Stefan

Ok, so this has nothing to do with video marketing, but it COULD if you created a video about what I am about to share with you.

In fact, now that I say that – THIS IS a post about video marketing, because good video marketing has everything to do with the VALUE you are sending in the video. We talk a lot about WHAT to put in a video to keep them wanting more and how to avoid sending crap that results in your videos to cease being viewed, and the most consistent strategy is value.

NOT regurgitating the financial news as blasted out to thousands of loan officers and/or REALTORS but instead bringing timely, interestting and BRIEF useful information like I am about to do for you.

Ok, so back to why you are reading….

Several of my clients are in the credit restoration business and a recent conference call with some of the heavy hitters in the business revealed an astonishing new update to how the FICO score is computed.

Balance management – that is the practice of getting the “balance to available credit” (similar to ltv) below 50% and ultimately to below 30% for maximum benefit, “NO LONGER appears to improve the score” was the quote on the conference call. It was a common, and very simple way to get a few point increase in FICO score was to transfer balances accross cards, or pay down accross cards to get the balances below 50 and 30% of the available credit line. Another common practice if there was no room on other cards or no cash to pay balances down was to call the credit companies and request an increase in the available credit limit – which would result in an improved ratio and a better score. It appears this is NO LONGER the case.

I don’t have any more details than that, I am afraid. But this should give you something to investigate, validate and communicate to your partners, prospects and friends.

Stefan Lubinski