I'm going to expose the true secret of the Credit Stacking mentorship.
It's all about building a relationship with the bank.
While that can seem like a simple answer, it can also be complicated.
There are "quality of life" skills you can adapt to prepare you for success in your Credit Stacking journey. Let's break it down!
Why do banks prefer you be a member of them before opening a business account with them?
It doesn’t take long to form a worthwhile relationship with a bank. The longer you are with a bank the better. This relationship can start with a bank from a personal account. If you have a personal account with the right bank (I always suggest in my mentorship that people begin with Chase bank).
Having a credit card and a spending limit on that card is an act of trust between you and the bank.
If you were the bank, would you be willing to give someone a $20,000 spending limit on a credit card? What about someone you knew would responsibly spend the money they're allowed to make their payments on time and make them on time?
When I first learned this, I was able to get approved for a $50,000 spending limit card with 0% interest. I was blown away!
Building a relationship with the right banks
The strategy for Credit Stacking is building multiple lines of credit in a specific order so you as a borrower can get access to larger spending limits.
This is a typical mistake early entrepreneurs make in their business journey:
They create a business or LLC
After some (or no) research, they find a bank where they want to start their business account.
They apply for a business credit card and only get approved for a $2000-$5000 spending limit card.
That's a good start. But you can get approved for so much more through the Credit Stacking mentorship.
To start, you can get a much greater spending limit on a business credit card by developing a relationship with the right banks. What I mean by that is you need to be a member of a bank for some time before you start a business credit account with them.
After that, you're better prepared to open a business checking account and then apply for a business credit card.
Why does it matter if I have a high spending limit on my business credit card?
How do you want to grow your business?
You could take out a loan, but you'll be drowning in debt with high-interest rates. You could save the money you make from your sales and build your company one "brick" at a time. Or, you could take advantage of business credit.
Let's say you want to be a travel vlogger or start a video production company. You're going to need equipment and a subscription to different software, which will cost you money.
If you have a business credit card with a high spending limit, you can pay for your equipment and subscriptions upfront and then use the revenue to pay off the credit card debt!
Success can be yours. Financial freedom is just a few strategic stacks away. Join our Credit Stacking community and set your next million-dollar idea up for success!