How To Choose A Credit Card For The First Time?

How to choose a credit card for the first time. So let's talk about that. You know at 18 years old I think it's critical that you start building your credit. And parents you have to help. In the description below I have a video that tells you exactly what to do and how to start your first credit cards. And I want to talk about these several points. So how do you qualify for your first cards and how do you get them? Number two how do you choose the right cards in the right banks? And then number three let's go to the mistakes. The big mistakes that people make once they do get cards and then don't use them properly. So first how do you get your first card? Well you don't apply for one. You apply between four to six cards at one time. And you have to put in income projections. Now that's not what they're going to say on the application. It's going to say how much income do you make. So you can imagine an 18 year old or somebody even like I've done a lot of work with football players and in college. They're not counting their whole scholarship which many times those scholarships and some of the athletes now get NIL money. I mean some of them are making 70, 100 and 250 thousand dollars. If you are only making a small amount of money but you plan on getting a job so at least put 24 to 36 thousand dollars. Now you can't be fraudulent but put your projected income not what you're making today so you can get some room to move on that credit card. You want to do that in a 24 to 36 hour time frame because they're going to be pulling hard pulls on your credit. So your credit will go down if you do it effectively all within 24 hours and you apply say to four to six cards. And you really want four to six because you want to pull once. Your credit score should only go down maybe 10, 20 points at the most. If you do this sporadically you do one and the next month do one and the next one do one. Over the course of say six months and you apply for six you're probably going to go down 60 to 100 points. So it's really imperative that your first cards are done very quickly in the same time frame. Now the cards that don't matter as much are your bank cards. So say you bank at Chase or Wells or Citibank or wherever you bank those cards that come with your debit and credit with that bank account you want both. You want the debit just in case you need for emergency situations we'll put that debit card away because a debit card is pulling money straight out of the cash balance of your account. Why not use the credit card where you have a 30 days to use their money and pay it off in full. That's how you keep zero percent. So let's just say appropriate use of a card. And how do you choose cards? Let's do both of these. So appropriate use of a card say there you get four and you want to assign them very purposeful direction. So for example my daughter's 18 she'll be going to college next year so she will end up walking out with four at least four cards. One will be for gas, one will be for food and coffees and things like that. One will be for her schooling specific to track her schooling you know books, supplies, things like that. And one will be for other housing and personal items. So very specifically aligned on how she uses them. She will be required to pay them off every 30 days. Now if you get yourself in a little bit of a bind we have over 500 funding sources that can help you get back to zero percent, refi them to zero percent, do not go to the national debt reliefs and all those reconciliation places. They're going to charge you a fortune. It's going to cost you a ton of money. And I just saw one of those contracts recently. It's a 30-year contract and there isn't a way out. I sent it to one of my lawyer friends and I said how does somebody get out of this? They're going to charge you more than the debt was but their payment looked like they could handle it. Because remember people are wired to can I afford a monthly payment? Not like do I want to look at debt. Like I don't even look at a monthly payment. I don't look at like price tags. I look at how much we making? How much can we save? How much are we margining? Where do you actually get to keep? That's how an entrepreneur thinks. So many of you you're thinking so improperly about debt. When you grab my book, which I need you all grab my book, I'm going to give you the first three chapters of The Millionaire Maker right now. Read the first three chapters. Do a gap analysis. Fill it out. Call our office and ask to do a one-on-one session. Then go ahead and get the whole book. I'm actually just doing a whole reprint of stock. So go ahead and order the book. And at the end page 194 is how we get you out of debt millionaire style. And it's a very compounded power down process to pay off debt. Now how do you choose cards? Choose real bank cards. Like again get American Express. Get a Discover. Get Chase. Get Citibank. You want to get the big banks. You don't want little retail. You know Home Depot is for Home Depot. What's it going to get you? Some discounts over at Home Depot. But retail cards are for retail purchases. We're not lifestyle people or investment people. That's not going to impact your points like overall. It actually doesn't affect your overall FICO score. So you want big banks. And here's the truth the financial system. It tracks your financial viability based on how much are you making? How much are you spending? How much can you pay off? I mean I've paid off well into six figures of credit cards just in one month because of the amount of either ad spend or marketing or things that we're doing inside the company. So the amount of money in and the amount of money out affects whether they're going to give you more and expand your limits. The one thing is in the beginning when you work with us and you get say a company an LLC or an S Corp or a C Corp and when these are all U.S. terms. Principle wise it's the same all over the world. Those accounts have corporate credit. So there's you and your Social Security number and then these companies have corporate credit. So you have a card. They have a card. You will in the first three to five years depending on your personal credit will impact whether you have to personally guarantee these. But then after three to five years you want to make sure your Social Security number gets off those business cards and it's a pure business card in the tax identification number right by itself. So for those of you that are enjoying this content I want you here five days a week. I want you to subscribe to the channel. Click that notification button so you're here every day. Share it with at least 10 friends. You want the people in your life to be in this conversation. You don't want to avoid the money conversation. You want to lean into the money conversation. And if you want to binge watch I would love to have you binge. So there is a description in below on how to properly binge and get the credit. So for every 25 hours you binge, which you can do that over a weekend, you'll earn $750 of credit towards a new tuition by binging my YouTube channel. So mistakes to avoid using credit cards is number one, put your debit card away and just use your credit card. Absolutely important that you just use your credit card so you maximize the benefits, maximize the points, maximize the rewards and only use the big banks. Again, American Express, Discover, etc. You want to make sure you pay them off every month. So if you don't have the money don't magically think you're going to create the money. If you get in a bind, you want to call our office and we have ways to help you. We have over 500 funding sources that can get you back to 0% as long as your credit is good enough. So some of you, you blow it. We got to do some credit repair and then you can get into this. And then lastly, stop viewing credit cards as bad debt. Having 0% credit, it's free money. It's cheaper than hard money. It's cheaper than any taking out a loan. It's cheaper than anything. It's 0%. So there's a way to use your credit card to get wealthy, to build businesses, but you have to do it right. So make sure you lean in, go to my search bar and just search for anything credit or debit card related. And there's tons, there's hours and hours of content. Can't wait till you binge it, learn it, learn it right. And we'll be back tomorrow with more content. If you have any questions as you're going through any of this, go to askloreal.com, ask a question, make a request. We'll be back.