Official Sales Tip Of The Day Thread

**AndyYSCISOdept** · 10-23-2015, 01:50 PM

Originally Posted by FUNd

Don't submit the apps to your funders that aren't going to get approved. Pretty simple. Doesn't mean you shouldn't get the app in house.

I agree with that.

**ridextreme** · 10-23-2015, 02:12 PM

Originally Posted by FUNd

Don't submit the apps to your funders that aren't going to get approved. Pretty simple. Doesn't mean you shouldn't get the app in house.

this x100

If a broker is asking "How's my credit" they might think in the back of their minds they need good credit. 600 to us is gold but to them is horrible credit and if they think they need good credit, they won't bother filling out an app, especially if they were asked "How's your credit?"

An app should never be shotgunned around to everyone to see who bites, especially from the smaller shops and one man operations who don't run credit or do their own duediligence first.

**John Galt** · 10-23-2015, 04:26 PM

I also ask "do you know your credit score?" If they don't I suggest they go to credit Karma and get it (soft pull). I specifically tell them not to let anyone do a hard pull as this will reduce their score and the miami boiler rooms love to do it and they'll have a hard time getting a good deal. It stops the competition. Then I explain guidelines of alt. and the other vehicles out there.

**ridextreme** · 10-23-2015, 08:05 PM

Originally Posted by John Galt

I also ask "do you know your credit score?" If they don't I suggest they go to credit Karma and get it (soft pull). I specifically tell them not to let anyone do a hard pull as this will reduce their score and the miami boiler rooms love to do it and they'll have a hard time getting a good deal. It stops the competition. Then I explain guidelines of alt. and the other vehicles out there.

everyone does a hard pull. The "but I don't want my credit pulled because it will reduce my credit score" is all dog crap. Yeah it might go down a couple points for 6 months but if you have all accounts paid on time and no charge offs or collections, it's not going to hurt anyone. The FICO score is over rated by all the advertising hype from credit monitoring companies. Any good underwriter looks to see what is actually ON your CBR, not just the score itself.

**Michael I** · 10-24-2015, 10:11 PM

Originally Posted by John Galt

I also ask "do you know your credit score?" If they don't I suggest they go to credit Karma and get it (soft pull). I specifically tell them not to let anyone do a hard pull as this will reduce their score and the miami boiler rooms love to do it and they'll have a hard time getting a good deal. It stops the competition. Then I explain guidelines of alt. and the other vehicles out there.

John I am just curious why on deck cut you off as a broker because anyone working with them will never say that .
Zach as always I agree with the way you say it

**BigIz** · 10-24-2015, 09:55 PM

Originally Posted by ridextreme

this x100

If a broker is asking "How's my credit" they might think in the back of their minds they need good credit. 600 to us is gold but to them is horrible credit and if they think they need good credit, they won't bother filling out an app, especially if they were asked "How's your credit?"

An app should never be shotgunned around to everyone to see who bites, especially from the smaller shops and one man operations who don't run credit or do their own duediligence first.

Hey ridX, I am a small shop and want to sign up to run credit. Who would be good that MCA people use. Also, if I run credit and 1 or 2 other Funders do also, how quickly will their score go down?

I signed up with Experian Connect so that the Merchant gets a soft pull but getting the Merchants to do this seems to slow down the process of getting everything in to submit. I just thought that I can pull credit myself and pre-qual the Merchant quicker.

I see plus and minuses on both sides of pulling credit. I have been telling my Merchants the same thing as John, "Do not let anyone do a hard pull, I am going to send you an email from Experian Connect so that you can pull your own credit and score and allow me to view it" BUT sometimes it is 2-3 days later (5 calls) and they still have not pulled credit.

I am thinking now that I just want to go ahead and do a hard pull since I already have the app and all the docs in and I do not want to wait and possibly have someone else take the deal.

**KTK** · 10-23-2015, 04:05 PM

This turned into one of my favorite threads. Lots of knowledge being passed around. It is what this forum should be all about.

Great idea Zach

**Zach** · 10-23-2015, 04:15 PM

Thanks man

**cbs** · 10-23-2015, 05:00 PM

Touché .

**John Galt** · 10-23-2015, 08:12 PM

Yes but it is a good way to lock in your customer because they wont sign the waiver for anyone else.....Duh.

**SCCNY** · 10-23-2015, 10:44 PM

Originally Posted by John Galt

Yes but it is a good way to lock in your customer because they wont sign the waiver for anyone else.....Duh.

As fund said thats a lie you dont need to put down people for doing a credit pull thats inevitable for any type of loan or credit... You would be better served letting them know that you wont send it to every lender you have an ISO Agreement with blindly and that you will intelligently place their file.

**John Galt** · 10-23-2015, 11:00 PM

Sorry FUNd and SCCny, best way to secure customer relationship is to suggest they do not want anyone to do a hard pull. Wasn't putting anyone down, just said it helped the customer and me as a salesperson to hang on to customer and lock out others. FUNd I don't know what NKOTB means but I've done well and can't complain. MCA is just one source of income. With any luck customers buy a lot of product.

**FUNd** · 10-23-2015, 09:10 PM

John, respectfully, wtf are you talking about? You're a NKOTB but seem to have the MCA biz by the balls.

**John Galt** · 10-23-2015, 11:04 PM

sorry not a new kid on the block....been around along time. Just MCA is not my mainstay. Been here a lot longer than you, I promise. Just after looking at this site a year or so ago, never bothered to come back.

**John Galt** · 10-23-2015, 11:36 PM

FUNd,and also again respectfully...been in the biz a lot longer than you. Don't have anything by the balls but make a fairly respectable living. This was a thread for sales and I just explained the way when I speak to a client or suspect how to avoid others pulling his scores which basically locks them out.

**SCCNY** · 10-23-2015, 11:22 PM

No problem John not trying to put you down, just saying a credit pull is something that you cant avoid if you want money.

**John Galt** · 10-23-2015, 11:30 PM

I understand and wasn't trying to flame you...this was a thread on sales. I'm saying have the client do a soft pull and let him know NO ONE should pull anything other. It helps him and it helps you lock out the competition. Once we get offers a hard pull will be done.

**ridextreme** · 10-24-2015, 06:43 AM

Originally Posted by John Galt

I understand and wasn't trying to flame you...this was a thread on sales. I'm saying have the client do a soft pull and let him know NO ONE should pull anything other. It helps him and it helps you lock out the competition. Once we get offers a hard pull will be done.

No one is giving any offers without a hard pull. All credit checks are hard pulls.

A soft pull is an inquiry that does not need your authorization such as a pre-approval offer for a credit card and other advertisements for credit cards you receive in the mail. Also, if someone looks up their credit score on one of the credit check sites online, it is also a soft pull but by sending that into the UW they are still going to do a hard pull before issuing any approval offers.

**FUNd** · 10-23-2015, 11:36 PM

Come on. I'll call the guy 2 minutes later and get him to do a signed application. Instructing the merchant to let "NO ONE" do a hard pull doesn't "lock out" anyone. You're dreaming bud.

**John Galt** · 10-23-2015, 11:41 PM

OK agree to disagree...we'd have to be on the same client to reconcile. Been in the biz a long time and am fortunate enough to keep them and get them out of alt....guess different strokes.....You won't get my guys 2 minute s later, but it'd be hard to prove one way or the other.

**FUNd** · 10-23-2015, 11:39 PM

John, how do you know how long any of us have been "in the biz"? You can't lock out anyone from anything. A vet like yourself should know this first hand.

**John Galt** · 10-23-2015, 11:43 PM

FUNd, the lock out is to convince the suspect to not allow anyone to pull credit as it lowers his score. If he trusts you he'll do it.

**Sean Cash** · 10-24-2015, 12:18 AM

Originally Posted by John Galt

FUNd, the lock out is to convince the suspect to not allow anyone to pull credit as it lowers his score. If he trusts you he'll do it.

I think you meant prospect. They only become a suspect after they default

**John Galt** · 10-24-2015, 12:51 AM

No Sean, in sales they are first a suspect before they become a prospect and before they become a client.

**John Galt** · 10-24-2015, 01:33 AM

Please don't make me take your pants down in public...lol. And yes I know you are a senior member and it is said with respect as I am a newbie to the site. It is not said with malice but I have had too many law suits to count and know the biz for what it is. Been in the biz since 85. Started on WS in 77.

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