Avoid the 50-year mortgage loan like a scam. While technically not a scam because all the terms are fully disclosed to you, it is a TERRIBLE deal for you and a big money-maker for the bank or mortgage company.
You must understand this: When borrowing money, your main “enemy” is not the interest rate. It is time!
It is paying off a loan over 30 years that makes it so you pay three times more. That is why advisors like Dave Ramsey and myself and hundreds of honest loan officers love the 15-year loan so much. It saves you a boatload of money.
But now stretch that out over 50 looooong years? Are you kidding me? The total you will pay for your home is insane!
I’ve been asked quite a few times over the past few weeks what I think of the 50-year mortgage, so let me be perfectly clear: IT IS HORRIBLE. AVOID IT. SAY NO.
You will not build up equity with the 50-year loan.
You will not own your own free-and-clear in your retirement years if you pay as agreed for 50 years.
Any questions about this, please drop a comment in the comment box. I read all comments within 24 hours.
Which of these reasons for not paying a bill will a credit card company be likely to accept?
My dog destroyed all my bills and I lost my Visa bill, so I couldn’t pay.
I got married and the wedding costs were more than what I’d budgeted for, so I didn’t have the funds last month.
I was traveling out of the country and my accountant was supposed to pay my bills, but he missed this one.
I have auto-pay set up, so I assumed the bill would be paid like always, but I changed banks and forgot to reset the account.
I was laid off work with no advance notice, so I couldn’t pay for a few months.
Do you see a good reason or two from the list above? If so, which ones are likely to be accepted by Visa or Capital One or MasterCard?
Answer: None of them. Here’s why:
If your bill is destroyed, you are supposed to contact them before the due date and make payment arrangements.
Overspending on a wedding or anything else is not an acceptable excuse for not paying as agreed.
It is not their fault that your accountant failed to pay the bill; they do not give grace for traveeling reasons.
Changing banks or being overdrawn is not an excusable reason for being late. You are supposed to pay better attention to your finances.
If you are laid off work, you should have money in reserves to cover your bills while you’re looking for a new job. At the very least, you should contact the creditor immediately to inquire about making other arrangements — which you must get in writing to be sure they don’t report you as late for making a partial payment, even if they agreed to do so on the phone.
Now let’s look at how a different type of reason may work for getting grace from a creditor:
Dear Creditor: On 9/12/2025, I was in a terrible car accident that put me in the hospital. I was in intensive care for several weeks and required emergency surgery to save my life. Naturally, I was focused on survival and was unable to take care of my Visa bill during that time. I have enclosed copies of my hospital bill to show the date corresponds with the date of the crash and so you can see this was a major life-threatening event. I have been a customer of Visa for five years and have never been late. I am now recovered and at home and am paying the full balance on my Visa bill. This late payment on my credit report is not accurate nor reflective of my pristine finance management. Therefore, I ask that you instruct your team to remove the late notation from my credit report so that I can continue being a loyal customer of Visa.
2. Dear Creditor: Yesterday, I checked my credit report to make sure everything was accurate, and I was surprised to find an inaccuracy regarding my student loan #xxxx12345. It shows a missed payment last month, which is false. How could I be late when I have auto-pay set up? I have paid on time for the past three years! It appears that your system did not record my payment. I have enclosed a copy of my bank statement that shows the $255.36 monthly bill was withdrawn from my account on 11/15. I don’t know why your system failed to withdraw it on the normal set-up date, but this is not my fault, and I was not late, and reporting it as a late payment is erroneous and a violation of the Fair and Accurate Credit Reporting Act. DELETE the late payment at once and confirm deletion to me.
You can see the difference between the five excuses at the beginning and the two reasons after. Both of the two reasons after also include documentation.
While there is never a guarantee for what the creditor’s response will be, you will have a greater chance of success if your reason makes sense, does not sound like you’re being irresponsible or sloppy, and includes documentation to support what you’re saying.
And remember this: If your first attempt fails, don’t give up. The pros don’t quit on their clients if they get a rejection letter. They proceed to “round two” and then to “round three” if necessary.
And now I have a question for you: If I put together a short book on Best Tips for Credit and Finance Success, would that be something you would purchase? If enough people comment saying yes, then I will get to work on that right away. Either way, thank you for reading my books and my posts.
Metro-2 Compliancy disputes can sometimes be an effective approach to credit repair, because they focus on technical accuracy and data integrity, rather than simply challenging the validity of an account.
Under the Metro-2 format — the standardized reporting system used by the big three credit bureaus — every piece of information must meet strict guidelines for how data is reported, coded, and updated.
When you dispute using Metro 2 standards, you are essentially asking the bureaus and furnishers to prove tha the account is being reported in full compliance with those technical standards as required by the Fair Credit Reporting Act (FCRA) and the Consumer Data Industry Association (CDIA).
If a creditor or credit bureau fails to meet those precise requirements, the information on your credit report can be corrected or deleted.
Like all dispute methods, Metro-2 based disputes do not come with a guarantee of a certain result.
Four Possible Outcomes of a Metro 2 Dispute
The creditor might respond to the bureau confirming that the account is accurate. (Even if it not 100% accurate.)
The account information might be corrected or updated, but not deleted.
The dispute might not be thoroughly reviewed or investigated; and therefore, remain unchanged.
The account might be deemed out of compliance and deleted.
For more information, including:
How does Metro 2 work and what are the lies being told on Youtube by scammers?
How can you avoid getting your dispute letter flagged as “frivolous”?
Can a company be held liable for being out of compliance with Metro 2?
Can you (or your attorney) file a lawsuit against Metro 2?
What are two templates for challenging Metro 2 compliance? (I have two original letters you can use.)
All of these questions are answered in easy-to-understand detail in Chapter 16, “Metro 2 System Disputes” in Repair Your Credit Like the Pros DEEPER DIVE.Take a look here.
Many thanks to professional credit repair expert Neal Yeagley for sharing his experience and knowledge.
If you missed my Continuing Education class for real estate brokers (or if you are curious about the topic of credit and buying a home), below is the link to the recording.
It is a one hour class hosted by Vanport Escrow and Title.
The link goes into Vanport’s portal. Simply tap on the arrow to start the recording.
I hope you find the information valuable and interesting, and I would love it if you could leave me a comment.
Tuesday, September 23, I am giving a one hour Continuing Education class for Real Estate Brokers. You will receive credit toward your annual CE requirement from Vanport Escrow and Title when you take the class.
This class is open to everyone! You do not need to be in the real estate business to attend.
It is free.
The class will include the following:
FICO vs Vantage Scores: What is the mortgage industry using now? Today’s interest rates
What credit scores is required to qualify for the different types of loans?
What makea a non-prime borrower? And how can that person get approved for a home loan?
What is the fastest way to raise your credit score?
Which negative items on a credit report can you ignore and which ones are cause for concern?
What is the best advice for someone who wants to buy real estate in the near future?
Here are very doable action steps you can take this weekend to build and boost your credit:
1) Review Your Credit Report and highlight or circle the following items:
Accounts you don’t recognize
Late payments older than 7 years
Collections that should be removed
2) Set up Autopay for credit cards and installment loans (car/truck/SUV)
3) Look for high credit card balances that are over 50% of the limit and pay them down. If you have none in that category, look for balances that are over 30% of the limit and pay them down.
4) Write down a credit goal that you want to achieve by the end of the year. Keep that someplace where you will see it often as a motivation to keep on going toward building and protecting your credit profile.
Other people have gone from “D” credit to “C” credit to above average credit — and you can do it, too!
Other people have paid off their burdensome debt — and you can do it, too!
People who had embarrassing credit now have respectable credit they are proud of — and you can get there too. It becomes easier as time goes on. So be encouraged, write your goal, and take hold of the action steps above.
Happy Labor Day weekend, and whatever you do, DON’T go further into debt!. God bless you and keep you safe,
What do the professionals know that you don’t? Why are they able to get credit repair success for their clients?
Here are three important tips that you can (and should) use when doing your own credit repair:
First, start by cleaning up your account profile. Your profile is your name (correct spelling, no nicknames, etc.), address, and social security number.
Don’t make the rookie mistake of firing off disputes before you have corrected any account errors. You must do this cleanup with both the major and minor credit reporting agencies, as explained in Repair Your Credit Like the Pros DEEPER DIVE. For example, Experian purchased Clarity Services. So if you aren’t getting cooperation from Experian, it might be because Clarity Services has your name or SS# wrong.
Second, look for factual errors. Those are the inaccuracies, such as incorrect dates, dates that don’t match from one credit bureau to another, false balances, etc. Never specify to the credit bureaus what the specific issue is, because then they will correct your error and smugly leave the offending account on your report for the remaining seven years. Use the letter in the DEEPER DIVE book to get the account legally removed.
(With 27 new letters, there is one available for every circumstance.)
Third, employ only one reason at a time. If you put all your “arrows” in one letter, you will have none left for the second round if they fail to respond as instructed — which often happens and which is why there is a lawsuit against one of the credit bureaus right now.
Of course, there are many more vital, useful, and important tips for success in the book; but let this be a reminder for you and an inspiration — because when credit repair is executed like the pros, it does work.
Credit repair is not dead; in fact, I would say it is more active now than ever. However, if you send off a terrible letter that destroys your credibility with the bureaus or that tries to remove every negative thing at once, or that sounds like a bunch of legal gobbledegook, because that’s exactly what it is and you got it for free off the Inernet and you don’t even know half of what it means yourself — then you are going BACKWARDS not FORWARD.
Credit repair pros charge hundreds or even thousands of dollars to legally delete negative items and clean up your report. So picking up a guide like Repair Your Credit Like the Pros DEEPER DIVEfor less than sixteen bucks is a super bargain. Invest in yourself, take the time to do it right, and then execute your financial strategy with confidence!
If you are ordering your credit reports from the secondary credit reporting agencies, like the pros do, then you need this updated contact information.
I personally called each one of these and spoke with a representative to verify the information.
Innovis has closed their office in Houston. They integrated with a fraud prevention company called Alloy on April 1st.. 800-540-2505 Innovis PO Box 530088 Atlanta GA 30353-0088
LexisNexis has not changed. For your LexisNexis report, you can order by phone, online, or by mail. All three options are acceptable. https://consumer.risk.lexisnexis.com/request
Sage Stream has been purchased by LexisNexis. Sage Stream’s old phone number is now answered by LexisNexis. Your Sage Stream report is now the same as your LexisNexis report. There is no longer a separate Sage Stream report. So now you have one less report to order and dispute—yay!
Clarity Services has a new PO Box. This is because Clarity was bought by Experian; however, they are still two separate companies with two different credit reports. You can order your Clarity report online, by phone, or mail. I now believe that ordering online for speed and to save postage is fine for your Clarity report, but you can choose for yourself. 866-390-3118 PO Box 16 Allen, TX 75013 866-390-3118
Were you contacted by Blackstone Legal about paying a debt?
Blackstone Legal, owned by Ryan and Michell Evans, are in deep trouble with the FTC (Federal Trade Commission) for coercing consumers to pay fake debts.
They lied to people, telling them if they did’t pay, they would be sued, face wage garnishment, and have their credit ruined.
Now Blackstone Legal and its associates are permanently banned from the debt collection business. In addition they face a judgment of $8,254,368, and they are required to turn over most of their assets. You can read more about this at https://tinyurl.com/49464pb3.
WHAT SHOULD YOU DO IF A DEBT COLLECTOR CONTACTS YOU
Make sure the company is legitimate by doing a Google search with their name + lawsuit and their name + complaints.
Gather your documentation so you are ready to check the dates and balances.
Make sure the debt belongs to you. If you co-signed for a loan and the person didn’t pay, then unfortunately, that debt belongs to you, the co-signer. But if you don’t recognize it and think it isn’t yours, you have the right to have it verified.
Take immediate action! Don’t procrastinate or delay, because if you wait too long, you may lose certain legal rights or the situation could get even more complicated and difficult to fix. It will not go away if you ignore it, so make that phone call or send that letter NOW not later.
If needed, contact a professional for help. That might be an experienced, ethical credit repair business (I can provide recommendations) or a local consumer credit attorney.
Remember, you have legal rights and recourses. But at the same time, if you owe a bill, then that bill must be paid. No one can purchase goods and services and then just not pay — that is the same as theft. If a hardship prevents you from being able to pay, contact the creditor immediately and ask for assistance with your situation. Most creditors will work with you to set up a do-able plan.
There are so many things wrong with this so-called dispute letter that it is sure to fail.
It was no surprise that a young woman told me she receive a total rejection from the credit bureaus after sending it.
It was worth exactly what she paid for it: $ ZERO. Actually, it’s worse than zero, because now there’s a bogus letter in her file with the credit bureaus.
Let’s look all the problems with the letter below (so you don’t make the same mistake.)
Dear Credit Bureau Representative,
I received a copy of my credit report and found the following FCRA violation:
The Date Opened is not the same for each bureau. Do I have a duplicate account with you? Problem: The credit bureaus don’t compare with one another. That’s your job, not theirs.
The Date Last Activity is not the same for each bureau. Problem: So what? That statement accomplishes nothing.
Incorrect Date of last payment is not the same for each bureau. Problem: That doesn’t mean theirs is wrong, and it’s not their concern what the other two bureaus show.
High Balance and Balance Owed are not the same. Is this a duplicate account? Problem: : Balances are expected to vary bureau to bureau because they don’t all receive and update informatio on the same day. It does not indicate a duplicate account. It is irrelevant.
Closed Date is only shown on TransUnion, but not on Experian and Equifax. Problem: In addition to everything above, not all creditors report to all three credit bureaus.
Past Due Amount Shown – How can a charge off have a past due amount? Problem: This is a valid issue, but asking them to explain how is not going to get it deleted. Do you want an explanation or a deletion based on erroneous information reporting?
Late Payment Date is not the same for each bureau. Problem: What do you want them to do, fix the late payments to match? Update the late payments? You are not helping yourself in the slightest with this.
In addition to all the problems I’ve stated above, you cannot send out a catch-all dispute letter like this and expect to receive a good result.
It is obvious to the credit bureaus that you are using a letter you downloaded from the Internet, and they do not take kindly or respond positively to that.
Credit is still a hot topic and dispute letters DO work, but only if they make sense. And if they sound sincere. And if you customize them a little bit, like I recommend, it will boost your success as well.
Good luck and best wishes, and don’t give up! You CAN take control of your finances and improve your credit. Every month of paying on time helps improve your credit rating. And if there is anything negative on your report, it must be accurate and verifiable to remain.
