Credit Stacking to $100k of 0% Interest Funding with Jack McColl

0:28Who's ready to rock today, Fire Nation? very unique framework that we'll be talking about today. And Fire Nation, we'll be talking about credit profile. We'll be talking about why building strong credit is more relevant than ever, how to qualify for$100 ,000 at 0 % interest funding, and oh, so much more. And a big thank you for sponsoring today's episode goes to Jack and our sponsors. The next wave, your chief AI officer hosted by Matt Wolf and Nathan Lance is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. AI technology is transforming the the way we do business, and the media landscape is fragmented.

1:02The Next Wave strives to be the leading podcast on AI technology and how you can apply it to growing your business. Listen to The Next Wave wherever you get your podcasts. Over 40 ,000 businesses have future-proofed their business with NetSuite by Oracle, the number one cloud ERP, bringing accounting, financial management, inventory, and HR into one platform. Download the CFO's Guide to AI and Machine Learning for free at netsuite.com slash fire. Jack, say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with. John, what's going on?

1:41So happy to be here. Thank you so much for having me and thank you everyone for listening. I believe about being successful. A lot of people think you need to have money to be successful, to start a business, to scale that business. But I disagree with that. I think you need to have access to money. And that is the more important thing, is having access to money. And you can do a lot more with access to money, a lot more money than actually just having some money. And Fire Nation, that's why we're talking today about credit stacking to 100K with 0 % interest funding. And I think most people were taught the importance of good credit growing up.

2:21I mean, that was definitely something that I had conversations with my friends when I was younger. I just feel like it was known. But let's talk about the why. Why is building strong credits more relevant today than it ever has been? Building credit for anyone, I believe, is so important. Whether you're renting or whether you're buying a car, getting a mortgage, getting business funding for your business, your credit profile is incredibly important for all those types of things. If you have an 800 versus 700, you're getting a much better rate on a mortgage, a better rate on a car, and you get access to so much more business funding because you've spent some time optimizing your credit profile.

3:03And when you look at a mortgage calculator on the difference between a 5 % interest rate and a 7 % interest rate, there is a huge difference. You could be paying hundreds of thousands of more dollars that it would cost you by not having good credit. And if you're an entrepreneur, the easiest way to get access to more money is to have a good credit profile. More than just a score, and we'll go into that on this episode, but you want to have a good score and a thick profile that's attractive to the underwriters. And I show entrepreneurs, I've shown over 3 ,000 entrepreneurs in my group on how to get access to over$100 ,000 of 0 % interest capital on these 0 % interest business credit cards.

3:44and it all starts with good credit. And you can do this without tax returns, without proof of income. All you need is a business entity, can be brand new, and good, strong credit. You said the word business a couple of times now, and I want our listeners to really get the details on this because they're entrepreneurs, they're business owners. So share the difference between personal and business credits. Yeah, John, the main thing between the two is business credit cards don't report to your personal credit profile. What does that mean? So that means you can get a business credit card and you can max it out.

4:18And because it doesn't show up on your personal report, it doesn't show the utilization. So it doesn't affect your score. And when I learned about this four or five years ago, it absolutely blew my mind. You can get a 50K card, max it out, and your score is unaffected. Or if you max out a personal card, of course, your score is going to tank. So that's number one on why it's such a big deal. and two, you can get much bigger limits on business credit cards. $100 ,000 limits,$75 ,000 limits. And when you do this at several banks, this is how you add up and stack up to$200 ,000 to$300 ,000 on these 0 % cards.

4:57And another thing that's important to mention, John, is when you apply for, say, for example, five different personal credit cards, all those credit cards show up on your credit report. So when you go to another lender, they can see you just got five cards, which looks really risky. Where on a business card, you can go to Chase, get a card approved. And then when you go to US Bank or Bank of America, those two later banks can't see what Chase just gave you because it's not showing up on your credit report. So you can go to 10 different business lenders, get 10 different business credit cards. And those banks don't know about the other business credit cards you were approved for because they don't show up in your personal report.

5:38So that's a game changer. Game changer, but you still believe in optimizing our personal credit profile. So what exactly does that mean and how do we do it and why? Yeah, so 100%, that is the most important thing. It's more important than having a cash flowing business. It's more important than having a really strong relationship with the bank. The profile of the credit report is the most important thing. So what we mean by that, it's much more than just a score. So the underwriters are looking at the amount of accounts that you have. They're looking at your diversity and credit mix. Do you just have personal credit cards?

6:14Do you have installment loans, mortgages, the diversity? So it's good to have diversity there. And they're going to look at your collective credit limits. So the more limits you have on your personal credit cards, the higher the limits, the better your profile is. So someone that has$5 ,000 in credit card limits, that's a very weak profile compared to someone that has$80 ,000,$100 ,000 in collective limits. And so what you want to do is when you're applying for personal credit cards, you want to be applying for high limit personal credit cards. Cards like the Chase Sapphire Preferred or the Chase Sapphire Reserve or the Built Credit Card, because these cards are giving higher limits, which make your profile look a lot better.

7:02And when it comes to these accounts reporting on your profile, you want to have personal credit cards with the top tier one banks. So a Wells Fargo card looks better on your profile than a Navy Federal Credit Union card does because Wells Fargo is a tier one bank. So you want to get good personal credit cards from top banks that give good limits and beef up your collective limits. So those are two really important things right there. And then another part of optimizing your credit is understanding that too many hard inquiries on your profile is going to restrict you from more funding. And so you want to be very strategic about the hard inquiries you get on your profile, because once you're at more than two on any bureau in the last six months, it becomes harder to get approved for really any type of credit account.

7:53So you need to be strategic on what you're applying for. Fire Nation, we're going to talk strategy. We're going to get detailed and specific. as soon as we get back from thanking our sponsors. Picture this. You're at a party and someone asks you what you do as a marketer. How do you even begin to describe it? Not only do you brainstorm new campaigns, create compelling copy, dream up landing pages that will actually convert and generate leads, you also have to gather all the data to make sure it's even working. And tomorrow, you'll do it all again. Marketers are spread way too thin, but HubSpot has a better way.

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9:38When you're closing the books in days, not weeks, you're spending less time looking backwards and more time on what's next. Whether your company is earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities. Download the CFO's Guide to AI and Machine Learning for free at netsuite.com slash fire. That's netsuite.com slash fire. Netsuite.com slash fire. Fire Nation, you have a book inside you right now. But it's not always about our desire to write a book. Sometimes it's about knowing which steps to take and when to take them to make it happen.

10:14If you know you have a book side of you but aren't sure where to start, then I have an exciting opportunity for you. It's called Author 100. Author 100 is a program I personally crafted to help you one-on-one every step of the way, from drafting to writing to publishing and even marketing your book. When you join the Author 100 program, you'll have access to me, JLD, for 100 days. We'll have weekly one-on-one calls, plus you'll get daily guidance from me whenever you have questions or hit a roadblock. Over the past 12 years, I've self-published five books, including one of the top five publishing campaigns of all time on Kickstarter, the Freedom Journal.

10:54I've also traditionally published with HarperCollins, so I know a lot about the book publishing world and where most authors go wrong. I created Author 100 to share my experience and the lessons I've learned along the way, and I can't wait to share it with you. If you're interested in learning more, head over to author100.com and sign up for a free call with me. That's author100.com. Jack, we're back. And listen, we've been talking about personal credit profiles. We've been talking about the importance of good credits, the difference between personal and business credits, zero percent. I mean, that's the dream interest rate.

11:34So who the heck qualifies for up to$100 ,000 at 0 % interest funding. Yeah, John. I mean, one thing that absolutely blew my mind when I learned about credit starting about five years ago is it's possible for so many people. You don't need to have all these crazy things like your business making a ton of money, your business can be brand new, it can be making$0 in revenue because with this credit product, John, you don't need to show tax returns, You don't need to show proof of income. You only need to have a business entity, which is just having an LLC with an EIN number and having good, strong personal credit.

12:15So you could do this on a brand new entity. And so really any person who has a business entity can be brand new, making$0. As long as that person has good credit, a score of over 720, ideally, those are the people that would be qualifying for this$100 ,000 of 0 % interest. A lot of people that I help actually get a lot more than that. Some people get 60, some people get 100, some people get 260 ,000 on these cards. And another detail to mention is the state your business is registered in can be a very big deal because some states have more banks than other states. So I'll give you an example. So businesses that are registered in Florida have access to, of course, the top national bank, national banks like U.S.

13:01Bank, Bank of America, and Chase, but they also have banks like Citizens Bank, Truist Bank, and Wells Fargo. Wells Fargo, a lot of people think they're a national bank, but they're only in, I think, 38 states, if not mistaken. So Florida has more banks with these 0 % interest cards than any other state in the country. I think the Carolinas are very similar, Virginia is similar, but Florida is one of the best states for these 0 % cards, just because there's more options for Florida businesses. So if someone had a business in Wyoming, for example, there's still good options there, but there's just less banks that have 0 % cards than Florida.

13:43And when I talk about these 0 % cards, it's 0 % interest for the introductory period. Sometimes it's nine months, most cards are 12 months, and it goes as high as 18 months. And so when we talk about getting access to 100K, generally the easiest way to get to that threshold is by stacking at several different banks. Sometimes you can do it at one bank. I help people get 150 ,000 just at Chase alone. And that's 10 out of 10, the best you can do at Chase. It's 150 ,000 on the 0 % cards without showing tax returns. It's a little bit harder to reach that result but I do it quite frequently. So if someone has a little bit weaker profile, maybe their business is absolutely brand spanking new, then you might need to stack cards at maybe four different banks.

14:37Go to Chase, get a card there, go to American Express, maybe get 25K from American Express, go to US Bank, you get 20K from American Express, and then you get 25K from Truist. So that would be a way to stack up to that$100 ,000. But more people are qualified for getting this amount of money than you would think. Fire Nation, I hope you're leaning in. I hope you're taking notes here. If you're an individual who this is interesting for, because there's opportunity in this if you go about it the right way. And you've been sharing, Jack, the strategy of this. But let's really kind of go back and just walk and step through this strategy on a step-by-step basis of actually being able to access$100 ,000 of 0 % interest funding.

15:24What does that specifically look like if we were to take action? When I'm working with people, the first thing I'm doing is looking at the credit report. The best credit report I like to look at is myscoreiq.com or experian.com. And you want to be looking at all three bureaus because there's, of course, not of course, but there's three credit bureaus. You want to look at all three because some banks will pull from Experian, other banks will pull from TransUnion, and other banks might pull from Equifax. Those are the three credit bureaus. So you want to be looking at the information on all three credit bureaus.

15:57And really how I break it down first is looking at payment history. If payment history is significantly bad, unfortunately, the first step would be to hire a credit repair company to get some of those collections removed. collections are going to make it very difficult to get approved for any business funding. So if your payment history is relatively clean, then perfect. We can move on to the next step, which is looking at the amount of hard inquiries you have on your profile. If you look at your profile and there's more than three in the last six months on your bureaus, you might want to work with a credit repair professional to dispute and get some of those hard inquiries removed from your profile.

16:36Then we want to look at your utilization. your utilization on a per account basis should be lower than 30 percent at least reporting to your credit profile so the balance of each credit card gets reported to the credit bureaus on the statement closing date so it updates once a month on the statement closing date so you can spend all the money on the personal credit card but if you pay it down below 30 percent prior to the statement and closing date, that's what you want to do. And ideally, each account has utilization under 10%. A lot of people ask me, Jack, is it just an average of utilization or is it a per account basis?

17:14It is on a per account basis if you're really trying to optimize your profile. So again, that's bringing all your accounts down to at least under 30%. Wait for those balances to update. So then your credit profile updates on that once a month basis. And then there, I would be looking at now two other things. What is your average age of your profile? You can check this out on Experian on the main page or under the score ingredients on MyScoreIQ. If your average age is less than two years, it's a little bit of a weaker profile, but you ideally want to see it age over five years on your profile. So if you have younger age on your profile, how do you get that increased?

18:01Well, one, you could just wait a few years, of course. But two, a faster way to increase your age is actually getting added as an authorized user of someone else's credit card that has significant age. So maybe your significant other has a six-year-old credit card. They can add you as an authorized user, and then it will show up now on your credit report as an authorized user, and that will increase your credit age. And if you have more age, it makes your profile stronger. I would not do an AU with an Amex account. Amex will actually decrease your age. Any other card, but do not do American Express.

18:41So that's the authorized user strategy. That's to increase your age. The next thing we're going to touch on is the accounts, the revolving accounts you have on your profile. We briefly touched on this a bit ago, John, but ideally, you have at least four to five personal credit cards on your profile that should be primary accounts. These are accounts that you opened, not authorized users. So ideally, you have four. And ideally, the collective limits on those primary personal credit cards are over 15 ,000. And really, ideally, I want to see it above 40 ,000. but kind of like the minimum is 15 ,000 collectively on those limits.

19:24And if you find yourself in a position where you don't have 15 ,000 or maybe you don't even have 40 ,000, at that point, I would consider applying for a high limit personal credit card, which the ones we recommend our clients is the Chase, either Chase Freedom Unlimited is good, Chase Sapphire Preferred, the City Strata, or the built credit card, which is issued by Wells Fargo. We see very good limits on those cards and they're tier one banks, so they look great on your profile. The only caveat there is you don't want to apply for too many personal credit cards too quickly. Max, two opened in a six-month period.

20:07I see people shoot themselves in the foot all the time. They're like, oh, I need to increase my limits. Let me just apply for four personal credit cards at the same time. If someone does that and then tries to apply for a business credit card, there's no chance they'll get approved. So no more than two personal credit cards open in a six-month period. You want to be very careful about that. At that point, if you apply for one, you get approved, perfect. Wait up to 30 days. That account is going to then report on your credit profile. And at that point, if you followed all those steps that we just went through, you should have a pretty optimized credit profile.

20:43And hopefully you have a 775 or greater score. Simultaneously of optimizing credit, John, people will want to open a bank account, a business checking account at banks like Chase, U.S. Bank. Those are the first two I would focus at. Chase 100%. Every entrepreneur on this call listening to this episode should either be banking at Chase, or if they're not, they should open up a business checking account at Chase. That bank account will build a relationship with Chase, and Chase gives out the highest limits on these business credit cards. So it is a no-brainer to open a business checking account at Chase.

21:23U.S. Bank, I'd put second. Bank of America, or Wells Fargo, I'd put at number three. But Chase, without a doubt, number one. That relationship is going to help them build trust and it's going to help you get a much better limit on the business credit cards. And then also simultaneously, when we talk about applying for personal credit cards, you can either build a relationship with the bank through two ways, through a bank account or through a credit card. So a banking relationship or a credit relationship. When I think about applying for personal credit cards, I like to make sure I'm building a relationship with as many of the tier one or tier two banks that have the 0 % cards as possible.

22:07Like Chase, I have personal cards at Chase. I have a personal card at American Express. I did that before I got the business credit cards so they can start to trust me because they see what I'm spending on that personal credit card. I open the business checking account at U.S. Bank and Chase, and they see what I'm putting in there. they see the activity, and they start to trust me. So keep in mind how to build relationships and credit relationships with some of these top banks that have the 0 % cards. Does that make sense, John? It makes sense. And Jack, one thing that I really do enjoy about you is you're a numbers guy.

22:42I mean, you sit down, you crunch the numbers, you put the strategy in a step-by-step format so that people that haven't spent the time or have the knowledge and they don't have the knowledge, they can follow the process. They can take the step by step and they can know that, hey, you've crunched the numbers. Jack's got this. So what I want to do right now is this. Take a step back from everything that you shared and give the one key takeaway that you really want to make sure our listeners get from our conversation today. Then share for those people who want to learn more, who want to connect with you a call to action.

23:15Then we'll say goodbye. The number one thing is building credit over time. It's not a one-time thing. It's not a one-time thing. And things like credit, you have to be proactive yourself to making sure you're getting ahead. Most of the best things in life, you have to figure it out by yourself. They don't teach it to you in school. Fitness, health, tax strategy, credit, you don't learn any of that good stuff in school. You can study at great schools. I studied at University of Washington. They didn't teach anything about credit. So you have to be proactive and take it into your own control and do it over an extended period of time.

23:54Like with what I do in tax strategy, this is a constant thing for me. I'm over time getting better and better and better. And you have to do the same thing with credit. You have to focus on it for several years to really get the most out of it. A lot of people, they can get short-term results for sure. But if you really want to optimize, get yourself in an exceptional position, like an 840 credit score, like I currently have, you have to do it over multiple years. And the result, like the value you get from having a good, strong personal credit score is incredible. I can basically snap my fingers and send an application in, get an extra 50K approved.

24:32So if you're a real estate investor, a business owner, and you find yourself seeing a really good opportunity in front of you, you want to be able to snap your finger, get an extra 50, 100K so you can take advantage of that opportunity. If you don't start building now, if you don't make sure you're optimized now, when you have an opportunity, you're probably going to wish you optimized and got ready. And so it takes a little bit of time for some people, but you want to make sure you're in a really good position. With where we're at in the economy, I think things are going to absolutely boom. There's going to be a ton of opportunity for a lot of people and you want to make sure you have as much access to as much money as possible to make sure you can capitalize on everything.

25:11Amen, brother. And if Fire Nation wants to connect with you, wants to learn more, give us that call to action. 100%, John. So our website is creditstacking.com. We have a mentorship program where I teach over 3 ,000 entrepreneurs these strategies and in much greater detail. We have a large private community that I've hosts coaching calls every single week. And I've helped literally thousands of people get access to over$100 ,000 in 0 % interest credit. So if this is interesting to you, I highly encourage you to go to creditstacking.com and get involved. And my Instagram is Jack McCall. Fire Nation, you're the average.

25:47Of the five people you spend the most time with, you've been hanging out with JM and JLD today. So let's keep up that heat. If you want links to everything we talked about, visit eofire.com. Just type Jack in the search bar and the show notes page will pop right up. And Jack, I want to say thank you for sharing your truth, your knowledge, your value with Fire Nation. For that, we salute your brother and we'll catch you on the flip side. Awesome. Thanks, guys. Thank you, John. Hey, Fire Nation, a huge thank you to our sponsors and Jack for sponsoring today's episode. And Fire Nation's successful entrepreneurs accomplish big goals.

26:21That's why I created the Freedom Journal, to guide you in accomplishing your number one goal in 100 days. And we're talking step-by-step. visit thefreedomjournal.com and I'll catch you there or on the flip side.