What's the fastest way to learn how to Credit Stack?
Other than actually going out and taking the course, I'd have to say podcast I was on sums up Credit Stacking nicely.
When on the "Sweat It Out" podcast, I was able to meet with hosts Anthony and Bryan and discuss the Credit Stacking course.
For the sake of brevity, I'll cover the topics I felt were the most important to know when learning the essentials of Credit Stacking. Topics like:
The Purpose of Credit Stacking
How To Use 0% Interest Credit for Your Business
What you DON'T want to do in preparation for a business credit card
The Purpose of Credit Stacking
During the interview, I was asked how a business owner could teach credit building and financing to their client base.
My answer was, there are two ways to go about it: they could learn it themselves, through a course, or through "done for you."
The Credit Stacking course teaches entrepreneurs how to build banking relationships and how to submit applications effectively to get approved for all this credit. If you are a business owner, you could take what you learn in the course and turn around to teach different skills to your potential customers.
The "Done for You" option takes a bit more time but is another great resource. We can give the hypothetical business owner specific recommendations on their business profile optimized to bump their score up. Then, my team can help facilitate those applications through our banking relationships, and we do those applications on behalf of the clients.
How Can I use 0% Interest Credit for My Business?
While I'm not a business consultant, I just help people get funding for their businesses.
That being said, I like to be very strategic and aim for 0% interest cards for business funding. Being able to use your credit card to ignite your business is crucial to being successful with stacking your credit.
Once you get a business card, spend as much as you can on it, but pay it off as soon as you can.
For example, if you own an agency, use your business credit card to buy all the equipment you need, and then use the profits you make to quickly pay off your debts.
A 0% Interest business card, when used strategically, can set you and your business two or three steps ahead of the competition.
What You DON'T Want To Do In Preparation For A Business Card
I see mistakes frequently for people just getting started in Credit Stacking.
It may be because they're so excited to get started, or because they're still trying to get at their own pace, but a big mistake I see is that people are not aware of where they are on their credit profile.
I even struggled with this as an entrepreneur, I didn't check this for the first six years of being in business. I didn't even check my profile!
When you check your profile, you want to make sure:
Your credit utilization is under 10 percent on each account.
You don't have more than two inquiries in the last six months.
You only apply for high-limit personal credit cards.
People with high credit limits on their personal cards will receive high limits on their business cards.
Anthony and Bryan were great! I had such a good time being on their show and visiting wonderful, Miami! If you'd like to see the full interview, you can check it out here.
This is just the tip of the iceberg, if you want to learn more about Credit Stacking, come learn from the best!