protection Bureau. So these are for-profit companies, which means you can sue them for wrongful damages, which by the way, David, disclaimer, I'm not a lawyer or CPA, but I've successfully consulted a client to sue Equifax, Esprit, and TransUnion when they were at fault. violating his consumer rights but that's a sidebar so you can challenge this back to what I was saying I get I get off in a tanger I go I get passionate about this girl for real

David Pere: I mean, I distracted you, so...

Joshua Rico: no worries so we want to have everything congruent on the personal side it should be one name on your report no aliases and anything whatsoever on your birth certificate and driver's license should be that nothing else and if you pull up your experience reports you're gonna see that there's a bunch of misspelled names Wrong names could be one of two things. Identity theft or fraud, or who gave them permission to report that anyways, you have the wrong name, inaccurate. There's four things that are gonna get deleted off your report. Obviously, identity theft, right? That's a whole different thing. I've been through it. I know exactly what it feels like. Inaccurate, unfair, unverifiable. Those are the things. So if you know how, if you... Pay attention to what I just said, if it's unverifiable, if they can't prove it, they must remove it. If it's inaccurate, you know, they have to remove it. Within this 30 days time span, so what I'm saying, you have to have one name, one address, no employers. Why no employers? Because if you're sending a collection agency or a late charge or a charge off dispute letters, people are not reading these letters. They're a multi-billion dollar company. They get 300,000 letters a day, right? So they're putting into this system called e-Oscar. It's an AI, they've been

David Pere: AI,

Joshua Rico: doing

David Pere: if they've

Joshua Rico: AI

David Pere: been doing

Joshua Rico: way

David Pere: AI way

Joshua Rico: before

David Pere: better.

Joshua Rico: we've been doing AI. They put these letters, they don't even read it. It just spits out whatever. It's a verified, updated or deleted. The reason why you guys are getting dispute letters that is verified is because you're not cleaning your personal information up first. And these collection agencies, they're violating your Fair Debt Collected Practices Act, FDCPA laws, consumer rights. because they backdoor you and go to your friends and family. That's a violation of the law. Your employers, your friends, your family, your associates, your spouse. And they say, hey, is

David Pere: Hey, it's

Joshua Rico: David

David Pere: a,

Joshua Rico: there?

David Pere: he

Joshua Rico: He

David Pere: was there,

Joshua Rico: owes

David Pere: he

Joshua Rico: the

David Pere: was

Joshua Rico: debt.

David Pere: holding

Joshua Rico: That's

David Pere: that.

Joshua Rico: a violation of the law without my consent. All right, there's a lot of law. Like I said, again, I'm not a lawyer, just claiming I'm not a lawyer, but I read the laws. And that's what we use in our letters, right? But anyways, you want to have one name, one address. It's kind of hard to delete all the addresses, but you said you live somewhere else. So

David Pere: So.

Joshua Rico: I would I would get on a call. Hey, where do you send that? We send that late payment letter to because I never got it. Oh, did you send it certified? I never got it. Well, you send it to that address. I lived over here. So therefore that's inaccurate. boom and you have the you know Sam

David Pere: Hmm. Yep.

Joshua Rico: also with the late payments um you can also email the CEO guys I'll give you a website too but go to LinkedIn go to Twitter go to Instagram go to Facebook they do not go to BBB go to Attorney General right they do not like public not slander but negative reviews right All right. So that's we can talk more in depth that I can give you some more sauce on that. But look up that log in guys 15 USC 1666 B as a Bravo use that law read it out loud and go from there. There's another one 15 USC 1681 A to I and you can read that as well too for late payments. The late payments are legal. This should not be on there. I mean I can go down this deep rabbit hole. I mean who gave them permission to even report. Where did credit reports come from who gives them permission to? Furnish my information without my consent or written consent. That's a

David Pere: Mm.

Joshua Rico: deep rabbit hole that I want to go down here We don't have enough time for that, but let's go over the next

David Pere: over

Joshua Rico: tier,

David Pere: the next.

Joshua Rico: which is very important this David I've with this hack alone. I've gotten people into mortgages over here in Temecula and Menafee Alright in California high

David Pere: Alright.

Joshua Rico: Home value prices right guys Let me ask you David credit card utilization. What do you think that? You need to be under.

David Pere: My understanding is that 50% is magic number, but I've also heard 30. The funny thing is that people always think like the best thing to do is to shrink your credit card limit. And I'm like, dude, no, like if you can increase your limit and just not spend the money, your utilization goes down. The funny thing is my, that's actually my, my one of my only reds, but that's because I just took a crap load out of my credit cards to flip a house, so...

Joshua Rico: I'm gonna give you a bar, okay? Look, whoever told you 50%, I wanna slap them.

David Pere: Okay.

Joshua Rico: Okay, I'm just being real, I'm just being real.

David Pere: Hey, I'm learning. Okay.

Joshua Rico: 30% is mediocre, okay?

David Pere: Gotcha.

Joshua Rico: I'm gonna give you the real one you wanna stay under. It's under 10%, ideally 6%.

David Pere: Mm.

Joshua Rico: If you ever go on Experian, the app, it'll have a legend of your total credit limit It'll say 30% right here and I'll say 6% right here. The low, okay, guys, you're viewing. Everything in this section is 30% of your score, by the way. So if you have no data, no credit cards, you're actually hurting yourself. It's like taking 100 question SAT test. That's multiple choice and not even attempting to answer 30 of the questions. You're shooting yourself in the foot. So whoever told you not to have credit cards, The Dave Ramsey's out there, right? They don't know what they're talking about. You need

David Pere: Yeah.

Joshua Rico: credit cards, at least five to be honest with you. But anyways, you wanna stay under 6%. Max 10%. I mean, the worst case scenario, 30%. Anything over 30%, it ain't it, okay? Elite level is 1% for funding purposes to hack the system. Okay, 1% to 2%.

David Pere: At least mine's gonna get paid off in about 35 days when my house

Joshua Rico: That's

David Pere: sells.

Joshua Rico: good. That's good. Now we want us to we want to

David Pere: Cause

Joshua Rico: we want

David Pere: you don't

Joshua Rico: to

David Pere: want to know where mine's at right now.

Joshua Rico: What my full disclaimer

David Pere: Yeah.

Joshua Rico: might in the same way. I'm at 74% right now

David Pere: Oh, that makes me feel better. I'm at 75.

Joshua Rico: Okay, I'm at 74% right now guys. All right, all right,

David Pere: Yeah,

Joshua Rico: but it's gonna get paid off next month.

David Pere: yeah, I've got

Joshua Rico: Right?

David Pere: I've got I think three things, four things left on my punch list and I should be taking photos on Monday to list this house.

Joshua Rico: 70k I gotta pay off so but here's the thing though, right? If I don't do that often

David Pere: Yeah,

Joshua Rico: and you guys should

David Pere: same.

Joshua Rico: not do that often because you're gonna pay an interest and you want to Avoid those low payments, right? So unless you're not paying it over the next month, right or before the statement date You do not want to use your personal credit for unless you're making money back Don't use it on vacays. Don't use it on Gucci belts or You know stuff like that, right use it for an ROI that you know you're gonna get back. All right, and it's FDIC Insured. I always, I'm just gonna, I always, I live off of credit cards. I pay credit cards first. I use credit cards for everything. I do not use a debit card. I use a debit card to pay off the credit card because it's FDIC Insured. Anyways, 30% of your score is credit card utilization. Everything in this section is opposite. So the higher your percentage is, the lower your score is gonna be. But. The lower your percentages, the higher your score is gonna be. We tracking? So be under 6% guys. I guarantee you your score is gonna skyrocket. And with this hack alone, I got people into mortgages. So pay before the statement date. Okay, you can have 0% on these cards guys and to avoid interest, right? So pay before the statement date. There's statement date versus due date. The due date is when you get the bill in the mail saying, hey, you have to pay by this time. Paid on that time, set up auto pay for minimum payments, even though you're not gonna pay the minimum, you're gonna pay it off, right? Because what happens when you pay it off for multiple months? They give you automatic increases without hard pulls, right? They see that you're using the product, you're doing it responsibly, you're paying before the statement and you're paying it off quick. This guy can handle 5K, let's shoot him 10K. Let's raise the limits at 10K. Oh, this is already the limits of 25k 50k, etc. Now you have more money to play with as you grow But you got to be a financial literate and responsible. All right So that that's that now the next part is most of America's problem Which is the derogatory?

David Pere: Boom, nailed it.

Joshua Rico: Thank thank God Unfortunately 79% of consumers in America have something inaccurate Unverifiable unfair or that's not supposed to be there on their credit reports 79% of America the FTC conducted a study for you can look it up so I Mean honestly, that's why I'm in business because I'm helping people you know with their credit reports right because they have charge-offs bankruptcies evictions child support repossessions collections We handle all that on our clients behalf. And I have tons and tons of video and screenshot testimony of my clients. But here's the thing guys, if you have a derogatory remark, it needs to be erased. You cannot have any of those negative remarks on your credit report, right? If you do, you have to work with the lender, but for funding purposes, for funding and to get these access to this 50K, 250K, 500K, et cetera. You need to have those removed. There's no ifs, ands, or buts. Either do it yourself, learn to do it yourself, or hire an expert to do it for you. All right? So there's no debates on that. You have to have no derogatory remarks, okay? Now that we got that out the way, and if you do have any remarks, DM me or go to info.approverpair.com. Schedule a call with my team. and they're ready, vetted, they're trained and everything, they work for me, they're good to go. We'll onboard you and then we get that taken care of. Now, I do wanna say this, this disclaimer out there, there is no set time

David Pere: set

Joshua Rico: for

David Pere: time

Joshua Rico: credit

David Pere: for

Joshua Rico: repair

David Pere: credit.

Joshua Rico: or credit process. Anybody who's guaranteeing

David Pere: guaranteed.

Joshua Rico: you, one, we cannot guarantee results because this is against the FTC. But anyone who guarantees to wipe this off in a certain amount of time, it is illegal and it's a scam and they're doing something illegal. That's all I gotta say about that. Not here to bash anybody. I'm just here to tell you the truth. I'm not led you astray. So this could very well take six to

David Pere: six,

Joshua Rico: 12

David Pere: six

Joshua Rico: months,

David Pere: and twelve

Joshua Rico: maybe

David Pere: months,

Joshua Rico: more,

David Pere: maybe

Joshua Rico: maybe

David Pere: more,

Joshua Rico: less.

David Pere: maybe less.

Joshua Rico: I've gotten clients done in three hours before. I've got clients done in a week before. I've got clients done in three months. I've got clients who've been on for two years, but they were at the low 400s. Now they're at the 760s, right? Because of the fact that they had bankruptcy's child support, et cetera, on there. But now, you know, through progress and coaching and time, it's a gradual thing, right? It's not an overnight process. Some cases there's overnight process where there's inaccuracies and you can prove but just keep that in mind. But anyways next is your accounts. No average age history. Am I right David?

David Pere: Yep.

Joshua Rico: Average age history. Guys these are all the accounts you ever applied for and have open. That's why it's good to not close accounts. By the way guys have you ever had an auto loan and you paid it off in full and your credit score shoot down? It is because you just closed an AIDS trade line that had some season on it. It has some years on it. So this

David Pere: So

Joshua Rico: is the

David Pere: this

Joshua Rico: number

David Pere: is

Joshua Rico: I

David Pere: the

Joshua Rico: should

David Pere: number

Joshua Rico: read.

David Pere: it should

Joshua Rico: Right, read, drum

David Pere: read.

Joshua Rico: roll. At least

David Pere: At least...

Joshua Rico: you should have five years and up. Seven years

David Pere: seven

Joshua Rico: is ideal,

David Pere: years that

Joshua Rico: but

David Pere: I did.

Joshua Rico: here's the deal. Here's the deal. Oh, Rico, I hit all those, but one. Well, there's a hack to that. It's called authorized users piggybacking and trade lines. Now, there's a gray area with this that people like to have a back and forth with, but I say this, I go with trade lines, I go with authorized users. Why? Because if you call the banks and you're applying for a credit card or a credit product, they like to say, would you like to add any employees or authorized users on your card? If the banks wouldn't, you know what I'm saying? Have you ever applied, David, to where you said, oh, you're applying for this card. Would you like to add any authorized user on this card? Meaning your significant other, your friend, whatever. What does authorized users do, guys? It does one of two things. Let's say,

David Pere: to save

Joshua Rico: David.

David Pere: a 75%

Joshua Rico: You know, you're at

David Pere: of

Joshua Rico: a 75%

David Pere: the population.

Joshua Rico: utilization. What if you were able

David Pere: We'll

Joshua Rico: to

David Pere: see

Joshua Rico: add

David Pere: you next

Joshua Rico: $50,000,

David Pere: time.

Joshua Rico: I have a $50,000 credit card on my personal. Be like, hey, Navy Federal, I'd like to add David Peer as an authorized user. Sure, just give me his date of birth, social security address, name. Boom, the next 45 days, my data from that card is now added onto your

David Pere: you

Joshua Rico: data.

David Pere: direct that.

Joshua Rico: So now

David Pere: So

Joshua Rico: instead

David Pere: now

Joshua Rico: of

David Pere: instead of

Joshua Rico: the

David Pere: them...

Joshua Rico: credit limit you have, you have extra

David Pere: Extra.

Joshua Rico: limits. What does that do

David Pere: What did

Joshua Rico: to

David Pere: that

Joshua Rico: your

David Pere: do to

Joshua Rico: score?

David Pere: you?

Joshua Rico: What does that do to your utilization? It shoots down and your score

David Pere: Yep.

Joshua Rico: shoots up. Boom.

David Pere: Hmm.

Joshua Rico: Okay. So first thing, reach

David Pere: So

Joshua Rico: out

David Pere: interestingly

Joshua Rico: to your senior.

David Pere: enough, if

Joshua Rico: Yeah.

David Pere: I have a, say I had like a personal loan or I just took out a loan on like a Ducati per se that I bought a week ago or

Joshua Rico: Mm-hmm.

David Pere: two weeks ago, and that would drag my average age of credit down, if I pay that off, then I'd be back up. kind of works in reverse too on something like that where it's not a credit line.

Joshua Rico: And. Well, it goes it goes hand in hand. One, you want data points to build. So I recommend anywhere from eight to 12 months having that payment on there. Right. Because my McLaren, I bought my McLaren zero down through maybe federal. Right. 153K

David Pere: Beautiful.

Joshua Rico: loan.

David Pere: Yeah.

Joshua Rico: Exactly. I have great credit. I'm the credit guy. Right. So McLaren zero down, which I now put on Turo for 900 a day. Right. So it's an asset now. but also I have my YouTube logo on there, so I'm gaining business. But anyways, the thing is this. It's 150k, a 53k loan. It's reporting for almost a year. That's a data point. Now I could trade that in or sell it off. I clear that cashflow up. And then also now I have comparables. Yes, it might shoot down for a little bit. It'll grow over time, but the average age does, does trip up sometimes. Right. But the thing is too. is this you can combat that with the with the trade line. So what if that card I had on there was 45 years old just you know, you do have grandmas out here that have 45 year old trade lines, by the way that opened a car 1975, right? Imagine putting a 45 year old trade line is going to offset that you're going to have over 10 years that boosts your age and your limit, which in turn boosts your score. Does that make sense? So it's going to boost

David Pere: Absolutely.

Joshua Rico: your age guys. and it's gonna boost your score. Things to look out for though, if that card has a late payment on it, now you have a late payment, which is a no-go. That card must be at least two years of age, at least two. All right? So that's a little bit of data points. But back to what I'm saying, you're building data points, right? So however much that Ducati was, let's say it's the way Navy Federal works, right? Let's say this 153k loan that I have from my McLaren, right? Navy Federal. I've got this from you know car companies. You wanted to have at least report 8 to 12 months. Anything past that is good right? Why? You're showing them that you can handle it for a year or payments right? You're showing you can handle 28 hundred dollar payments a month right? The thing is when you sell it now you have a good standing with that company. Now Navy Federal likes to double sometimes. The limits you work in tears in the car industry first car was 30k. Next is 60 next is you know 120 whatever Now I can go for a $300,000 car where it was a Lamborghini Rolls Royce whatever right? So you're building your data points on your personal side. That's why I said your personal credit is good Let's see if you want to go to a bank for a loan. Hey, can you handle a hundred fifty thousand dollar loan check my credit, sir? He's handled this for a year straight. He can handle the payments and the interest rate approved for 300 K What am I gonna do with that 300 K properties and seller finance, baby? You know I'm saying like that's a lot 300 K is a lot for seller financing, right? If you know, you know what you're doing So it's all about comparables and building data points guys. Don't worry about the score I have to say this don't worry about the score just because you have a 760 does not mean you're gonna get approved for shit It's about the data points and the credit profile. How thick is your profile? How thick is your comparables? Right? You can have one credit card that you've been paying for a year and it's a 760. But when I had a client do that, he'd go for a car denied. You're trying to get a $50, $60 on the car when you have no comparables before. You need to start off. You know what I'm saying? Or a vehicle, whatever. So that's

David Pere: That's

Joshua Rico: five

David Pere: it.

Joshua Rico: years of age. So five years age

David Pere: years

Joshua Rico: is

David Pere: of

Joshua Rico: minimum.

David Pere: age is minimal.

Joshua Rico: I've seen people

David Pere: I've seen

Joshua Rico: get funded

David Pere: people get

Joshua Rico: with

David Pere: f-

Joshua Rico: two years. Just know experience trumps

David Pere: curious.

Joshua Rico: all right so the longer the age and longevity you have the better right you'll get approved for because lenders are seeing this he has enough experience for years and you can combat that with trade lines now if you don't have a family or friend or trusted military member that you know that you can help you out it has good data points on a trade line you can purchase trade lines from a company but be careful most are skamish just being real with you all right So reach out to a family and friend first or a grandma and just explain to them look I'm not having the car. I'm not being in possession of your card. I just want the data points on it It's going to help piggyback and boost my score when you get the card in the mail grandma cut it up That's it And make sure they stay below six percent or nine percent too because whatever they use is going to go on your report too All right, so five years and up seven years and up is ideal. Next is accounts You should have 11 plus accounts. Good.

David Pere: 21.

Joshua Rico: Plus open accounts, okay? Open in their total, but I recommend open. Why? And then these accounts too, it has to be a blend of credit because 10% of your score is a blend of mixture credits. Right? You can't just have all revolving debt and all credit cards. You can't just have all auto loans or all mortgage. You need to have a blend of those. So do you have credit cards? Do you have auto loans? Do you have personal expense loans? Do you have mortgages? Do you have student loans, et cetera, right? Loans and installment loans are great. They weigh a lot. And if you're a part of maybe federal, YouTube or Google the pledge loan. If you're building up your credit from scratch, too, if you have no credit, you're 18 years old, right? You have no credit. Look up the pledge loan strategy. And I guarantee you that's one of the best ways to build credit. If you have no installment loans. Right. Basically, what the pledge loan is this, this is for someone who has no credit. At all and they're building their 18 years old from scratch By the way, um, see I got sidetracked the 18 years old thing if you have children My parent I have three children my husband and a father right if you have children

David Pere: Children

Joshua Rico: guys

David Pere: guys.

Joshua Rico: Start putting your children as authorized users so you can build their generational wealth for further future by the time my two-year-old daughter My nine-year-old son and twelve-year-old daughter Is 18, they'll have 800 FICO scores. Because I've had them on as an authorized user. By the way, I'm teaching them to as we go here. This is how you manage it when I'm gone, etc.

David Pere: Mmm.

Joshua Rico: I never had

David Pere: I

Joshua Rico: that

David Pere: never

Joshua Rico: shit

David Pere: had

Joshua Rico: when

David Pere: that

Joshua Rico: I was

David Pere: shit.

Joshua Rico: growing up. I'll tell you that. All right. So so

David Pere: So,

Joshua Rico: set your kids

David Pere: set

Joshua Rico: up

David Pere: your

Joshua Rico: for

David Pere: kids

Joshua Rico: success.

David Pere: up.

Joshua Rico: But anyways, back to what I was saying. Mix of credit.

David Pere: Should you put them on a card that you... Like obviously you don't want to put them on a card that you, like the one that you have a higher utilization on. Would you put them on one that you don't use or like just to make sure

Joshua Rico: I

David Pere: that

Joshua Rico: put

David Pere: you

Joshua Rico: them

David Pere: stay

Joshua Rico: on

David Pere: below or the one that

Joshua Rico: all

David Pere: you

Joshua Rico: the phones.

David Pere: use and pay off every... Oh, yeah, all right.

Joshua Rico: them all of them because now they're building data points and now they're in the system of that bank too. Their data points are in that bank and their internal system. Now some banks have age requirements so you ask about that hey what are the age requirements for this I want to add such and such and with those cards right you can pay bills under their name just you know just make sure it's automated don't fuck up their credit though you know what I'm saying

David Pere: Yeah.

Joshua Rico: like my family members did, you know what I mean? So, know how to manage, you gotta manage that. Just like you're managing yours, get the hang of yours, set your kids up for excess, so they can leverage and buy property at the 18 years of age. You see what I'm saying? So, that's a good one, that's a good question right there. So, figure out the bank's requirements, I would put them on every authorized user as you can, if the bank permits it, right? And then go from there. right. Yes, it's going to their utilization might affect etc. Right. But we're building we're building to the business credit. Right. So what do I mean by that? David, you should not be using and I shouldn't be using anyways. I'm contradicting myself right now. It was just this month, but we should not be using or leaving a balance of 74% a month on our personal we should be leveraging our Business credit why because that's a whole number of conversation guys, but business credit does not report to the personal you can max that thing out 100k Right. It doesn't report unless you default we don't plan on defaulting because we are putting our Funds into something that's bringing ROI. So I know but leverage business credit So that way your personal credit stays good for cars or mortgages or whatever you need to make a play on if that makes sense in the future. All right, so 11

David Pere: Absolutely.

Joshua Rico: open accounts, 11 open primary accounts under your name. It needs to be under your name, no authorized users, et cetera, okay? That's what

David Pere: Okay.

Joshua Rico: I recommend. Remember, we're on the road to get 50K to 250K as 0% APR in the first year. Okay, next under that is the hard inquiries, right? This is the one. And you mentioned something to me about Ducati, David. Let me ask you. I hope you didn't go to the dealership to apply.

David Pere: No, no, I bought it a private party, but I did run into the whole unbankable thing, which is always fun where I forgot that even though my portfolio lender that I do all my local stuff with,

Joshua Rico: Mm-hmm.

David Pere: we have $4.5 million worth of mortgages with them on investment loans. So I'm going to go ahead and do that. You know, they're like, Oh, your LLC showed 180 K loss last year because of your cost segs. So we can't lend on this motorcycle. And I'm like, I paid your almost $5 million in mortgages.

Joshua Rico: Yeah.

David Pere: You think I would have done that if I was losing 15 K a month? So I ended up going to Navy fed and being like, I don't know. All I, all I have is one auto loan and I make disability. That's it. I have nothing else in my name. And they were like, Oh yeah, approved. It's pretty funny.

Joshua Rico: That's what I'm talking about. I love Navy Federal. Okay. So look guys what he just said right there is key Do not ever go to a dealership unless you desperately have to and you have no credit and you have back right at whatever right? Why because they're gonna shotgun your freaking credit You ever go to a dealership guys the those you're watching you get multiple increase ding What does that look like to lenders you look risky you look desperate so the more you can have a 50 credit score more inquiries you have they're not gonna lend to you. You look for too money, etc. Yeah, it's low impact, right? And they fall off after 24 months, two years, right? On the 25th month it'll fall off. But we don't want to wait that. We want to apply strategically, right? So do not go to a dealership. Get pre-approved. First do your research what vehicle you want. Have a, you know, good profile, etc. And go to your credit union. Go to someone you bank with. I recommend Credit Union. I recommend Navy Federal. I mean, they got my McLaren Zero down. That's a story to tell, right? But go get pre-approved first and go there with confidence. Hey, I wanna buy this vehicle. That's one hard pull, right? It's one hard inquiry versus 15. 54 I've seen on some of my clients. And yes, we remove hard inquiries too, okay? For your real estate transactions your car etc. You do not want to remove hard increase though If they are attached to an open personal Trade line and or credit card because they can you can risk losing that trade line and card which This is not bad So

David Pere: Yeah.

Joshua Rico: there you guys have that Your data points all right the data points. I was talking about if you match all those requirements.

David Pere: Okay.

Joshua Rico: I guarantee you at least 50k 0% APR on the first year. All the way up to 250k maybe even 500k. All right, whether it's both personal and or business. And if you do meet those requirements, comment below funding and we can schedule talk you direct you work directly with me for the funding. And if you

David Pere: Oh

Joshua Rico: don't

David Pere: yeah.

Joshua Rico: meet those requirements guys, I don't like the sugarcoat shit. Look, there's no way around it. You need freaking credit repair. All right, and you need you know guidance on to fix every one of those data points and then you can move forward. There's no substitute. I don't care what these influencers or YouTubers or gurus are saying. You need to get your personal credit right first build it out correctly fund it and then you move on to LLC's and that and the intro to this business credit and LLC's. Fun fact here David real estate construction property management Airbnb. financial, et cetera. I never tell my clients to set their LLC name in your industry and ICS code is that because it's in high risk industry.

David Pere: Mm.

Joshua Rico: So if your LLC reads that, unless you're doing millions and HUDs, you need to change that LLC or go about it a different way. I always go business consulting, marketing, et cetera. It's a low risk industry, which means more broader funds, which means more funding. For example, I can't go to Navy Federal. Navy Federal does not do business with credit repair at all. At all. That's why they say when the business side, hey, do you do credit repair or counseling or anything like that? I say no, my credit repair company is something that I don't even tell them I have a credit company. I do business consulting or management or marketing. cool. You give them the NICS code which is you know 541 611 that's a bar right there or go to nics.com go to business consulting and or marketing guys that's the industry codes you want to be in remember and this is just for funding purposes you could use those funds to do real estate transactions anyways but you want to be fundable and unfortunately real estate as long I know real estate is tried and true if you're doing it right but to the banks they don't like it guys It's a low risk industry. I mean, it's a high risk industry and high risk means little to no funds so have that set up right

David Pere: minutes.

Joshua Rico: and Go through that but basically

David Pere: basically

Joshua Rico: I hope you

David Pere: out.

Joshua Rico: guys got value from that

David Pere: Yeah, super value. I missed how many hard inquiries were you saying you needed

Joshua Rico: Hard

David Pere: to

Joshua Rico: anchors.

David Pere: say, Andrew?

Joshua Rico: Yeah, so you don't want no more than two to four hard increase in the last

David Pere: Okay.

Joshua Rico: six months to a year

David Pere: Okay, cool.

Joshua Rico: After

David Pere: I'm at

Joshua Rico: your

David Pere: four.

Joshua Rico: year that don't worry about it. They're low-impact And if they're not attacked if you got denied and they're not attached to anything delete them All right, delete them. They're not authorized whatever have you just call into these for the port of agencies They're not authorized it inaccurate etc, or it's not me. All right

David Pere: Man, it logged out on me. Let me see where these fall. I'm at four, but how

Joshua Rico: And

David Pere: old

Joshua Rico: keep

David Pere: are

Joshua Rico: in

David Pere: they?

Joshua Rico: mind, those are just credit karma factors. That's Ventures 3.0.

David Pere: I dunno.

Joshua Rico: You want to go on a FICO too, because there's different scores. You'll

David Pere: on that.

Joshua Rico: find that FICO is either higher, typically higher or lower, depending on what you have in your credit reports.

David Pere: I'm at four, but only two in the last year. So,

Joshua Rico: You're good to go.

David Pere: yeah.

Joshua Rico: It's a read group.

David Pere: And two of those four are exactus, which is just the every year my, this is the cool thing with working with like the local bank, the super, you know, portfolio lender is, and this is kind of why I was like, when you talked about credit earlier, like

Joshua Rico: Yeah.

David Pere: people don't realize when you work with, when you have that like super, portfolio lender, you know, first name basis, lending relationship, they pull my credit once a year

Joshua Rico: Mm-hmm.

David Pere: and they look at my tax returns when I get them done and that's it. And I can do 50 loans with them throughout the year and they just use that credit report and that tax return whenever it comes in through the year. So they pulled it in November of 21, they pulled it in August of 22. And that's, you know, once a year they pull it

Joshua Rico: With

David Pere: and...

Joshua Rico: your consent, right? With your consent?

David Pere: Yeah, yeah, yeah.

Joshua Rico: Okay, good. Because if it wasn't

David Pere: Yeah.

Joshua Rico: your consent, that's $1,000 per violation, by the way. But anyway,

David Pere: Yeah, yeah, no yeah,

Joshua Rico: you

David Pere: I'm

Joshua Rico: said

David Pere: I

Joshua Rico: something very key though. You mentioned something very key, which sometimes can trump some credit scores. Relationships, guys.

David Pere: Oh yeah.

Joshua Rico: Banking relationships, make relationships. What is a relationship? Okay, when I go to a bank, One already done my research on them. I like to talk to a business relationship manager and like to gather the info, right? I Sit down. I asked her these qualifying questions because and then the day they need you don't need them You have to have that attitude. Okay Now thank you relationships. Hey, I want to part my money here. I'm gonna use your business checking account I want to use your money market accounts. I want to use your CD accounts. I want to use your savings I want to use your credit cards and loans Deposit 5 to 10k in that business checking and let it sit. does that do the fractional reserve banking you know what banks do when they your money's not real once you put it in there is gone right they lend on that so every dollar they're lending to 10 times so you know you put 10k in there it's called bank rating it's a bank rating low five right so that hacks the system on the fundability so when i'm if you have your credit score right do you have your lc right and you put in the banking relationship and let it age and season a little Right? That gives you more credibility on the funding aspect. Look, he lend us 10K. He's got HUDs. He's got income coming in and out. He's got a perfect credit score. Let's lend him 100K.

David Pere: Yeah, I've got a friend who, and we don't need to get into all this craziness, but basically he will take what would be the down payment and just lock it into a CD for the duration of renovating an entire commercial property. And we're talking hundreds of thousands of dollars. And then they'll fund the entire project, purchase, renovation, whatever. And when he refinances, he'll pull everything out. The CD ages out at the end of the year and he pulls it back. And the bank loves it.

Joshua Rico: He's building the data points with that bank. He's building banking relationships and he's building his business credit and data points with

David Pere: and

Joshua Rico: that.

David Pere: the CD earns a decent return the whole time.

Joshua Rico: Exactly.

David Pere: At least it outpaced inflation until a year and a half ago.

Joshua Rico: Exactly exactly

David Pere: So.

Joshua Rico: Certain banks do this so you just got to know how to the banks are your friends banks are used just for transactions guys It's not used for investments, but it's used for transactions to show on the paperwork so you can use for investments

David Pere: We can go on and on and on all day about relationship side, but we've gone on for an hour and we

Joshua Rico: What

David Pere: normally

Joshua Rico: was that?

David Pere: try to keep it around this and this has been super informational, but I don't want to like completely overwhelm everyone. So we might have to do a part two, but

Joshua Rico: sure.

David Pere: dude, this has been solid and this has been solid because this is just super tactical. Pull up your credit karma, walk through as you're listening to the show. Boom, boom, boom. You know, my score is not terrible. I know where it could improve. I know exactly what I'm going to do when I get off the show. I'm going to go tweet at freaking Barclays and be like, yo, I've got two freaking whatevers there on this date. Two months after I EAS because you guys sent freaking shit to the wrong address.

Joshua Rico: I

David Pere: Fuck

Joshua Rico: never,

David Pere: you guys.

Joshua Rico: I was never late. Talk to them, call on your credit report, pull up your credit report, see the number there, and the end, by mail too. I was never late. Can you please, transfer to the supervisor, ask for supervisor, look, I've pulled out my credit reports, I was deployed at the time, whatever, right? I was never late on this. Can you guys, can you guys please update it to such and such? Guys, if they send you a letter stating just a bill, that does not constitute as proof. Okay, show me the proof when you send it. Did you send it certified? What date did you send it? What address did you send it to? Blah, blah, blah. And you can either get it done or it's gonna take months and months for persistency and consistency. But we can talk more about that. There's so many methods to do so.

David Pere: Hell

Joshua Rico: All right,

David Pere: yeah.

Joshua Rico: all right,

David Pere: I love

Joshua Rico: get

David Pere: it.

Joshua Rico: that percent.

David Pere: And real quick, where can people get ahold of you?

Joshua Rico: Awesome. My main channel is YouTube Joshua Rico. I spit out all credit knowledge whether it's business Turo real estate etc or they can go to Instagram Joshua Rico SR or Facebook Joshua Rico

David Pere: We talk on Instagram all the time and guys I'll drop the link to his website obviously in the show notes You know go over there and hit him up. Whatever let him know you found him through the podcast I don't have an affiliate set up with him or anything official but if you know let him know you found him through the podcast so he knows that you guys found the The podcast valuable because I definitely

Joshua Rico: to.

David Pere: think this was good

Joshua Rico: Definitely in this and this we haven't even tapped the surface guys I can go more in depth. I thank you, David for having me on the podcast. If you want me to come back and drop some real more game. I'm down for that just to help my fellow Marines to and the military.

David Pere: Of course, brother.

Joshua Rico: Awesome.

David Pere: Yeah, we'll talk. Let's make it happen.

Joshua Rico: Awesome,

David Pere: Thanks

Joshua Rico: man.

David Pere: for joining

Joshua Rico: Thank

David Pere: us.

Joshua Rico: you. Yep. Peace.