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What big banks don't want you to know

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A breakdown of how credit scores are made, pros and cons of collateral mortgages, and discounted vs posted rate lenders.

Published in: Economy & Finance, Business
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What big banks don't want you to know

  1. 1. The Mysterious CreditBureau101015303510% Type of Credit10% New Credit15% Length of TimeCredit Established30% Credit Owing35% Pymnt History
  2. 2. Improve Credit By…1. Always pay your bills on time.2. Try to pay your bills in full by the due date. ALWAYSpay the min payment.3. Try to pay your debts as quickly as possible.4. Dont go over the credit limit on your credit card.5. Reduce the number of credit applications you make.6. Make sure you have and maintain a credit history.
  3. 3. Collateral Charges• PRO: Collateral charge is readvanceable• CON: A collateral charge is non-transferable.
  4. 4. DiscountedPOSTEDVS
  5. 5. DiscountedPOSTEDVSThe more loyal to your bank you are –the less of a deal you are likely to beoffered.Borrowers up for mortgage renewals areeven less likely to shop around (85%renew with their existing lenders)Posted rates become even more significant incalculating your refinance penalty.
  6. 6. HERE’S WHY!Lenders who only use discounted rates
  7. 7. HERE’S WHY!Lenders who have both discounted & POSTED rates
  8. 8. THE RESULT
  9. 9. THE DIFFERENCE

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