Digital Social Hour - Leverage Credit Cards to Fund Your Next Big Idea | Kyle Cowans DSH #1328

Episode Date: April 15, 2025

Ready to fund your next big idea? 💡 Discover how to leverage credit cards like a pro and unlock endless possibilities for your dreams! In this episode of the Digital Social Hour, Sean Kelly sits down with financial expert Kyle to reveal insider strategies for building your credit, avoiding costly mistakes, and using credit cards to fuel your business ventures. 🚀 From boosting your credit score with simple tips to turning 0% business funding cards into powerful tools, this conversation is packed with valuable insights you can’t afford to miss. 🏆 Learn the secrets to maximizing rewards, protecting your finances, and even converting credit to cash without paying high fees! 💳✨ Don’t let bad credit hold you back—this episode is your guide to harnessing the power of credit responsibly and effectively. Watch now and subscribe for more insider secrets. 📺 Hit that subscribe button and stay tuned for more eye-opening stories on the Digital Social Hour with Sean Kelly! 🚀 CHAPTERS: 00:00 - Intro 00:45 - Getting Started with Credit 01:16 - Improving a Low Credit Score 03:15 - Identifying Credit Repair Scams 06:16 - Importance of an 800 Credit Score 08:32 - Understanding Other Credit Reporting Scores 11:17 - Accessing 0% Business Funding 15:28 - Debit Cards vs. Credit Cards 18:28 - Building Credit Without a Credit Card 19:24 - Costs of Poor Credit 21:54 - Evaluating Advice from Credit Karma 24:06 - Importance of Credit Score Usage 26:28 - Removing Late Payments from Credit 27:58 - Eliminating Late Payment Fees 31:48 - Cash Advances from Credit Cards 35:02 - Finding MoneyHacker Resources 35:38 - Outro APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [e-mail] GUEST: Kyle Cowans https://www.instagram.com/that_moneyhacker/ SPONSORS: AIRES TECH:  https://airestech.com/ NORTHWEST REGISTERED AGENT: https://www.northwestregisteredagent.com/socialhour PROLON: http://prolonlife.com/DSH LUMATI: https://www.lumati.com/dsh LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/ The views and opinions expressed by guests on Digital Social Hour are solely those of the individuals appearing on the podcast and do not necessarily reflect the views or opinions of the host, Sean Kelly, or the Digital Social Hour team. While we encourage open and honest conversations, Sean Kelly is not legally responsible for any statements, claims, or opinions made by guests during the show. Listeners are encouraged to form their own opinions and consult professionals for advice where appropriate. Content on this podcast is for entertainment and informational purposes only and should not be considered legal, medical, financial, or professional advice. #DigitalSocialHour #LeverageCreditCards #SeanKelly #Podcast #ApplePodcasts #Spotify #Kyle #FinancialTips #BusinessFunding #CreditScore #Entrepreneurship #funding #creditrepair #creditcardstipsforbeginners #automaticpaymentcreditcard #creditcardbeginnermistakes

It'd be $389 and not understanding how interest work. All I just wanted was the car to get around. Yeah. I looked and compared it. I was like, I could have bought a Camry. I mean, I could have bought a BMW, you know, like three series or something like that. But instead of driving Toyota Camry, nothing wrong with Toyota, but just based on what I'm spending, it didn't make sense.

All right guys, got Kyle here. We're going to talk credit. Super important topic, right? Yes, sir. Sure, very big topic. Especially these days with the potential recession looming, right? Yeah, it's probably never been more important. Having access to capital, having access to low rates as far as borrowing. Even in emergency situations, people are going to need it. So this is going to be very important. Absolutely.

How could someone watching this get started with credit, like find out where they're at? Well, they could just pull their report from my favorite two sources are myfreescore.com or myfreescorenow.com as well as annualcreditreport.com. That one's really cool because you get to see things like your full payment history in detail from all three bureaus and you can get to pull it weekly So you don't have to worry about waiting a month or a year or whatever the case may be so take advantage to see their

Credit report with those two resources. That's good to know and then from there. What should people do if they have a low score? It depends right so low scores can come from a couple things you can have negative items But then you can also just have a weak profile with no history at all. So I don't know if you remember when you turn 18 or when you were in like your early twenties, did you just readily get approved for things right off the bat, like your car, right? That's a weak profile.

They have to determine which one it is. Negative items. Is it weak and not enough, or is it combination of both? If it's weak, you can just do some simple things like add some basic trade lines, like self. If you're familiar with that, it's a credit builder account. You basically put some money to a side,

you pay, you choose your terms, years or whatever the case may be, whatever's affordable to you, and it reports to all three bureaus, and it records payment history, it's a new trade line, and it doesn't hurt your utilization. Right? There are things like secure cards, Discover It, that if you practice good behavior, what

will happen is, early as six months, they'll convert it to an unsecured card and probably bump your limit up. So there's all types of things people can do to add to their age or add to their credit profile to increase it. Now let's say if it's negative on the other hand, you got a couple options. If you have negative things like late payments, collections, charge-offs, bankruptcies, whatever the case may be, you give you the one, wait till they naturally fall off for

the statute of limitations. You're talking seven to ten years. Damn. Yeah. For a late payment? Seven years for late payments. Geez. Certain bankruptcy like a chapter seven, which is a liquidation, that's 10 years. Wow. Right? If you don't, if you just let it sit naturally.

The other thing you can do is if you require some payment as there's debt, you can talk about settling or making a full payment or whatever the case may be, if you can afford that. But another thing you could do is try to go into repairing it, whether it's yourself or choosing a full payment or whatever the case may be, if you can afford that. But another thing you could do is try to go into repairing it, whether it's yourself or choosing a reputable party. That can be challenging doing it yourself,

but it's very possible. I learned myself, so that's it. We gotta talk about some of these companies though, cause a lot of people fall prey to these scams, right? Yeah, no, it's happening more and more because like we talked about, due to the economy and so many people falling into situations economically and relying more and more on debt.

Now they're like a white knight. All someone has to say is credit repair, guaranteed results overnight, 72 hours. Here's $1,300, here's $1,100. I can't tell you how many people came across our application saying they worked with somebody paid them 1,100 to 1500 dollars they haven't received one letter. They've rarely talked to him. It's just fun. It's just ridiculous, man So they're not even helping them

No, I thought they were at least helping them. It's it's some people have told me said yeah They told me they sent out around maybe one item fell off But I got ten that I'm focused on. I haven't heard anything back. So when there's no transparency, it's like, what are y'all doing? Right. I'm contacting you, you're reaching, you're not contacting me back for weeks at a time.

What is exactly going on? And there's some flags people can look for and I'll be glad to talk about them if you want. Please. What are some of the flags? One of the first things you want to look for for a credit repair company that could be a red flag is the fact that they're promising results based on the credit repair organization act and FTC.

That's illegal in itself. So you got to think Sean, if you're going to do business for somebody and they're just disregarding the law, is that a trustworthy person? No. If somebody said to be attorney, but they didn't pass the bar, if you've seen suits, no, you should not do business with them. Right. The next thing you want to look at, do they even have a contract? That's another thing I stress. If someone doesn't have a contract or some types of terms, I'm not doing business with

them. This is not any different. Right. And those contracts should have specific things on them. This is not any different. And those contracts should have specific things on them. Another thing you might want to look out for is them taking the money up front for credit repair services. So if somebody says, hey, as soon as you pay this invoice of $1,100 for credit repair, that's against the law. Now there's nothing wrong if you have a consultation bundle, you want to work things out, give them a strategy. That's fine. But the credit repair charge has to be something different. Right. You understand? Another thing you want to look for if you're not getting your letters, let's

say if that debt collector or that reporting agency did something to break the law and you could have a potential case, the attorney's going to say, all right, where's your documentation that you sent stuff off? Oh, I don't have any letters. Well, we don't have a case. You have no proof. It's your word against theirs. There's no paper trail. You can do anything. You know what I'm saying? And then the last thing I'll say, that's a huge red flag is the lack of

communication. If they're not communicating at least once every round of what they're doing, or they're not asking you to check for things like, Hey, is there any mail? Is there any response from these creditors and the response from these credit repair companies? Then they're probably not the ones you want to work with. And you should be able to ask these individuals this before you sign that dot in line and give over anything. Yeah.

A lot of people chase the highest score possible is, but is it actually necessary to have like a 800 credit score? No, it's just a vanity metric. And being that I have a banking background in private banking, I see a lot of things of what these banks look at in institutions in general. The thing you want to focus on is how your credit profile is built, right?

So we're talking about the FICO score model. It has five elements. You have your payment history, right? You want that to be 100%, no ifs, ands, or buts about it. You have your payment history, right? You want that to be 100%. No ifs, ands, or buts about it. You have your credit utilization. Now, although we're taught stay under 30%, that's fine. But if you wanna maximize your options and funding,

you wanna keep it less than 10%, and just above 1%. You know? The next thing you wanna look at is your average age of accounts. If you are a bank, would you trust someone who's only dealt with the debt and managed it for a year? Or would you rather give money to someone that's had four years, five years of debt?

That's how they're looking at it. You also want an account mix. And what that account mix means is you can handle multiple types of debt. Do you have student loans? Do you have auto loans? Do you have auto loans? Do you have credit cards? Do you have any personal loans? The more you can show institutions that you can manage debt, the more

trustworthy you become. And then the last one is your hard inquiries. Now your hard inquiries, you want to keep those between zero to two. Some people may argue three. Yeah. And the reason being is if I see you with tons and tons of inquiries, especially within a short window of time, you look like you're desperate to apply for credit or it could be fraud,

like an identity theft. So these are the five things people need to focus on building those out. And what will happen is that'll create your score, right? Because I've seen people get approved at Navy federal for $25,000 line of credit with a 686. But then I had someone message me on Instagram saying, Hey, my son has a seven 50 has a $3,500 capital one card and they're on an authorized user for their dad's credit card, but they can't get approved for anything because they

don't have it built out right. And that's how that goes. That's good to know. Cause a lot of people will think the score is everything. No, it's not by far. Right. And that's how that goes. That's good to know. Cause a lot of people will think the score is everything. No, it's not by far. Yeah. There was actually other scores people probably should know about too, but we could talk about that if you want to. So there's other reporting scores that we don't know about other reporting

scores that affect the average person regularly. Um, prime example, your Mifical auto score. So yes, your three credit scores with the bureaus, TransUnion, Experian, and Aquafax, they're like, they mean a lot. However, if you're gonna get a car, your MyFICO auto score, which goes from 250 to 900, that's something auto lenders are gonna pull. And what they look out is your auto history.

Basically going back to, hey, if you're 18, 19, you never had a car before. We might not approve you, or you might need to bring mom, dad, or some sort of co-signer in. That's why that happens. Okay. The next one is your MyFICO bank card score. So when you're going around applying for cards, what happens is if you ever seen those pre-qualified notices and stuff like that, your main score is a

factor, but the pre-qualification says, hey, what's your card history? How many payments have you been having? Or which the limits you've been working with? How much utilization are you using? So before they send you pre-qual information, they're looking at that score. The third score is your insurance score. So if you plan on buying a home or a car, there is an insurance score. Now, it's very hard a home or a car, there is an insurance score. Now, it's very hard to find this one, but there's two sources.

You can ask the insurance company you're with, hey, can you give me my insurance score? Or you can go to a company called ChoicePoint and pull up that profile that way. Your fourth score is your Lexus Nexus review or risk review score. And what happens with that is, let's say if you have a thin profile or you're young

and you're applying for an apartment, a lot of landlords and people who have tenants are gonna look at that score, see how much of a risk you are as far as paying utilities and stuff like that. And your fourth and final score is the one we all need to focus on if you plan to open up a bank account check systems. Now, a lot of people talk about this. That score ranges from 100 to 899. It's a weird

scale. But what they're looking for is how many banks have you opened in a certain amount of time? How many overdrafts do you have? How many of any bounced checks do you have? They keep track of all that? They keep track of all of that. We are governed by numbers. Damn. And so many of them are hidden from us. There are other ones, but they're not as important, but those are five I think everybody should look into. Wow. That's good to know.

There's also business scores too, right? Yes. There are business credit. There are business credit scores. I mainly focus on my paydex, my experience, and my Equifax. The other ones, based on what I've been approved for, they're only vanity metrics. They haven't affected anything.

Like my experience is high, my paydex is 80 plus. And once those are there and Equifax is up, I'm like, okay, I could approve for those. So those are the only ones I really worry about. What do you think about those guys doing the 0% business funding cards? Have you seen those ads? What do you think about that?

I think just like anything else, they can be a gift and a curse. So it could be a gift. If you have a genuine idea for a business marketing plan, a strategy, if you want to buy a business or an asset, if you have a one deck and you know who to go to, you have a plan of getting profits and income. Yeah. Whereas some people are in it for the lifestyle. They want to promote a lifestyle.

Let me get the zero interest business card. Let me run it up by taking flights, going to the fly, going to Vegas. I didn't do that. But like all these things in the hopes and to pull people in, but that's not the way to go. And even though if people don't, you know, aren't quote unquote scammers,

just be very, very cognizant of what this means. Like you're on the line, have a goal for it. But overall, if you know what you're doing, 0% of the cards are clipped, especially if you can get like a 18 month, somewhere like 21 months. Yeah. I say go for it. If you have a plan. Yeah.

I got an 18 month one to help the pot out to be honest, when I was first starting up, I believe you had no interest. I mean, because regular credit cards, people don't even know this. Some of them are like 20% interest, right? 20, 26% interest. That's crazy. That's 2% a month.

It's ridiculous, man. They're making bank and you would think like, okay, let me manage this. Let they should educate me. But think about it. This bank is going to collect 26% interest. Go ahead. If you can't pay it off, I just charge you off and take you to court.

You know? And they don't teach you about credit in school, right? No, they don't. And to be honest with you, I don't think it will ever happen on a grand scale or fast enough. And there's a few reasons why. You would have to go back in time, right? Now we know education has been amongst us since humans could think.

However, let's go back to Prussia, the Prussia model. In Germany, initially school was designed to make you a worker and a military participant. That was it. And you fast forward a bit to 1840, a horse man in the US. He said, you know, this is genius. We can create people, put them on the farms. We can make them good workers. If we want to put them in the U S he said, you know, this is genius. We can create people, put the, put them on the farms. We can make them good workers.

If we want to put them in the military, we should do this and take it to the eighth grade. I think he was the father of some movement, but what happens is schools for one, the curriculum still follows on old models, right? Clock in, clock out, eat your lunch when we tell you to take off if we tell you to, but you're not getting any real life day-to-day skills, budgeting, financing, credit. Curriculum is outdated. Another issue is, and this is the big elephant in the room, the bureaucracy and government and lending institutions that are involved.

Going back to what I just said about 26% interest, banks benefit by hitting you up with that, I call it like a bank tax. But that additional interest, if you don't pay that balance off, they're smiling ear to ear. But also even corporations that have products and services, debt allows us to be consumers, right? If I educate you and teach you how to budget

or teach you how to, you know, teach you about credit and manage it, how likely are you going to spend more? That affects credit card companies, but that affects Amazon. That affects your travel agencies. Like, yo, we don't want you to get too smart. We want you to spend to keep the economy going.

And colleges. And colleges, right? But that's that elephant in the room and that's a much deeper conversation. But then how about this? You have no one at home teaching. Parents aren't necessarily having a conversation of this is how you manage credit,

this is how you build your profile, this is what you do if you're in trouble. All they're saying is what my dad told me, he said, hey, use it for emergencies, gas in your textbooks. That's suggestive, or have it set up to where you can get an apartment, and a car at a good rate, and get your first home.

Other than that, we're not getting a full blown education we need about credit. And then that leads to the lack of teachers. Most teachers are struggling financially, right? That's true. Who is gonna teach you about credit in the classroom? Who are you gonna hire? That's the other issue that we have with it.

Some schools won't teach it, in my opinion, because of those factors, and there are more, but it's not cutting dry. I don't see it happening anytime. Yep that's why a lot of people are using debit cards. Yeah, yeah. They're scared of credit and they're using debit cards and I think that's a trap. I think debit cards are costing people money. Yeah because if someone steals your debit card and spends on it, you're not getting that money back. On a credit card you might.

No, yeah, no for sure and I actually have instances and where my credit card was, let's just say it protected me more than my debit card you might. No, yeah, no, for sure. And I actually have instances in where my credit card was, let's just say it protected me more than my debit card. I was at a bank and I'm not gonna put anybody's spot, but I was at a bank that I was with since I was 16. I was a custodian, right? I'm 39 now. I still have the account. I put cash, $820 in the ATM.

And you know, the ATMs have those cameras. And the bank was open at the time. For whatever reason, there was something that triggered an error. And it didn't register the positive 820, no receipt or nothing. And I go in the branch, I'm like, hey, I just deposited 820, but it's like, it didn't happen.

I checked my balance in my app, it's not there. They were like, okay, well, we gotta do an investigation. Seven to 10 days, they mark down the ATM, your card is, gives a little trail when you try to use it. And I said, seven to 10 days, you have cameras right here. You could see me, what's wrong? Can't you just credit the account? No, we can't do that.

Meanwhile, American Express, I ordered something from, I'm not gonna say the vendor's name, but I ordered it. It was supposed to be dropped off. It never came. I don't know if the driver took it or not. And we have cameras. And I said, hey, I almost said it. I said, hey company, you didn't deliver my package. Yes, we did. The driver signed. I said, no, there's nobody by that name that works here. It wasn't delivered.

I have video. Well, I said, I'm not's nobody by that name that works here. It wasn't delivered. I have video. Well, it is what it is. They sign, hung up, called American Express. I said, I didn't get this package. Here's the video.

No problem, Mr. Cowens. Five minutes later, the amount was credited back on my account. And if you really think about protection security, that credit card is the bank's money. Your debit card is your money. So even if somebody took it and swipe it, the debit card company could say they probably did swipe it. So let's just do a seven to 10 day investigation. It probably was them.

A credit card bank is like, yeah, we gotta protect our money and keep our customers satisfied. But what about the perks you're missing out on? When I came out here in Vegas, I didn't pay for the wi-fi. I didn't pay for baggage claim. I got credits for my room. I'm eating for free. I have those perks. Not to mention I get cash back, rewards, travel miles and all those things like that. I literally just bought a treadmill for $6.20. Because I use points. That's nuts.

So it's just when people say, well, I would use my debit card because I'm not going to be in a debt, you need to have context to that. Because if you're not paying the balances off, yes, that debt is going to accumulate and the interest is going to stack up. But if you are responsible, if you say, Hey, this is how much cash I have. I'm going to use it for groceries, living expenses and so forth. stack up. But if you are responsible, if you say, hey, this is how much cash I have, I'm going to use it for groceries, living expenses and so forth. And I only use that, use your card instead and just pay the balance off of what you used that you were going to use with cash anyway. And that's that.

Yeah. I can't wait to spend some of my points this year. I logged into Amex this morning. I had a good mile, man. That's the best feeling. You log in, refresh, you're like, whoa. Especially with, there's point hacks too. So you could transfer your points to like Hilton or Marriott when they have a thing going on, a promotion going on. Yeah, and I accumulate so many points, to be honest.

I don't do travel transfers, I should. Yeah, you get five X. Yeah, you get way more bang for your buck and that's on me to do that but one person said they were flying Emirates yeah and it was like 3x or something based on the product they had as opposed to using it with just the original card company and I'm like yeah that's major yeah you get the 180 beds on that one oh my god yeah the first class to Dubai yeah yeah I got

a signature yeah yeah I got to get out there too, man. I want to hear about your story buying the BMW Camry. What happened there? So this is at the time where my credit was bad. I was at a low 600s at that time with Equifax, but I was desperate. I needed a car. My other car broke down.

I go into Toyota and I said, yeah, I like this Camry right here. They were like, yeah, the pigments gonna be 389. And not understanding how interest work, all I just wanted was the car to get around. I looked and compared it, I was like, I could have bought a Camry. I mean, I could have bought a BMW,

you know, like three series or something like that, but instead I'm driving Toyota Camry. Nothing wrong with Toyota, but just based on what I'm spending, it didn't make sense. And I say that to say credit, poor credit or not having enough of it can cost you more than what you need. And something I give my clients when we're doing their report enhancing their credit, I give them a breakdown. I give them like, Hey, here's what happens with a 620 score subprime. Here's what happens with a 680 score, which is

Fair. Here's what happened with a 720 score, which is good. Now on the scale the amount of interest the 620 person pays on a $25,000 car the same five-year note is $13,000 in interest. You're buying a car and a half. That's crazy. Whereas the person who has the 720 on the same car, same terms, they're paying 4,000 interest, right? That's a huge difference.

So you'll be buying a whole, you'll be buying a luxury car while driving the average day car. And that's cars. Imagine houses. Oh my gosh. Yeah. Some people, first of all, I think think is a crime to have improved people that have subprime credit because when you look at the interest rate What happens is the interest?

Ends up being more than the house. Oh my gosh That's insane. That's to me. That's a crime yet. It is insane. But at the same time Is it like chicken and egg thing? Like, is it up to the banks to say, hold on, let's not approve them. We need to loan out money. We can't just stop loans. 47 million in America have subprime credit, right? And most of them are like Gen Z,

given factors like employment, what they go to school for, whatever. But, or is it up to the person to educate themselves? Like you do have to take responsibility. And in this day and age with technology, podcasts, so many different things, you'd be hard pressing not to find the information you need to do better. How's the advice from AI on credit is a good advice on ChadGBT? It is.

It is because I use it. I use ChadGBT to help simplify some of my Metro 2 letters. And when I do checkups, cause that's one thing I will say, you would check the source, you know, against it. And it's all been right so far. It's all been phenomenal so far. And I love the way I simplify things. So it's been getting results.

I literally created a debt collector's letter and it wasn't even a dispute letter. It was just four questions I told chat GBT to ask and just structured a certain way. We mailed it for our client on March 7th. The client got a letter back from the debt collector saying, Hey, we got your notice. We're closing this file.

We're ceasing all collections. I'm like, Oh, this is it. That's not AI is the truth as far as helping this. As long as you understand the inputs, as long as you still know what you're doing, as long as you're still a pro consultant. Yeah, I used it, I got a strike on YouTube. I used it to draft a letter to YouTube.

Got the strike removed within five minutes. Congratulations. Dude, it was nuts. What did he strike you for? Lily Phillips. Yeah, she came on the pod. Yeah. That'll do it, man.

Yeah. No need to say anything else, I get it. Yeah, but no, AI's the future. I know there's these AI credit repairs. I don't know how those work, but. They, I have a love-hate with them because I have my own software. I have my own Metro 2 software. Yeah. But I think the dark side of AI is just like with anything else. Humans forget to progress with their education. I was just in the car. My driver came here. He's like, yeah, I'm working on my credit. I have this collection.

I'm using AI, it's been six months. And I explained to him, I said, yes, AI is phenomenal when you do things like Metro 2. However, you still need to understand what your rights are. You still need to understand tactics that these creditors and these reporting agencies will do, or these debt collectors will do. You still need to understand their responses.

You still need to understand timelines. You can ask AI all of that, but if you don't consider educate yourself, how are you even gonna know what to ask in the first place and what to input? So while it helps us be more efficient and can add effectiveness, it also takes away that want for educating people more. Yeah.

Educating yourselves more. I can see that. How much does your score matter if you're not actively using it? I think your score should matter all the time. But obviously if you're not using it, it's not going to hurt you. The problem is people tend to not pay attention to their score until they need it for purchase. And I get this all the time, Sean. People tend to not pay attention to their score until they need it for purchase. And I get this all the time, Sean, people apply,

hey, I'm trying to buy a car in two months. Okay, what's your score looking like? And you're like, 489. I said, I don't walk on water, chief. Like, I want to help you, but you might have to set that timeline back, just in case, right? So, your score should always be on our watchful eye.

Get a credit monitoring service like my free score. Now that's what I use. It's what you know, my clients use check it every 30 days. Because here's another thing, even if you're not using it. Well, isn't there such thing as identity theft? Yeah. Right. Even, even not a stranger. I had someone who wanted to be a client.

He lived in Connecticut. They said there were student loans on their account, but they weren't theirs. They were somebody they knew that co-signed for the loan. So if you had credit monitoring service and kept an eye on your credit, at least once a month, that would not have happened. Or if it did, you would be able to get to it sooner.

You know what I'm saying? So always keep an eye on it. It's always important. Don't worry about just using it to make large purchases. Yeah, absolutely. I think, uh, it's better to be proactive than reactive, right? Exactly. Yeah. Cause you never know when you'll need it. Yeah. And then you have 20 hard inquiries. I take six months, 12 months to get rid of those. Oh my gosh. That's a nightmare. I didn't know you should only have zero to two though. That's I got to work on mine. Then I

think I have like 10 in your case. I mean, do you should only have zero to two though that's I got to work on mine then yeah yeah I think I have like time in your case I mean do you plan on going for more business funding or not well I just got a house plus I got a new business so I opened up some credit cards and so congratulations thanks you don't think well but at least you're using it for a specific reason yeah you're not just screwing off on your credit no how long have been on there the The house, five months. Because we were applying for mortgages and stuff. So I think that was two or three.

Yeah, you got two years. But like I said, are any of them attached to unopened accounts? Are they all linked to something that's active? That's a good question. Probably not all of them, to be honest. Yeah. If the ones that aren't linked to something that's open, you can attack those. You can dispute them. Yeah. That's good good question. Probably not all of them, to be honest. Yeah. If the ones that aren't linked to something that's open, you can attack those. You can dispute them.

Yeah. That's good to know. What about late payments? Late payments, even though they seem difficult, there is a way to do it as long as you know what you're doing. I've updated late payments constantly and it typically stems from a whole case law. It's called fleet or it's called Richardson

versus Fleet Bank. In that case, and I'm just summarize it, and this is not legal advice by the way, all right? I'm just gonna summarize it. It states that the mere providing of a statement or a record or indicating that you're late is not enough to suffice as proof of a late payment. In that case, it states that the creditor

who's reporting allegedly late has to provide you internal records, account notes, documentation, account feeds, that's a lot. And the thing about it is they may not give it to you if you ask, but let's say I say, hey, in this agreement, if there's any dispute, especially with credit reporting, you give me the right to arbitrate. If I go arbitrate and they make you provide that information, now you run into a breach

in all types of class action suits. So now do you want to update these late payments as my simple request? Or should I arbitrate where you have to pay all these fees, thousand for this, 2,800 a day for this, and then you got to give me that information anyway. You know? So, and that's one way they get them done. And like I said, each account type has its own strategy, but as far as late payments, that's something I love attacking. That's good to know.

I'm gonna hit you up for that. I got one. I, uh, I thought I had autopay set up on a card and I didn't. That's how it typically happens. Especially where people have a lot going on. Dude, it was like 20 bucks, but it's still on my record. Well, let me ask you, how long have you been with that account? How long have you had it?

Long time, dude. That's Amex, so years. You know what you should do, Sean? If you've had a long standing relationship, just say, Hey, I messed up auto pay. Is there any chance that I can just do some forgiveness? And you think they'd actually remove it dude give it a shot okay I've seen it done and I've also seen people say no we're not gonna do it but you've been in with how long ten years ten years relationship millions with them

is oh dude it's worth it yeah forgiveness just do that FF they say no we're not doing that you can talk to me yeah hit me upx. I'm trying to get you guys to sponsor me, man. I want that black card. Yeah, yeah. I want to be in the Amex lounge with that card. I was in the Centoria lounge and there's seat reserved just for the Centoria card. Yeah, I see that.

I was sitting there like, man, I want to be in this. Bro, and no one's ever there. Yeah, no. That's a baller move. I saw one guy, and I think it was his daughter, unless it was a sugar baby, but I saw one guy sitting there yesterday. Really?

While I was at the Philadelphia airport, old school dude, you know what I mean? Slick back hair, blazer on, white pants. I'm like, he's just sitting there, table reserved. I'm like, my God. You gotta be spending 500K a month, I heard. Oh my God. Something crazy?

Yeah, it's crazy amount that's required. Yeah, or be a celebrity. Yeah, that too. That's an easier option, I think. Well, you almost there, aren't you? Almost, yeah. I'm be a celebrity. Yeah, that's you. That's an easier option I think you almost are you almost yeah, I'm like a C list of things Climbing my way up, but I don't even want that a list that is that there's too many negatives with that Yeah, no, I like being a podcaster man. That's solid. You don't phenomenal job. Yeah, you too, man You're providing a lot of value to people appreciate, you know, it's it's something that needs to be taught because the credit changed my life

That's how I started all my businesses, you know, got my house, got my cars for good deals. And that's something you're hitting on something. Credit changed your life when you used it, right? And one thing I didn't mention earlier is we're taught to just use credit to get the house or the car, which is fine because you'll need to do that unless you're making like hundreds of thousands a year. Yeah. But the thing about it is fine because you'll need to do that unless you're making like hundreds of thousands a year. But the thing about it is what I've noticed, the difference between people who are really dominant and getting control of assets, they're thinking buy cashflow first, then get the house with the cashflow in the cars and stuff like that.

I think one thing we seriously need is to understand the purpose of credit and flipping and say, Hey, how can I start this business or Hey, how can I buy this existing company? Right? Blue trial, blue collar jobs are coming back, right? They're coming back strong. So the value of like these landscaping, commercial cleaning, window washers, roofing, they were already recession and pandemic proof businesses. But now the value is up even more. Cause people can't do them. Our generation's not doing them.

They want to be on TikTok and stuff like that. And my dad even said, he was a welder, he said, you should always learn to trade. And that's one thing I've regret never doing. Cause now in this day, oh my gosh, welders, carpenters, plumbers. Somebody charged someone I know a peer of mine just to come in, check the plumbing, 450 bucks. Somebody charged someone I know, a peer of mine, just to come in, check the plumbing, 450 bucks.

Just to check it? For a 10 minute consultation. Damn. 450 in 10 minutes. It's printing money. And yet you would think like people would highlight plumbing and blue collar trees, but it's not. Bro, it's not sexy.

I'm so sure. It's not. But the money, I mean, dude, I just paid 10K for security camera installation, roofing I've paid tens of thousands. Yeah, plumbing thousands. There's a whole saying, most of your millionaires drive a truck and wear work boots.

It's slow and steady, but it works. Over time it works. Especially if you combine that with internet marketing. Yeah, for sure. If you combine those two, you understand content, you understand going viral and the story formula, and you have that trade, forget about it. Absolutely. Last question for you, can you get cash off credit cards without fees, paying fees? You can, hopefully all the banks aren't watching but yes you can right and there's a couple ways to do that.

You've probably heard people go into buying groups and And what a buying group is, is you have a select group of merchants, they might be Amazon dropshippers, FBA, all that stuff. And they say, Hey, listen, we can only buy this so much before we're flagged. How about we give you the items to buy, you drop them all for shipping to us, we'll pay you back. Plus we'll give you some commission depending on the product time of year and stuff like that. Wow.

That's one way to do it. It's a purchase. So there's no cash advance. There's no daily interest. You get the points too. You get the points too. Wow. Yeah.

I need to start doing that. And then guess what else? The more you start doing it, they raise your limits because it shows more activity. I was doing like $10,000 a month when I was really going into buying groups. And that's why people were asking me, how did you go to Cancun for $79 and only pay taxes, or you just decided to go to DR, and you said you didn't pay anything or you got paid. But another way, and this is a way,

and I'm gonna just keep it, I just established a partnership. There are bank firms that own a charter, that have a charter and do their own underwriting. They will do your transactions as a purchase. And what that is, they'll deposit the money into your account. Now this is not for small amounts either. Like when they do these credit conversions to cash, you're not doing 2,000, 3,000. No, they're like, hey, bring us 100,000, bring us 50,000, bring us 25,000. We'll convert it for you. Give us,

you know, up to 14 days. There are some expedited options, like if you want to close our apartment complex, I think a guy who needed 750, 750 K off his business cards, it was on apartment complex. It was done in 10 days. Holy shit. Now he has an apartment complex. I'm gonna hit you up for that. Yeah. Listen, I've been trying to tell people who really have it. You know what I mean? Because if somebody comes to me, I want to get 5,000 off to get it. I'm like, no, no, I'm gonna do a Hunter. No, if you want to Hunter and you're like, yo, dude, I need equipment for my podcast.

Yeah. I need to do this renovation for my new company. Oh yeah. Here you go. Come on over to the side. And there's no cash advance fees because it's triggered as a purchase. That's a no brainer. You know what else happened?

Exactly. You know, what else happens is when people don't understand what cash advance fees, there's no more 8%. There's no more. 8%. There's no intro. Your cash events interest is daily. And it's our words of 20 to 26%. 2699. Are you serious? And you're just like, well, why would I do cash advance?

And then on top of that, if you go to a bank or ATM, draw out cash and you need that much, you're at risk. Because if somebody's watching you, you have cash and you need that much, you're at risk, because if somebody's watching you, you have cash on you, not going to wood, but they like, give me your money, well, it's over. Yeah, in the wrong neighborhood. Wrong neighborhood, right? In Philly, maybe.

No, for sure. I never go to the ATMs in Philly, and I love the city. But yeah, man, there's ways you can do it. People can find me, hit me up, especially if they have business going on. They want to buy equipment, 25,000 and up Yeah, they just don't do any more than like You know a million. Okay. I mean that's reasonable. That's push. Oh, what could be going on?

You imagine you get the wrong hands lauder and what are you gonna buy for a million? Yeah, what are you buying for a million? So yeah, oh yeah, I'll hit you up for that. Where else can people get in contact with you, man? They can reach me on Instagram, that underscore money hacker. And I'm there daily. I'm always posting my stories. I'm always documenting my journey. I'm always giving tips, posting consistently, making connections. And I do respond to people.

Like people see my followers, which is nothing like yours, but like I respond eventually, especially if it makes sense. No, for you, it's different. It's a niche following, you know. It's more like quality leads. I'm attracting anyone you could think of, 12 year olds, 80 year olds, watch my stuff. I don't sell them anything, so. Well, dude, we'll link your stuff below. Thanks for coming on. Appreciate you. That was fun for me.

Check him out guys, shoot him a message. See you next time.