EP068: How to Use Your Credit Score as Leverage in Real Estate Investing - Interview with Wayne Sanford

Many people, myself included, have struggled to gain control of their credit. Understanding the credit scoring system can be complicated. As a real estate investor, understanding and leveraging your credit score can have far-reaching implications on your ability to acquire properties.

On this episode of Investing in Real Estate, I’m interviewing Wayne Sanford, also known as “Wayne the Credit Guy!” Wayne holds eleven years of experience helping people understand and repair their credit score. On today’s show, he’s sharing his wealth of knowledge on the world of credit, and how it relates to real estate investing.

More About This Show
Wayne describes a credit score as a three-digit number that tells lenders how you pay your bills. A lender will review a credit report detailing a consumer’s payment history in order to assess the risk of lending to that person. He explains that lenders use your credit score as a crystal ball to determine your future ability to make payments.

Understanding the credit scoring system can be complicated. As a real estate investor, understanding and leveraging your credit score can have far-reaching implications on your ability to acquire properties.

But how important is a credit score? Wayne posits it’s everything. Credit is the cornerstone of the American economy. Other than for lending purposes, a credit score can dictate everything from insurance ranks to job opportunities.

A credit score can be viewed as a seesaw. The higher your credit score, the lower rates you will qualify for. Inversely, the lower your credit score, you should anticipate to pay higher interest rates.

In terms of real estate investing, credit can be used as a leverage tool. Wayne explains that your credit score is a way to leverage other people’s money in order to make a profit. From a real estate perspective, a credit score between 720 and 740 will yield the best mortgage rates.

On today’s show, Wayne is sharing his insight into credit tiers, and how to repair your credit quickly. We’re discussing the appropriate way to file a dispute, and how to be proactive about your credit. If you’ve ever wondered about credit and how it can affect your investment career, you won’t want to miss this episode of Investing in Real Estate!

If you’re ready to begin building a passive income through rental real estate, book a FREE call with my team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you’ll learn:

  • What are the drawbacks of the Fair Credit Reporting Act?
  • What are top tier rates?
  • Should you make a payment to a collection agency?
  • How much can a late payment affect your credit score?
  • Should you dispute a claim online?
  • And much more!

Episode Resources
The Real World of Credit by Wayne Sanford
Find Your Financial Freedom Number
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