Do you have a great idea for a business?
As many business owners and entrepreneurs know, having the next big idea is only the beginning of starting your own company.
What if you could fund your next big idea, without drowning in debt?
I recently did a case study that not only explores why entrepreneurs fall into the traps of debt, but how you can fund your next idea without the threat of terrifying debt.
How to Fund Your Next Big Idea
As an entrepreneur myself, I know how challenging it can be to get started and grow a business where you want it.
When I started out, I only had a small amount of personal savings and I thought that was the only way to get started in business.
I didn’t understand how my personal credit worked and as I began launching businesses, I would use those personal funds to buy supplies and inventory.
Since then, I’ve started and sold several 6-figure businesses for maximum profits, while also obtaining $300K in credit lines in just 14 months.
There are three main points I discuss in the case study:
Understanding and mastering the use of your credit profile
Discovering how to ‘hack the bank’ to learn their secret criteria for high limit approvals
How to use my Credit Stacking program for strategies to access over $100K of 0% interest money
Let’s look at each of these in order.
Understanding Your Credit Profile
For a lot of people, their credit profile is something they’re vaguely aware of, but know that it’s important when it comes to applying for loans, housing, and other credit.
Like many people, I had no idea how my credit worked until I began to learn about business credit.
One of the most important things you should be doing is being aware of what your personal credit is and taking steps to keep it in good standing.
When it comes to personal credit, there are 5 very common pitfalls that people get into:
Applying for too many personal credit cards
Not following the hierarchy of cards
Not requesting credit line increases effectively
Not filling out the credit applications properly
Not applying for high limit personal cards
The first and fourth pitfalls can appear as major red flags to banks when you’re applying for cards.
Unless you already have an established relationship with your bank, they will usually do a hard pull on your credit report when you apply for any of their cards.
And hard pulls can negatively affect your score.
‘Hacking the Bank’ to Learn Their Secret Criteria
People get denied credit applications all the time. The problem is, most people don’t know or understand why.
What the banks don’t tell you is that they have an approval criteria process that isn’t disclosed.
Part of this criteria is which credit bureau they pull your credit report from.
For example, Capital One tends to pull from all three of the credit bureaus, but American Express tends to pull from Experian.
This is why it’s important to be aware not only of your credit profile – such as what your rating is on each of the bureaus – but to apply accordingly to a particular bank and card that will pull from the bureau with the higher score.
Using Credit Stacking to Help Fund Ideas
The last method we’ll look at is the concept of credit stacking. This means using a combination of credit cards to build up the amount of credit.
I created the program Credit Stacking to help people do exactly this:
Current business owners or real estate investors who need more money to help scale their business
Aspiring entrepreneurs that have a goal or big idea and need the funds to make that goal or idea a reality
Investors that want to take advantage of investment opportunities and need the money to do so
These strategies are used to get 0% interest cards, highlighting the right cards, the order to get them, and the benefits of using business credit.
If you’re interested in discovering these techniques and implementing them into your business, then check out the case study below:
If you’re ready to take your business to the next step, then come join the Credit Stacking community.