I Thought I Understood Credit Cards Until I Talked to This Guy

you can get up to 500,000 with interest rates as low as 0% and repeat the [music] process

every six months. And it's just that knowledge of knowing that that's even a possibility, more

people would take advantage of it. Like Chase, for example, you can get up to 150,000 without any

documentation, [music] 13 credit cards in just 10 days. He got 150,000% interest. He got 13 credit

cards. He got a sign up bonus for each one. So he ended up walking away with like $15,600 in just

free cash. He just wanted the cash. He didn't want to travel, but if he wanted to use it for travel,

he actually could have got seven to 21x return off of it. Wow. Hundreds of thousands. Crazy.

Wow. I can get my credit limit transferred into my bank account [music] and they'll do

dollar in cash. Now, this could be cash to start a business, buy a business, develop real estate,

buy real estate, an Airbnb, investment property, whatever. 0%. There are loopholes out there that

are perfectly legal and ethical that everyday individuals can get. And if you don't have good

credit, we talk all about very specifically how to get good credit in a short period of

time. This is the episode for you. It applies to anyone and everyone. Please enjoy. How long

have you been doing this? So, I've been in the funding like following what the banks

do and what the mega wealthy do since 2011. So, I've been doing it for 15 years. Okay. I

started in using it finally for real estate in 2015. Okay. And that started changing my

life using credit cards to buy real estate. Okay. So, are you exclusively helping people

get funding through credit cards or is that just one way? It's just one way, but the 0% interest,

it's only in credit cards, but there's over 400 different products and services that the

banks offer. uh mortgages first prioritize and then credit cards and then lines of credit or

loans and then lastly auto loans. Oh, okay. In that order, like loans against cars that they

own or just if you wanted to get like a vehicle or something like it's the easiest to get. Okay. So,

you want to do that last versus a mortgage, they're going to be more critical about, you know,

applications you've applied to in the last 6 months. So, let's say I own a plumbing business,

million dollars in revenue. Yeah. I pay myself 150 a year. Yep. One crew. I want a second crew.

I need a second van. I need a hire. I need to make some investments. Let's say I need 150.

You said you start with mortgage. What would you advise me to do as step number one? Yeah. If you

wanted to prioritize real estate right now and get a mortgage, then we would talk about that

first. But if you're not, then you're just looking for capital, like working capital,

cash, then you would go after credit cards. And I would want you to go after the 0%. And on the

business side specifically if you're going to leverage it. Okay. And then if you needed

vehicles to actually just grow and scale on that end, then we would prioritize that. You would just

identify how many vehicles do you want. And then obviously we want to put it on the business side

and we want you to leverage the full amount, not just like I don't want you to have to put

anything in. Mhm. So, there's different loans and different opportunities that you could build the,

for example, like Bank of America, you could open a brand new business account with them,

wait about two weeks, put some money into it, and then afterwards apply online, and

you can actually get up to four auto uh business loans up to $50,000 each very easily. Okay. So,

if I let's just say I needed four vehicles for my business. Yeah. You'd go straight to that? Yeah,

I would go straight to that to get preapproved. And then there's some cool hacks that I would

recommend for just auto dealerships or getting a car in general, like going the last day of the

month. And then also looking each dealership has like a uh leadership board. And so you want to

look for that and you want to look at the guy on the last maybe not necessarily him because

he might be getting canned already and go to the next guy right above it and go about 2 to 3 hours

before they close. Okay. on the last day of the month on the last day of the month because they're

willing the financing department and the company itself are willing to go hand over fist to be

able to hit their quotas and hit their numbers. Maybe the last day of the quarter even better,

right? Yeah. Sometimes. Yeah. Yep. And so John is the second or third worst. I've sold used cars

before. It was the worst. Yeah. But uh you're thinking, "All right, this guy's hungry. Like

he needs something for real. he's willing to to maybe sell it for a little less than the manager

is willing to work out something for them just to keep them alive. Like they care more about the

volume and so sometimes they'll be okay with even taking sometimes a loss. You'll get the best deal

then. Okay. Yeah. Okay. So that's just kind of like you consulting. But in addition to that, you

would probably say go to Bank of America. Yeah. Get those pre-approvals first because now you

have more power to go into. Yeah. And then now you can really negotiate because it's like, oh, it's

basically cash. Yeah. You know, like I'm good to go right here. Okay. Would it take for a business

owner to qualify for that one specifically? Like 700 credit score or what what would they look for?

Yeah. Ideally, they're looking at credit score. They're looking at sometimes bank statements

uh just the last two to three months. Okay. So, there's cool different techniques that you can do

just to they just want to see more money going in than going out. Yeah. over the last 30, 60,

90 days in some cases. Does the bank care about profit or revenue and or like transaction volume?

They care about transaction volume. Uh they care about how many transactions. They get very jealous

and territorial cuz they're marketing companies. Basically, they're competing against other banks.

So, they want to feel like they're the only one. So, if you can be with them for a long time,

never close out your bank accounts, have multiple products and services with these banks, and then

have at least 17 transactions or so per month going in and out of 17. Yeah. Okay. Cuz otherwise,

if it's just sitting there, then it feels like it feels like it's stagnant. It's going to run

out eventually, right? They need to see movement. Yes. They want to see movement. They want to feel

like they're the only ones. They're looking at the average balance that you're holding. They want to

see more money going in than going out. Some banks care all the way up to 6 months, you know, but a

lot of them 30, 60, 90 days they'll care about. Hey, if you are enjoying this episode, please take

a second to make sure you are subscribed to this channel cuz you might think you are, but you're

probably not. Just hit subscribe. Maybe share it with a friend that could use some funding for

their business. It could change their life and it would mean a lot to me. Thank you. Okay, so let's

say I need 100 grand for my business just for operating capital or whatever. I'm assuming credit

cards in that case. Yeah, especially 0%. The 0% is anywhere from 6 months to 24 months, but on

average it's very common to see 18 months. Okay? And the cool part is every six months per person,

you can repeat the process and and do it again. Okay. And so our goal is to show members how to

actually get up to 500,000. So if you got just 100,000, it'd be a super disappointment. Yeah.

How is that possible? Like what types of cards are you having to put together to get 500? Sure.

Anywhere from 10 to 50 plus applications. Okay. at different cards. Yeah. Like MX, Chase, whatever.

Well, those are those are the common big banks. So, how we break it down is three levels. Big

banks first, regional banks second, small local credit unions last. Okay? There's a lot of power

in the small local credit unions, but each one's going to be different between your area. Okay? And

there's the fewest of the big banks, and there's probably like a medium amount of the regional

banks, and there's thousands of the of the credit unions. Is there thousand? So big banks, there's

about a dozen or so, maybe a little bit more. You know, Chase, Bank of America, Wells Fargo,

City, Capital, the most money. Yeah, they have the most money, you know. So, they're going to

be some somewhat easy, but they also have certain bank rules. Like, have you ever heard of the Chase

5 and 24 rule? Mm. Or the 2 and 30day rule. So, these rules are specific to the big banks like

Chase. The two and 30 day rule is if if you've already been approved for two cards in the last

30 days with Chase, they're going to naturally deny you for a third. Okay? Unless you have a

business bank relationship manager that's good and knows what they're doing. If you've applied for

and got approved for five cards with any banks in the last 24 months, two years with Chase, they're

just going to deny you. Okay. Because they're very jealous and territorial. And they're not great,

but there are rules to the game. Yeah. So, if someone were to get 500,000 in zerointerest

credit cards, what would that breakdown look like? How much would they be getting from the big banks

versus medium versus credit unions? Yeah, that's a good question. It is probably on the lines of like

two to 300 they could get just from the big banks. Okay. Like 150 to 250, something like

that. The regional banks, you can get another 200 or so. And then small local credit unions.

All this really depends on your relationships with them and what you're saying and what your current

credit profile looks like. If you have credit cards with limits under $1,000, then when a new

bank pulls your credit, they're going to see, "Oh, this bank over here that you've had a relationship

for, they don't like them. Why should I like them?" Exactly. They're they're going to say,

"Well, they don't trust you with even $1,000. Why should we?" Yeah. So, it's important to use your

credit properly to get high limits and saying the right things. Once you do that and you position

yourself in a good stance, then you're just doing it in a domino effect. And if you get that, like,

are you just getting a cash advance wired to you? Yeah. So, liquidation, right? How do you

liquidate the credit cards into cash, right? So, there's dozens of ways to be able to do this. How

I originally started is there's, you know, the quote unquote balance transfer or cash advance

like you mentioned, but you want to make sure it's at a promotional rate. If you don't do that,

then it's going to end up being the mafia rates of 20, 30, 40%. So, you don't want to do that. But

you can call into them and you can ask, "Is there any way that I can get my credit limit transferred

into my bank account?" And they'll do it the very next day. The cool part is usually it's a flat fee

of 1 to 5%. Okay? There's other platforms like Plastic that you can use, Bill Pay, Zill Money,

Milo. There there's dozens of different ways. they can just become a little bit more terms

and conditions. You got to understand them so you can weave through them. Okay. So, if I have

like a venture rewards card, $40,000 limit, I call them up and say, "Hey, I need I need that 40 grand

in my checking account." Yeah. And there they'll say 1% fee. And I say, "Done." Done. Yeah. Okay.

That's that's pretty common. It's common for about 3%. That's a more common fee. You're saying 3%.

Okay. And some like Chase or some of these other banks they've been doing the last year or so,

they've been doing more of that closer to 5% flat fee. Okay. So, in this case, it would be $1,200

fee. Not getting that back, right? You're not getting that back. It's one time. It they just

they'll liquidate the full amount. They'll put it into your uh into your checking account. You can

use it. It's cash. You're responsible for making your monthly minimums, right? And then it's 0%

interest for let's say 18 months. So, it's not due the whole principal until then. There's certain

little terms and conditions you want to be mindful of. Many times you can't use that credit card for

any new transactions. If there's a little bit of availability on it. If you use a transaction

or a subscription on it, then it will actually start hitting you with interest for all of it.

It's crazy. I learned that mistake a few times and luckily you can call in kind of complain and and

they'll reverse it and get you taken care of. But then I have like a full credit limit and that's

not good for your credit, right? Don't you want lower credit utilization score? Correct. So that's

why when you leverage, you want to do it more on the business side. Mhm. The personal is really

your foundation to get more business. And down the road, let's say you get a million in personal

credit down the road. You can use 29% of it and it's not going to hurt your score. It's not going

to fluctuate your score going up and down even on the personal side. So, if you get a million on the

personal side, then you can take out 290,000, have a balance of it, and it's not going to affect your

score. Okay? So, let's say I want to buy like a short-term rental, right? Something for Airbnb,

it's 500,000, the bank needs 15% down. Y, so 75 grand, right? If that were you personally, you

wanted to buy a $500,000 Airbnb. Yeah. What would you do specifically to get that 75 grand? You had

no cash in the bank. You had no what if you have no business? You have you have no entity, no LLC,

nothing, dude. This was my story exactly. I didn't have an LLC. I went after business credit though

anyway. Okay. And so with some banks, especially the big ones, you don't necessarily even need an

LLC. You're just like a sole proprietor. Yeah. It's just a doing business as and I put my social

for the EIN number, you know, and so my score was good. Luckily, I had decent sized credit limits

from every six months just randomly asking for more. and I paid it off like I would use the card

heavily and I would pay it off each day, you know, just get into that routine. So, so I don't need to

get out of control with it. At the end of the day with certain credit cards, let's say you have like

a $20,000 credit card limit, right, with Chase, for example, and then you have another airline

credit card with Chase that is a uh a $50,000 limit, but it's not 0% interest, but you're like,

"What am I doing with this card?" You can actually call that bank like Chase and just ask them to

transfer the limit over into your 0% interest card that 20,000. You can combine it. You know that

whole bank, Chase, they've given you the threshold of 70,000 or whatever you know those numbers are,

right? Yeah. And so you can just leave $1,000 on that one card, transfer the rest of the limit on

this 0% interest card, be able to stack it up. Yeah. Yeah. And then I would ask them,

hey, is there a way that I can I have this great opportunity, like I want to take advantage of it.

It's going to be an awesome investment, you know, can I use your balance transfer, the promotional

uh 0%, you know, and get hit with a flat fee. They'll put it in the bank account. And balance

transfer, that's just you getting the credit limit as cash in your checking account. Yeah. So,

the balance transfers, truthfully, it's their best terminology that they're going to understand.

Yeah. So, the best thing that you can do is either label it as the balance transfer or cash advance,

but at a promotional rate. And you want it not to pay off any other credit cards or any other

business. That's what I think of as a balance transfer. 100%. Yeah. But instead, you want it

into your bank account. Okay. Do you ever use Busy for making LLC's, new entities? 100%. Yeah. Busy

is the best. Yeah. Yeah. It used to be incile.com. They're great. Anybody that's looking to set up a

brand new one, it's it's a great resource. You can even call them. They're very communicative

and understanding and like can kind of guide you through, but within 15 minutes you got a brand new

entity. 200 bucks later, it's like the next day, right? Well, because the the state filing websites

are terrible. Like they're so work with and Busy doesn't even charge like if you need registered

agent services, they'll charge you for that, but you have to pay for that anyway. It's like

they just charge you the state filing fees that they pass on. So, it's like simple. I love busy.

I mean, what I love about it is there's so many things you have to remember as a business owner to

do. And the last thing I want to think about are like registered agent services, filing documents,

deadlines, random fees, unemployment, this or that. Like I've gotten so many scary letters in

the mail in my 17 years of being an entrepreneur. I use Busy to just handle all of that. So it I can

just forget about it, worry about sales and marketing, the things I'm good at, and Bizzy

can just take care of all the regulatory document stuff that frankly I find kind of boring. Anyway,

I mean, every state that you try to file these LLC's in has different deadlines,

different documents, different requirements, different boxes to check. And with Bizzy,

I don't even need to worry about it. They have a clean user interface. I just do it through them,

and I can rest assured that it's all taken care of. Well, and Bizzy will do your EIN,

too, I think. Yeah, 100%. Yeah, you can add it all in there, and I highly recommend it. Yeah. So,

if that were you in that case, you wanted to buy this Airbnb in this scenario, what kind of a

credit score would you need to have to be able to get funding? you can really be in even the 600s,

like high 600s. If you don't have any late payments, collections, derogatory remarks at all,

then most likely you're in the low to mid700s. Uhhuh. Okay. And if you're there, there's no

reason in the world why you can't be and you shouldn't be in the 800 club in the next 30

days. Yeah. It's very simple. It's very easy. So getting to the 800 club in 30 days, all it comes

down to is after the fixing is done, you're not going to have there's six boxes that make up your

credit profile. Three of those are for fix related like late payments or your payment history, uh

derogatory accounts like collections, charge off, things like that. And then your hard inquiries.

Okay. The other three boxes are for build. Those make up 55% of your FICO. Okay. And so it's a big

deal and a lot of people sleep on it. What that includes is the total accounts. You want to be

at 21 plus total accounts. Like total accounts as in bank accounts, credit cards, like they

don't shopping cards or Yeah. Yeah. So they don't count bank accounts like checking and savings,

but they do for loans, credit cards, shopping carts. Yeah. So it's six different products. It's

uh personal loans, auto loans, mortgages, student loans, uh retail credit cards, and regular credit

cards. Okay. So six different products. So 21 plus of those is ideal. Yeah. It's not the myth that we

grew up with having only two or three, you know, they want to see mixed use as well that you can

handle and manage credit properly. So that makes up 10% of your FICO. Your average credit age,