How Long Does It Take To Get A Credit Card

How long does it take to get a credit card? In this video, I'm going to talk about that. For some of you, 18 years. For some of you, depending on your credit score and your money, it could be as fast as like 24 hours and as long as 24 to 30 days. Stay tuned for your answers. Four things I'm going to talk about in this video. I'm going to talk about what's a good interest rate for a credit card. I'm going to talk about how long does it take you to get one? In fact, I have an hour video specifically from looking at a screen and how to open it up. If you stay all the way to the end, I'll give you a link to that. Number three, can you buy a car? Can you buy side-by-side, a dirt buy? Can you buy any of these things with a credit card? What can you buy and what can't you buy? Let's go into that a little bit. And then the biggest one, which is so critical, is does closing a credit card hurt you? And I'll give you that answer at the end, so stay tuned. So how do you apply? I'll tell you the biggest mistake in applications is you don't declare your income. You fill out the application from the place that your psychology or your bank account is, which is you don't have a lot of money. So you're going to work with us and we're going to project a year income. Like what are you going to make in the next year? And I have a guaranteed system to make you a hundred grand, but you have to do everything I say. So let's just say you want to make a hundred grand. Well, that's $8,333 a month. So what you're going to say in your application is that your business is going to make a hundred thousand dollars in the next year. Now you can't lie. You have to have a total intent to do this and get moving and make the money, but you can apply that way. Student athletes who have scholarships, I mean, some of those, especially with some of their NIL benefits, they're going to put in, you know, 30, 40, 50, a hundred thousand dollars. If you have a job, you know, you can put in, you don't put in just, you know, your current monthly, you're also going to be doing other side hustles. You've got to put in income. And it's the biggest mistake I see people make is they'll say, well, I make $4,000 a month. Well, they're not going to give you much. They might give you 400, $500 as a line of credit on that card. So your application has to be honest, but it can be projected income and no one tells you that facet. So again, I'm going to give you a link to a video on exactly how to apply. How long does it take to get, if you have really good credit, you can do it fast. I just applied for one of my companies the other day. I was approved within hours and I had the card within 48 hours. So it depends. It depends on you. It depends on your credit. It depends on which company, your company's history. If you're really new, it could take you up to two weeks, three weeks. I've known people to take 30 days. So it shouldn't be on the outset of 30 days. And again, you should apply and your company should apply. All right. And again, I'm a huge fan of American Express, Discover, go back to your local bank and wherever you bank, they'll typically going to give you a credit card. So start there. If you're in the trades, or you have some business where you need supplies at certain stores, apply for those, but I'm better. I would rather see you consolidate two cards that have great rewards and award points. So you can accumulate all in one place. Let's start with interest. And what's a good interest rate on a credit card? Zero. Zero. So first of all, I'm going to back up and educate you a little. Debt is the cost of money. So debt is the cost of money means somewhere in it, you are going to be paid interest. Like I'm a hard money lender. I've lent money to people most of my life. I actually love that investment and I get first position on their property. So they don't pay me back. I take over the property. Thank you. So I will only do it in first position. Some of you investors out there, you don't know enough. So you take second positions. Debt will trump you all the time. And first position will trump you. That's just like a really big gamble. Very odd. There are a few ways to do it, but that's a different investing conversation. So when you're paid interest, 10, 12, 15%, it's a happy day. When you're paying interest on credit cards, because you're not spending and using right, it's a really bad day. Some of you, because you just don't know, you're spending 15, 18, 21, 28. I've seen as high as 31% on credit cards if you don't use them right. So who makes the money? The banks, right? The credit card companies, which are supported by banks. So why would you ever pay that kind of money? You can't even make that money on an investment, much less pay it that way. So people's concept of debt and credit card drives me crazy because wealthy people use debt and credit cards as an asset, as a tool. In fact, I just started teaching it that way. If you want a debt program, we're going to put it in the asset column because it is an asset used right. Why even deal with debt management and reconsolidation? Don't get yourself there. So if you're watching this and saying, I'm already there, I do have solutions for you. So email our office, call our office, and we'll help you get out of your problem. But if you're like healthy on the front side and you have some good credit, keep your interest rate at zero. You say, well, how do I do that? You pay it off every month. And if you're already like past it, and you've got eight and 10 and 12%, go renegotiate with the card company that you have first. That's the first thing I would do. Go renegotiate with them. They're already used to having you. They're used to your behavior. They're used to your history. It's easier just to say, I want 0% and I'm going to pay it off every month. Now, they may or may not believe you. They're going to have to see that pattern for a few months. So do it. And it might take you 60, 90 days to prove it, or you can just actually card jump. I'm not a huge fan of that because the credit, the system is going to see you do it, but you could just go over to a different credit card company, get a 0%, transfer your balance, and now you're at 0%. Zero is where you want to stay, but you've got to be responsible. Do not use your card if you don't have the money to pay for it. You're not using your card hoping you make money, especially if you're not an entrepreneur and you can't just turn on your money-making machine. If you want to turn on your money-making machine, I'm going to give you tickets to a marketplace I do every three weeks, and we'll teach you how to turn on a marketplace and turn on your money-making machine. It's not difficult. So let's stay on debt. I want to back up and tell you even the bigger issue about debt and interest and why it makes the world go round. Banks. Banks are on a 10X structure for debt. It's called an arbitrage. So when you put in money, say, you know, I'm going to get you up to 100,000, $200,000, $300,000 company. For 100,000, you give the bank a million dollars to lend down. They take that money and they're going to borrow it out to consumer loans. Now you don't get any of that interest because you put your deposit in. The banks get the difference. It's called an arbitrage. You give them your deposits. Now you have someplace to bank. They get the money and they're going to loan it out for a car loan, computer. They'll do HELOCs. They're going to do a home remodel. They're going to do whatever loans, student loans, whatever loans they actually will do from the bank. They make all that interest and minimum given higher interest rates, you're going to get, they're getting five, eight, nine. The more interest they get, it depends on your credit and your credit worthiness. So since banks have been living from the beginning of time on the arbitrage of your deposits, interesting, you don't make a dime. There's a way to negotiate banks. Go to my search bar up above and we'll talk about banks. I've got a lot of videos on how to start handling and being in relationship in a healthy way with banks. But debt is something I want you to comfortable with. You know, this old adage of I need to be debt-free is a lie. If you want to get wealthy, it doesn't even coexist. Now you can go some of the folks that are out there. I'm going to say the older generation who love to be debt-free. That's fine. I mean, later in life, if you want to pay it all off and then do your inheritance where there is no debt, that's going to carry forward. But guess what? Debt's actually assumable by the next generation and a generational wealth plan. So when we had an airplane, I had like a 1.6 or 1.8% loan on a $3 million aircraft. And in aviation, I'd put a million down and I'd finance the other 2 million. So let's think about it. Why would I have ever taken $2 million to pay off really cheap money? Even if it was 2, 3%, I wouldn't have paid it off. I'm going to take 2 million and I'm going to go invest it at 12, 15, 20, 30%. Now I'm making all the money on that money, which is more than enough money to then pay the payment. See, that's using good debt. And so many of you, you got it all tangled up because no one's ever taught you how money really works. And it's not difficult. You just got to be smart about it. And the core of it is you have to learn to make money to pay for the life you want. So the answer isn't, oh, I have credit card debt and I have all these problems. No, you have an income problem. You don't have a debt problem. So let's solve the right problem. So what's the best interest rate to keep on credit cards? Zero. And we'll help you get there. Some of you have totally tangled up your life, which we're working with a lot of student-athletes. I got student-athletes that didn't know how to even open a credit card application at 18 years old. From the minute you apply, we'll determine whether you're going to get, how much you're going to get and what the lines of credit you're going to get. So let us help you from the beginning. And parents out there, I just wrote a book, Make Your Kids Millionaires. We talk a lot about it in the book. I have tons of videos here on the channel. So while you're here, by the way, subscribe to my channel, click the notification button and kids as low as eight years old should be watching this channel, five days a week, financial literacy, new information about money every day. All right. Is that a deal? And pass this on, share it, like it, help. Now, number three, can you buy a car? Side-by-side, dirt bike, boat, RV. You can for sure put down the down payments on a credit card. Now I know people who actually put down payments on a credit card and then apply for the loan. And if you can get an under 4% loan right now would be phenomenal. So you take it. And I want to talk about that. I had a client I was just talking to the other day and they did exactly that. They put money down and they applied for a loan. And it was actually, their credit was okay. They got right at say around 4%. And say it's a, I don't know how much their vehicle was, say it was a $70,000 vehicle. And he was having a war with his wife about paying it all off because they had the money, because they had it from a different account. And I said, why would you pay that off? Just use simple math. It was a $70,000 vehicle. You're going to make minimum payments at 4%. And then you're going to take the 70,000 and go invest it at a minimum of say just 10%. Then you have a 6% called arbitrage, that difference between where you can make 6%. The whole thing gets paid for. So the principal you have gets invested. And if you're out there saying, well, where do I invest it? I can help educate you on a lot of places to invest. 10% is very easy to get. You have to be kind of sleeping to not just get more than that. So when you can get 10, you pay 4. So it's okay that you're carrying the debt because it's good debt. You're going to have a vehicle anyway. Now we can have a whole nother video about leasing and whether you do that, but yes, you can actually pay for a vehicle. In fact, I have really advanced clients who know how to use it cards as an investment card. And I'm going to start encouraging you to use your credit card as an investment card. So they make their vehicle payments on their American Express card. So yeah, they have a loan, but they pay it on their card so they get all the points. And then they pay off the card versus pay the mortgage company that's holding their car loan they pay with their credit card. So I have people literally and more and more and more of them that are using their credit cards for almost all but mortgage payments and taking all the points and interests and literally and awards and all of that. So yeah, I'm a huge fan. Used right? I think credit cards can be investment cards. And we have some relationships with like 28, 29 banks where you can get 0% financing. And yes, it comes in the form of credit cards. And we have a lot of clients getting $100,000, $150,000 as investment cards. Yes, they come in the form of credit cards. The reason I keep saying that is because most of you have such a weird relationship to credit cards. So you can imagine if you were rehabbing a home or just a rental property using credit cards to pay your subs, go to Home Depot, Lowe's, wherever you're going to get your supplies, pay that all off. Once you sell the property and you're still up on the margin and you did it for 0% versus use hard money, which is right now costing about 15 to 17%. So learn about money, learn about debt. So let's talk about the last point, which is, does it hurt you when you close So you do need to keep a little bit of constant use of the card company would close it yourself just for inactivity at a certain time, there'll just be no utilization. So keep active use, appropriate use that you can pay off. I don't care if it's even $100, they won't close it. But if you decide to close it, which there are Googlers and experts that you have heard for decades, say, close your cards and freeze your cards and do cut up your cards. No, use appropriate use of cards. So when you close a card, just because you don't want to use it anymore, your debt to income ratios and your available credit actually gets very tangled up. So it's going to hurt you in the future to actually close cards. In fact, in this financial system, when you close anything down from bank accounts to corporations, I mean, including LLCs, when you close things, that shutdown doesn't support you at all, right? Low maintenance can support you more than closing. So it's really important you understand that don't just go close credit cards. And for you parents out there, if you're irritated with your 18, 19, 22-year-old kids because they went off to college, got a bunch of credit cards because you didn't approve it, well, you didn't educate them. You should have educated them in the beginning. You don't have them just cut those cards up. I've had a lot of parents totally hurt their kids in their young 20s because they didn't know either, and they cut those cards up to get this, stop the kid from using it. If anything, the parents could take them back. If anything, give me your kid and I'll train them. But they need to keep low utilization and pay them off, keep it at 0% to actually work that credit score back up. So that's going to help them more, keeping it open. Even if it's on $100 a month to pay it off, it's going to help you more than a total closure. All right. We talked a lot about debt credit. You can tell I'm passionate about it. Use it right. Last comment. Do you use your debit card or credit card? Always your credit card. Remember, you can have points, awards. You have some liability protection. There's so many benefits of using a card over your debit card, which comes straight out of your bank account. So I'd love to work with you. Love to continue to answer your questions. I have a new membership. It's called Ask Laurel membership. You go to asklaurel.com. You can ask me a question, text me 24 hours a day, and it's super easy. We'll be back over there. And if there's a topic that you want me to talk about, put it in the comments below and we'll be back tomorrow. Again, we're here five days a week, 10 to 12, 15 minutes a day to help you learn money.