The Real Estate Show

Radio Show Notes 12/18/19 Wednesday:  The Real Estate Show Talks “Clean It Up To Take It Up” & Some Awesome Tax Deductions Are Back!

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This week, as The Real Estate Show talks “Clean It Up To Take It Up”, we apply this concept to our Midweek Report Edition and share how you can use our updates so you can Clean It Up To Take It Up now and in 2020!

First, Radio Show Host Eric Willner shared news that the House of Representatives just passed a spending package funding the federal government for fiscal year 2020. The bill provides authority for the National Flood Insurance Program through September 30, extends several tax provisions important to real estate markets and reauthorizes the Terrorism Risk Insurance Program for seven years. This is a move by our government, to Clean It Up To Take It Up going forward into 2020.

This is big!! Included in the package are temporary extensions of three tax provisions directly impacting the real estate industry: 1) the exclusion of forgiven mortgage debt from gross income, meaning that owners of primary residences who sold them short and had part of their mortgage debt written off will not have to pay tax on the amount forgiven; 2) the deductibility of premiums for mortgage insurance; and 3) the deduction of the cost of improvements to commercial buildings that make them energy efficient. These provisions had all expired at the end of 2017, but the bill extends them, retroactive to the beginning of 2018, and through the end of 2020. Like we said, Clean It Up To Take It Up. This IS Big! More on this later.

On another newsworthy topic related to the theme of Clean It Up To Take It Up, The Real Estate Show spotlighted the importance of your credit score with some noteworthy statistics. According to a recent article by CNBC, a good credit score could potentially help you save up to $45,000. Alternatively, a bad credit score could cost you the same amount in expenses. It’s important to Clean It Up To Take It Up,(your credit score) in order to set up a successful year ahead.

Want to “Clean It Up To Take It Up”? 

Here are some Important and General Credit Score Statistics:

1. More than 50 million adults had no credit score at all in 2015 [Source: Consumer Finance]
2. Roughly 26 million Americans are credit invisible, meaning they have no credit history with a nationwide consumer reporting agency [Source: Consumer Finance]
3. 19 million Americans have credit history that has gone stale or is insufficient to produce a score under the most common scoring models [Source: Consumer Finance]
4. 76% of adults ages 18 to 24 say they never check their credit scores [Source: Financial Maintenance]
5. 47% of employers check an applicant’s credit score and history during the interview process [Source: Demos]
6. 54% of Americans say they never check their credit scores [Source: Financial Maintenance]
7. Credit scores weren’t invented until 1950 when Bill Fair and Earl Isaac founded FICO [Source: The Street]
8. Your credit score may predict how long you’ll be married – the Federal Reserve conducted a study that concluded that the closer the match of two partners’ credit scores at the beginning of the relationship, the more likely they are to stay together [Source: Federal Reserve]
9. It’s possible to get a mortgage with a credit score of zero through a process called manual underwriting [Source: The Balance]
10. Education level, savings account balance, stock portfolio, employment status, and salary are all not factored into your credit score [Source: MyFICO]
11. More than half a million Credit Karma members achieved an average first score of 639 after not having an initial TransUnion score when they checked their credit scores for the first time [Source: Credit Karma]
12. If you check your credit for the first time and don’t see an initial score, it may take an average of five months before you see a score [Source: Nerd Wallet]
13. Closed credit card accounts can continue to appear on your credit report, affecting your scores for up to ten years [Source: Points Guy]
14. Hard inquiries into your credit report, like those done by creditors, can remain on your report for up to two years [Source: Investopedia]

FICO statistics

1. The average FICO score hit 700 for the first time in April of 2017 [Source: FICO]
2. Less than 1% of the U.S. population has a perfect FICO score of 850 [Source: CreditDonkey]
3. A credit score of anything above 810 is considered “perfect,” because improving your score further is unlikely to be significantly beneficial [Source: WalletHub]
4. 12% of the U.S. population has a FICO score below 550 [Source: CreditDonkey]
5. There’s a 3.5% year-over-year decrease in the recent serious delinquency rate between 2016 and 2017 [Source: FICO]

VantageScore statistics

1. The average VantageScore credit score in 2017 was a 673 [Source: ValuePenguin]
2. Minnesota had the highest average VantageScore credit score in 2017 with a score of 709 [Source: FICO]
3. Adults ages 22 to 35 have an average VantageScore credit score of 634 [Source: CreditDonkey]
4. Adults age 70 and older have an average VantageScore credit score of 730 [Source: CreditDonkey]
5. Average VantageScore credit score for each of the ten most populous states in 2017 [Source: Census Bureau]
• o    California: 680
• o    Texas: 656
• o    Florida: 668
• o    New York: 688
• o    Pennsylvania: 687
• o    Illinois: 683
• o    Ohio: 678
• o    Georgia: 654
• o    North Carolina: 666
• o    Michigan: 677
6. 0.1% of individuals with VantageScore credit scores of 800 or above have tax liens and civil judgements on their credit reports [Source: VantageScore]
7. People with a credit score of 800 or above have credit card limits totaling $46,700 on average, of which they generally use less than 5% [Source:VantageScore]

Average credit score statistics

1. Average credit score per age group, as of April 2017 [Source: Time]
• o    18–29 years old: 652
• o    30–39 years old: 671
• o    40–49 years old: 685
• o    50–59 years old: 709
• o    60+ years old: 743
2. Average credit score per income bracket [Source: ValuePenguin]
• o    Low Income: 664
• o    Moderate Income: 716
• o    Middle Income: 753
• o    Upper Income: 775
3. Average credit score over the last decade [Source: ValuePenguin]
• o    2017: 700
• o    2016: 699
• o    2015: 695
• o    2014: 693
• o    2013: 691
• o    2012: 690
• o    2011: 690
• o    2010: 687
• o    2009: 690
• o    2008: 690
• o    2007: 690

Credit scores aren’t as complicated as they may seem. You can Clean It Up To Take It Up. Maintaining a strong credit score is crucial to financial stability and can help you get approved for loans and credit cards. Not sure how to look at or take care of your credit score? There are many great resources available to help you view and build credit, including credit repair sites and other financial assistance. You can also visit www,TimeToFixMyCredit.com to 

Click the link at the top of the articles to hear today's live show recorded in full and On-Demand.

Interested in making real estate investing a business? Then just log onto www.automaticlandlord.com  and transform your business into the income source you dreamed of. Find out more on today’s episode and learn more about Real Estate Investing and learn HOW by listening to The Real Estate Show with Eric Willner , Live every weekday evening at 8 o’clock (EST) on Florida’s Money Talk Radio station WWNN AM1470,  FM 95.3, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates.

Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates.

Meanwhile, I can give more details in a special FREE strategy session available by appointment online our website at www.automaticlandlord.com

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Our other websites:
AutomaticLandlord.com
MackBuysHouses.com                   To sell real estate fast for cash
MackSellsHouses.com                   To buy great investment properties
MackBargainHouseHunters.com  To partner on real estate deals you find 

TimeToFixMyCredit.com                To build, fix or grow your credit and more!

90DayFreshStart.com                     To buy a home when the Banks say No!

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