Talking Credit Stacking With David Meltzer on "The Playbook"
I never thought when I created Credit Stacking that I'd be on the David Meltzer show and hearing all his high praise!
I was recently a guest on "The Playbook" with David Meltzer, and we talked all about Credit Stacking and the top three questions he asked are some of the most common questions I get.
How Do You Define Credit Stacking?
Right out of the gate, David asked one of the most important questions when investigating Credit Stacking.
I told him Credit Stacking is the "concept of getting the most credit approved as possible."
What I mean by that is you don't just have a high spending limit on a card to fund your business. Instead, you're using the high spending amounts you get on certain credit cards and use that money towards building your business faster.
Don't I Ruin My Credit By Having Too Many Credit Cards?
I was so grateful David asked me this question because credit is a taboo topic we need to clear the air.
Something I never learned in school: the more business credit I’ve been approved for, the better my score becomes.
Credit Stacking encourages students to apply responsibly for multiple business cards once their relationship with the right bank. The key to Credit Stacking is all about good relationships. Having good relationships with the right banks and using those relationships to get high spending limits on business credit cards gives you an advantage a lot of small businesses don’t have.
The reason why opening a lot of business credit accounts is safe for your personal credit score is because business credit accounts won't report to your personal credit profile.
This gives you the ability to:
Max those cards out
Liquidate that credit into cash
Pay your cards off to utilize them in the future and use that money to further your business venture.
To be clear, MOST business credit cards don't appear on your profile, there are some that do, namely: Capital One Business and Discover.
It defeats the purpose of getting a business card if they report to personal credit. That's why I tell people to be strategic.
How Long Does Credit Stacking Take?
"If I sign up today, how long does it take to start building my credit and getting a line?"
I'm so glad David asked this! The answer is, not long at all!
That's what makes Credit Stacking so great; it's such a fast process. It took me a little more than a year, but that was because I was learning the process as I went. Credit Stacking community members learn that it’s not as complicated as it seems.
Another great part about it is anyone 18-years and up can do Credit Stacking. We have multiple members in our community who are 24 years old and crushing it with their businesses through Credit Stacking!
Check Out the David Meltzer Podcast Yourself
This was just the tip of the iceberg. David and I had an awesome time together on his show. I highly recommend you check it out!
See why at the end of the episode, David committed to signing him, his wife, and two kids up for Credit Stacking!
It's changing the world! Learn the things about credit they don't teach you in high school.