The Credit Card Strategy Banks Don't Tell You About Transcript, AI Summary & Key Points

00:00 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.

00:14 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 it the very next day.

00:40 I had no idea this existed.  Never heard of this. Yeah. So many people don't. My guest today is an expert at using zerointerest  credit cards to get from 500,000 to over a million 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.

01:07 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.

01:26 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.

01:51 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.

02:14 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.

02:39 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.

02:54 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

03:25 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.

03:48 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

04:16 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.

04:36 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.

04:55 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.

05:16 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.

05:36 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.

05:56 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.

06:15 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.

06:32 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.

06:54 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.

07:17 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.

07:37 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.

08:05 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.

08:24 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.

08:45 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.

09:07 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?

09:26 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%.

09:48 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.

10:12 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.

10:32 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.

10:52 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.

11:12 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?

11:33 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.

11:54 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.

12:18 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.

12:39 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.

12:55 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.

13:25 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.

13:54 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.

14:14 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?

14:27 100%. 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?

14:46 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.

15:10 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.

15:31 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.

15:52 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.

16:12 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.

16:40 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.

17:04 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.

17:30 So that makes  up 10% of your FICO. Your average credit age, it makes up 15% of your FICO. It's a big deal. And  this is the part where many people are sleeping on because they actually want to see that you have  9 years or higher average credit age. Yeah. And how they're doing that is they're adding up those  21 plus total accounts, the age on them, and they just simply divide it by that many accounts.

17:52 I  swear my on my credit score, that's like my only like yellow. Everything else is green. And I swear  it's been like four to five years for the last 15 years. Well, it's because you get new accounts  every so often. So that brand new one, it averages it lower. It doesn't seem like I get that many new  ones, though. But it's not. But that's why like over time they start rewarding you.

18:12 And so you're  like, "All right, Brandon, what the heck? like how am I supposed to your utilization it makes up 30%  of your FICO you're always good there you're below 9% you pay off your bills on time by the statement  closing date not by the due date but by the statement closing date and so all the other boxes  are good but you're in the yellow over here so you're in the mid to lower 700s you're like what  the heck all it comes down to is adding authorized users so you could go to your parents for example  or friends

18:38 family uh there's an industry online that you can actually purchase them from trade  lines and so you can get an aged you just need to do the math. So we have on our website there's  a AU calculator it's called and you're basically just plugging in authorized user calculator.  Exactly. And so you're just plugging in all of your total accounts and then you're seeing hey if  I added a 40-year-old account on there what would it do?

19:05 Would it boost me up? Would I get if I'm at  20 total accounts? Cool. I need one more to get to perfect you know and then I need one card that's  30 years old to get to to where I need to be or I need two cards that are 60. So it does two things  in one. It gets you to the 21 and it increases your average amount of time. It it does three  all three of those boxes.

19:23 So the utilization, it impacts the total accounts and the age. So  that's where that 55% makes it's very valuable and that's what will take you to the 800 club. And  it only takes 30 days max. Yeah. After the fixes are done. Yeah. You have to do fix otherwise it's  lipstick on a pig, right? Because people do that out there, too. And it's it's the silliest thing  because you could have late payments, collections, derogatory, you're in the like 500s, which matters  more than all this other stuff 100%.

19:51 So, like you could boost your score up to the 800 club and or  like not the 800 club if you have late payments and collections because it's going to drop 60 to  100 points. So, you can be in the high sixes or low 700s with all these derogatory accounts, but  you're boosted up. Mhm. But the banks are going to see and they're like, "Oh, we don't trust  you because you have all this nasty stuff."

20:16 How do I find those people? Like, and and how do  I attach them to my account while being aware of like privacy concerns and all that? So, you aren't  going to attach them to your account. You will get attached to their account. Okay? So, they're going  to basically, let's say I had a 40-year-old credit card. I'm going to add and you wanted to, you  would lease it basically, it's called for like 60 days.

20:37 You would be the buyer. I would be the  seller. I would need your full name, your date of birth, and your social. They're going to ask two  other things. What's the address to send the card to and what's the phone number? I would put my  phone number and I would put my address. So, the new card is going to have your name on it. It's  going to come to my address.

20:51 I'm going to call it, activate it. I might use it at the dollar store  for one transaction just to show something. Just to show me as the buyer, as the new authorized  user on that account, I'll never want me spending on it. Yeah. Exactly. So, you're not going to get  access to it. You don't know any of you know how when you call into your bank account or your  uh the back of the number on the credit card, they ask you a series of questions.

21:14 Yeah. You  don't know any of those security questions. So, you're not going to be able to get I don't  have the login. You don't have nothing. So, they have all of yours. You have none of theirs.  There could be a bankruptcy, collections, derogatory, but on that one card or several cards  that they add you to, it's got to be good. Like, it's got to be no late payments collection.

21:32 like  it's got to be in good status, long history, ideally large limit, and low balance. Now, a lot  of people add friends and family, but they don't educate them on this piece. So, therefore, they  end up having a large balance one day. And so, whatever is on that credit profile, it reports  every 30 days on the statement closing date. There's a statement opening date, 30 days later  statement closing date.

21:54 That balance gets reported to the three bureaus, TransUnion, Equifax,  Experian. 3 weeks after that, it's the due date. You have to make the due date. So you don't get  a late payment, but that statement closing date, that's what reports. And so everything on that  good card is going to start showing up underneath your credit profile to boost your stuff up.

22:12 Yeah.  But vice versa, if there's a late payment out of nowhere or a shopping spree and they forgot  the statement, you know, closing date could do me more harm than good. Yeah. It could hurt  you. Yeah. So with me as the buyer, right, the person that needs a higher credit score, the risk  to me is that that person suddenly becomes like an untrustworthy borrower, right?

22:32 And their credit  utilization spikes or they declare bankruptcy and that would negatively affect me, right? Just  that one card, if it ever did, you can just remove yourself from it. You call up the bureau and you  say, "Hey, this isn't mine. I need it removed. It's hurting my profile." Okay? And then you're  back to where you started. You're back to where you were.

22:50 And then what is the risk to the seller?  the seller, there's no risk to them. I can't see their transactions card. Nope. Okay. What does  that trade for? Like what would that cost? It depends. Um, so online as a seller because there's  an industry of trade lines. They've been doing it for 20 plus years. You can sell yours and make I  used to sell mine on there and I would make $125, you know, 200 bucks and then one time.

23:14 Yeah. And  they would they would sell it for like 2,000. Really? Yeah. So they make a hefty middleman.  Holy crap. But with that being said too, you can lease every credit card has anywhere from  like five to 10 spots available and you can you lease them for typically about 60 days until  like it reflects on the score and they got what they need to get done.

23:36 Yeah. Correct. After that  they don't really need it anymore. Yeah. because you're going to they're boosting their score up  so they can go to the banks, qualify, get their application sequence in, do their mass supply, get  a lot of funding, and then once you get funding, you know, you get 10 to 50 plus applications  approved, then you're really just seasoning it, being a good steward of it over about 6 months.

23:54 Yeah. Because and then you can do it again 6 months later. The reason why you have to take a  pause and wait 6 months is because the banks again are very jealous. And so when that whether you get  one credit card approved or you get 50 approved, the banks are going to start hitting you with  the denials when they start seeing it on your profile stating that you've been searching for  too much credit.

24:13 Yeah. And so we don't want one, we go for 50. Then I've had a Venture Rewards  card for like 13 years. Sure. It's always been paid off. So you're saying that is an asset to  me and people like me. There are marketplaces out there where I could, let's say there's 10 spots.  Yep. It's me and my wife. Let's say there's eight left. Yep. Right. I could sell that for 200 bucks,  2,000 bucks, whether I have a middleman or not, somewhere in between.

24:39 If I find eight people, and  I could even do that on like a quarterly basis, I would recommend you can do it every like two  weeks. Add somebody. Like if I filled it up, if I added eight people and it's full, I could swap  them out every quarter or every two months. You can do every two months. Yeah, that's the going  rate online. Is this legal? It is legal.

24:53 Yeah, it's a it's a legitimate It's a legitimate uh  business. It's legal, moral, ethical, no issues. Okay. like specifically adding authorized users  and selling authorized user access or whatever. Okay. Yeah, you can look it up. Um, so this is the  best way. I had no idea this existed. I've never heard of this. Yeah. So many people don't. And  it it's uh it's something that can help.

25:14 It can finish the boosting of your score. What's cool too  is after you're removed from that credit profile, it still stays in the closed account section and  the the age adds value for the next 10 years. Okay? So, it's going to be in the closed account.  So, those three boxes that it helps, it no longer helps the utilization because you don't have  access.

25:38 But the other two, it does total accounts and the average age. It's still adding value  there. So, it's great. It's like an investment for your credit profile. What is the 8020 of getting  your 500 credit score to 700 so you can start doing stuff like this if you have derogatory marks  and all that? What's the fastest way to fix that? Yeah. So, we've had people with bankruptcies, uh,  collections over a couple hundred thousand, uh, late payments galore, 70 plus hard inquiries.

26:06 We've had people remove things as fast as 24 hours. Wild stuff. And then we've also had people  with legitimate bankruptcies take 12 months. And so, the simple truth is when it comes down  to credit repair, quote unquote, it's um, it's a crazy industry. I'm not a fan of it. Some  of that stuff gets overpromised. And the fact is, number one, it's illegal for anybody to ever  promise any time frames.

26:26 It's illegal. You can't like as bad as you want it for yourself to get  your stuff improved and as bad as we want it for you, it's not up to you and I. You can't control  for it. There's Yeah. It's like the bureaus are data collecting companies and they're like mom and  pop companies. Okay. They're big conglomerates, but they are they make mistakes all the time.

26:46 Yeah. But the problem is they are data collecting companies and they want to keep the data and they  also know that Americans aren't being taught in school this stuff. They're not being taught at the  dinner table. It wasn't for me at least. Doesn't mean that that's our fault, but it is our problem.  And so it's very common that these bureaus are going to give stall tactics.

27:07 And so when they give  stall tactics, many Americans just give up. They just quit. And when they quit, then it doesn't  hurt the bureaus. They're good to go. If you know the legal laws and the codes and how to fight for  it then and doing it in a timely manner and have records of it like mailed to and calling in and  and fighting for it then you can get favor you can it's just a matter of time often times you have to  actually pay it off I imagine right?

27:30 No, no. See, that's a that's a myth, too. Like thinking  if you have a collection, derogatory remarks, thinking that you pay it off and that and a lot  of people do this. They get scared. They're like, "Oh my god, my score just dropped 100 points."  And they go to pay it off really quick. That is not going to solve your problems. All that is  going to do is show that it's paid off.

27:47 It's still negative on your account. Please, I need you.  I need you to send me your stories. If you or someone you know made thousands of dollars  in a short period of time with a business, a side hustle, a growth hack, I don't care  what it is, I want you on this podcast to give you free publicity and to help grow my  podcast. So if that's you, go to tko yes.com, fill out the form.

28:11 If it's a friend of yours,  send them tkos.com. Have them enter your name and I'll give you a,000 bucks for the referral.  That's tko.com. If you are going to pay it off, which nine times out of 10, if it becomes a  charge off, you don't need to. The bank that What do you mean a charge off? What do you mean if  it becomes a charge off? So, typically 6 months of being late in a row with whatever bank, it becomes  a collection and then a charge off.

28:31 Okay. And so, the collection is the derogatory account.  The charge off is when the bank says, "Hey, we're writing it off." And they should send you  a 1099 because they're writing it off on their taxes. Only 10% of banks out there are sending the  1099. Why? Because they're greedy and they want to double dip. They write it off on their taxes.  Then they sell it for pennies on the dollar to a collection company that hunts you down like a  dog.

28:59 And then even though they've already written it off, even though they've already written  off, they make money there as well with the with the collection company. And then they're also  willing to when you come back to them to finally pay it one day, they'll take the money, too. So  this into a profit center. Oh, dude. It's a it's a full ring. It's a full circle.

29:17 And depending  on the dollar amount and depending on the bank, they might actually sue you. Like Bank of America,  they're so good at this. They are the best in the industry. They have their own sister company that  is its own law firm. If you owe Bank of America, they're coming for their money. They're going  to get their money. So, w with getting these derogatory remarks removed, who are you calling?

29:36 Who are we talking to? And what are we saying? Yeah. So, number one, you would typically want  to get your credit report first, and you want to identify what's legitimate on there and what's  not. 70% of Americans on their credit profile, there's something wrong, inaccurate, off, like  the status is wrong, the dates are incorrect. So, there's something wrong on your credit  profile right now.

29:58 The chances are 70%. So, with that being said, what you can do is challenge  it, but you got to look at your credit profile first and then afterwards, you can mail in or you  can upload online. I call it the backdoor methods. if you want to make a free account, not a paid  one, but a free account on the three main bureaus, TransUnion, Equifax, and Experian.

30:20 So, you make  a a free account there, and then you'll be able to upload your credit report. You want to circle  highlight the negative areas. You want to get a written document. The cool part with AI right  now, dude, you can so many people can just put their credit report in AI and say, "Hey, like find  all the areas that are incorrect, that's wrong, you know, fight this for me.

30:42 Fight this for me."  I'm trying to do credit repair. I want to get it legally, ethically, morally removed, improved,  and drastically train changed like now. Yeah. You know, what do I need to do? And it will draft up  a letter. Sometimes you're going to want to do a handwritten aspect because a lot of these bureaus  are giving that stall tactic initially saying it looks like you're working with a credit repair  company as if that matters.

31:04 It doesn't matter. But so then they'll just stop and they won't do  anything. Yeah. On your social security card, it's got to have your signature on it to make  it valid. And then on your proof of residency, what that looks like is it could be a utility  bill, a bank statement. You don't need the whole thing. And in fact, you do not want dates on it.

31:22 Okay? But what you want is three things. You want the header, which is like San Diego SDG& utility  bill or Chase bank statement. Right below that, to the left, it's usually your name. Below  that, it's your address. Okay? Those are the three things that you want for proof of residency.  And you mail that in. There's ways you can do it. It's called that backdoor method that you can just  upload it online.

31:43 Okay. To Experian, TransUnion, and Equifax. Yes, sir. Okay. All three of them.  Yeah. Okay. Yeah. And then give it like two to three days and then call in or you can mail it in  to to them as well. I like to do both sometimes just to make sure that they're not playing games  because if they keep giving you stall tactics, you're going to want to have like clear certified  mail numbers and and tracking and everything dialed in so that you have a paper trail so that  you can actually go and sue them.

32:08 Yeah. And people get scared when it comes down to like, oh, suing.  These bureaus get sued all the time. There's data breaches all the time and they play games all the  time. And so if you have something that's wrong, inaccurate, that they're playing games with  and it's hurting your finances and your future, then you need to fight for it. It costs small  claims court like 50 bucks, 70 bucks, and when they get served, usually they don't show up.

32:32 You  naturally win. If they do show up, you can fight it and most likely you can even walk away with  some money. Yeah. And getting it removed. Yeah. So it's like why not? Yeah. when it comes to like  getting six figures in business credit. Yeah. How important is an LLC or not? So, I told you in the  beginning that when I first got started in 2015, I was getting credit without an LLC.

32:56 And yes, it's  definitely possible. You will get much much more. Trust me, if you have an LLC. Yeah. And so,  I do recommend it. There's people out there that think you need dozens of LLC's. You don't.  Yeah. Like one, two, three max is enough. Yeah. But understand this, they are judging you from  that entity as well. Most people [snorts] set up their entity structures incorrectly.

33:18 The  state, the name, high-risk industries, you know, you don't want that. You want something generic  that goes right underneath the radar. We don't want to ever turn in documentation or paperwork.  We want right underneath the radar of what these banks are able to fund. Yeah. Without going  to underwriting and do something crazy, right? And so how old that entity is matters.

33:40 The big  banks are okay with some of them are okay with brand new entities. Most go off of statistics  again. Yeah. So statistically they know that most businesses fail brand new ones within the first  year or two. Yeah. So a lot of regional banks, small local credit unions, they want to see at  least two years in history before they're able to start funding you.

34:02 Yeah. So there's value behind  aged entities. Yeah. This is something like I like talking about, but I also I'm terrified of talking  about because there's a lot of aged entities being sold out there and it's it's a it's a complete  scam, dude. People are getting charged 40 50 grand getting promised they're going to make 20 million  off of it. Oh jeez.

34:19 And they're not. It's one piece of the whole pie. There's 45 rules on the  checklist basically on how underwriting is judging us. And so entity is just one of them, dude. It's  one of them. So the banks don't need to see like 10 10 years or two years or four years of bank  statements or P&Ls under the they just want to see like when was it first incorporated.

34:41 Yes. And so  they're only going to ask for full documentation if you're asking for the world. Yeah. And so  each bank has a certain threshold. Like Chase, for example, you can get up to 150,000 without any  documentation. Each bank has a different number. And so stay under the radar and stay right below  the threshold. If the cap at that bank is 50,000, then stay under there.

35:04 It's easier. You get quick  just faster funding. And there's so many banks. You don't need to just get this one. Build the  relationship with this one. Get all these other 10, 20, 40 banks. And then after 6 months of being  a good steward of it, paying it off, making your investments work hard for you, then you can get  increases and you can go to other banks.

35:20 Yeah. Yeah. So, I mean, could someone theoretically  go get a million dollars in 0% loans and just put them in treasury bills and then just pay it  off, dude? Of course. Yeah. And 50 grand. I mean, at the end of the day, you could put it into  a CD for God's sakes and make four and a half, 5% interest. So, yes. Like, yes. A lot of people  get scared of, hey, what do I do with it after?

35:44 What we do is we use a lot of it for real estate.  I've always done the burr strategy. Buy, renovate, rent, refinance, repeat. Um, so I love that  strategy, just the value ad and cash flow and appreciation, tax benefits, but lately we've  been doing a more groundup construction in San Diego and it's amazing. It costs $300 a square  foot to build there and it's worth 950 to a,000 after.

36:05 So it's crazy after it's built or after  it's built and rented? After it's built and then I can do a refinance, get cash out, refi, get all  my money back plus some. I use credit cards to do it so I get free vacations afterwards. So, uh,  it can be pretty fun. So, Chase, you said 150 grand or less. No, little to no documentation. No  documentation. Okay.

36:22 Like what I mean? Yeah. Yeah. You got to fill out social name. You just got to  say yes. Not like financial financials. Okay. Or credit. They're going to do a They're going to  do a hard pull on your credit. Yes. What are some other banks with like common like thresholds like  that? Yeah. So, US Bank you can get up to about 80,000. Bank of America 50,000 depending on the  relationship.

36:44 if you have a strong relationship and for a long time like you can some of these  just do very well you know at a young age I was I think 22 23 I had several credit cards with Bank  of America with one at 65,000 other 80,000 I was like I was working restaurant jobs I was making  like 30,000 [clears throat] a year you know like I was a bus boy but I had credit limits bigger  than you know couple years yeah [laughter] so so when you say Chase is a 150 is that like a Chase  credit card or like a just a personal loan from

37:17 Chase. Dude, we've had people get no loans. Uh  because there are certain banks out there that can give loans up to 25, maybe 50,000, but those  are unsecured and hard to get. No, those those would be secured, personally guaranteed. Okay.  So secured by your personal finances, correct? So with some banks, they're not going to ask for  documentation.

37:33 With loans, a majority of loans, they will ask for documentations. The ones that  aren't going to ask is for credit cards. But at the end of the day, we've also, you know, how I  told you about the two and 30-day rule with Chase. You can't get if you've gotten two approved, you  can't get a third one, okay? With our relationship manager, he'll actually override that, okay?

37:52 Cuz  he works directly with underwriting. And so, he's helped one of our members, Yseph, get 13 credit  cards in just 10 days. And so, he got 150,000 in funding, 0% interest. He got 13 credit cards.  He got a sign up bonus for each one. Normally, it's 600 for each of those. He got double the sign  up bonus. So 1,200. So he ended up walking away with like $15,600 in just free cash.

38:15 Yeah. That  if like that could have he used it for statement credit cuz 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 7 to 21x return off  of it. Wow. Hundreds of thousands. Crazy. Wow. Why don't more real estate investors do this for  down payment cash? It's just a lack of knowledge, man.

38:38 If at the end of the day, if people  knew it was out there and it was possible, credit wasn't talked about in school and  in many homes, it was like frowned upon like credit or Dave Ramsey approach. And don't  get me wrong, Dave Ramsey is incredible if you have no idea how to manage money and you're  spending too much. Like soak up Dave Ramsey, but at the end of the day, there's a big big  difference between good debt and bad debt.

39:00 And I can sleep so much better at night knowing  that I'm not using what's so popular OPM other people's money. Like Thanksgiving's coming  up, Uncle John if he sees and he's like, "Hey, where's my money, dude?" Or you got grandma loving  heart and she wants to invest in your first thing, but it's her retirement. The whole family's  looking at you like, "Hey, don't mess this up."

39:20 Yeah. Like it that's a lot of pressure and pain  and you could mess up. Yeah. So that's friends and family that you don't want to I don't want you  to lose sleep at night. Yeah. You know, so at the end of the day, OBM, other banks money, it's out  there and it's possible and the banks have to lend to us. You can get up to 500,000 with interest  rates as low as 0% and repeat the process every 6 months.

39:40 And it's just that knowledge of knowing  that that's even a possibility. More people would take advantage of it. Brandon, this has been  amazing. Where can people find you or your business? Yeah, man. We do a live boot camp once  a month. And so our next one coming up is actually it's October 5th through 9th. Okay. They can go  to capital bootcamp.live.

39:54 Okay. And uh and yeah, find out more info. So capital bootamp.live. It  breaks down the whole process and uh people can get their tickets to to join the event. Just  a virtual live event. Otherwise on Instagram, it's Brandon Elliot Investments and our business  page, it's Credit Council Elite. Okay. Thanks, Brandon. Yeah, thanks man. Appreciate it. If you  like this content, please share with a friend, hit a like or a comment below, and  we'll see you next time on the Kerner