June 16, 2023 • 27 mins
Join us on a captivating journey into the world of equity funding with the brilliant Jean Vann, an esteemed underwriter with over 25 years of sales consulting experience. She'll share her wealth of knowledge on the intricacies of underwriting, guiding us through the critical aspects of a credit report, the significance of the debt-to-income ratio, and the secret to maintaining a healthy credit score. Listen closely as Jean shares her invaluable tips on managing credit card balances, diversifying your credit cards, and the importance of low utilization.
Did you ever wonder about the distinction between hard and soft credit inquiries? Jean emphasizes this as a crucial point for consumers to comprehend. With her guidance, learn how to avoid those hard inquiries and get pre-qualified without them. As we move forward, we delve into the impacts of the current economic climate and COVID's effects on underwriting processes. Don't miss out on Jean's expert insights on navigating the ever-changing funding landscape. This episode is the key to unlocking your path to successful startup funding, so tune in!
A loan brokerage firm that acquires funding for business owners and real estate investors.
Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.
If you need assistance in obtaining funding, email us at podcast@tdjequityfundinginsiders.net. Tell what the scope of funding is needed and the amount. A broker will contact you to discuss your funding needs. And remember, at TDJ Equity Funding, we do not force your funding needs into a lender's box but find a lender's box that fits you!
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Episode Transcript
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Introduction (00:13):
Ready to get the inside scoop on equity funding?
Tune in to TDJ Equity FundingInsiders podcast for an in-depth
look at what it takes to accessfinancial capital and maximize
your investments here fromexperienced professionals,
including bankers, underwriters,loan officers and industry
(00:34):
experts, as they share theirunfiltered stories and valuable
lessons on securing funds.
Jacqueyn Jackson (00:47):
Hello everyone and welcome to today's podcast.
I'm Jacqueline Jackson, yourhost of TDJ Equity Funding
Insiders podcast, and today wehave a special, special guest,
someone or profession that weall would love to know but
hardly ever see.
It's an underwriter and hername is Jean Van and she's from
(01:09):
Florida, and so Jean is going tojoin us today and give us her
insights and knowledge intodealing with personal funding
and dealing with businessstartup funding as well.
Welcome, jean, and thank youfor coming into our show today,
hi, jackie thank you so much forhaving me today.
Jean Vann (01:26):
It's a pleasure to be here.
Jacqueyn Jackson (01:28):
And pleasure to have you.
So first of all we want to do,jean, is if you would let's
start off with getting tellingpeople, tell our listeners a
little bit about you, as yourexperience is on this as well.
Jean Vann (01:40):
Okay, great.
So I have been in salesprobably for about 25 years
Sales consulting, helping peopleclients figure out the best way
to do things, regardless ofwhat kind of industry or field
they're.
In the last 10 years I've beenan actual direct lender and or
(02:02):
funding consultation consultant,helping people actually get the
money and guiding them on howto get the money and where to
get the money.
So about 25 years altogether,but the last 10 I focused
strictly on the actual directlending and funding.
Jacqueyn Jackson (02:19):
And funding process wonderful, and so I
guess we also want to do.
If we can, let's explain for usunderwriting what are some of
the duties that the underwritersactually do from your side, or
what you know.
Jean Vann (02:32):
Well, the basic process begins with really
evaluating a client for theprocess to begin with, and we
initially take a look at acredit report.
What does your credit profilelook like?
What kind of accounts do youhave?
Do you have a good mix ofcredit cards, bank cards, retail
(02:54):
cards, mortgages, auto loans,any type of installment loan?
What kind of history do youhave?
The lenders want to know howgood you pay bills, how good you
borrow money.
Are you good at getting amountof money and paying it back on a
reasonable amount of time anddoing that successfully?
So we do look at that.
(03:14):
And then we look at youroverall debt, because people
want to know can you pay for thedebt you have and Get more debt
and afford to pay us back?
So when the lender says youknow hanging, they want to know
can you pay my loan back if Igive you money?
So they're gonna look at yourdebt to income ratio.
So it's very important to knowwhat are my monthly expenses
(03:35):
versus what is my monthly income.
So those are the two mainthings that we start with when
evaluating client forunderwriting.
Jacqueyn Jackson (03:44):
Okay and we know, like on in our as loan
brokers, most underwriters we donot even get to talk, to even
speak with.
That's why I'm so excited tohave you on our show today that
they are basically workingdirectly with the lender and
Qualifying people.
So that's what you guys do.
You're like behind the scenes.
Now, when it comes to credit,we know it's a lot of misfortune
, misstouts of how creditsupposed to go, but if you could
(04:07):
, what would be typically a good?
What should you look like,credit score wise, if you want
to start looking at a personalloan?
What do you think those things,what you should look like, what
you think that profile shouldlook like?
That's what I'm trying to say.
Can you give us an example?
Jean Vann (04:23):
Absolutely.
Thank you for asking that,because that is probably one of
the most important Misconstrueditems that people don't
understand.
Everybody, you know, I hear itevery day oh, my credit score is
, you know, 750.
I'm great, you know, buteverything is not about a number
, it's what's behind the number.
So, having a good credit score,yes, it's very important for
(04:44):
the lenders to even, you know,want to consider you.
So I would definitely say tryto keep your credit score at
least above 700.
Know what's behind your creditscore.
Do you have good revolvingcredit cards?
Do you have a lot of bank cardsand a lot of high balances, or
do you keep your balances low?
It's very important to makesure that you keep your credit
(05:07):
card balances low, preferablybelow 30%, because that means
you're not out misusing yourmoney, you know, or running all
your credit cards up.
Lenders look at that as misuseof funds, getting a little
reckless, not managing yourfinances correctly.
Do you have a mortgage?
Do you have an auto loan?
How long have you had it?
(05:28):
You know, having a good overallmix, there's four components to
your credit report.
That is, the age of your creditreport, the type of accounts
you have, the mix, what theycall the mix that those two
items right.
There are Huge factors in yourcredit profile then the actual
(05:49):
utilization of your creditrevolving accounts and Then the
age of your last credit accountand the number of inquiries you
have.
So you want to have a good mix.
You want to have lowutilization, preferably the
lower the better, because thatincreases your credit score.
So the lower your utilization,the higher your credit score
(06:09):
will be.
If you have a credit card thatis maxed out I don't care if it
is just your local Target cardand got a $1,000 limit, but
you've got it maxed out at$1,000 your utilization is going
to be a hundred percent.
Just on that one card.
That's going to affect youroverall credit score.
But once you pay that down, youcan see your credit score job.
(06:32):
You know, 20 to 30 points justby paying that one card off.
So if you do that with all ofyour cars, maintain lower
balances.
Keeping them low Every month isgoing to keep your credit score
higher.
So keep that things in mind inkeeping a good mix keeping all
your bills paid on time, don'thave any late payments, don't
(06:55):
have any collections.
Do you have any charge-offs inthe past?
Oh, I forgot to pay off thatone little credit, one bank.
You know $300 credit card fromfive years ago that I just let
it go.
Well, it's still on your creditreport and it's still affecting
your credit score.
When we're looking at thesecredit reports every day, I see
all kind of things and peoplewill be like oh, I didn't know,
(07:18):
I was even there, you know, Ihad no idea.
So it's very important to youknow keep a maintained profile
every month.
Monitor your credit profileevery month.
I recommend definitely doingsomething with experience online
Because these monitoringservices they don't always
report some of the old stuffthat you don't know is there.
(07:40):
So all these little factorswill keep your overall profile
looking strong.
Keep your credit score over 700.
Keep your utilization downbelow 30%.
Do you pay all your bills ontime?
Don't have any late paymentsand try not to have any old
collections pop up that youforgot about.
Jacqueyn Jackson (08:00):
So what you're saying I totally agree with the
gene, because you know, workingwith you and working with a lot
of underwriters, which we don'tnecessarily talk to a lot of
them directly, most people don'tbut I have found out that what
we did put together Somethingbased on what you're saying,
that we let people know and youcorrect me if I'm wrong that we
tell them that you need to have,you know, six, seven hundred
(08:22):
credit score, like what you said.
We asked that you have noderogatory is like in 24 months.
We also asked if they can keeptheir inquiries like six, like
six queries in a year or evenmaybe less than that is what
they want to do.
And also to make sure that that30% means that if your credit
card, like you said, is athousand dollars, that means you
(08:43):
only should spend three hundreddollars a month and don't go
over that.
And so we put that in place.
To let people know.
This is to give you some typeof guideline, because Normally
we don't really, when it comesto doing credit and you know
this as well and we've talkedabout it people apply and just
hope it Sticks.
But you know it's not, it's amethod to the madness, if you
(09:03):
just learn how that works,amaculate.
Jean Vann (09:07):
That is so correct.
So many people don't understandthat going out and applying for
every credit card you see, justbecause, oh, this one's got a
good incentive, or this one'sgot a good interest rate, or
this one's got a 0%, if youapply for all of these credit
cards all at the same time, nowyou're bogged down with all
these inquiries and that's notgoing to look liquid to lenders,
(09:30):
because lenders are thinking,oh, now you're a shopper, you go
out and apply for every creditcard there is out there, and
then that's a risk of runningthose balances up and being
careless with the money.
Jacqueyn Jackson (09:44):
Right, right, exactly.
So it is so basic what you'resaying.
Like we tell people your creditplays a factor when you're
actually trying to get funding.
You just got to realize thatand have to respond.
So now I've been told and youprobably heard it as well that I
get an EIN or I do a LLC, thatI can get credit with that.
I guess you can to a certainpoint, but when it comes to you
(10:05):
starting out, they're going tolook at that personal credit,
right?
Jean Vann (10:10):
Any time you apply for credit I don't care if it's
for personal or business Anytime you apply for any type of
credit your personal creditreport is going to be the first
thing anybody looks at.
Even if you have a DunhamBradstreet or if you have an
experience business, they'restill going to automatically
(10:31):
pull your personal credit andlook at you first and foremost.
How is your personal creditlook?
Jacqueyn Jackson (10:38):
How responsible are you and saying
that, pull your credit and Iknow you've mentioned it before
in some discussions.
We had that sometime you'll getyour credit pulled with not
being aware of it.
So how does that work?
Because you said they will pullit just by you answering a few
questions and now you've got ahard pull.
So what's the difference?
I guess, hard pull than softpull.
I guess we need to probablyexplain that.
(10:59):
So tell us about that.
Okay, all right.
Jean Vann (11:03):
So a lot of times everybody will tell you oh, I'm
just going to look over yourcredit report to make sure that
everything looks fine.
I was counseling a young ladyearlier today.
She's wanting to buy a home andshe's been talking to somebody
and so I showed her on hercredit report.
Every time you've picked up thephone and talked to him, he has
hard pulled your credit.
Jacqueyn Jackson (11:23):
Wow.
Jean Vann (11:24):
He is not just looking it over.
You know.
You're basically saying I'mtrying to fix my credit, I want
to do this, I want to do that, Iwant to get funding for my
business, I want to buy a house.
I looked at her credit reportand she has these inquiries on
there and she had no idea thathe was pulling her credit as a
hard pull every single time.
So the hard inquiry is whensomebody is putting a hard
(11:47):
inquiry on your report.
They're physically pulling yourcredit report and taking a look
at it.
A soft inquiry is more of apromotional thing.
So you get an offer in the mailsaying oh, you're pre-approved
for a credit card, you'repre-approved for a loan.
That lender has done apromotional soft review.
(12:08):
Basically, they can run areport or a program that gives
them a review of every type ofclient they're looking for.
That is a soft review.
So there is no hard inquiry.
So if you pick the phone up andyou call somebody and you say
I'm trying to get funds for mybusiness or I'm just starting
(12:28):
out, I want to know what I want,what do I do?
How do I get money and say, ohwell, let me take a look, get
some information from me.
Now they've got your name, youraddress, your date of birth,
your social security number.
Jacqueyn Jackson (12:40):
That's really all they need.
Jean Vann (12:42):
Sometimes they don't even need your social security
number.
They can't pull your creditwith just your name, address and
date of birth.
That could be a hard inquiryand you don't even know they're
doing it.
I see every day so many peoplecome in.
They have great credit profilebut they have up team credit
inquiries and I ask them Rightright, 20, 30 inquiries.
Jacqueyn Jackson (13:04):
How many people?
Jean Vann (13:05):
have you called?
How many people have you calledlooking to get this loan Right?
Oh, I just called.
You know, I just called thisone guy.
Well, this one guy has now putyou out there to all these other
people who are now pulling yourcredit.
So just be careful, you knowwho you talk to If they tell you
oh no, no, I'm not doing a hardinquiry.
(13:26):
You make sure that youunderstand what information
you're giving them.
Give them your first name.
Don't give them date of birthor social.
Unless you understand that, youwill possibly get your hard
credit pull.
Jacqueyn Jackson (13:39):
Right, and you made a good point.
People did not understand thatyou don't have to give your
social security number, ifyou've given them everything
else, for them to actually pullyour credit.
That's what I think peoplesurprised in inquiries, right,
because you've mentioned that.
I mean we don't need to sellsecurity, we can just pull it,
and then you have all thoseinquiries on it.
So I think that's somethinggreat that you said that our
(14:00):
listeners need to be aware of.
So when you go in, I suggest,like with us as a loan broker,
we do soft pools and that's it,and we don't do anything because
we cost, we don't want thatcredit to have.
You know, go down because we'retrying to get funding for them.
And but you need to ask thatquestion.
I don't think we even realize,jean, that we should even ask
are this going to, is this goingto be a hard pull or a soft
(14:21):
pull?
And I think that's what weshould do, even when we go on
and inquire.
I mean, what do you think?
Jean Vann (14:27):
Absolutely, absolutely.
Think of when you went to buy acar, when you went into the
dealership, you sat down at thatfire.
They are the worst, and they are.
I always tell people how to getaround that.
I'll give you that example injust a minute.
Okay, but this is what you cando in every day situations.
(14:49):
You go to that car dealershipand he's like oh, I'm just going
to run your credit report realquick here to make sure that you
pre-qualify.
He just now ran your creditreport through 10 banks.
You have 10 inquiries.
Yes, and you don't even know it.
Jacqueyn Jackson (15:03):
Yes, that is so true.
Jean Vann (15:05):
That's exactly what happened.
So what you want to do is youwant to get pre-qualified.
You want to work with someonelike Jackie, who is, you know,
the loan broker.
She can get you pre-qualifiedby doing that soft pull and
having an underwriter read lookat everything to see what you
are pre-qualified for, no harder.
Jacqueyn Jackson (15:23):
With no damage to your credit.
Exactly.
Jean Vann (15:26):
No damage to your credit.
You know, you see this all thetime.
You know this won't affect yourcredit.
This won't affect your credit.
Well, you have to be careful.
At what point does it notaffect your credit?
Because sometimes you think ifyou go do this, you don't
realize how far you've gone withan application.
You know, oh my gosh, now I'vegot a hard inquiry and I didn't
mean to do it.
(15:46):
So you always want to work withsomebody who can get you
pre-qualified without doing thehard inquiries, because somebody
is helping on the back end,looking at your credit report
for you, letting you know hey,this is what you look like.
You know, this is what kind offunding you can get without.
Now nobody's done hard inquiry.
(16:07):
So that's how you get around it.
Make sure that you work withsomebody who knows that they can
do get somebody to look at itwithout having to do that and
shop you around.
Jacqueyn Jackson (16:16):
Right, which is a good idea.
So we had some listenersactually send some questions in
to ask you and one of them theyasked was the underwriting
process compared to maybe whatafter COVID or before COVID?
It's a little bit more strictor tighter.
So tell us about that.
What's going on with theunderwriting you believe now at
this time?
Jean Vann (16:37):
Oh, my goodness, things are changing every week.
Pre-covid, lenders were happyto lend money.
You know you look good.
You know you have the income,everything looks great.
You know they were approvingloans constantly, you know,
without fear.
But now, post pandemic, and itreally at this point right now,
(16:57):
doesn't have anything to do withthe pandemic itself.
It has to do with the currenteconomy.
Jacqueyn Jackson (17:02):
The.
Jean Vann (17:02):
Federal Reserve meets every six weeks to decide are
we going to raise the rates?
Are we going to raise the rate?
So, every six weeks, when youhear that the rates are going up
another quarter percent oh,it's going up, you know, half a
percent you might not thinkthat's a lot, but it affects
funding because lenders have totake the new prime rate, which
(17:26):
today is at 8.25%, and they'regoing to pass that increase on
to us, the consumer.
So they're going to make theirprofit.
So the rates have changeddramatically.
You know, pre-pandemic, therates were great.
If you had a good profile, youwere getting good rates.
Now it's, you know, you got agreat profile and your rates are
(17:49):
not as great as you think theyshould be.
It's because the lenders arenow tightening their belts
because they're scared to lendmoney.
If you've noticed, in the lastfew months some big banks have
gone under, you know.
So banks are lenders are scaredto lend money left and right
(18:09):
because they don't want to takeon too much debt and not give
out good rates.
So now they're passing thosehigh rates on to us and
therefore we're not getting therate.
So and their overallunderwriting is getting a lot
stricter.
They're doing a lot of newthings that they didn't used to
do.
They track you digitally.
(18:31):
They can track your emailaddress.
They can track your IP address,they can track they know your
whole history.
So if they don't see somethingthat looks right, that's going
to raise a flag to them and thenthat's going to be.
I don't know.
You know you go in the riskpile.
Jacqueyn Jackson (18:48):
Right here.
Jean Vann (18:49):
So we've been seeing a lot of people get rejected
because, you know, differentthings have come up, so they're
definitely putting the what, aswe say, putting the screws a
little tighter on theirunderwriting.
Jacqueyn Jackson (19:03):
Right Process and that's understandable.
And I think that's what's greatabout this show.
Is that our podcast?
Because we try to give peopleinsight to the funding industry,
what's happened behind thescenes and what's going on,
because we're not saying, no,you can't get the funding.
We just want to give you adirection on what it is now
Because, like you said, it haschanged.
What we did five years ago, twoyears ago, yesterday, has
(19:24):
changed, and then you knowespecially right in this field.
So I think that's great.
The other question I definitelywant us to get that I think is
really important and one of ourlisteners mentioned let's
explain to people what isauthorized user.
A lot of people come to us andthey like well about credit.
You look at the credit and thenI see they got four authorized
user and they don't have acounter that.
(19:44):
Oh, how does that affect themwhen our personal underwriting,
how the underwriters look atsomething like that?
Let's talk on that right quick.
Jean Vann (19:51):
Okay, that is a good question because I see this
every day.
Oh, I have a 780 credit score.
Well, when I look at yourcredit report and I say you have
four authorized user accountsWell, yeah, I mean, those are my
mom's credit cards.
Well, mom's paying the bill,mom's using those and mom's
bills, mom's getting the creditfor that.
(20:11):
You're just authorized to useyour credit card when you go to
the store.
So the bank doesn't know orthey don't see you as the person
financially responsible.
Jacqueyn Jackson (20:21):
It don't cover as much weight as people think.
I think that's what that is.
Jean Vann (20:26):
It basically carries no weight.
Oh no, weight what it does, isit carries no weight when it
comes to lending money.
Jacqueyn Jackson (20:34):
Lending money.
What?
Jean Vann (20:35):
it does.
It does help.
It does help build credit.
I did this for my own son.
He was just out of college,didn't really have, you know,
didn't have any credit, you know, didn't know how to do anything
.
So I said I'm going to make youan authorized user on this
particular bank card.
You know, when you use it.
You know.
You know, make sure that youtell me that you've used it.
You know, pay me the money thatyou use it so I can make sure
(20:57):
it gets paid.
I'm financially responsibleregardless of what he does.
Jacqueyn Jackson (21:01):
Right.
Jean Vann (21:02):
So when he goes to a bank and the bank says, well,
you don't, can't show me thatyou are using credit wisely and
making the payments and this andthat the other, well, I have
this credit card.
Well, that's your mom's creditcard, no, so a bank will say,
okay, he went to a Wells Fargohis Wells Fargo bank because he
had a relationship with hischecking account and savings
account.
So when I put him on the card,it helps him get a starter card
(21:25):
with Wells Fargo.
I think they gave him like a$400 credit card.
Right, that's how he startedbuilding his credit.
So it helps with something likethat.
But when it comes to reallending, it has no way on
letting a lender know that youcan personally, financially
responsibly handle credit.
Jacqueyn Jackson (21:44):
Exactly, and that's the biggest shock that
I've had.
People come our way and we haveto explain to them.
When it comes to lendingunsecured, unsecured personal
funding, they're going to lookat you, not authorized user, and
you know people are paying alot of money gene for them to
use other people cards.
They got some deals out herelike that that people are
(22:05):
jumping on.
Well, I've used you know$20,000 line of credit and I
would just put on there.
I'm like that helps with yourscores and maybe do well at a
car lot.
But when it comes to lending,they're looking a lot deeper
than that and, like you said,authorized user is not going to
cut it and that's what they haveto understand.
So I think that is somethinggreat.
Yes, ma'am, what else you gotto say on that?
(22:25):
Yeah?
Jean Vann (22:26):
Well, you well, you mentioned, you know, unsecured
funding, which is what you knowwe primarily focus on, for you
know, starting up businesses andhelping people get funding.
Think of it this way Would youloan person next to you $10,000?
No collateral, nothing to holdand guarantee that you'll get
(22:50):
your money back?
No, Now your friend goes off onvacation, it has a great time,
Goes to Vegas, blows the money.
Now they can't pay you back.
That's how the lenders look atit.
They're taking all the riskbecause this money is unsecured.
So you know you want to take avacation and run off to Mexico
with their money.
That's great, but to themthat's not great.
(23:13):
So they take.
You know you enjoyed yourvacation, but now you come back
but you feel like you know Idon't have to pay this back.
You know I don't have to.
I'm not going to lose my house,my car, nothing.
I don't care.
But that's how lenders, that'show lenders think.
You know, unsecured money.
I'm taking the risk in givingyou money.
Are you worthy of getting thismoney, especially when you're
(23:36):
talking about thousands andthousands of dollars?
You know, if I loaned you to 10bucks, you know I'm not going
to be out 10 bucks, but I'm notgoing to worry about 10, but
when a lender gives youthousands and thousands of
dollars, it makes a bigdifference.
So you know, that's where thefinancial responsibility showing
a lender that you arefinancially responsible is huge.
Jacqueyn Jackson (23:56):
It's huge and that's something you have to do.
So that's what I tell peopledon't start a business and focus
on your business and think youdon't have to focus on your
personal credit, Because, yeah,like you said, it's the amount
of loan and we're talking abouta hundred or two hundred or four
hundred dollar line of credit.
You make it swing it on that,but at some point, when you get
the bigger money, they're goingto look at that credit
personally, even for yourbusiness.
(24:17):
I know, even when we have likewe've had people that have been
approved for 1.7 million, well,guess what?
They asked for Credit score,credit file and they looked at
it and they wanted to know okay,he hasn't paid this lien.
That's 10 years ago.
What happened?
Come to find out it was just afee that he didn't, we wouldn't
know where he had to pay andthat saved him.
(24:38):
But between me and you andeverybody that's listening, the
lender was ready to deny him forthat alone, 1.7 million and he
had a credit score of 760.
So what you're saying iscorrect and we have to really
take pay attention to that.
So we definitely want to lookmore into.
I mean, this has been awesome.
You have always given alsoinformation to our group, and
(25:01):
today you did that as well, andwe thank you so much, Ms Jean.
Is there anything else that youcan think of that we didn't
mention, that you would like forus to mention for our audience
today?
Jean Vann (25:13):
Well, if we're talking to people who are
looking to start a business,just kind of know what you're
doing.
As far as getting into startingthe business, have a plan.
Don't quit your day job justyet.
You still need to pay yourbills.
Today I've seen so many people.
You know I thought this greatidea and you know I've got, I'm
(25:33):
going to do all this, I'm goingto get the money.
And then I put, oh, I quit myjob last week.
Well, how are you going to keeppaying your bills?
You know the lender doesn'twant to.
You know, so have a plan on havea long term plan, short term
and long term plan, because thisdoesn't happen overnight.
Keep your credit intact, keepyour house in order, pay your
(25:55):
bills on time, keep everythingnice and neat.
And then I also have belief.
Believe in what you're doing.
If you have a dream, go for it,but know what it takes to get
there, because we, there arepeople out there who want to
help you.
There are people who want to,you know, help you, get the
money and they'll get you themoney.
Just believe in what you'redoing, but keep, keep everything
(26:17):
in order before to make ithappen.
Jacqueyn Jackson (26:19):
Well, thank you, that is awesome, and I
thank you for sharing yourthoughts, your visions and your
opinions with us today.
We do appreciate you.
So do we want to thank Jean forcoming in to visit with us
today.
Ms Jean, thank you for coming.
Jean Vann (26:35):
Oh, thank you so much for having me.
It was a pleasure, pleasure,always a pleasure, working with
you, jackie.
Jacqueyn Jackson (26:40):
Yes, ma'am, and I want to thank our audience
, our podcast listeners.
I want to thank you all fortuning in as well.
Until next time, you all, takecare.
Introduction (26:50):
We hope you enjoyed this episode of TDJ
Equity Funding Insiders Podcast.
If you'd like to be a guest orget in touch with us, please
visit our website attdjequityllcnet.
Forward slash podcast or emailus at podcast at
tdjequityfundinginsidersnet.
Until next time, take care.
Ready to get the inside scoop on equity funding?
Tune in to TDJ Equity FundingInsiders podcast for an in-depth
look at what it takes to accessfinancial capital and maximize
your investments here fromexperienced professionals,
including bankers, underwriters,loan officers and industry
(00:34):
experts, as they share theirunfiltered stories and valuable
lessons on securing funds.
Jacqueyn Jackson (00:47):
Hello everyone and welcome to today's podcast.
I'm Jacqueline Jackson, yourhost of TDJ Equity Funding
Insiders podcast, and today wehave a special, special guest,
someone or profession that weall would love to know but
hardly ever see.
It's an underwriter and hername is Jean Van and she's from
(01:09):
Florida, and so Jean is going tojoin us today and give us her
insights and knowledge intodealing with personal funding
and dealing with businessstartup funding as well.
Welcome, jean, and thank youfor coming into our show today,
hi, jackie thank you so much forhaving me today.
Jean Vann (01:26):
It's a pleasure to be here.
Jacqueyn Jackson (01:28):
And pleasure to have you.
So first of all we want to do,jean, is if you would let's
start off with getting tellingpeople, tell our listeners a
little bit about you, as yourexperience is on this as well.
Jean Vann (01:40):
Okay, great.
So I have been in salesprobably for about 25 years
Sales consulting, helping peopleclients figure out the best way
to do things, regardless ofwhat kind of industry or field
they're.
In the last 10 years I've beenan actual direct lender and or
(02:02):
funding consultation consultant,helping people actually get the
money and guiding them on howto get the money and where to
get the money.
So about 25 years altogether,but the last 10 I focused
strictly on the actual directlending and funding.
Jacqueyn Jackson (02:19):
And funding process wonderful, and so I
guess we also want to do.
If we can, let's explain for usunderwriting what are some of
the duties that the underwritersactually do from your side, or
what you know.
Jean Vann (02:32):
Well, the basic process begins with really
evaluating a client for theprocess to begin with, and we
initially take a look at acredit report.
What does your credit profilelook like?
What kind of accounts do youhave?
Do you have a good mix ofcredit cards, bank cards, retail
(02:54):
cards, mortgages, auto loans,any type of installment loan?
What kind of history do youhave?
The lenders want to know howgood you pay bills, how good you
borrow money.
Are you good at getting amountof money and paying it back on a
reasonable amount of time anddoing that successfully?
So we do look at that.
(03:14):
And then we look at youroverall debt, because people
want to know can you pay for thedebt you have and Get more debt
and afford to pay us back?
So when the lender says youknow hanging, they want to know
can you pay my loan back if Igive you money?
So they're gonna look at yourdebt to income ratio.
So it's very important to knowwhat are my monthly expenses
(03:35):
versus what is my monthly income.
So those are the two mainthings that we start with when
evaluating client forunderwriting.
Jacqueyn Jackson (03:44):
Okay and we know, like on in our as loan
brokers, most underwriters we donot even get to talk, to even
speak with.
That's why I'm so excited tohave you on our show today that
they are basically workingdirectly with the lender and
Qualifying people.
So that's what you guys do.
You're like behind the scenes.
Now, when it comes to credit,we know it's a lot of misfortune
, misstouts of how creditsupposed to go, but if you could
(04:07):
, what would be typically a good?
What should you look like,credit score wise, if you want
to start looking at a personalloan?
What do you think those things,what you should look like, what
you think that profile shouldlook like?
That's what I'm trying to say.
Can you give us an example?
Jean Vann (04:23):
Absolutely.
Thank you for asking that,because that is probably one of
the most important Misconstrueditems that people don't
understand.
Everybody, you know, I hear itevery day oh, my credit score is
, you know, 750.
I'm great, you know, buteverything is not about a number
, it's what's behind the number.
So, having a good credit score,yes, it's very important for
(04:44):
the lenders to even, you know,want to consider you.
So I would definitely say tryto keep your credit score at
least above 700.
Know what's behind your creditscore.
Do you have good revolvingcredit cards?
Do you have a lot of bank cardsand a lot of high balances, or
do you keep your balances low?
It's very important to makesure that you keep your credit
(05:07):
card balances low, preferablybelow 30%, because that means
you're not out misusing yourmoney, you know, or running all
your credit cards up.
Lenders look at that as misuseof funds, getting a little
reckless, not managing yourfinances correctly.
Do you have a mortgage?
Do you have an auto loan?
How long have you had it?
(05:28):
You know, having a good overallmix, there's four components to
your credit report.
That is, the age of your creditreport, the type of accounts
you have, the mix, what theycall the mix that those two
items right.
There are Huge factors in yourcredit profile then the actual
(05:49):
utilization of your creditrevolving accounts and Then the
age of your last credit accountand the number of inquiries you
have.
So you want to have a good mix.
You want to have lowutilization, preferably the
lower the better, because thatincreases your credit score.
So the lower your utilization,the higher your credit score
(06:09):
will be.
If you have a credit card thatis maxed out I don't care if it
is just your local Target cardand got a $1,000 limit, but
you've got it maxed out at$1,000 your utilization is going
to be a hundred percent.
Just on that one card.
That's going to affect youroverall credit score.
But once you pay that down, youcan see your credit score job.
(06:32):
You know, 20 to 30 points justby paying that one card off.
So if you do that with all ofyour cars, maintain lower
balances.
Keeping them low Every month isgoing to keep your credit score
higher.
So keep that things in mind inkeeping a good mix keeping all
your bills paid on time, don'thave any late payments, don't
(06:55):
have any collections.
Do you have any charge-offs inthe past?
Oh, I forgot to pay off thatone little credit, one bank.
You know $300 credit card fromfive years ago that I just let
it go.
Well, it's still on your creditreport and it's still affecting
your credit score.
When we're looking at thesecredit reports every day, I see
all kind of things and peoplewill be like oh, I didn't know,
(07:18):
I was even there, you know, Ihad no idea.
So it's very important to youknow keep a maintained profile
every month.
Monitor your credit profileevery month.
I recommend definitely doingsomething with experience online
Because these monitoringservices they don't always
report some of the old stuffthat you don't know is there.
(07:40):
So all these little factorswill keep your overall profile
looking strong.
Keep your credit score over 700.
Keep your utilization downbelow 30%.
Do you pay all your bills ontime?
Don't have any late paymentsand try not to have any old
collections pop up that youforgot about.
Jacqueyn Jackson (08:00):
So what you're saying I totally agree with the
gene, because you know, workingwith you and working with a lot
of underwriters, which we don'tnecessarily talk to a lot of
them directly, most people don'tbut I have found out that what
we did put together Somethingbased on what you're saying,
that we let people know and youcorrect me if I'm wrong that we
tell them that you need to have,you know, six, seven hundred
(08:22):
credit score, like what you said.
We asked that you have noderogatory is like in 24 months.
We also asked if they can keeptheir inquiries like six, like
six queries in a year or evenmaybe less than that is what
they want to do.
And also to make sure that that30% means that if your credit
card, like you said, is athousand dollars, that means you
(08:43):
only should spend three hundreddollars a month and don't go
over that.
And so we put that in place.
To let people know.
This is to give you some typeof guideline, because Normally
we don't really, when it comesto doing credit and you know
this as well and we've talkedabout it people apply and just
hope it Sticks.
But you know it's not, it's amethod to the madness, if you
(09:03):
just learn how that works,amaculate.
Jean Vann (09:07):
That is so correct.
So many people don't understandthat going out and applying for
every credit card you see, justbecause, oh, this one's got a
good incentive, or this one'sgot a good interest rate, or
this one's got a 0%, if youapply for all of these credit
cards all at the same time, nowyou're bogged down with all
these inquiries and that's notgoing to look liquid to lenders,
(09:30):
because lenders are thinking,oh, now you're a shopper, you go
out and apply for every creditcard there is out there, and
then that's a risk of runningthose balances up and being
careless with the money.
Jacqueyn Jackson (09:44):
Right, right, exactly.
So it is so basic what you'resaying.
Like we tell people your creditplays a factor when you're
actually trying to get funding.
You just got to realize thatand have to respond.
So now I've been told and youprobably heard it as well that I
get an EIN or I do a LLC, thatI can get credit with that.
I guess you can to a certainpoint, but when it comes to you
(10:05):
starting out, they're going tolook at that personal credit,
right?
Jean Vann (10:10):
Any time you apply for credit I don't care if it's
for personal or business Anytime you apply for any type of
credit your personal creditreport is going to be the first
thing anybody looks at.
Even if you have a DunhamBradstreet or if you have an
experience business, they'restill going to automatically
(10:31):
pull your personal credit andlook at you first and foremost.
How is your personal creditlook?
Jacqueyn Jackson (10:38):
How responsible are you and saying
that, pull your credit and Iknow you've mentioned it before
in some discussions.
We had that sometime you'll getyour credit pulled with not
being aware of it.
So how does that work?
Because you said they will pullit just by you answering a few
questions and now you've got ahard pull.
So what's the difference?
I guess, hard pull than softpull.
I guess we need to probablyexplain that.
(10:59):
So tell us about that.
Okay, all right.
Jean Vann (11:03):
So a lot of times everybody will tell you oh, I'm
just going to look over yourcredit report to make sure that
everything looks fine.
I was counseling a young ladyearlier today.
She's wanting to buy a home andshe's been talking to somebody
and so I showed her on hercredit report.
Every time you've picked up thephone and talked to him, he has
hard pulled your credit.
Jacqueyn Jackson (11:23):
Wow.
Jean Vann (11:24):
He is not just looking it over.
You know.
You're basically saying I'mtrying to fix my credit, I want
to do this, I want to do that, Iwant to get funding for my
business, I want to buy a house.
I looked at her credit reportand she has these inquiries on
there and she had no idea thathe was pulling her credit as a
hard pull every single time.
So the hard inquiry is whensomebody is putting a hard
(11:47):
inquiry on your report.
They're physically pulling yourcredit report and taking a look
at it.
A soft inquiry is more of apromotional thing.
So you get an offer in the mailsaying oh, you're pre-approved
for a credit card, you'repre-approved for a loan.
That lender has done apromotional soft review.
(12:08):
Basically, they can run areport or a program that gives
them a review of every type ofclient they're looking for.
That is a soft review.
So there is no hard inquiry.
So if you pick the phone up andyou call somebody and you say
I'm trying to get funds for mybusiness or I'm just starting
(12:28):
out, I want to know what I want,what do I do?
How do I get money and say, ohwell, let me take a look, get
some information from me.
Now they've got your name, youraddress, your date of birth,
your social security number.
Jacqueyn Jackson (12:40):
That's really all they need.
Jean Vann (12:42):
Sometimes they don't even need your social security
number.
They can't pull your creditwith just your name, address and
date of birth.
That could be a hard inquiryand you don't even know they're
doing it.
I see every day so many peoplecome in.
They have great credit profilebut they have up team credit
inquiries and I ask them Rightright, 20, 30 inquiries.
Jacqueyn Jackson (13:04):
How many people?
Jean Vann (13:05):
have you called?
How many people have you calledlooking to get this loan Right?
Oh, I just called.
You know, I just called thisone guy.
Well, this one guy has now putyou out there to all these other
people who are now pulling yourcredit.
So just be careful, you knowwho you talk to If they tell you
oh no, no, I'm not doing a hardinquiry.
(13:26):
You make sure that youunderstand what information
you're giving them.
Give them your first name.
Don't give them date of birthor social.
Unless you understand that, youwill possibly get your hard
credit pull.
Jacqueyn Jackson (13:39):
Right, and you made a good point.
People did not understand thatyou don't have to give your
social security number, ifyou've given them everything
else, for them to actually pullyour credit.
That's what I think peoplesurprised in inquiries, right,
because you've mentioned that.
I mean we don't need to sellsecurity, we can just pull it,
and then you have all thoseinquiries on it.
So I think that's somethinggreat that you said that our
(14:00):
listeners need to be aware of.
So when you go in, I suggest,like with us as a loan broker,
we do soft pools and that's it,and we don't do anything because
we cost, we don't want thatcredit to have.
You know, go down because we'retrying to get funding for them.
And but you need to ask thatquestion.
I don't think we even realize,jean, that we should even ask
are this going to, is this goingto be a hard pull or a soft
(14:21):
pull?
And I think that's what weshould do, even when we go on
and inquire.
I mean, what do you think?
Jean Vann (14:27):
Absolutely, absolutely.
Think of when you went to buy acar, when you went into the
dealership, you sat down at thatfire.
They are the worst, and they are.
I always tell people how to getaround that.
I'll give you that example injust a minute.
Okay, but this is what you cando in every day situations.
(14:49):
You go to that car dealershipand he's like oh, I'm just going
to run your credit report realquick here to make sure that you
pre-qualify.
He just now ran your creditreport through 10 banks.
You have 10 inquiries.
Yes, and you don't even know it.
Jacqueyn Jackson (15:03):
Yes, that is so true.
Jean Vann (15:05):
That's exactly what happened.
So what you want to do is youwant to get pre-qualified.
You want to work with someonelike Jackie, who is, you know,
the loan broker.
She can get you pre-qualifiedby doing that soft pull and
having an underwriter read lookat everything to see what you
are pre-qualified for, no harder.
Jacqueyn Jackson (15:23):
With no damage to your credit.
Exactly.
Jean Vann (15:26):
No damage to your credit.
You know, you see this all thetime.
You know this won't affect yourcredit.
This won't affect your credit.
Well, you have to be careful.
At what point does it notaffect your credit?
Because sometimes you think ifyou go do this, you don't
realize how far you've gone withan application.
You know, oh my gosh, now I'vegot a hard inquiry and I didn't
mean to do it.
(15:46):
So you always want to work withsomebody who can get you
pre-qualified without doing thehard inquiries, because somebody
is helping on the back end,looking at your credit report
for you, letting you know hey,this is what you look like.
You know, this is what kind offunding you can get without.
Now nobody's done hard inquiry.
(16:07):
So that's how you get around it.
Make sure that you work withsomebody who knows that they can
do get somebody to look at itwithout having to do that and
shop you around.
Jacqueyn Jackson (16:16):
Right, which is a good idea.
So we had some listenersactually send some questions in
to ask you and one of them theyasked was the underwriting
process compared to maybe whatafter COVID or before COVID?
It's a little bit more strictor tighter.
So tell us about that.
What's going on with theunderwriting you believe now at
this time?
Jean Vann (16:37):
Oh, my goodness, things are changing every week.
Pre-covid, lenders were happyto lend money.
You know you look good.
You know you have the income,everything looks great.
You know they were approvingloans constantly, you know,
without fear.
But now, post pandemic, and itreally at this point right now,
(16:57):
doesn't have anything to do withthe pandemic itself.
It has to do with the currenteconomy.
Jacqueyn Jackson (17:02):
The.
Jean Vann (17:02):
Federal Reserve meets every six weeks to decide are
we going to raise the rates?
Are we going to raise the rate?
So, every six weeks, when youhear that the rates are going up
another quarter percent oh,it's going up, you know, half a
percent you might not thinkthat's a lot, but it affects
funding because lenders have totake the new prime rate, which
(17:26):
today is at 8.25%, and they'regoing to pass that increase on
to us, the consumer.
So they're going to make theirprofit.
So the rates have changeddramatically.
You know, pre-pandemic, therates were great.
If you had a good profile, youwere getting good rates.
Now it's, you know, you got agreat profile and your rates are
(17:49):
not as great as you think theyshould be.
It's because the lenders arenow tightening their belts
because they're scared to lendmoney.
If you've noticed, in the lastfew months some big banks have
gone under, you know.
So banks are lenders are scaredto lend money left and right
(18:09):
because they don't want to takeon too much debt and not give
out good rates.
So now they're passing thosehigh rates on to us and
therefore we're not getting therate.
So and their overallunderwriting is getting a lot
stricter.
They're doing a lot of newthings that they didn't used to
do.
They track you digitally.
(18:31):
They can track your emailaddress.
They can track your IP address,they can track they know your
whole history.
So if they don't see somethingthat looks right, that's going
to raise a flag to them and thenthat's going to be.
I don't know.
You know you go in the riskpile.
Jacqueyn Jackson (18:48):
Right here.
Jean Vann (18:49):
So we've been seeing a lot of people get rejected
because, you know, differentthings have come up, so they're
definitely putting the what, aswe say, putting the screws a
little tighter on theirunderwriting.
Jacqueyn Jackson (19:03):
Right Process and that's understandable.
And I think that's what's greatabout this show.
Is that our podcast?
Because we try to give peopleinsight to the funding industry,
what's happened behind thescenes and what's going on,
because we're not saying, no,you can't get the funding.
We just want to give you adirection on what it is now
Because, like you said, it haschanged.
What we did five years ago, twoyears ago, yesterday, has
(19:24):
changed, and then you knowespecially right in this field.
So I think that's great.
The other question I definitelywant us to get that I think is
really important and one of ourlisteners mentioned let's
explain to people what isauthorized user.
A lot of people come to us andthey like well about credit.
You look at the credit and thenI see they got four authorized
user and they don't have acounter that.
(19:44):
Oh, how does that affect themwhen our personal underwriting,
how the underwriters look atsomething like that?
Let's talk on that right quick.
Jean Vann (19:51):
Okay, that is a good question because I see this
every day.
Oh, I have a 780 credit score.
Well, when I look at yourcredit report and I say you have
four authorized user accountsWell, yeah, I mean, those are my
mom's credit cards.
Well, mom's paying the bill,mom's using those and mom's
bills, mom's getting the creditfor that.
(20:11):
You're just authorized to useyour credit card when you go to
the store.
So the bank doesn't know orthey don't see you as the person
financially responsible.
Jacqueyn Jackson (20:21):
It don't cover as much weight as people think.
I think that's what that is.
Jean Vann (20:26):
It basically carries no weight.
Oh no, weight what it does, isit carries no weight when it
comes to lending money.
Jacqueyn Jackson (20:34):
Lending money.
What?
Jean Vann (20:35):
it does.
It does help.
It does help build credit.
I did this for my own son.
He was just out of college,didn't really have, you know,
didn't have any credit, you know, didn't know how to do anything
.
So I said I'm going to make youan authorized user on this
particular bank card.
You know, when you use it.
You know.
You know, make sure that youtell me that you've used it.
You know, pay me the money thatyou use it so I can make sure
(20:57):
it gets paid.
I'm financially responsibleregardless of what he does.
Jacqueyn Jackson (21:01):
Right.
Jean Vann (21:02):
So when he goes to a bank and the bank says, well,
you don't, can't show me thatyou are using credit wisely and
making the payments and this andthat the other, well, I have
this credit card.
Well, that's your mom's creditcard, no, so a bank will say,
okay, he went to a Wells Fargohis Wells Fargo bank because he
had a relationship with hischecking account and savings
account.
So when I put him on the card,it helps him get a starter card
(21:25):
with Wells Fargo.
I think they gave him like a$400 credit card.
Right, that's how he startedbuilding his credit.
So it helps with something likethat.
But when it comes to reallending, it has no way on
letting a lender know that youcan personally, financially
responsibly handle credit.
Jacqueyn Jackson (21:44):
Exactly, and that's the biggest shock that
I've had.
People come our way and we haveto explain to them.
When it comes to lendingunsecured, unsecured personal
funding, they're going to lookat you, not authorized user, and
you know people are paying alot of money gene for them to
use other people cards.
They got some deals out herelike that that people are
(22:05):
jumping on.
Well, I've used you know$20,000 line of credit and I
would just put on there.
I'm like that helps with yourscores and maybe do well at a
car lot.
But when it comes to lending,they're looking a lot deeper
than that and, like you said,authorized user is not going to
cut it and that's what they haveto understand.
So I think that is somethinggreat.
Yes, ma'am, what else you gotto say on that?
(22:25):
Yeah?
Jean Vann (22:26):
Well, you well, you mentioned, you know, unsecured
funding, which is what you knowwe primarily focus on, for you
know, starting up businesses andhelping people get funding.
Think of it this way Would youloan person next to you $10,000?
No collateral, nothing to holdand guarantee that you'll get
(22:50):
your money back?
No, Now your friend goes off onvacation, it has a great time,
Goes to Vegas, blows the money.
Now they can't pay you back.
That's how the lenders look atit.
They're taking all the riskbecause this money is unsecured.
So you know you want to take avacation and run off to Mexico
with their money.
That's great, but to themthat's not great.
(23:13):
So they take.
You know you enjoyed yourvacation, but now you come back
but you feel like you know Idon't have to pay this back.
You know I don't have to.
I'm not going to lose my house,my car, nothing.
I don't care.
But that's how lenders, that'show lenders think.
You know, unsecured money.
I'm taking the risk in givingyou money.
Are you worthy of getting thismoney, especially when you're
(23:36):
talking about thousands andthousands of dollars?
You know, if I loaned you to 10bucks, you know I'm not going
to be out 10 bucks, but I'm notgoing to worry about 10, but
when a lender gives youthousands and thousands of
dollars, it makes a bigdifference.
So you know, that's where thefinancial responsibility showing
a lender that you arefinancially responsible is huge.
Jacqueyn Jackson (23:56):
It's huge and that's something you have to do.
So that's what I tell peopledon't start a business and focus
on your business and think youdon't have to focus on your
personal credit, Because, yeah,like you said, it's the amount
of loan and we're talking abouta hundred or two hundred or four
hundred dollar line of credit.
You make it swing it on that,but at some point, when you get
the bigger money, they're goingto look at that credit
personally, even for yourbusiness.
(24:17):
I know, even when we have likewe've had people that have been
approved for 1.7 million, well,guess what?
They asked for Credit score,credit file and they looked at
it and they wanted to know okay,he hasn't paid this lien.
That's 10 years ago.
What happened?
Come to find out it was just afee that he didn't, we wouldn't
know where he had to pay andthat saved him.
(24:38):
But between me and you andeverybody that's listening, the
lender was ready to deny him forthat alone, 1.7 million and he
had a credit score of 760.
So what you're saying iscorrect and we have to really
take pay attention to that.
So we definitely want to lookmore into.
I mean, this has been awesome.
You have always given alsoinformation to our group, and
(25:01):
today you did that as well, andwe thank you so much, Ms Jean.
Is there anything else that youcan think of that we didn't
mention, that you would like forus to mention for our audience
today?
Jean Vann (25:13):
Well, if we're talking to people who are
looking to start a business,just kind of know what you're
doing.
As far as getting into startingthe business, have a plan.
Don't quit your day job justyet.
You still need to pay yourbills.
Today I've seen so many people.
You know I thought this greatidea and you know I've got, I'm
(25:33):
going to do all this, I'm goingto get the money.
And then I put, oh, I quit myjob last week.
Well, how are you going to keeppaying your bills?
You know the lender doesn'twant to.
You know, so have a plan on havea long term plan, short term
and long term plan, because thisdoesn't happen overnight.
Keep your credit intact, keepyour house in order, pay your
(25:55):
bills on time, keep everythingnice and neat.
And then I also have belief.
Believe in what you're doing.
If you have a dream, go for it,but know what it takes to get
there, because we, there arepeople out there who want to
help you.
There are people who want to,you know, help you, get the
money and they'll get you themoney.
Just believe in what you'redoing, but keep, keep everything
(26:17):
in order before to make ithappen.
Jacqueyn Jackson (26:19):
Well, thank you, that is awesome, and I
thank you for sharing yourthoughts, your visions and your
opinions with us today.
We do appreciate you.
So do we want to thank Jean forcoming in to visit with us
today.
Ms Jean, thank you for coming.
Jean Vann (26:35):
Oh, thank you so much for having me.
It was a pleasure, pleasure,always a pleasure, working with
you, jackie.
Jacqueyn Jackson (26:40):
Yes, ma'am, and I want to thank our audience
, our podcast listeners.
I want to thank you all fortuning in as well.
Until next time, you all, takecare.
Introduction (26:50):
We hope you enjoyed this episode of TDJ
Equity Funding Insiders Podcast.
If you'd like to be a guest orget in touch with us, please
visit our website attdjequityllcnet.
Forward slash podcast or emailus at podcast at
tdjequityfundinginsidersnet.
Until next time, take care.
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