CIC Credit’s Post

#sueknowsthescore dropping data this week about how the best scores, 7️⃣6️⃣0️⃣ and 🆙are dominating the #housingmarket. 🔑🏠 Let's talk about how 🫵can help your #borrowers regardless of their current score #optimize their #credit and increase their #homebuying power. According to CreditXpert, over 70% of consumers with scores below that 🪄number can achieve that #creditscore in less than 30 days. 👏https://lnkd.in/gYXCXbvK #skts is dropping some #knowledge 💣💣👇👇👇👇👇👇 🙋♀️ But my #borrower qualifies with their current score, why have the #credittalk? #creatingexperiencesthatmatter #nextgen #loanofficer 🤔 Pulling my credit can lower my score, right? 🅰️ Not with a #soft pull. Let's start there and see where you are at. 🤔 No, my #creditcard was paid in full why doesn't it show? 🅰️ The new balance hasn't reported yet, let me check the date your #creditor normally reports..... 💪 #protip - you should be getting the month DAY and year on your #creditreports for every #creditor. 💪💪 #protip - majority of creditors have reported by mid month. A soft pull gives you #consulation time, the ability to review just when all those #creditors will drop their next update. And you can time the hard pull to ensure a great vs good score. 🙌 🤔 Yes, we went late a few times on our #creditcard last year, but we've been on time since January. How much did that hurt our score? 🅰️ Since there were several in a row, it likely did impact your score. The good thing is by timing our hard credit pull to the first few days of the month, we can minimize their impact. We'll pull a new soft on the 1st, and go from there. 💪 #protip - You can go from denied to approved with just timing the #creditpull. FICO is looking at the most recent past 2 years to determine if your borrower will go 90 days or more delinquent in the next 2 years. 🤯 That means if you can put 'time' 📆 between the date of your credit pull and reporting date of the negative item, it can boost the score. 😲 💪💪 #protip - If you are dealing a single late date, a "Courtesy Deletion" request needs to be made by your #borrower to their #creditor. One late is often an oversight, and many creditors will remove the late. I know this to be true because I have had to do it on a oopsie of my own! Looking for more #sueknowsthescore #credittips? Continue to #followme here on LinkedIn, check out my site sueknowsthescore.com, or shoot me a dm for #training and #coaching options! #mortgagelending #mortgageindustry #creditandlending #mortgagebroker Brian Vieaux, CMB Michael Hammond JD, CMT Tiffany Cross Laurie Quercioli Monet L. Pasillas, CMB, AMP Mosi Gatling Laura Lasher Rick Grant Rebecca Richardson, AMP Kayla Kallander Heather Kyle Jeremy Daugherty John Jurkovich Mike Mills Jolene Bedingfield Kasey A. Andrea Driver CRVPM II Joseph Dahleen 🐙 Kelly Yale Kyle Draper

The automotive finance industry faces unprecedented challenges as delinquencies and repossessions reach all-time highs. In our latest discussion, Alexander Wilhelm, CEO and Founder of Loanbridge, and Bahador R., Co-Founder at AutoSquared.AI, dive deep into the state of the auto loan market, loss mitigation, and how banks and service providers are adapting to this crisis. 🔹 Unprecedented Delinquencies & Repos In today’s volatile auto finance industry, delinquencies are reaching all-time highs, and repossessions are flooding the market. The root causes of this growing crisis are tied to outdated systems exacerbating the issue. Banks and financial institutions are scrambling to adapt, but what are they doing wrong, and what can they improve to stay ahead? 🔹 Process Automation Is Critical One of the most significant challenges is how outdated processes hinder repossession efficiency. While repossession rates are soaring, many institutions still rely on archaic methods to manage the influx of vehicles. The conversation highlighted the urgent need for process automation, allowing teams to prioritize assets and eliminate guesswork. Modernizing processes is essential to ensure that cars don’t sit idle for months, costing institutions even more money. 🔹 Breaking Old Habits to Stay Afloat What used to be a back-office function is now a primary focus for lenders. With loan delinquencies hitting record highs, loss mitigation is no longer an afterthought—it’s now a central concern for financial institutions. The conversation underscored that compliance, often seen as a hurdle, must evolve in ways that allow for innovation and efficiency. Breaking old habits and adopting modern approaches are critical to survival in this market. 🔹 Charged-off Accounts Are a Hidden Opportunity Financial institutions often write off charged-off accounts as uncollectable, but these assets have hidden value. The discussion revealed that many lenders overlook opportunities to recover money by overlooking these accounts. Institutions can uncover "free money" and improve their balance sheets by monitoring and pursuing these assets through new processes and technologies. 🔹 Collaboration, Not Competition One of the significant points raised in the discussion is the industry’s reluctance to collaborate. Despite the shared challenges, many companies continue to operate in silos, hesitant to share data or work together on common solutions. This mindset is holding the industry back. The future of auto finance depends on breaking these barriers and fostering partnerships that can solve problems more effectively and efficiently. https://lnkd.in/eUErA4VW #AutoFinance #LoanServicing #Repossession #ProcessAutomation #Fintech #AutoIndustry #LossMitigation #Compliance #FinancialServices #BankingInnovation #Collections #DataAutomation #LoanRecovery

🌟 Unlock Financial Freedom with a Stellar Credit Score! 🌟 Ever wondered why having a good credit score is like having a golden ticket in the world of finance? 🎫 Let's dive into the incredible benefits that come with a strong credit game! 💳💰 1️⃣ Low-Interest Rates: A high credit score opens the door to lower interest rates on loans, mortgages, and credit cards. It's like getting VIP access to the best deals in town! 🌐💸 2️⃣ Easy Loan Approval: Say goodbye to the stress of loan applications! Lenders love a good credit history, making your dreams of owning a home or starting a business a reality. 🏡🚀 3️⃣ Credit Card Perks: Enjoy exclusive perks and rewards with premium credit cards! From cashback to travel benefits, your good credit score turns everyday spending into a rewarding experience. ✈️🛍️ 4️⃣ Renting Made Easy: Landlords often check credit scores before renting out their properties. A solid credit score not only helps you secure a place but might even negotiate better terms! 🏠🤝 5️⃣ Employment Opportunities: Some employers consider credit scores during the hiring process, especially for financial roles. A good credit score can enhance your professional profile! 💼📈 6️⃣ Insurance Savings: Your creditworthiness can impact insurance premiums. A higher credit score may translate to lower rates on auto and homeowners insurance. 🚗🏡 7️⃣ Peace of Mind: Imagine the peace that comes with financial stability! A good credit score reflects responsible financial behavior, paving the way for a stress-free financial journey. ☮️💳 Remember, building and maintaining a good credit score is a journey, not a sprint. 💪 Start today, make wise financial choices, and watch the benefits unfold! 🌐💙 #CreditScoreSuccess #FinancialWellness #SmartMoneyMoves #CreditRepair #CreditScoreBoost #FinancialFreedom #CreditRevival #CreditFix #CreditGoal #RepairYourCredit #CreditBuilding #CreditJourney #CreditHacks #FixMyCredit #CreditImprovement #CreditEmpowerment

Navigating Life: The Art of Choice What is Choice? Choice is the compass that guides our lives. It's the ability to select from various options, make decisions, and shape our destiny. Whether it's choosing a career path, a life partner, or even a simple meal, our choices define who we are. The Bright Side of Choice: 1. Empowerment: Choice empowers us. It allows us to take control and create our own narrative. When we embrace choice, we become architects of our future. 2. Diversity: The world is a rich tapestry of cultures, ideas, and experiences. Choice celebrates this diversity by offering a myriad of paths to explore. 3. Growth: Every choice we make contributes to our growth. Even mistakes teach us valuable lessons. Embrace the journey, for it's the choices that mold us. The Significance of Informed Choices: 1. Quality of Life: Informed choices lead to better outcomes. Whether it's health, finance, or relationships, understanding the options ensures a higher quality of life. 2. Avoiding Regret: Regret often stems from uninformed decisions. Research, seek advice, and weigh your options. Regret-proof your choices. The Challenge: Lack of Proper Choice: Many people face the challenge of limited or ill-informed choices. Whether due to lack of information, societal constraints, or financial limitations, they find themselves navigating life without a compass. Introducing PaisaOnClick: At PaisaOnClick, we believe in empowering individuals with a wide variety of choices. Our platform connects you to an array of financial products and lenders, ensuring that you make informed decisions. Whether it's a personal loan, credit card, or investment opportunity, we've got you covered. How PaisaOnClick Solves the Problem: 1. Transparency: We provide clear information about interest rates, terms, and conditions. No hidden surprises. 2. Comparison: Compare different lenders and products side by side. Choose what aligns with your goals. 3. Accessibility: PaisaOnClick is accessible to everyone, bridging the gap between choice and opportunity. 4. Customaization: We understand that everyone’s financial needs are unique. That’s why PaisaOnClick offers personalized recommendations. Whether you’re looking for a loan, credit card, or investment, our platform tailors options based on your profile and preferences. 5. Lender Diversity: We collaborate with a wide range of lenders, from traditional banks to emerging fintech companies. This diversity ensures that you have access to a plethora of choices, each catering to different needs. Make the right choice today. Visit [PaisaOnClick](https://lnkd.in/g9VtYMVz) Hold onto your hats, because the adventure with PaisaOnClick is far from over! 🎩 Keep your eyes peeled for even more engaging content, groundbreaking innovations. There's plenty more excitement in store, so stay connected and be part of the journey! 🚀 #PaisaOnClick #FintechRevolution #StayTuned #Loan #Fintech

"They have not taken a loan before, so they can't be given a loan"    -this logic excluded millions of Indians from financial freedom. Till Cyclops, India's first AI-based digital credit engine. India is home to a large aspiring youth population that is looking to eke out their own paths to the Indian dream, often on the back of two-wheelers -whether by delivering e-commerced knickknacks as gig-workers to its urban middle class over broken roads, or as young professionals trying to beat the clock to their first 12-hour jobs through the same crowded streets. But how would they afford these ~$2000 bikes on their even more meager earnings of ~$50/month, when they haven't established enough credit records to separate themselves from similarly appearing charlatans only too eager to buy a bike now, to never pay for it? And how do they buy it without shelling out an arm and a leg for down payment? This is a conundrum that often keeps millions of urban youth in India from taking their first tentative step to economic independence. In comes Cyclops, conceived, built, and deployed by our team at by L&T Finance - a next-generation, AI-driven digital credit engine, designed to revolutionize the underwriting process for two-wheeler vehicle loans in India, relying not only Credit Bureau records, but also alternative data from several sources. This proprietary engine utilizes AI/ML to perform an in-depth, multi-dimensional credit risk analysis, offering real-time decision-making that delights our customers through speed and efficiency. A beta version is active across 25 locations and will soon be in use by 200 select dealers in our network.  Key Features: - Predictive Modeling: Harnesses AI and ML algorithms to predict customer defaults accurately. - Data Integration: Blends traditional bureau data with alternate data sources, boosting confidence in both existing and potential customer evaluations. - Advanced Risk Assessment: Identifies and minimizes potential risks, providing a layer of surety that is unparalleled in our industry. Our aim with 'Project Cyclops' is not only to enhance our operational efficiencies but also to drive a deeper engagement with our customers, ensuring that we remain at the forefront of the financial services industry. A huge congratulations to our Analytics and Data team, whose dedication and innovative thinking made this possible. Special mentions Gaurav Bansal Raj Dighe @amitvarshney Raj Khandagale Saptarsi Bhattacharjee Aarti Ravariya Rushikesh Kadam Shubham Varnkar HEMANT HATANKAR SOURAV THAKUR Niranjan Rane Zainab Malik Gajanan Kalaskar Surya Kumar MSRKS Rohan Mulay JEETESH BURAN Manish Gajwani https://lnkd.in/g4KA82Zf #Innovation #DigitalTransformation #ArtificialIntelligence #MachineLearning #AI #CreditRisk #FinancialServices #Loans #Inclusivity #CreditUnderwriting #AlternativeData #ProjectCyclops #India #newproduct #launch

How to Make Your Money Work for You. One powerful yet lesser-known method to make your money work for you is through the Infinite Banking Concept. This strategy allows you to take control of your finances by multiplying the use of your money. By leveraging whole life insurance policies with specific features, creating a system that helps grow your wealth, provides liquidity, and builds financial independence over time. Set up a whole life insurance policy: The foundation of the Infinite Banking Strategy is a properly structured whole life insurance policy from a reputable mutual insurance company. These policies are designed with a focus on maximizing cash value accumulation rather than solely the death benefit. Accumulate cash value: Over time, as you pay premiums, your policy builds cash value, which grows tax-deferred. The cash value acts as a pool of money that you can borrow against for any financial needs. The policy continues to grow even when you borrow from it. Borrow against your policy: Once your policy has accumulated sufficient cash value, you can take a policy loan to finance anything you’d like. Unlike traditional loans from a bank, policy loans do not require approval, and repayment terms are flexible. Meanwhile, your policy continues to earn interest and dividends, which can further accelerate your wealth-building efforts. Passive Income Ideas: Making Money Without Active Effort. Whether you’re looking to build wealth over time, achieve financial independence, or simply supplement your existing income, passive income is a fundamental strategy. Here are several ways you can create passive income and make your money work harder for you. Dividend-paying stocks: Invest in stocks that pay regular dividends, providing consistent income. Reinvest dividends for compound growth over time. Real estate rentals: Purchase rental properties to generate monthly income from tenants while property values appreciate. Real Estate Investment Trusts (REITs):Invest in REITs to benefit from real estate profits without owning or managing properties directly. REITs pay dividends to investors. Peer-to-peer lending: Lend money through P2P platforms to earn interest payments from borrowers. Diversify loans to minimize risk. High-yield savings accounts or CDs: Earn passive income from higher interest rates by depositing money into high-yield savings accounts or CDs. Start Making Your Money Work for YouStart building a comprehensive financial strategy that includes budgeting, saving, and leveraging smart investments. Whether you’re exploring passive income ideas, diving into dividend-paying stocks, or embracing the Infinite Banking Strategy, the key is to take consistent, thoughtful steps toward growing your wealth. By automating your savings, investing in income-generating assets, and learning how to make your money work harder for you, you can achieve financial independence and build long-term wealth. Faithfully yours in prosperity & freedom,

Understanding common financial products is crucial for every individuals seeking to navigate the complexities of personal finance and achieve their financial goals. Among the most fundamental financial tools are checking the savings account, credit cards, loans and Insurance. Checking the savings account serve as the cornerstone of personal banking, it helps to manage our daily finance in an convenient way. These accounts often comes with debit cards for easy access to funds. On the other hand, savings account offer a safe place to store money while earning interest. They are ideal for setting aside funds for short-term goals or building an emergency fund. Credit card provide a convenient and flexible way to make purchases and manage expenses. When used responsibly, credit cards offers benefits such as reward points, cashback incentives, and purchase protection. However, it's essential to understand the terms and condition including, interest rates, fees, and repayment terms, Failure to manage credit card debt can lead to high-interest charges and damage to one's cibil score. Loans are financial products that allow individuals to borrow money for various purposes, such as purchasing a home, financing education, or covering unexpected expenses. Common types of loans include mortgages, auto loans, personal loans. Each types of loan has unique terms, including interest rates, repayment schedules and collateral requirements. Understanding the terms and potential terms and potential risks associated with borrowing is essential to make informed decisions and avoid financial pitfalls. Insurance products play a critical role in managing risk and protecting against unforeseen events. Health Insurance provides coverage for medical expenses, including doctors visit, hospital stays, and prescription medications. Property insurance, such as homeowners or renters insurance, protect against loss or damage to one's residence and belongings. Auto insurance provides financial protection in case of accidents or theft involving vehicles. Life insurance offers financial security to beneficiaries in the event of the policyholder's death, providing funds to cover funeral expenses, outstanding debts, and living expenses. By understanding these common financial products, individuals can make informed decisions to effectively manage their finance and mitigate risks Disclaimer: This post is provided for educational purposes only and should not be constructed as financial advice. Readers are encouraged to consult your financial professional and review the terms and condition of any financial product before making a decision, and to seek personalized advice tailored to their specific needs and objectives. #finance #smartmoneychoices #moneymatters #financialliteracy

**𝗦𝘁𝗶𝗺𝗮 𝗦𝗮𝗰𝗰𝗼: 𝗔 𝗟𝗲𝗴𝗮𝗰𝘆 𝗼𝗳 𝟱𝟬 𝗬𝗲𝗮𝗿𝘀 𝗮𝗻𝗱 𝗖𝗼𝘂𝗻𝘁𝗶𝗻𝗴—𝗪𝗵𝘆 𝗬𝗼𝘂 𝗦𝗵𝗼𝘂𝗹𝗱 𝗝𝗼𝗶𝗻** Stima Sacco, a beacon of financial empowerment and stability, celebrates its 50th anniversary this year. Founded in 1974, Stima Sacco has grown to become one of Kenya's most reputable and robust Sacco. This milestone not only marks half a century of service but also underscores the enduring value and reliability of joining a well-established financial institution. Here’s why becoming a member of Stima Sacco is a prudent choice: 🕛 𝐀 𝐩𝐫𝐨𝐯𝐞𝐧 𝐭𝐫𝐚𝐜𝐤 𝐫𝐞𝐜𝐨𝐫𝐝 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡 𝐚𝐧𝐝 𝐬𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 Fifty years in operation is no small feat. It speaks volumes about Stima Sacco’s resilience, trustworthiness, and commitment to its members. Throughout its history, Stima Sacco has weathered economic fluctuations, adapting and growing to meet the changing needs of its members. This longevity provides potential members with confidence that they are joining a stable institution that prioritizes long-term growth and financial security. 🕧 𝐃𝐢𝐯𝐞𝐫𝐬𝐞 𝐚𝐧𝐝 𝐓𝐚𝐢𝐥𝐨𝐫𝐞𝐝 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 Stima Sacco offers a wide range of financial products and services designed to cater to various needs. Whether you're looking for savings accounts, affordable loans, or insurance products, Stima Sacco provides solutions that are tailored to individual and business needs. This diversity ensures that members can find the right financial tools to support their goals, be it home ownership, business expansion, or personal financial management. 🕔 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐚𝐧𝐝 𝐂𝐨𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐯𝐞 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞𝐬 As a cooperative, Stima Sacco is owned and operated by its members. This means that every member has a say in how the Sacco is run, fostering a sense of community and shared responsibility. 🕘 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐬 Joining a Sacco like Stima offers several competitive advantages over traditional banking institutions. Members often enjoy lower interest rates on loans, higher returns on savings, and lower fees on transactions. These benefits are made possible by the Sacco’s not-for-profit model, which focuses on providing value to members rather than maximizing shareholder profits. 🕠 𝐀 𝐋𝐞𝐠𝐚𝐜𝐲 𝐨𝐟 𝐓𝐫𝐮𝐬𝐭 𝐚𝐧𝐝 𝐑𝐞𝐥𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐲 The Sacco's 50-year journey is a testament to its integrity, reliability, and unwavering commitment to its members. Over the decades, Stima Sacco has built a reputation as a trusted partner in financial empowerment, consistently delivering on its promises and maintaining the highest standards of service. 𝗖𝗼𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻 Joining Stima Sacco means becoming part of a legacy that values stability, community, and growth. With 50 years of experience, a wide array of financial services, and a commitment to member welfare, Stima Sacco offers a unique and valuable opportunity for individuals and businesses seeking a reliable financial partner.

Exciting Update from So Money: Another Loan Approval Triumph! 🎉 We're excited to bring you yet another tale of success from our team! This time, we've played a pivotal role in helping a client finance their journey towards owning their dream home. It's with great pleasure that we announce the successful acquisition of their loan. Here's a glimpse into the specifics: 🔍 Loan Insights: Purpose: Acquiring a Primary Residence Amount Financed: $350,000 Property Value: $500,000 Loan-to-Value Ratio (LVR): 70% Documentation: Fully Documented 📋 About the Client: Employment Status: Recently started a new role with only a month on the job, alongside a history of varied, short-term roles. Approval Consideration: Despite the recent job change, the client's consistent two-year experience within the same field was a key factor in the loan approval process. 🎉 Outcome: We're overjoyed to report that our dedicated efforts have paid off, overcoming initial reservations about the client's recent job change. Our team's dedication has paved the way for our client to step into the realm of homeownership! This achievement is a testament to So Money's dedication to understanding and adapting to our clients' unique situations, ensuring we offer solutions that best fit their needs. At So Money, we're all about making dreams come true with our customized financial solutions. Discover more about how our adaptable loan offerings and personalized services can help you by visiting our website today. https://lnkd.in/gKzgeuuf #HomeLoanSuccess #HomeownershipDreams #PersonalisedFinance #FullDocLoans #SoMoney

Day 3 Credit scores play a crucial role in personal finance, influencing borrowing capabilities and overall financial health. Here's an overview of their impact: What is a Credit Score? A credit score is a numerical representation of your creditworthiness, typically ranging from 300 to 850. It is derived from information in your credit report, which includes your credit history, outstanding debts, and payment behaviors. Factors Affecting Credit Scores 1. Payment History (35%): Timely payments boost your score, while missed or late payments can significantly lower it. 2. Credit Utilization (30%): This is the ratio of your current credit card balances to your total credit limits. Keeping it below 30% is advisable. 3. Length of Credit History (15%): Longer histories with positive accounts enhance your score. 4. Types of Credit Used (10%): A mix of credit types (credit cards, mortgages, installment loans) can benefit your score. 5. New Credit Inquiries (10%): Frequent hard inquiries may lower your score temporarily. Impact of Credit Scores 1. Loan Approval: Higher scores increase the likelihood of being approved for loans and credit cards. 2. Interest Rates: A good score can qualify you for lower interest rates, saving money over time. 3. Insurance Premiums: Some insurers use credit scores to determine rates, meaning a better score can lead to lower premiums. 4. Rental Applications: Landlords often check credit scores; a low score can hinder your ability to rent a property. 5. Employment Opportunities: Some employers review credit scores as part of the hiring process, particularly for financial roles. Improving Your Credit Score Pay Bills on Time: Set reminders or use automatic payments. Reduce Debt: Aim to pay down existing debts and keep credit utilization low. Limit New Credit Applications: Space out applications to minimize inquiries. Monitor Your Credit Report: Regular checks can help identify and dispute inaccuracies. In summary, maintaining a healthy credit score is essential for accessing favorable financial opportunities and achieving long-term financial stability.