Latest / Becoming Financially Confident / How Should I Handle Some Really Old Debt?

Transcript

How Should I Handle Some Really Old Debt? · Becoming Financially Confident

• 0:37
  What
• 0:37
  do
• 0:37
  you
• 0:38
  do
• 0:38
  when
• 0:38
  an
• 0:38
  old
• 0:38
  money
• 0:39
  mistake
• 0:39
  is
• 0:40
  about
• 0:40
  to
• 0:40
  finally
• 0:41
  disappear
• 0:41
  from
• 0:41
  your
• 0:41
  credit
• 0:42
  report?
• 0:43
  On
• 0:43
  this
• 0:43
  episode,
• 0:44
  I
• 0:44
  talk
• 0:44
  with
• 0:44
  someone
• 0:44
  with
• 0:44
  a
• 0:45
  defaulted
• 0:45
  car
• 0:45
  loan
• 0:46
  that's
• 0:46
  just
• 0:46
  two
• 0:46
  months
• 0:47
  away
• 0:47
  from
• 0:47
  that
• 0:48
  seven
• 0:48
  year
• 0:48
  magical
• 0:49
  mark.
• 0:49
  And
• 0:50
  now
• 0:50
  they're
• 0:50
  hoping
• 0:50
  to
• 0:50
  buy
• 0:50
  a
• 0:51
  new
• 0:51
  car
• 0:51
  and
• 0:52
  a
• 0:52
  house
• 0:52
  within
• 0:52
  the
• 0:52
  next
• 0:53
  year.
• 0:53
  Should
• 0:54
  they
• 0:54
  pay
• 0:54
  it
• 0:54
  off
• 0:54
  now
• 0:55
  or
• 0:55
  wait
• 0:56
  it
• 0:56
  out?
• 0:56
  And
• 0:57
  could
• 0:57
  the
• 0:57
  wrong
• 0:57
  move
• 0:58
  hurt
• 0:58
  their
• 0:58
  mortgage
• 0:59
  chances?
• 1:00
  That's
• 1:00
  what
• 1:00
  we're
• 1:00
  breaking
• 1:01
  down
• 1:01
  on
• 1:01
  today's
• 1:01
  show.
• 1:09
  Oh,
• 1:10
  we
• 1:10
  ride.
• 1:22
  Hey,
• 1:23
  friend.
• 1:23
  Ralph
• 1:23
  Estep
• 1:24
  Jr.
• 1:24
  Here.
• 1:25
  Welcome
• 1:25
  to
• 1:25
  Financially
• 1:26
  Confident
• 1:26
  Christian.
• 1:27
  My
• 1:28
  goal
• 1:28
  on
• 1:28
  every
• 1:29
  show
• 1:29
  is
• 1:29
  to
• 1:30
  help
• 1:30
  you
• 1:30
  break
• 1:30
  that
• 1:30
  cycle
• 1:31
  of
• 1:31
  financial
• 1:32
  shame
• 1:32
  and
• 1:33
  live
• 1:33
  in
• 1:33
  confidence.
• 1:34
  And
• 1:35
  today's
• 1:35
  about
• 1:35
  one
• 1:36
  of
• 1:36
  those
• 1:36
  situations
• 1:37
  that
• 1:37
  all
• 1:37
  of
• 1:37
  us
• 1:37
  have
• 1:38
  faced
• 1:38
  at
• 1:38
  one
• 1:39
  point
• 1:39
  in
• 1:39
  another,
• 1:40
  and
• 1:40
  that
• 1:40
  is
• 1:40
  credit
• 1:41
  issues.
• 1:42
  And
• 1:42
  specifically,
• 1:42
  the
• 1:43
  question
• 1:43
  we
• 1:43
  got
• 1:43
  today
• 1:43
  is
• 1:44
  should
• 1:44
  you
• 1:44
  pay
• 1:45
  off
• 1:45
  an
• 1:45
  old
• 1:45
  debt
• 1:46
  or
• 1:46
  let
• 1:46
  it
• 1:46
  fall
• 1:47
  off
• 1:47
  your
• 1:47
  credit
• 1:48
  report?
• 1:49
  Let's
• 1:49
  get
• 1:49
  right
• 1:49
  into
• 1:49
  today's
• 1:50
  question.
• 1:51
  Listener
• 1:51
  wrote
• 1:52
  this.
• 1:52
  Ralph,
• 1:53
  my
• 1:53
  last
• 1:53
  car
• 1:53
  loan
• 1:54
  payment
• 1:54
  was
• 1:54
  almost
• 1:55
  seven
• 1:55
  years
• 1:55
  ago.
• 1:56
  I
• 1:56
  stopped
• 1:57
  paying
• 1:57
  after
• 1:57
  the
• 1:57
  car
• 1:58
  broke
• 1:58
  down.
• 1:59
  I
• 1:59
  couldn't
• 1:59
  afford
• 1:59
  both
• 2:00
  the
• 2:00
  loan
• 2:00
  and
• 2:01
  the
• 2:01
  repairs.
• 2:02
  I
• 2:02
  was
• 2:02
  young
• 2:03
  and
• 2:03
  I
• 2:04
  made
• 2:04
  a
• 2:04
  decision
• 2:04
  I
• 2:05
  didn't
• 2:05
  fully
• 2:05
  understand
• 2:06
  at
• 2:06
  the
• 2:06
  time.
• 2:07
  Now
• 2:07
  I've
• 2:08
  read
• 2:08
  that
• 2:08
  defaulted
• 2:08
  loans
• 2:09
  fall
• 2:09
  off
• 2:09
  your
• 2:09
  credit
• 2:10
  after
• 2:10
  seven
• 2:10
  years,
• 2:11
  and
• 2:12
  I'm
• 2:12
  about
• 2:12
  two
• 2:12
  months
• 2:13
  away
• 2:13
  from
• 2:13
  that.
• 2:14
  My
• 2:14
  credit
• 2:15
  score
• 2:15
  is
• 2:15
  currently
• 2:15
  573
• 2:17
  and
• 2:17
  I'm
• 2:17
  hoping
• 2:18
  to
• 2:18
  get
• 2:18
  a
• 2:18
  mortgage
• 2:19
  and
• 2:19
  a
• 2:19
  car
• 2:19
  loan
• 2:19
  within
• 2:20
  the
• 2:20
  next
• 2:20
  year.
• 2:21
  I
• 2:21
  now
• 2:21
  have
• 2:22
  stable
• 2:22
  income
• 2:22
  making
• 2:23
  about
• 2:23
  $5,000
• 2:24
  a
• 2:24
  month.
• 2:25
  But
• 2:25
  here's
• 2:26
  my
• 2:26
  question.
• 2:27
  Is
• 2:27
  it
• 2:27
  worth
• 2:27
  paying
• 2:28
  off
• 2:28
  the
• 2:28
  old
• 2:28
  loan
• 2:29
  now
• 2:29
  or
• 2:30
  should
• 2:30
  I
• 2:30
  just
• 2:30
  wait
• 2:31
  for
• 2:31
  it
• 2:31
  to
• 2:31
  fall
• 2:31
  off?
• 2:33
  But
• 2:33
  then
• 2:33
  I
• 2:33
  got
• 2:33
  another
• 2:33
  question,
• 2:34
  too.
• 2:34
  He
• 2:34
  writes
• 2:35
  this
• 2:35
  and
• 2:35
  should
• 2:35
  I
• 2:35
  wait
• 2:36
  to
• 2:36
  get
• 2:36
  a
• 2:36
  car
• 2:36
  loan
• 2:37
  until
• 2:37
  after
• 2:38
  I
• 2:38
  get
• 2:38
  a
• 2:38
  mortgage?
• 2:40
  I
• 2:40
  love
• 2:41
  this
• 2:41
  question.
• 2:42
  This
• 2:42
  is
• 2:42
  a
• 2:42
  question
• 2:42
  we
• 2:43
  get
• 2:43
  all
• 2:43
  the
• 2:44
  time.
• 2:44
  One
• 2:45
  of
• 2:45
  the
• 2:45
  things
• 2:45
  that
• 2:45
  I
• 2:45
  noticed
• 2:46
  right
• 2:46
  away
• 2:46
  is
• 2:46
  you
• 2:47
  sound
• 2:47
  anxious.
• 2:48
  Sounds
• 2:49
  like
• 2:49
  you've
• 2:49
  got
• 2:49
  a
• 2:49
  new
• 2:50
  job,
• 2:50
  you've
• 2:50
  got
• 2:50
  a
• 2:50
  good
• 2:51
  job.
• 2:51
  You
• 2:51
  feel
• 2:51
  very
• 2:52
  stable
• 2:52
  in
• 2:52
  where
• 2:53
  you
• 2:53
  are.
• 2:53
  You're
• 2:54
  thinking
• 2:54
  about.
• 2:55
  I'm
• 2:55
  thinking
• 2:55
  about
• 2:55
  I
• 2:55
  might
• 2:55
  be
• 2:56
  able
• 2:56
  to
• 2:56
  buy
• 2:56
  a
• 2:56
  house.
• 2:57
  But
• 2:57
  you're
• 2:57
  also
• 2:58
  discouraged.
• 2:59
  You
• 2:59
  made
• 2:59
  a
• 3:00
  decision
• 3:00
  and
• 3:00
  I
• 3:01
  totally
• 3:01
  get
• 3:01
  your
• 3:01
  decision.
• 3:02
  You
• 3:02
  were
• 3:03
  faced
• 3:03
  with
• 3:03
  a
• 3:03
  decision,
• 3:03
  do
• 3:04
  I
• 3:04
  make
• 3:04
  this
• 3:04
  payment
• 3:05
  or
• 3:05
  do
• 3:05
  I
• 3:05
  pay
• 3:05
  for
• 3:05
  the
• 3:06
  repairs?
• 3:06
  Now
• 3:06
  what
• 3:06
  I
• 3:06
  don't
• 3:07
  know
• 3:07
  is
• 3:07
  did
• 3:07
  they
• 3:07
  repossess
• 3:08
  your
• 3:08
  car?
• 3:08
  Do
• 3:09
  you
• 3:09
  still
• 3:09
  have
• 3:09
  the
• 3:09
  car?
• 3:10
  There's
• 3:10
  a
• 3:10
  lot
• 3:10
  of
• 3:10
  open
• 3:11
  questions
• 3:11
  here,
• 3:12
  but
• 3:12
  you're
• 3:13
  also
• 3:13
  alluding
• 3:14
  to
• 3:14
  the
• 3:14
  fact
• 3:14
  that
• 3:14
  you
• 3:14
  are
• 3:15
  responsible
• 3:15
  for
• 3:16
  this.
• 3:17
  And
• 3:17
  that's
• 3:17
  a
• 3:17
  beautiful
• 3:18
  thing.
• 3:18
  You're
• 3:18
  not
• 3:18
  pretending
• 3:19
  this
• 3:19
  didn't
• 3:19
  happen.
• 3:20
  You're
• 3:20
  just
• 3:20
  trying
• 3:21
  to
• 3:21
  move
• 3:21
  forward
• 3:22
  wisely.
• 3:23
  So
• 3:24
  here's
• 3:24
  the
• 3:24
  first
• 3:24
  thing
• 3:24
  I'm
• 3:24
  going
• 3:24
  to
• 3:25
  tell
• 3:25
  you.
• 3:25
  Your
• 3:26
  next
• 3:26
  best
• 3:26
  move
• 3:27
  is
• 3:27
  not
• 3:27
  a
• 3:28
  panic
• 3:28
  moment.
• 3:29
  It's
• 3:29
  really
• 3:29
  to
• 3:29
  build
• 3:30
  a
• 3:30
  why
• 3:30
  sequence.
• 3:31
  And
• 3:31
  I'm
• 3:31
  going
• 3:31
  to
• 3:31
  talk
• 3:31
  you
• 3:31
  through
• 3:32
  that
• 3:32
  right
• 3:32
  now.
• 3:33
  Let's
• 3:33
  jump
• 3:33
  right
• 3:33
  into
• 3:34
  it.
• 3:34
  First
• 3:34
  thing
• 3:34
  I'm
• 3:35
  going
• 3:35
  to
• 3:35
  encourage
• 3:35
  you
• 3:35
  to
• 3:35
  do,
• 3:36
  do
• 3:36
  not
• 3:37
  pay
• 3:37
  it
• 3:37
  blindly.
• 3:38
  You're
• 3:39
  about
• 3:39
  two
• 3:39
  months
• 3:39
  away
• 3:39
  from
• 3:40
  this
• 3:40
  actually
• 3:40
  falling
• 3:41
  off
• 3:41
  your
• 3:41
  credit.
• 3:41
  And
• 3:42
  that
• 3:42
  timing
• 3:42
  matters
• 3:43
  in
• 3:44
  general,
• 3:45
  most
• 3:45
  negative
• 3:46
  credit
• 3:46
  information
• 3:47
  reports
• 3:47
  for
• 3:48
  about
• 3:48
  seven
• 3:48
  years
• 3:48
  now,
• 3:49
  we
• 3:49
  got
• 3:49
  that
• 3:49
  right
• 3:49
  from
• 3:49
  the
• 3:50
  Consumer
• 3:50
  Financial
• 3:50
  Protection
• 3:51
  Bureau.
• 3:52
  And
• 3:52
  I
• 3:52
  got
• 3:52
  a
• 3:52
  little
• 3:53
  experience
• 3:53
  with
• 3:53
  this
• 3:53
  because
• 3:53
  I
• 3:54
  used
• 3:54
  to
• 3:54
  run
• 3:54
  a
• 3:54
  credit
• 3:54
  union.
• 3:56
  So
• 3:56
  paying
• 3:56
  now
• 3:56
  might
• 3:57
  create
• 3:57
  an
• 3:57
  instant
• 3:57
  score
• 3:58
  jump.
• 3:58
  It
• 3:58
  might
• 3:58
  be
• 3:58
  great,
• 3:58
  maybe,
• 3:59
  oh,
• 3:59
  I'm
• 3:59
  going
• 3:59
  to
• 3:59
  pay
• 4:00
  this
• 4:00
  now.
• 4:00
  My
• 4:01
  score
• 4:01
  is
• 4:01
  going
• 4:01
  to
• 4:01
  jump
• 4:01
  up.
• 4:02
  But
• 4:02
  here's
• 4:02
  the
• 4:02
  problem
• 4:03
  you
• 4:03
  don't
• 4:03
  think
• 4:03
  about.
• 4:04
  It
• 4:04
  might
• 4:05
  reawaken
• 4:06
  something
• 4:06
  and
• 4:07
  it
• 4:07
  might
• 4:07
  still
• 4:07
  show
• 4:07
  as
• 4:07
  a
• 4:08
  negative
• 4:08
  paid
• 4:08
  history
• 4:09
  on
• 4:09
  your
• 4:09
  credit
• 4:09
  report.
• 4:11
  So
• 4:11
  take
• 4:11
  a
• 4:11
  step
• 4:12
  here
• 4:12
  before
• 4:12
  acting
• 4:13
  from
• 4:13
  fear.
• 4:14
  And
• 4:14
  let's
• 4:14
  take
• 4:14
  a
• 4:14
  look
• 4:15
  at
• 4:15
  going
• 4:15
  a
• 4:15
  little
• 4:15
  bit
• 4:15
  deeper.
• 4:16
  Which
• 4:17
  leads
• 4:17
  me
• 4:17
  to
• 4:17
  the
• 4:17
  second
• 4:17
  thing.
• 4:18
  We've
• 4:18
  got
• 4:19
  to
• 4:19
  confirm
• 4:19
  the
• 4:19
  details
• 4:20
  here.
• 4:21
  One
• 4:21
  of
• 4:21
  the
• 4:21
  things
• 4:21
  that
• 4:21
  I
• 4:22
  recommended
• 4:22
  everybody
• 4:23
  do,
• 4:23
  pull
• 4:24
  all
• 4:24
  three
• 4:25
  of
• 4:25
  your
• 4:25
  credit
• 4:25
  reports
• 4:26
  at
• 4:26
  least
• 4:26
  once
• 4:27
  a
• 4:27
  year
• 4:28
  and
• 4:28
  look
• 4:28
  at
• 4:28
  those
• 4:29
  things
• 4:29
  like
• 4:29
  you're
• 4:30
  reading
• 4:30
  a
• 4:30
  novel
• 4:31
  from
• 4:31
  beginning
• 4:32
  to
• 4:32
  end.
• 4:33
  Check
• 4:33
  to
• 4:34
  see
• 4:34
  if
• 4:34
  that
• 4:34
  old
• 4:34
  car
• 4:34
  loan
• 4:35
  is
• 4:35
  on
• 4:35
  each
• 4:36
  one
• 4:36
  of
• 4:36
  those.
• 4:37
  It
• 4:37
  may
• 4:37
  not
• 4:37
  be
• 4:37
  on
• 4:38
  there
• 4:38
  now.
• 4:38
  You
• 4:38
  might
• 4:39
  have
• 4:39
  thought,
• 4:39
  hey,
• 4:39
  this
• 4:39
  is
• 4:39
  not
• 4:40
  going
• 4:40
  to
• 4:40
  be
• 4:40
  on
• 4:40
  there.
• 4:40
  Or
• 4:40
  maybe
• 4:41
  it
• 4:41
  is
• 4:41
  on
• 4:41
  there,
• 4:42
  but
• 4:42
  go
• 4:42
  look
• 4:43
  for
• 4:43
  the
• 4:43
  first
• 4:43
  delinquency
• 4:44
  date.
• 4:45
  Go
• 4:45
  look
• 4:45
  and
• 4:45
  see
• 4:45
  if
• 4:45
  there's
• 4:46
  an
• 4:46
  expected
• 4:46
  removal
• 4:47
  date.
• 4:47
  See
• 4:48
  who
• 4:48
  owns
• 4:48
  the
• 4:48
  debt
• 4:49
  now
• 4:49
  and
• 4:49
  see
• 4:50
  if
• 4:50
  there's
• 4:50
  even
• 4:50
  a
• 4:50
  balance
• 4:51
  listed.
• 4:51
  Because
• 4:51
  here's
• 4:51
  the
• 4:52
  truth.
• 4:53
  It
• 4:53
  may
• 4:53
  have
• 4:53
  been
• 4:53
  what
• 4:53
  they
• 4:54
  call
• 4:54
  charged
• 4:54
  off.
• 4:55
  The
• 4:55
  lender
• 4:55
  might
• 4:55
  have
• 4:55
  just
• 4:55
  written
• 4:56
  it
• 4:56
  off
• 4:56
  and
• 4:56
  it
• 4:57
  just
• 4:57
  says
• 4:57
  charged
• 4:58
  off
• 4:58
  unpaid.
• 5:00
  But
• 5:00
  do
• 5:01
  that
• 5:01
  and
• 5:01
  dispute
• 5:02
  those
• 5:02
  things.
• 5:02
  There's
• 5:02
  a
• 5:03
  lot
• 5:03
  of
• 5:03
  things
• 5:03
  people
• 5:03
  don't
• 5:03
  realize
• 5:04
  with
• 5:04
  your
• 5:04
  credit
• 5:04
  report.
• 5:05
  You
• 5:05
  might
• 5:06
  be
• 5:06
  able
• 5:06
  to
• 5:06
  have
• 5:06
  it
• 5:06
  removed
• 5:07
  simply
• 5:07
  by
• 5:07
  disputing
• 5:08
  it
• 5:08
  because
• 5:09
  that
• 5:09
  lender
• 5:09
  might
• 5:09
  have
• 5:10
  gone
• 5:10
  out
• 5:10
  of
• 5:10
  business.
• 5:10
  Maybe
• 5:11
  they
• 5:11
  don't
• 5:11
  care
• 5:11
  because
• 5:12
  it's
• 5:13
  been
• 5:13
  so
• 5:13
  long
• 5:13
  ago.
• 5:14
  They
• 5:14
  just
• 5:14
  don't.
• 5:14
  It
• 5:14
  doesn't
• 5:15
  matter.
• 5:16
  So
• 5:16
  think
• 5:16
  about
• 5:16
  maybe
• 5:17
  you
• 5:17
  dispute
• 5:17
  it.
• 5:18
  Keep
• 5:18
  track
• 5:18
  of
• 5:19
  those
• 5:19
  things.
• 5:19
  Another
• 5:20
  thing
• 5:20
  I'm
• 5:20
  going
• 5:20
  to
• 5:20
  encourage
• 5:21
  you
• 5:21
  to
• 5:21
  do
• 5:21
  is
• 5:22
  check
• 5:22
  your
• 5:22
  legal
• 5:22
  risk
• 5:23
  first.
• 5:23
  I
• 5:23
  am
• 5:23
  not
• 5:24
  an
• 5:24
  attorney.
• 5:24
  I
• 5:25
  don't
• 5:25
  pretend
• 5:25
  to
• 5:25
  be
• 5:26
  an
• 5:26
  attorney.
• 5:27
  So
• 5:27
  before
• 5:27
  you
• 5:27
  pay
• 5:28
  or
• 5:28
  promise
• 5:29
  anything,
• 5:29
  get
• 5:30
  some
• 5:30
  qualified
• 5:31
  advice.
• 5:31
  This
• 5:31
  is
• 5:31
  a
• 5:31
  good
• 5:32
  starting
• 5:32
  point.
• 5:32
  I
• 5:32
  can
• 5:32
  tell
• 5:33
  you,
• 5:33
  having
• 5:33
  worked
• 5:34
  in
• 5:34
  the
• 5:34
  lending
• 5:34
  industry
• 5:35
  for
• 5:35
  a
• 5:35
  long
• 5:35
  time,
• 5:36
  what
• 5:36
  you
• 5:36
  could
• 5:36
  do.
• 5:37
  But
• 5:37
  it
• 5:37
  may
• 5:37
  be
• 5:37
  a
• 5:37
  good
• 5:38
  idea
• 5:38
  to
• 5:38
  contact
• 5:39
  a
• 5:39
  consumer
• 5:39
  attorney
• 5:40
  or,
• 5:40
  or
• 5:41
  a
• 5:41
  nonprofit
• 5:41
  credit
• 5:42
  counselor.
• 5:42
  Now
• 5:42
  be
• 5:43
  careful
• 5:43
  there.
• 5:43
  There
• 5:44
  are
• 5:44
  a
• 5:44
  lot
• 5:44
  of
• 5:44
  these
• 5:45
  scoundrels
• 5:45
  out
• 5:45
  all
• 5:46
  over
• 5:46
  the
• 5:46
  Internet
• 5:47
  promising
• 5:47
  you
• 5:48
  to
• 5:48
  repair
• 5:48
  your
• 5:49
  credit.
• 5:49
  Most
• 5:49
  of
• 5:50
  those
• 5:50
  people
• 5:50
  are
• 5:50
  scammers.
• 5:51
  I'm
• 5:51
  talking
• 5:52
  about
• 5:52
  a
• 5:52
  nonprofit
• 5:53
  credit
• 5:54
  counselor
• 5:55
  that
• 5:55
  is
• 5:56
  specific
• 5:56
  to
• 5:57
  your
• 5:57
  situation,
• 5:58
  that
• 5:58
  is
• 5:59
  not
• 5:59
  in
• 5:59
  it
• 5:59
  for
• 5:59
  the
• 6:00
  money.
• 6:00
  Because
• 6:00
  there's
• 6:00
  a
• 6:01
  lot
• 6:01
  of
• 6:01
  people
• 6:01
  out
• 6:01
  there
• 6:01
  that
• 6:01
  say,
• 6:01
  I'll
• 6:02
  fix
• 6:02
  your
• 6:02
  credit.
• 6:02
  Especially
• 6:03
  they
• 6:03
  feel
• 6:03
  that
• 6:04
  you're
• 6:04
  trying
• 6:04
  to
• 6:04
  buy
• 6:05
  a
• 6:05
  house
• 6:05
  or
• 6:05
  something
• 6:05
  like
• 6:06
  that.
• 6:06
  But
• 6:06
  also
• 6:06
  look
• 6:07
  at
• 6:07
  your
• 6:07
  state
• 6:07
  specific
• 6:08
  rules,
• 6:08
  because
• 6:08
  here's
• 6:09
  the
• 6:09
  thing.
• 6:10
  Old
• 6:10
  debts
• 6:10
  can
• 6:10
  involve
• 6:11
  statute
• 6:11
  of
• 6:11
  limitation
• 6:12
  issues.
• 6:13
  In
• 6:13
  some
• 6:13
  states,
• 6:14
  a
• 6:14
  payment
• 6:15
  or
• 6:15
  a
• 6:15
  written
• 6:15
  promise
• 6:15
  can
• 6:16
  actually
• 6:16
  revive
• 6:17
  the
• 6:17
  legal
• 6:17
  correction
• 6:18
  risk.
• 6:18
  They
• 6:19
  might
• 6:19
  just
• 6:19
  bring
• 6:19
  this
• 6:19
  thing
• 6:19
  back
• 6:20
  to
• 6:20
  life.
• 6:20
  That's
• 6:20
  definitely
• 6:21
  not
• 6:21
  what
• 6:21
  you
• 6:21
  want
• 6:21
  to
• 6:22
  do.
• 6:22
  And
• 6:23
  that's
• 6:23
  why
• 6:23
  you
• 6:23
  don't
• 6:23
  want
• 6:23
  to
• 6:24
  call
• 6:24
  and
• 6:24
  negotiate
• 6:24
  casually.
• 6:26
  Get
• 6:26
  clarity
• 6:26
  first
• 6:27
  and
• 6:27
  understand
• 6:28
  where
• 6:28
  you're
• 6:28
  going.
• 6:29
  Now,
• 6:29
  you've
• 6:29
  already
• 6:30
  said
• 6:30
  it.
• 6:30
  You
• 6:31
  want
• 6:31
  to
• 6:31
  buy
• 6:31
  a
• 6:31
  house.
• 6:32
  Your
• 6:32
  credit
• 6:33
  score
• 6:33
  is
• 6:33
  573.
• 6:35
  You're
• 6:35
  probably
• 6:35
  not
• 6:35
  going
• 6:35
  to
• 6:36
  qualify
• 6:36
  for
• 6:36
  a
• 6:36
  mortgage
• 6:37
  at
• 6:37
  a
• 6:37
  573
• 6:38
  credit
• 6:38
  score.
• 6:38
  And
• 6:39
  if
• 6:39
  you
• 6:39
  do,
• 6:39
  you're
• 6:39
  going
• 6:39
  to
• 6:39
  pay
• 6:39
  a
• 6:40
  really
• 6:40
  high
• 6:40
  interest
• 6:40
  rate.
• 6:41
  Old
• 6:42
  debt
• 6:42
  matters
• 6:43
  when
• 6:43
  you're
• 6:43
  looking
• 6:44
  at
• 6:44
  your
• 6:44
  credit
• 6:44
  score,
• 6:45
  but
• 6:45
  your
• 6:46
  current
• 6:46
  habits
• 6:46
  matter
• 6:47
  too.
• 6:47
  And
• 6:47
  that's
• 6:47
  why
• 6:48
  you've
• 6:48
  got
• 6:48
  to
• 6:48
  focus
• 6:48
  here
• 6:49
  on
• 6:49
  every
• 6:50
  open
• 6:50
  account
• 6:50
  that
• 6:51
  you've
• 6:51
  paid
• 6:51
  on
• 6:51
  time.
• 6:51
  It's
• 6:52
  so
• 6:52
  easy
• 6:52
  to
• 6:53
  get
• 6:53
  mired
• 6:53
  in
• 6:54
  the
• 6:54
  bad
• 6:54
  decisions
• 6:54
  you
• 6:55
  made
• 6:55
  in
• 6:55
  the
• 6:55
  past.
• 6:56
  But
• 6:56
  there
• 6:56
  are
• 6:56
  things
• 6:57
  right
• 6:57
  now
• 6:57
  that
• 6:57
  you
• 6:57
  can
• 6:58
  do,
• 6:58
  even
• 6:58
  with
• 6:58
  bad
• 6:59
  things
• 6:59
  from
• 6:59
  the
• 6:59
  past,
• 7:00
  to
• 7:00
  improve
• 7:00
  your
• 7:01
  credit
• 7:01
  score.
• 7:01
  A
• 7:01
  lot
• 7:01
  of
• 7:02
  people
• 7:02
  don't
• 7:02
  think
• 7:02
  about
• 7:02
  this
• 7:02
  one.
• 7:03
  Make
• 7:03
  sure
• 7:04
  your
• 7:04
  credit
• 7:04
  card
• 7:04
  balances
• 7:05
  are
• 7:05
  kept
• 7:05
  low.
• 7:06
  Make
• 7:06
  sure
• 7:07
  you're
• 7:07
  not
• 7:07
  missing
• 7:07
  any
• 7:08
  new
• 7:08
  payments.
• 7:09
  Start
• 7:09
  building
• 7:09
  that
• 7:10
  cash
• 7:10
  cushion.
• 7:11
  And
• 7:11
  listen,
• 7:11
  you
• 7:11
  talked
• 7:12
  about
• 7:12
  Carlin.
• 7:12
  We'll
• 7:12
  talk
• 7:13
  about
• 7:13
  that
• 7:13
  in
• 7:13
  a
• 7:13
  second.
• 7:13
  But
• 7:13
  don't
• 7:14
  build
• 7:14
  any
• 7:14
  more
• 7:14
  debt
• 7:15
  before
• 7:15
  you
• 7:15
  get
• 7:15
  into
• 7:15
  the
• 7:16
  mortgage.
• 7:17
  You
• 7:17
  are
• 7:17
  rebuilding
• 7:18
  your
• 7:18
  credibility,
• 7:19
  but
• 7:20
  you
• 7:20
  got
• 7:20
  to
• 7:20
  realize
• 7:20
  it's
• 7:21
  going
• 7:21
  to
• 7:21
  be
• 7:21
  done
• 7:21
  one
• 7:21
  clean
• 7:22
  month
• 7:22
  at
• 7:22
  a
• 7:22
  time.
• 7:23
  Which
• 7:23
  leads
• 7:24
  me
• 7:24
  to
• 7:24
  this.
• 7:24
  You
• 7:24
  asked
• 7:24
  this
• 7:25
  question,
• 7:25
  Ralph,
• 7:26
  what
• 7:26
  should
• 7:26
  I
• 7:26
  do
• 7:27
  about
• 7:27
  a
• 7:27
  mortgage
• 7:27
  and
• 7:27
  a
• 7:28
  car
• 7:28
  loan?
• 7:29
  If
• 7:29
  it's
• 7:29
  possible
• 7:29
  at
• 7:30
  all,
• 7:30
  Wait
• 7:30
  for
• 7:31
  the
• 7:31
  car
• 7:31
  loan.
• 7:32
  A
• 7:32
  lot
• 7:32
  of
• 7:32
  people
• 7:32
  get
• 7:33
  this
• 7:33
  urge
• 7:33
  to
• 7:33
  go
• 7:34
  get
• 7:34
  that
• 7:34
  car
• 7:34
  loan
• 7:35
  and
• 7:35
  get
• 7:35
  that
• 7:35
  house.
• 7:35
  You've
• 7:35
  got
• 7:36
  the
• 7:36
  new
• 7:36
  job
• 7:36
  and
• 7:36
  I
• 7:37
  respect
• 7:37
  that.
• 7:37
  But
• 7:38
  here's
• 7:38
  the
• 7:38
  problem.
• 7:39
  That
• 7:39
  car
• 7:39
  loan
• 7:40
  is
• 7:40
  Going
• 7:40
  to
• 7:40
  add
• 7:40
  monthly
• 7:41
  debt.
• 7:41
  That
• 7:42
  monthly
• 7:42
  debt
• 7:42
  affects
• 7:43
  what's
• 7:43
  called
• 7:43
  a
• 7:43
  debt
• 7:44
  to
• 7:44
  income
• 7:44
  ratio.
• 7:45
  Lenders
• 7:46
  use
• 7:46
  that
• 7:46
  to
• 7:47
  judge
• 7:47
  whether
• 7:47
  you're
• 7:47
  going
• 7:47
  to
• 7:47
  get
• 7:48
  a
• 7:48
  mortgage
• 7:48
  or
• 7:48
  not.
• 7:49
  There's
• 7:49
  percentages.
• 7:50
  It's
• 7:50
  not
• 7:50
  for
• 7:50
  today's
• 7:51
  show,
• 7:51
  but
• 7:51
  there
• 7:51
  are
• 7:51
  percentages.
• 7:52
  And
• 7:52
  I've
• 7:52
  seen
• 7:53
  people
• 7:53
  not
• 7:53
  get
• 7:54
  qualified
• 7:54
  for
• 7:54
  a
• 7:55
  loan
• 7:55
  because
• 7:55
  they
• 7:56
  went
• 7:56
  out
• 7:56
  and
• 7:56
  got
• 7:56
  another
• 7:57
  loan
• 7:57
  right
• 7:57
  before
• 7:57
  the
• 7:58
  mortgage.
• 7:59
  Now.
• 7:59
  So
• 7:59
  if
• 7:59
  your
• 8:00
  transportation
• 8:00
  is
• 8:01
  safe
• 8:01
  enough,
• 8:02
  go
• 8:02
  get
• 8:02
  the
• 8:03
  mortgage
• 8:03
  first.
• 8:03
  Now,
• 8:04
  if
• 8:04
  you're
• 8:04
  at
• 8:04
  the
• 8:04
  point
• 8:04
  like
• 8:05
  Ralph,
• 8:05
  I
• 8:05
  can't
• 8:05
  even
• 8:05
  get
• 8:05
  to
• 8:06
  work
• 8:06
  because
• 8:06
  this
• 8:06
  car
• 8:06
  just
• 8:07
  died
• 8:07
  in
• 8:07
  the
• 8:07
  driveway.
• 8:08
  I'm
• 8:08
  going
• 8:09
  to
• 8:09
  recommend
• 8:09
  something
• 8:09
  here.
• 8:10
  Go
• 8:10
  get
• 8:11
  the
• 8:11
  smallest
• 8:11
  reliable
• 8:12
  car
• 8:12
  you
• 8:12
  can
• 8:12
  get.
• 8:13
  Now
• 8:13
  this
• 8:13
  isn't
• 8:13
  a
• 8:13
  time
• 8:13
  to
• 8:13
  buy
• 8:14
  your
• 8:14
  dream
• 8:14
  car.
• 8:15
  Not
• 8:15
  the
• 8:15
  time
• 8:15
  to
• 8:16
  get
• 8:16
  that
• 8:16
  super
• 8:16
  upgrade.
• 8:17
  Not
• 8:17
  an
• 8:17
  emotional
• 8:18
  upgrade,
• 8:18
  just
• 8:19
  reliable
• 8:20
  transportation.
• 8:21
  But
• 8:21
  I
• 8:22
  want
• 8:22
  to
• 8:22
  take
• 8:22
  this
• 8:22
  a
• 8:22
  little
• 8:22
  deeper
• 8:23
  because
• 8:24
  you
• 8:24
  mentioned
• 8:24
  this
• 8:24
  old
• 8:25
  debt.
• 8:26
  And
• 8:26
  that
• 8:26
  old
• 8:26
  debt
• 8:27
  doesn't
• 8:27
  just
• 8:27
  affect
• 8:27
  your
• 8:28
  credit
• 8:29
  in
• 8:29
  a
• 8:29
  lot
• 8:29
  of
• 8:29
  ways.
• 8:30
  I
• 8:30
  think
• 8:30
  it's
• 8:30
  affecting
• 8:31
  your
• 8:31
  identity.
• 8:32
  I've
• 8:32
  read
• 8:32
  that
• 8:32
  in
• 8:32
  between
• 8:33
  the
• 8:33
  lines
• 8:33
  of
• 8:33
  what
• 8:33
  you
• 8:34
  said,
• 8:34
  it
• 8:34
  makes
• 8:35
  you
• 8:35
  feel
• 8:35
  like
• 8:35
  your
• 8:35
  past
• 8:36
  is
• 8:36
  still
• 8:36
  hanging
• 8:37
  over
• 8:37
  you.
• 8:38
  Like
• 8:38
  that
• 8:38
  one
• 8:39
  bad
• 8:39
  decision
• 8:39
  you
• 8:40
  made
• 8:40
  gets
• 8:41
  to
• 8:41
  define
• 8:41
  your
• 8:41
  future.
• 8:43
  But
• 8:43
  that's
• 8:43
  not
• 8:44
  how
• 8:44
  God
• 8:44
  sees
• 8:44
  you.
• 8:45
  God's
• 8:46
  not
• 8:46
  holding
• 8:46
  your
• 8:47
  past
• 8:47
  over
• 8:47
  your
• 8:48
  head.
• 8:48
  He's
• 8:49
  leading
• 8:49
  you
• 8:49
  forward
• 8:50
  with
• 8:50
  wisdom
• 8:50
  and
• 8:51
  with
• 8:51
  grace.
• 8:51
  So
• 8:51
  this
• 8:51
  is
• 8:52
  a
• 8:52
  great
• 8:52
  time
• 8:52
  to
• 8:52
  go
• 8:52
  to
• 8:53
  him
• 8:53
  and
• 8:53
  maybe
• 8:53
  just
• 8:54
  say,
• 8:54
  lord,
• 8:54
  help
• 8:54
  me
• 8:55
  move
• 8:55
  forward
• 8:55
  here
• 8:55
  with
• 8:56
  wisdom
• 8:56
  and
• 8:57
  not
• 8:57
  shame
• 8:58
  and
• 8:58
  guide
• 8:59
  my
• 8:59
  next
• 8:59
  step
• 8:59
  with
• 9:00
  peace.
• 9:01
  Because
• 9:01
  I
• 9:01
  want
• 9:01
  to
• 9:01
  tell
• 9:01
  you
• 9:02
  something
• 9:02
  right
• 9:02
  now,
• 9:02
  you're
• 9:02
  not
• 9:02
  stuck
• 9:03
  where
• 9:03
  you
• 9:03
  are.
• 9:04
  You're
• 9:04
  doing
• 9:05
  what
• 9:05
  I
• 9:05
  call
• 9:05
  sequencing
• 9:06
  your
• 9:06
  comeback.
• 9:07
  And
• 9:07
  I
• 9:07
  can't
• 9:07
  wait
• 9:07
  to
• 9:08
  see
• 9:08
  how
• 9:08
  that
• 9:08
  plays
• 9:08
  out
• 9:08
  for
• 9:09
  you.
• 9:09
  So
• 9:10
  here's
• 9:10
  your
• 9:10
  win
• 9:10
  for
• 9:10
  today.
• 9:11
  I
• 9:11
  want
• 9:11
  you
• 9:11
  to
• 9:12
  set
• 9:12
  one
• 9:12
  calendar
• 9:13
  reminder
• 9:13
  for
• 9:14
  60
• 9:14
  days
• 9:14
  from
• 9:14
  today
• 9:15
  and
• 9:15
  just
• 9:15
  put
• 9:15
  on
• 9:16
  your
• 9:16
  calendar,
• 9:16
  check
• 9:17
  that
• 9:17
  old
• 9:17
  car
• 9:17
  loan
• 9:18
  on
• 9:18
  all
• 9:18
  three
• 9:18
  credit
• 9:19
  reports.
• 9:19
  That's
• 9:20
  your
• 9:20
  win
• 9:20
  today.
• 9:20
  Just
• 9:21
  one
• 9:21
  measurable
• 9:22
  step
• 9:22
  and
• 9:23
  one
• 9:23
  clear
• 9:23
  follow
• 9:23
  up.
• 9:24
  It'll
• 9:24
  be
• 9:24
  interesting
• 9:25
  and
• 9:25
  do
• 9:25
  write
• 9:26
  back
• 9:26
  to
• 9:26
  me
• 9:26
  and
• 9:26
  tell
• 9:26
  me
• 9:26
  how
• 9:26
  this
• 9:27
  played
• 9:27
  out
• 9:27
  for
• 9:27
  you
• 9:27
  because
• 9:27
  I'm
• 9:28
  really
• 9:28
  interested
• 9:28
  in
• 9:28
  seeing
• 9:29
  how
• 9:29
  this
• 9:29
  worked
• 9:29
  out.
• 9:30
  But
• 9:30
  let's
• 9:30
  go
• 9:30
  to
• 9:30
  our
• 9:31
  Bible
• 9:31
  verse
• 9:31
  for
• 9:31
  today.
• 9:31
  It's
• 9:32
  from
• 9:32
  Proverbs,
• 9:33
  chapter
• 9:33
  3,
• 9:33
  verses
• 9:34
  5
• 9:34
  and
• 9:35
  6.
• 9:35
  It
• 9:36
  says,
• 9:36
  Trust
• 9:36
  in
• 9:36
  the
• 9:37
  Lord
• 9:37
  with
• 9:37
  all
• 9:37
  of
• 9:37
  your
• 9:38
  heart
• 9:38
  and
• 9:39
  lean
• 9:39
  not
• 9:39
  on
• 9:39
  your
• 9:39
  own
• 9:40
  understanding.
• 9:41
  In
• 9:41
  all
• 9:42
  your
• 9:42
  ways,
• 9:42
  acknowledge
• 9:43
  him
• 9:43
  and
• 9:44
  he
• 9:44
  shall
• 9:44
  direct
• 9:44
  your
• 9:45
  paths.
• 9:46
  And
• 9:46
  I
• 9:47
  just
• 9:47
  love
• 9:47
  this
• 9:47
  Bible
• 9:48
  verse
• 9:48
  for
• 9:48
  today.
• 9:50
  This
• 9:50
  decision
• 9:50
  that
• 9:50
  you're
• 9:51
  in
• 9:51
  right
• 9:51
  now
• 9:51
  needs
• 9:52
  wisdom
• 9:53
  and
• 9:53
  needs
• 9:53
  timing
• 9:54
  and
• 9:54
  it
• 9:55
  needs
• 9:55
  trust.
• 9:56
  You
• 9:57
  got
• 9:57
  a
• 9:57
  lot
• 9:57
  on
• 9:57
  your
• 9:57
  plate.
• 9:58
  So
• 9:59
  take
• 9:59
  it
• 9:59
  to
• 9:59
  the
• 9:59
  Lord,
• 9:59
  this
• 10:00
  is
• 10:00
  not
• 10:00
  a
• 10:00
  time
• 10:00
  to
• 10:00
  live
• 10:00
  in
• 10:01
  fear.
• 10:01
  But
• 10:02
  go
• 10:02
  ask
• 10:02
  for
• 10:02
  that
• 10:03
  wisdom,
• 10:03
  that
• 10:03
  timing
• 10:04
  and
• 10:04
  that
• 10:04
  trust.
• 10:04
  And
• 10:05
  I'm
• 10:05
  very
• 10:05
  confident
• 10:06
  you'll
• 10:06
  make
• 10:06
  the
• 10:06
  best
• 10:06
  decision.
• 10:07
  How
• 10:08
  about
• 10:08
  we
• 10:08
  pray
• 10:08
  together
• 10:08
  right
• 10:09
  now?
• 10:09
  Heavenly
• 10:10
  Father,
• 10:11
  I
• 10:11
  lift
• 10:12
  up
• 10:12
  my
• 10:12
  friend
• 10:12
  today.
• 10:13
  You
• 10:14
  know
• 10:14
  the
• 10:14
  weight
• 10:14
  that
• 10:14
  this
• 10:14
  old
• 10:15
  debt
• 10:15
  has
• 10:15
  carried.
• 10:16
  You
• 10:17
  know
• 10:17
  the
• 10:17
  regret
• 10:18
  and
• 10:18
  the
• 10:18
  worry
• 10:19
  and
• 10:19
  the
• 10:19
  desire.
• 10:20
  He
• 10:20
  wants
• 10:20
  to
• 10:21
  make
• 10:21
  a
• 10:21
  decision
• 10:21
  now.
• 10:22
  I
• 10:22
  just
• 10:23
  ask
• 10:23
  that
• 10:23
  you
• 10:23
  would
• 10:23
  give
• 10:23
  him
• 10:24
  clear
• 10:24
  direction.
• 10:25
  Guard
• 10:26
  against
• 10:26
  panic,
• 10:27
  guard
• 10:27
  against
• 10:28
  shame,
• 10:29
  guard
• 10:29
  against
• 10:29
  rushing
• 10:30
  into
• 10:30
  a
• 10:30
  choice
• 10:31
  that
• 10:31
  that
• 10:31
  creates
• 10:31
  more
• 10:32
  stress
• 10:32
  later.
• 10:33
  And
• 10:34
  if
• 10:34
  this
• 10:34
  debt
• 10:34
  needs
• 10:34
  attention,
• 10:36
  make
• 10:36
  that
• 10:36
  next
• 10:36
  step
• 10:37
  in
• 10:37
  his
• 10:37
  mind
• 10:37
  plain.
• 10:39
  If
• 10:39
  patience
• 10:39
  is
• 10:40
  the
• 10:40
  wiser
• 10:40
  path,
• 10:41
  Lord,
• 10:41
  give
• 10:41
  him
• 10:41
  peace
• 10:41
  in
• 10:41
  the
• 10:42
  waiting
• 10:42
  period
• 10:43
  and
• 10:43
  bless
• 10:44
  the
• 10:44
  work
• 10:44
  of
• 10:44
  rebuilding.
• 10:46
  Strengthen
• 10:46
  that
• 10:46
  discipline.
• 10:47
  Open
• 10:47
  the
• 10:47
  right
• 10:48
  doors
• 10:48
  in
• 10:48
  the
• 10:48
  right
• 10:49
  order.
• 10:50
  Lord,
• 10:50
  we
• 10:50
  just
• 10:50
  thank
• 10:50
  you
• 10:51
  so
• 10:51
  much
• 10:51
  for
• 10:51
  leading
• 10:52
  with
• 10:52
  mercy
• 10:52
  and
• 10:52
  not
• 10:53
  condemnation
• 10:53
  in
• 10:54
  our
• 10:54
  lives.
• 10:55
  And
• 10:55
  we
• 10:55
  ask
• 10:55
  this
• 10:56
  in
• 10:56
  Jesus
• 10:56
  name,
• 10:57
  Amen.
• 10:59
  Friend,
• 11:00
  I
• 11:00
  just
• 11:00
  want
• 11:00
  to
• 11:00
  leave
• 11:00
  you
• 11:00
  with
• 11:01
  this.
• 11:02
  You're
• 11:03
  not
• 11:03
  disqualified
• 11:03
  by
• 11:04
  an
• 11:04
  old
• 11:04
  mistake.
• 11:06
  And
• 11:06
  maybe
• 11:06
  right
• 11:07
  now
• 11:07
  you're
• 11:07
  sitting
• 11:07
  with
• 11:07
  old
• 11:08
  debt
• 11:08
  and
• 11:08
  you're
• 11:08
  wondering
• 11:09
  what
• 11:09
  to
• 11:09
  do.
• 11:10
  Don't
• 11:10
  guess
• 11:11
  anymore.
• 11:11
  I'd
• 11:11
  love
• 11:11
  to
• 11:12
  hear
• 11:12
  your
• 11:12
  story.
• 11:12
  You
• 11:12
  can
• 11:13
  go
• 11:13
  record
• 11:13
  a
• 11:13
  message
• 11:14
  for
• 11:14
  us
• 11:14
  by
• 11:14
  going
• 11:14
  to
• 11:15
  financiallyconfidentchristian.com/voicemail
• 11:19
  and
• 11:19
  let
• 11:19
  me
• 11:20
  walk
• 11:20
  through
• 11:20
  that
• 11:20
  situation
• 11:21
  with
• 11:21
  you.
• 11:21
  We'll
• 11:21
  put
• 11:21
  a
• 11:22
  link
• 11:22
  in
• 11:22
  the
• 11:22
  show
• 11:22
  notes,
• 11:23
  but
• 11:23
  again
• 11:23
  it's
• 11:24
  financiallyconfidentchristian.com/voicemail.
• 11:28
  I
• 11:28
  want
• 11:29
  to
• 11:29
  help
• 11:29
  you
• 11:29
  sequence
• 11:29
  this
• 11:30
  right
• 11:30
  so
• 11:30
  you
• 11:30
  can
• 11:30
  have
• 11:31
  your
• 11:31
  comeback.
• 11:32
  Well,
• 11:32
  thank
• 11:32
  you
• 11:32
  so
• 11:32
  much
• 11:33
  for
• 11:33
  joining
• 11:33
  me
• 11:33
  today.
• 11:34
  Stay
• 11:34
  financially
• 11:35
  savvy.
• 11:36
  May
• 11:36
  God
• 11:36
  bless
• 11:37
  you.
• 11:37
  Have
• 11:37
  a
• 11:38
  great
• 11:38
  day
• 11:38
  and
• 11:39
  I'll
• 11:39
  see
• 11:39
  you
• 11:39
  tomorrow
• 11:39
  on
• 11:40
  the
• 11:40
  show.