Matthew Cox | Inside True Crime Podcast - How to RAISE Your Credit Score & Make MORE Money! (Credit Card Hacks, Trade Lines & More)

Episode Date: May 21, 2024

How to RAISE Your Credit Score & Make MORE Money! (Credit Card Hacks, Trade Lines & More)

For a limited time at McDonald's, enjoy the tasty breakfast trio. Your choice of chicken or sausage McMuffin or McGrittles with a hash brown and a small iced coffee for five bucks plus tax. Available until 11 a.m. at participating McDonald's restaurants. Price excludes flavored iced coffee and delivery. Rich Dad, poor dad. So it came down to credit, how the affluent people used credit. Boom, it went off in my head. I'm like, man, I got to do something about this.

I got to learn how to use my credit. At that time, my credit was probably. 430s, 430s, something like that. Right. I almost have to work to get it that low. Exactly. Exactly. And you can't, what a lot of people don't know is like,

bankruptcy is not an option. You're not bankrupting. You can't put student loans in bankruptcy. Right. You cannot. You can't do that. Another thing that's like that too is those SBA loans that came out during the pandemic.

Yeah. You personal guaranteed that. like you can't can't put that in bankruptcy right so um i'm like man where do i start um somebody told me man you need to go get a secured loan i mean a secure credit card you go get a secure credit card i'm like okay well where do i go get a secure credit card um up here in indianapolis we don't uh we don't have a lot of the larger banks other than chase so we have Chase. We have things like Chase Huntington, P&C, Fifth Third Key. You know, those are our bigger banks around here. We did get, we got Bank of America at the beginning of the pandemic

or right after like 2021, 2021, somewhere around it. We did get a burst of Bank of America's on the scene. We don't have Wells Fargo in Marion County. I think it may be in, you know, the other parts of Indiana, but not in Marion County. So I'm like, man, where do I go? Well, somebody said, well, check with your bank. I had a count at P and C at the time. So I said, hey, you know, I'd like to open up. I went there and say, hey, I want to open up a secure credit card.

Right. The funny thing about PNC, their secured credit cards are a little different. You actually still have to apply for their. secure credit card although it's your money right back then you did i don't i don't know about now um but you had to apply so the first time in 16 i didn't get it i didn't get it um i didn't get the card so i came back like a couple months the guy told me to come back i came back in a couple months with my my money and everything like that and i got it i don't know what the difference of what happened And in that period of time, I don't know, but I got a secure card, $500 with P&C.

Right. Wells Fargo used to have a credit card. Like, my first secure card getting out of prison was with Wells Fargo, but they don't even do it anymore. So, well, somebody told me that. Yeah. And knowing what I know now, I would have went to Discover, like that Discover it card. You know what I mean? So one thing about that card.

So I went in there with the money and everything. I put it down in the mail that issue. me a secure credit card, right? So now their secure card is a little different. You have a $36 annual fee that split over 12 months. So they make you pay $3 a month. How much you broke it up? I'm sorry. It's $36 annual fee split over 12 months. Okay. So $3 a month. $3 a month. I still have that card. Even if you don't charge anything, you're charged $3 a month they don't explain it to you but so um you pay that three dollars in addition to whatever you charge so um i still have that car to this day that i'm paying three dollars a month on you know

i mean so right uh i get the three dollar car i get the card start charging things on it um you know in the beginning everybody tells you to keep it under 30 percent right keep it under right that's what i always tell everybody tell everybody that man right now at this at this point or everything where i'm at it's i keep mine under five right but five five percent yeah i keep mine under five but you got you got to understand my available yeah yeah no we'll get to it okay okay i'm sorry so kept another 30 percent paid it off everything start paying it off um at some point i leave uh two 2017 i begin to leave uh corporate america I left corporate America and I started doing like HR contract work.

So at that point, 17, I end up having like a nine years of human resources experience and everything like that. So I'm just continuing to pay the card off and everything like that. 18, the weirdest stuff happened. My student loans. Okay, that's where my student loans went into actual, they went into actual collections collections. They went into actual

default and they went into collections, right? But it's a delay. Okay? So they just disappeared first. I started calling my friends like, hey, man, your student loans disappeared? Your student loans disappeared? You know, and nobody said, hey, that's a non-mine. Mine is still there. I'm like, okay. Well, huh. Mine disappeared.

So my credit shot up. Just a little bit. Just a little bit. They went from you know, all those latees of 90 days, 120 days. whatever i think it's 120 days if there's anything after that i don't know but they went into um they went into collections but they disappeared so they didn't show anything on my credit my credit went up it literally went up so there's a delay with that i saw that as an opportunity from there i went and got a capital one card and a macy's store card man a macy store card had a limit of $100.

Right. The Capital One, the Capital One platinum card, it had $200. So I'm with these two cards, right? They tell you stay away from your store cards and everything like that, you know, but a lot of people start out with those Macy's,

Victoria Secrets and all of those, just to start something on their credit. So I saw that, opportunity man two months later that's when the collections showed up so my credit went back down when you say went back now what was the score was it jumped up to what and went back down to what um i think it went i think it uh it went up to so i was in the fours right it went up to like 520 maybe that's not much of a jump not at all i mean it's not at all so it went up to like 520 So I'm like, okay, but that was enough for me to get those cards.

Right. All right. So I got those cards and then I started, you know, I just started working them. You started paying, you know what I mean? Still, collections hurt. You know what I mean? So we're 17, 18, 2018, and I got all of these late collections. I got all these collections.

So I think it's like nine of them, nine student loans with all these collections. So they're in collections. But at the same time, I am building positive payment history. with my credit cards, right? I think they say it's, it's 11 positive payments for every one mispayment or something like that to balance it out. I don't know, but I'm still building, you know,

my credit cards. So after a while, you know, I'm still building. Capital one, capital one sent me another, like, targeted offer. Right. Right. So they send me another targeted offer around 1819. I take it, right? Got it. Now, it's a little bit more, maybe 900, but it's a quicksilver.

So I got the platinum, and I got the quicksilver, plus this PNC secure card. So, okay, cool. I'm working it. That's three cars now. And I'm like, wow, all right. So we're close to 19, 2019, by the end, 2019. And I'm still working at contract work. I still have not touched those through the loans. Still haven't touched those student loans. And we're 19. Now, by then I picked up, you know, some real estate stuff, wholesale and real estate, flipping houses, different things like that, you know, learning that part of the game. Then 2020 hits, right?

So the pandemic hits, right? Banks are tightening up lending. Nobody knows what's going on. People are sending employees home to work. I'm at home, working my job, everything like that. You know, we don't know what's going on. So that first February that I recall was around Valentine's Day, right after Valentine's Day, the NBA shut down. Everything happens like that, right?

Right. Nobody knows what's going on. But by that June, it started open, well, here in Indianapolis, it started opening up again, right? So shit was opening up. You know, it been closed, but shit's starting to open up. Money's starting to flow. people starting to get those SBA, those SBA loans and everything like that, the unemployment and everything like that, that's flowing. It's a lot of money flowing. Somebody called my mother and said,

man, they're going to call your student loans and see if you can get them in rehabilitation. That's the word. Call your student loans. See if you can get them in rehabilitation. That's the word. Call your student loans. See if you can get them in rehabilitation because they're going to pause the student loans i'm like okay well let me i call i called the um the servicer i called the servicer put my student loans in rehabilitation i had to pay like it wasn't much i had to pay like twenty dollars to start the rehabilitation and then you pay every month but it was only like five dollars a month right so i literally put all of them or just for each one that's all i had to pay for all of them five dollars a month so i think i paid a big amount door front, maybe $25, $30, something like that to start it. And then I paid $5 a month

for like six months. Okay. Okay. But I did that with that secure credit card. So that's that. It's going on there. Boom, boom, boom. Got it. So that was June. And then now we're going into 2021. So after I did that rehab, after I did that rehabilitation thing in January, you know, always had credit karma I had credit karma back from back when I started getting right before I got the secure card right so I always had credit karma so I got a notification like man your credit shot up to six something I'm like what my credit shot up to six something so boom I and that's January 21 January 21 so I'm like man okay well that's another opportunity. It's about recognizing those opportunities, right? So those emails are saying,

hey, man, your credit shot up here and there. People don't pay attention to those as opportunities. I'm big on paying attention to those opportunities. So that was another opportunity. If my student loans left a year before or whatever that was, and I was able to get two credit cards, well, man, let me, let me see if I can go apply for credit. I immediately apply for credit cards. Um, I got the, um, I did a credit limit increase on my, um, Macy store card. So Macy store card, that was a credit limit increase. I think I went to $1,000 from $100. Okay.

Okay. I did the Discover It. I did the Discover It credit card. Um, I put two, 250, whatever they're minimum. I think it's 200. I did that, right? Um, now backtrack real quick. during the pandemic when you're at home when we were at home man all i was doing was listening to

youtube videos youtube videos reading um and podcast so that's all i did when we were stuck in the house and couldn't go anywhere that's all i did i just listened to podcast so i'm at this previous time i'm educating myself i follow a lot of those guys that you were referencing um i forget the the one guy that was talking about credit um how he built his credit um i can't think you you referenced him in a previous YouTube video on credit. Oh, Graham Steffen? Graham Steffen. Yes, Graham Steffin. Graham Steffin is one that I listened to.

There are a lot of them, the Asian guy with the credit cards. Matter of fact, I'm in their Facebook group. So in this Facebook group, it tells you all kind of things. They pass along different tips and tricks on credit. It's called the Credit Society. So in there, man, I just was researching. And I also started building business credit that time. You know, a lot of people, when their personal credit is messed up,

they start building business credit and everything like that. I did have the real estate EIN business, everything like that. So I had, you know, I could use that EIN. And I was building that no PG. So at that time, I learned about PG, personal guarantees and everything like that, right? A lot of people don't understand about the PGs and the no PGs when it comes to business credit and different things like that. So at that time, I was doing those net 30s and building my business credit.

So I was building that. I had a floor and decor, you know, those. So my business credit was better than my personal credit at that point. So anyway, I'm, are you giving a personal guarantee on the business credit? No business, no PG. There was actually a Facebook group called Build Business Credit, no PG. I don't know if that's still there, but I learned a lot out of that group. Okay. So backtrack to 21, 2021. So that January, that January, February, I'm like, okay, well, let me, let me try this. So I got a credit limit increase to a thousand, everything like that. I got that discovery card, which was the $200 secured card and everything would discover. But what I found out with Discover, Discover was much better with their secure card because it unsecured. It's. It.

graduates right i'm still holding on to a p and c secure card that i've had for since 2000 it'll be seven this year so what is that uh 2017 right it never graduates the uh how long is it take before it graduates the uh not the not the not the oh i know not that one discover it uh yeah they said they said you know according to all the you know always watch people's uh comments in their um videos they said six months um six months and that's what that group said the credit society said six months give us six months so um that was january or february mine graduated in august it did they shot me my 200 back um generally speaking they're supposed to give you an increase they did yeah i got an unsecured line for 200 dollars but i'll take that i'll take that so as that's going

Also that February, my Macy's card, they had an offer at the bottom that said, hey, if you, it was an offer to upgrade. So my Macy's went from a, it went from a regular store card to a, it has an American Express Macy's card. But a lot of people don't understand that American Express is a bank and a processor. so you know it processes and it has its bank just because it has the american express thing there it's not an american express card it's actually uh yeah it's it's underwritten by city bank right but um american express is the processor on it so that means that i could take this card and use it at a gas station right offer the same offers a 10 percent rebates and everything like that i get that same thing um now from my macy's card i can use it outside of the store so i'm like why

wow well let's keep going let's keep going with this so i saw that opportunity i applied now one thing that i also learned was all those hard pools with the exception of uh capital one capital one pulls all three bureaus right they pull all three bureaus but not every bank and other institutions they don't do that so i may pull uh transunion experience or equifax you know accordingly you know based on the state or whatever you're in so i'm like okay well let's let's let's let's uh let's see what other cards i can get on the other bureaus that i have right um i went i went at spree crazy so um i ended up getting a chase um already had a bank in relationship with chase um i got a chase freedom unlimited right uh i think that one was low

i think that freedom unlimited was uh the limit was low but i got one i'm like okay well that American Express, Blue Cash every day. That was my first American Express. They actually were fairly generous and gave me six grand. So that BBVA, BBVA gave me like nine grand. So I went from 100 or 200, six grand, nine grand. I'm like, okay. Like this is over to the spring.

You know, we're in May now from the beginning of the year of 2021 to May. What are your scores at this point? Do you think? Oh, we're going up. So my scores are high sixes and we're getting into the low sevens. Okay. High sixes, low sevens, right? Because of that rehabilitation, that rehabilitation did something with my loans. I don't know. I can't explain it. But I saw it as an opportunity to make it work. Now, I'm still getting still getting the stuff in the mail saying you owe. And I understand that. I understand that. understand that but it's just not reporting on my credit so um june comes i can end up with uh two targeted offers for city bank so i end up with a balance transfer card it was the black

balance transfer card i don't i don't remember which one it was but that one and the city double cash i think city double cash it just dropped so uh i think that uh balance transfer card may have had like a five grand boned uh five grand amount and then the city double may have only had like 900 or something like that three grand and and 900 or something like that so it's so funny because my average age of my credit right now is is three years old because i had i ended up with all those cards in that six-month period and that's three years ago now right so that was a bulk of them you know your your median mold everything like that that's what my age is because i went crazy and that was just the first part of the year well isn't it like you're

original card had fallen off by then, right? Your original, the one you got at the credit union? Yep, it was gone. It was gone. So that had fallen off by then. I didn't have anything to worry about. So my credit may have been in the,

now all those new accounts and hard pools, it temporarily dropped it some. But I'm still high six is low sevens. So maybe 17, maybe something like that. Something like that. And I'm just continuing to build. So I'm still watching those Graham Steffens, the Asian guy, I can't think of his name, the older white guy. I love him.

I just watched him this morning. I just got a credit limit increase up a new video he dropped. I can't remember all these guys, but I paid attention to their channels. I'm watching their channels religiously. You know what I mean? I got very engulfed in the credit space. um my father is a veteran so um i'm like well let me slow down i didn't got i think i got like six credit cards by then within a six month period or something like that let me slow down um my father

is a veteran so i ended up getting into the the navy federal space because i've been watching all these videos from all these YouTubers on uh how amazing navy federal was and keep in mind also a lot of people at that point in the pandemic a lot of people were selling their the number you got to get the number you have they give you for joining navy federal okay yeah your membership number yeah you get a membership number when you're at uh when you're with your referral number they sell that like you can give your number to someone else you're supposed to be a family member right but at that time they were just selling them to whoever um but people were capitalizing off of that during the pandemic but i'm like let me let me go

there and i got in directly off my father you know you need to be um same bloodline so mother father grandchild or you can go siblings something like you can go that way too but up and down vertically on your family tree or sideways um so i was able to get in navy federal show my had my dad's dd 214 and his veteran card um just in case they needed it um but i got in i got in navy federal and then at that point i i ended up having a uh their higher card uh navy federal premier or the black card that they have on navy federal um and that one's like six grand so at this point i'm like okay i'm i'm understanding how credit works right i'm understanding i have a balance of uh cash back cards and then that one balance transfer card from from city bank so i got that

and i'm just working them right so i got smart and started get i'm like how to how to how the hell can i hit all these sign-up bonuses too because you want to make sure you're getting these sign-up bonuses if you're if you got all these cards you got to make sure you're hitting your sign-up bonuses how the hell can i hit my sign-up bonus i started giving my mother um a card every month to pay her bills with and she would give me the cash so so here here pay your bills mom blah blah blah and boom she'll just give me the cash i just pay it off within that period of time. So I'm generating cash back

and I'm generating usage. Because you've got to think at that same time, I don't have a mortgage or anything like that. I don't have anything. I've never had a car payment. My credit is heavy revolving credit. And then those student loan or those were going to action too. But my credit was heavy revolving credit.

So I'm like, man, you know, this is really working. So that's what that was the plan was just, to generate you know give a card to her every month and I still do that I still do that give a card to her every month and then boom also that month I also ended up with a MX platinum card so I know with the MX platinum now with me I don't I don't travel a lot you know I mean to to where I could that that annual fee is 695 like and it comes with different perks but I really don't use it that often I mean I don't use it to its full potential right it literally is just like a flex you know i mean for having this card so you know it is

even even to this day um only reason why i have the card and i'll tell you about how i structured everything the reason why i had a card you pull it out you know people look at you differently right people just look at you different so anyway i picked up an mx platinum card and um i got that i'm working that one you know working all these cars um a tip a tip a tip a lot of people don't understand you can a lot of people don't understand you can change your due dates on your cards on your cards right people don't people don't understand they think whatever date they give you you're stuck at right so um I change your mind because like at that point I think I'm six eight maybe nine cards up to nine cards nine or 10 cards I don't remember I think it's

about 10 I was up to like 10 cards like man I got to organize these so let me figure out how to organize these i change all my credit cards to i changed all my credit cards to um 14 15 16 okay the middle of the month american express wouldn't allow me to change my one card to the 15 or they would all be the 15 and then i had an i end up getting another bbva was bought out by p and c so i end up having two pnc cards that they were bought out by p and c that same year so uh that's the that's the that's the card that's due to 16 They wouldn't allow me change to the 15. So right now, my credit cards are due at the middle of the month, right?

So it's the 11th. But what I did just to organize them, I organized their due dates. My credit cards are due 14, 15, 16. My charge cards are due on the 28. So they're due at the end of the month, right? They're due 14, 15, 16. But I put on my cell phone, I put the due date three days before. so 11 12 13 right i'll get a notification so i got a notification today to pay the cars that are

doing 14 right so um i have that i i pay them on those days then i use i use uh autopay as a backup right the reason why because a lot of people you hear these horror stories where auto pay failed you know i mean auto pay failed and the bank doesn't want to, um, the bank doesn't want to give you grace for, you know, for that and everything. So I, I'm a person, 30 day late. Exactly. So they don't want to give you the grace, but if I do it myself, I know that I was in control of it. I have a high internal locus of control. You got what I'm saying? So that's just me. I rather being at fault than leaving it up to them and they mess up. Right. So, um, I organized the due to do

dates to, you know, if they're 14, 15, 16, then I get a calendar reminder, 11, 12, 13 to pay those bills, right? So on 11, like today, I just went ahead and paid everything that I hadn't paid previously, right? So we're good for those cards that are due at the beginning of the month. And then also, you ask me about the 6% or the 5%. Right. Right. I can manufacture that because I pay all of them and I don't use them after that. I switched to the charge cards. Okay. See what I'm saying? So whatever utilization that I wanted

to manufacture on those cards, that's what it is. So I don't touch my credit cards anymore until after the statement date. Right? So now, like right now, I'm using my platinum card. Right? I'm using that until my statements come out generally about a week after the due date.

Some of them are three days. Some of them are five. They all have different statement dates. But I have my charge cards that I use in lieu of those being, you know, waiting to those reports to the bureaus and everything like that. Right. So here we go. So to keep your balances low, to keep them reporting low.

Okay. To keep them reporting low, that's how I'm able to keep it at 5%. right so um now i'm using my charge cards and then that's why those are due with the 28 so i changed that spin so it's not much spin in in one week as compared to my credit cards may have uh three month three weeks or you know a month's worth of spend you know what i mean so um change to the charge cards which i'm doing that i'm getting i'm getting pretty good at this getting pretty good at this now um and then uh that credit group the credit society it uh It talks about gardening and applying.

Okay, so gardening and applying. Two tips that I live by. Gardening is where you're just doing credit limit increases and you're paying on time. Right. Credit limit increases paying on time. But you're not applying for new stuff because, so you don't want any hard pulls. You want to keep away from hard pulls during that time? Correct.

Correct. So you set a certain time of like six months generally. So, you know, you're gardening for six months. Then you apply gardening and then you apply. Right. So at that point, if you look at that point, my, if you look at. at a lot of my due dates um my um not my due dates my anniversary dates um they're either in the middle of the year or they're at the end of the year because of that so uh like right now i'm

in a in a gardening phase i haven't had any new credit cards in eight months um but i'm strategic when i only have one hard pool on trans union i got three on equifax and one on experience so now i need to go find uh credit cards that are that poor trade Trans Union and that pool experience. So I can even it out, right? Right. So when they pull, they don't see any, any other inquiries for at least a year. At least a year. Correct. Correct. I'm going after, I'm attempting to go after the Chase Sapphire Reserve. I want to add that to my list. But if not, I got, I'll show you,

I'll tell you about another strategy I'm doing. But that's what I'm attempting to do. So they, at this point, it's nine months they won't see a new card until now the latest card was it'll be nine months old the newest card will be nine months old two cards it'll be nine months old so that's how i work i'm pretty strategic um with my with my credit cards and everything like that so right um as of recent well let me take that back so we're at 21 22 2022 um i learned about like i just told you i'm I was revolving credit heavy. Like, I had a lot of revolving trade lines on there. I didn't have, I had no installment credit.

Again, I'm not a, I've never owned a car payment. I never had a car payment anything like that. I believe in, you know, like the cash cars and everything like that. I'm a car guy, but, you know, I'm like the old school stuff like that. So I've had Impala's, Caprices, and Chabelles, but I've never had a regular car note. Right. So I'm like, man, I need to get some installment credit on here. In order for you to get an 800 credit score,

you got to have a right mix of installment and revolving credit, showing that you can handle both types of credit. And student loans are installment credit, but that shit wasn't reporting. So, because, you know, Biden, you know, whatever. Thank God for that, because that was that opportunity that I needed. So Navy Federal offers, it's called a pledge loan. which is a secure line of credit.

I mean, a secure loan. It's a secure loan. So I did my research on it. The tip was you start with $500 and then you pay 90% of it immediately. Right? So you pay 90% of it immediately and it will report that. So let's say $500, 90% of that is, was at $450? Yeah, $450 is paid off.

So you borrowed $5,000. 500, you still owe 50 bucks, but it reports that you've been making the payments for six months. Yeah. So for 500, they only allow you six months. Right. Yeah, they only allow you six months. So my next payment, I did in the first month, the next payment wasn't due to the last

month. So every month in between there, it reports that you've paid it, but you haven't done anything. Right. Right. So I'm like, okay, I ran that play twice. So in 20, yeah, in 22, I ran that. that played twice. At the end of the year, I had some money sitting in my savings. And I just took that money. It was 10 grand. And I did a pledge loan against it. And it was 10K. Then you

pay 90% of it immediately. Now, all this stays within your bank. Like, they'll take the 10K out, then they'll originate a loan, a pledge loan. Right. It'll show up. A hundred percent secured for them, except for the 10 percent, which who cares? Absolutely. Right. Yep. So they take it out of your savings. They originated. And then a day later, they put it back. All right. Then you'll pay the 90% immediately. Take it out of your savings. Then it'll put it back. So this process lasts like a week, like four business days, right? Then you have the money back. But then you have that you, that you have, you know, made these installment payments for. I think my next payment originated that at the end of 22, 2022. The next payment is not. due to 2027 so it will report as um that i've had good payments to this thing until 2027 so i don't have i don't have to make another payment until 2027 right that's great yeah so um that's something i learned and then from there my credit shot up uh it shot up some more the longer it seasons it just it just adds value to it so yeah the one thing i always say it's like

the one thing you can't you have no control over time time yeah time you can't you you have no control over that you just got to be patient with your credit so now at this point right now as of today i'm i'm seven years in you know what i mean like and it's it's it's been trial and error um but no matter what's your score at now 815 8 15 8 15 815 uh took a i got a um i apply for something and i got denied um based on having too many lines of credit so i got i got denied but they send you you know in that denial letter they'll send you your score and that was last week it was 815 okay yeah so um as of today we're in we're in uh 2024 um or Let me backtrack.

In 2023, I picked up, you know, again, I'm still gardening and applying. So I picked up some new cards, but then I started getting larger credit limits, right? So I got in the Bank of America ecosystem, and I ended up with out the gate a $24,000 card. So, B-O-A-24. I started getting into the credit unions, too. So you're, if you can't get in the Navy federal, PINFED is just as good, Pentagon Federal Credit Union. I started getting targeted offers from Neil and I started taking them. So I would get a 10 K here, an 11 K there.

Those have 11 K, $11,000, like a credit card or a personal or are they offering? Okay. Because I was going to say I get lots of like, I get lots of more like, hey, you know, you've been pre-selected for, you know, $20,000 and it's like for a personal $20,000 alone. like, okay, well, and I never take them, but I also have different issues than you do because I'm on probation and they pull my credit and they have to approve any new credit lines like it. So, oh, wow. Yeah, but I'm almost. Yeah. Yeah. Yeah. Yeah. Um, yeah, I get that from American Express. MX is as amazing with sending me those 20, you're pre-approved for 25K.

So, so you take them, you take 25 grand. You what do you pay it back? I've never done it. I've never taken the loans. No. So what PINFED sends me are the credit cards. Start the targeted offers for the credit cards. I haven't taken the loan. I'm in a credit society group and I'm asking somebody, have you ever taken any of these loans? Somebody asked that the other

day, nobody has ever right. Nobody said anything back about it. But I want to find out if anybody's taken over. However, I'm not against it. I'd be open to it. To like to lend

out to somebody. You got what I'm saying? Take it 25 because it's um, it makes it 25 at 10 percent. Um, so I would need to charge 25 and arbitrage and get that that money in the middle. You know what I mean? I'm not against it. I just want to know the process and see someone else that's had success with it previously. But yeah. So, um, at that point, I'm getting into the the PINFED ecosystem, uh, the credit credit unions. Um, I went, like I said, went back to that Purdue credit union. Now, at this point, though, I'm getting real strategic with which banks I'm going to because they serve a purpose, right? So I have Chase because that's my longest bank at this point. And Chase, you don't have a problem walking in and

getting $8,000 if you need $8,000, right? You can get a big amount out of Chase. You can also zeal I can zeal the most from my chase account right Huntington I can only zale like $1,500 a day or something like that you have a monthly amount of six grand

something like that so I can't I can't zeal that much from that but I'm getting real strategic with the cars that I choose and everything like that the reason being is because of the trade lines right so you can probably in

21 I think 21, I started learning about trade lines and how people will pay you to be an authorized user on your credit cards. So that's something I learned was, okay, well, let me pick a card. Where'd you learn that? During a pandemic, I was just learning that. Just those podcasts, those YouTube channels, Facebook groups, everybody was talking about that. So there was a group on Facebook. So again, I referenced during the pandemic, I was just learning.

There was a group and they offered, you know, I thought it was a scam to the lady called me and she called somebody that gave a testimony over the phone. Hey, if you put your card with us, blah, blah, blah. I tried it with her and it went smooth. They stayed on there for two billing cycles, removed them, and I got paid. Well, I got paid before, like when it first reported to their credit, that first billing statement. What do you get paid? It's negotiable. If you get with a good trade line person, you can get half.

So if they charge, it is dependent upon your. I understand. You mean half? Like if you give them a $2,000 credit card, they'll give you a grand? No, I'm sorry. So it just depends on, it depends. on what so age limit utilization all that plays a factor into how valuable your trade line is your credit card is so if you have a card that's 25 years old and it has a $30,000 limit and

somebody will pay you or will pay that company these trade line companies a thousand dollars $1,200 right but if it's a $10,000 credit card and it's five years old that that's probably about three 400 for three 400 about 450 it just depends so different trade line companies you you really got to shop around for those so so you so let's say 300 so you add them on yeah they don't send them a card nope comes to my dress they have no access to your money it just reports on their your trade line your your your 10,000 credit card that you've had five years reports on their car on their trade line saying they have a 10,000 dollar. a $10,000 credit card that they've been paying on for five years,

even though they're just an authorized signer, it still affects their credit, their credit score shoots up. Correct. Okay. Now, now they're talking about, you know, FICO 10 and FICO 10T and they're cracking down on all that. But the trade line,

they were saying that when I was in the mortgage industry and we were doing it. That was 20, fucking 25 years ago. Exactly. trade lines are still selling trade lines are still selling so yep so let's say let's say they charge the the trade line company charges five hundred dollars you know if it's a good one they'll give you two hundred two 50 right now generally speaking each credit card um it has a limit on how many you can add before they start uh you know i want to cancel your card or something like that you know what me so right um like discover you can i think discovers only one person and then you got to watch

getting um cpns some people would try to use a cpn and stuff like you got to watch that so if you get with a good trade line company they have systems that monitor all of that the cpn you know make sure all that um i had one tool just a little thing that i learned like um on capital one they tell you to call your card and stolen or lost every year because the trade line the person's information is tied to the card not in the system so it'll generate you'll say the car is lost or stolen that's where you know their information was tied to the card not the account not your account so it generates you know like you've never had a trade line like you've never had you sold your trade line right so that's something i do and and i

I would suggest that to anybody, man, you know, depending on how long you've had your cars, at least call your car stolen because we buy so much thing, so many things online that, man, I try to get new numbers at least once or twice a year just to make sure that my number, like those card skimmers and the gas stations and everything, your, your information is out there a lot and people just don't know. And it's, it's hard to protect these days, you know what I mean? so but um i got to the the trade line game you know where you can you can make a little money with your trade lines and everything like that so i picked that up in 21 22 21 um i did it for a

little while how many cards have you got at this point at this point i'm at uh 17 17 personal and i just got a business uh after we talked uh this past week i got my first general business like I had floor and decor Sherwin-Williams that were specific to real estate but now I have a general one that's overall from American Express.

Right. So how many of the cards were you putting on that forum or with the broker to get you? You can only... You only did it a little bit. Like, how long? The first time I only did it maybe six or six. I did it

probably six, seven, eight months, something like that but then it started getting unfair right like some of those trade line brokers get a little greedy right so if they're charging 450 they only want to get you 60 dollars yeah that's no so so all right you said you did it for six months with how many cards though uh I only did one just to test it out only did one but but you could get two people um per per session so two so if I added one person this time, then the next month, it just had to alternate. And they kept up with, they would send you an email to remove and it stayed on there for two billing cycles. Boom. So you only get no more than two people

on your car at one time. That was capital one. So I did that for about 67. And it was good, good, it was good money. It was cool money. You know what I mean, just for having good credit. Now a lot of 1099 you, right, for that. Okay. Yeah. But yeah, that's, that's what I did with that now a year ago a year ago I started lending off my cards okay right so excuse me let's say I got a credit card and it has 0% APR for 15 months 18 months whatever well you know you could let's say I come across people in need of different things right so let's say you give me a call and you say hey I need to borrow $500 for this you know whatever that may be I'll I'll swipe the card for you now let me be

clear the people that I lend to are people that I know um it's rules to the linens people that I know people that I know are will pay back and I trust them I've I've had a previous relationship with them you know so I just know how they move so I would lend 500 and the amount that I would lend that I lend is nothing that I can't underwrite myself. So if they default, I know I can cover $500, right? So let's say you call me,

you need a $500, your bills or later, something like that. I'd hit you with, you know, the $500. Here you go, I'll pay it. Send me the link. I'll pay it, blah, blah, blah. I'd even, depending on who you were, I'd even give you the car, right? Because I still can lock the card, right? I need a card number. Lock it and unlock it, whatever. You know, that's just, again, these are people that I know.

I'm not just random people or anything like that. I lend that and, you know, you pay me back in a month at, you know, interest rate, 20, 25%. Right. So, I was going to say, have you done larger, larger? The most I've done was there was some contractors in my, in my, in my network. They had a job. They had a guaranteed job, XBE, their XBE, minority.

business owned. They had a contract, and they just needed some supplies and a little money to float them. I did 10-3, 10-6 on my Navy federal card, swipe that at the lumber yard or whatever, swipe that, and then they paid me back 13-6, 13-6. So I took the paid off the credit line, and then the rest of it was my money. So it was $2,500. How long did it take you to get that money? it was it was like 50 days it was uh you know a lot of those uh credit construction companies work on net 30s and stuff like that so you know just it was just a quick net 30 but it was some stuff in before the net 30 but it's like 55 days okay and that's something you do every ever you're constantly doing that uh not the 10 k's but the smaller amounts absolutely yes sir i do that every every

at least every month um but the 10 k's i ain't a lot to you that that had me you know me scratching my head i was a little nervous on that on that 10k one so i try not to do that one uh that often unless you know you show me some paperwork from uh you know like a legit company that was one of our larger they were subcontracted from one of our larger uh construction companies in the area so i saw the paperwork and everything like that so i was confident with it but yeah i do that generally month like but i'll do i'll tell people like this i'll do base hits you know people will come and and need two hundred dollars two hundred dollars at 25 percent interest you know what i mean and if it's for a month you know i may need they need they may need something something small you

know that's fifty dollars so 200 they bought a 200 they give me back 250 just paid the 200 right the 50 dollars goes to it's my it's my money so i'll use that and the funny thing about But I'll use that to pay down. That's a minimum payment on a credit card. Right. So, you know, I'll cover all of that, you know, from there. And then that's what I'll do also with the trade lines. Because with your trade lines, you need to be under 10% for you to sell it.

It needs to be under 10%. So, so I've since, you know, I'll get a deposit from them. And I'll just take it and I'll put it on the minimum payments or if it's something small. I'll just put it on that because I generally, like I said, my utilization is, is under it's like 5%. So from there, I don't I don't have, you know, much to put on there than the rest of his mom.

So my thing is now my goal is to 3x what I did last year. So 3, 4X what I did last year in lending and stuff. Okay. And you're still doing what? Real estate? Yeah, yeah.

Man, it's been slow. It's been slow here as far as the the interest rates and stuff like that. For me, I can't speak for everybody else. Indianapolis is a unique market where I know you're in Florida or whatever, but you still can get houses.

The medium home price is like $200,000, $250, $2,250. But you can, there's still places where you can buy a house for $50 grand. You know, you can buy $2.1 for $50,000. Put, you know, at $50,000, it's only about 800 square feet. put about 30 grand in it so you're 80 85 in you can sell for 140 so um you can still do that but it's been slow with that um i've worked with a lot of international people that rehab and and wholesale and

you know do different things here and that's been like a bread and butter to me was just just doing the boots on the ground type work for them you know doing everything managing flips doing things that they can't do because they're half a world away right So I still do that. But I've recently, I've been on, you know what Bigger Pockets is? Bigger Pockets. Sounds familiar. Bigger Pockets is a podcast, but it's a forum.

So if you type in Bigger Pockets on YouTube, you'll see like a bunch of some of the bigger players that do real estate across the United States. But it has a forum to it. So I'm big on networking. You know what I mean? So I go to the forum every day. And I'll make a post and I'll just connect with people and bring that value to them. So one thing I've been trying to pick up on is, you know, you got to learn how to pivot. When things get slow, you can make money in real estate doing a lot of different things.

You know, a lot of people just understand is wholesaling and rehabbing, but you may be a private money lender. There's mortgage notes. There's a lot of other things you can make money, you know. So recently I've been learning about the private money. lending and or brokering private money lending and um raising raising capital like i had a lot of people i had three people on lincoln reach out to me this week about raising capital for their funds so you know that type of thing but yes i still i still do that i still do um HR you know just doing HR contracts so you're going to continue to do the lending yep you're not going to put the cards

back on there you're just saying because uh you're not going to sorry I don't know what you say, what we call it, lend out your credit line or your trade lines because it's just the brokers are getting to be, it's just too much. It's just not worth it. I found a fair broker. I found a fair broker. He's pretty dope at what he does. And he's pretty fair. You know, three times the $60, somebody tried to give me $60. He was giving me almost three times that, $150. You know what I mean? So I still do it. Like I got to deposit, it, you know, the other day. I still do that.

I think I I still do it. I don't know how many I have on there because certain banks, like American Express doesn't report history. They can report utilization and the limit in it, but it doesn't report history, right? So that's the bad thing about MX

is that. So some of these cards, I can't do. So that automatically takes off like three or four cards. that I can't use. Then there are certain cards that I won't put people on because it's just, you know, that's just my card that I have my mother. Like I've added my mother on, you know, everything like that. So I'm not going to, I'm not going to co-mingle those, those two together. But yeah, I'm going to leave it on there.

And I'm going to just, I'm going to just rock with those that I have right now. I think it may be out of 17, maybe eight or nine, eight or nine across across all of them and then some of them they don't use like they don't use uh bemo harris they don't use bmo harris um why not i don't know the new thing i'm working on right now is uh building relationship with banks so um i have like i said i've gotten into be bank of america this year um i'm taking money from like my savings uh and just putting them in banks right because fractional reserve lending that's how banks make money off of depositors so um i've i've built a relationship with two more new banks um and i just put money in there because you know you check

their checking account minimal balances before you get those fees and everything you see what that is and then you just put that money over there and then they will start um you know they'll start soft pulling your credit to see what kind of offers your good for and everything so once you get in to the good getting good with those banks they'll start sending you those targeted all that you were talking about for loans and and credit cards. So I just put, I just opened up two new checking accounts. Of course I'll get the, of course I'll get that checking account bonus that they give you for opening a checking account and having a certain amount and a qualified direct deposit.

A toaster back in the day. Toasters back in the day. You'll get those. So I've done that. and I'm just looking to grow that, just grow more relationships with banks, because I'm strategic with the banks that I choose. Some banks have, that I have a relationship with are based on their products. Like this bank may have a good personal line of credit. This bank may have good business lending. This bank may be good for when I buy my first house, my first primary

residence, right? So, you know, that's what I'm doing. I'm just looking at all their banking products. Like, you know, Key Bank has good business lines. of credit and credit cards and you know all those things so that's what i'm doing i'm just being strategic with the relationships that i build um going forward and i'm just literally just putting deposits in them and um just just just just working those going forward as everyone is building their credit and everything you can't rush it you can't rush it you just got to stay disciplined um and go from there like is you can't that's the number one thing with with this credit stuff is you can't rush the timepiece with it. So just stay patient. Keep, keep gardening. I'm on year

seven. Like I said, this is year seven for me. And I came from, you know, fours, low fours. And, you know, now it's up there. So just, you know, keep, keep staying at it. That's all I tell people, just stay like you said. I appreciate you. No, no, I appreciate you doing this. I thought it was interesting when we talked that you went from like a 400 all the way up to like an 800. And, I thought it was interesting because I hadn't met anybody that actually was putting their trade lines, you know, on one of those forums where people can, I don't know, what do you call it, renting your trade line or piggybacking. Yeah. Yeah. Yeah.

Yeah. We used to call it, but I was hoping there was something more technical sounding them piggybacking. I don't know. Yeah. Yeah. Because I've actually been on those sites and looked at them. You know, they list like what the, what the high credit, they list all the information. and then what they want to do it.

I didn't, but I didn't know that the, they're legit. I can give referrals, but they're legit. And that's something I've been showing my kids. Like I was sitting talking to them Sunday and a deposit came through, you know. Right. It's as passive that I will receive because you think about it right now as I will receive right now. It's as passive as I can get.

You know, you'll take what, five, not even five minutes. I was going to say, there's no. risk like if i was getting 250 bucks for putting you on and you were doing that several times a month for multiple cards like that's worth it but when they come down to like hey they'll give you 60 bucks it's like go fuck you 60 bucks yeah we we and that lady fell out over that over 60 bucks so funny um it was so funny because i still had a card on there and i forgot like her site was a one like it was she has the site built out like it's very automated and everything she probably has the best system that I had.

That's who I started with. I'm a loyal person. So I went back to her, but she hit me with $60. I was like, I can't do nothing with that when the guy over here is paying $150 for the same card. Right. So, like you said, we fell out over that.

Like we got into argument, but I had a card still on there and somebody came through and bought it. Now, I'm a man of my word, though, and that was my fault. Again, I have that eternal, local control. That was my fault. I should have took it off with there. Um, but I honored it for that $60. I honored her request for that $60. And I left that person on there. Right. And, um,

I immediately went up there and deleted it after that's, hey, I don't want to do anymore. But, you know, I did have one recently that I think it was February, March that I had on there for $60. So I did have to, I did do that. And that's just that was on me. That was my fault. But yes, $60. Hey, I appreciate you guys watching. If you like the video, do me a favor hit the subscribe button at the bell so you get notified of videos like this leave me a comment in the comment section and please consider joining my patreon thank you very much see you