How To Get $250,000 In Credit


all right what’s going on everybody so
in today’s video I’m gonna be going over about ten different lessons I learned
from getting over two hundred thousand dollars worth of credit so that’s
between personal credit cards personal lines of credit as well as business
credit so in total I have about almost a quarter of a million dollars with a
credit probably the next six months I’ll be at a million I’ll make a video for
that one as well but in this video I’m gonna give you ten
different lessons and principles that you can apply today to increase your
credit lines to get new credit lines and just to have an actual credit strategy
when it comes to both personal and business credit so let’s get into it
and before I get into the lessons the whole reason why you’d want this amount
of credit or potentially even more are number one there’s gonna be a lot of
benefits in terms of interest rates as well as rewards when it comes to like
flights cars you know if you rent a car hotels
different things like that there’s a lot of different rewards depending on which
cards you have as well as getting the lowest rates it’s gonna be very
important in terms of credit additionally if you’re an entrepreneur
you know instead of raising like venture capital or getting that money partnered
where you’ll have to like split it 50/50 you know if you have a couple hundred
thousand dollars worth of credit you know it’s all you
it’s all up to you you don’t have to ask for loans you don’t have to split or do
joint ventures so that can be a huge advantage and not only that but having
this amount of credit gives you a lot of insurance so you know if you’re having a
down month or something like that you know you can rely on your credit or your
credit cards to get you through that month no I don’t recommend it but it
helps you sleep a little bit better at night knowing that you can cover
whatever bill is coming your way all right listen number one for getting
over $200,000 with a credit when you are starting your credit journey
focus on chase cards first focus on applying for chase cars I believe I have
I think three different chase cards and I’m trying to get more I think their
limit is five but you should try to get as many chase cards as possible and
oftentimes you can actually do the chase pre-approval where you can see which
ones you might already be pre-approved for so go after Chase as much as
possible I found they’re going to be you know they’ll give the highest credit
limits they’re the easiest to apply for and they also have
best benefits and then right after chase you should go for American Express and
American Express is also great I think their credit cards are not as great in
terms of benefits but overall in terms of the big credit picture you can get
very high credit limits you could get a lot of credit cards and even personalize
some credit and things like that so try to start a relationship with both of
those companies okay lesson number two when you’re applying for different
credit cards and different lines of credit and a different business credit
you should look for cards then you’re already pre-approved for and I mentioned
that briefly in the first lesson but chased American Express different credit
cards will actually have ways of telling if if you’re pre-approved that aren’t
going to hurt your credit so anytime you’re applied for credit and we’ll talk
about hard credit pulls in one of the later points of this video but anytime
you apply for credit it’s gonna ding your credit score a few points so you
should be pretty strategic about which credit cards you’re applying for so I
always go for chase in American Express first but also try to see you know which
ones you’re already pre-approved for if you already have a relationship with
Chase or I already have a relationship with American Express they oftentimes
will tell you you know hey you’re approved for this car you’re approved
for that card and so your likelihood of getting those cars can be significantly
higher than if you just apply for like any random chase or American Express
card the website Credit Karma is also really good for telling you which cards
you’re most likely to be approved for so it’ll have like every single type of
brand out there you know Discover Capital One Chase everything and it’ll
actually compile a list of the credit cards that you’re most likely to be
approved for so Credit Karma is a great resource and I’ll talk a little bit more
about that and one of the next points but look for the pre-approved credit
cards first next up is your credit limits so if you already have credit
cards or credit loans established you should be asking them to double your
limit really every like three months or so you know every three to six months
I’m pretty aggressive so I try to do every three months but every single
credit card you have you should be asking them to double even triple your
limit you know you don’t want to be too ridiculous and it you know if your
credit limits at like five thousand and you’re asking for like a hundred
thousand that’s obviously not going to work so try to keep it somewhat
reasonable but try to ask for a double or even triple
increase your credit limit of every three months and most of the time when
you’re applying for increases with your credit lines there’s basically just like
a phone number to call and they kind of plug your information in and then they
spit out a response you know sometimes the same days sometimes I’m going to
take a few days and they’ll also ask you you know why you want a credit limit
increase and you know just you can just say look a lot more flexibility I’m
going to be using the card a lot you don’t really have to get to in detail
you know they’re just kind of writing an answer down plugging it into the system
so I wouldn’t be too concerned about that you know just make sure you’re
applying every three to six months okay lesson number four and this is in
regards to hard polls which I briefly mentioned before so when you’re applying
for new credit cards typically they are going to do a hard pull on your credit
meaning it’s going to lower your score a few points however and the grand scheme
of things a hard pull is really not that bad you know if you have like excellent
credit and you have a couple of hard polls in your credit it’s gonna lower
your score you know three or four points every single time you request new credit
so it’s really not gonna make that big of a deal the biggest factors when it
comes to credit are gonna be credit utilization ratio your history of credit
you know how many different types of credit you have making sure there’s no
late payments different things like that hard pools are something you should not
worry about too often in fact one of my credit mentors he got over 200 different
credit cards in one year and actually several million dollars worth of credit
in one year so you know obviously to get that amount of credit cards you have to
have good credit and obviously if you’re applying for that amount of credit it’s
gonna din your score but it’s really not gonna effective that bad so don’t lose
sleep over a couple of hard credit pools lesson number six so the credit industry
is always changing and evolving there’s always new offers new cards different
things like that so you need to stay educated when it comes to credit and
there’s two resources that I would recommend there’s plenty of great credit
websites out there but two I recommend number one is Doctor of credit so doctor
of credit is great because it will talk about different types of credit cards
and what you need to know you know is this going to be a hard pull or soft
pull you know what’s typical amount you can get approved for they will have so
much helpful information for free I think they make some affiliate money you
know purchased a credit card through one of
their links but it is very mean it appears to be very non biased advice a
very helpful advice so definitely check out dr. of credit to stay up to date on
different credit cards and different offers and things like that and then the
second resource I recommend is Credit Karma so that’s great for just keeping
your credit score you know up to date for checking your credit score for
seeing which offers you’re pre-approved for and they have lots of other
different helpful information and it’s free so you definitely want to monitor
your score and then you want to stay up to date on the trends and different
things going on in the industry lesson number six so to get to over several
hundred thousand in credit you should be applying for a combination of both
personal as well as business credit and a lot of people think you need like a
corporation set up in five years history and all this to get business credit you
can apply for business credit in your own name you can just be a sole
proprietor so most people aren’t even aware of that
so you should try to you know start applying for business credit with
different banks and credit cards and things like that look on dr. of credit
they have some very helpful information in regards to business credit and
American Express is also one I’d recommend for getting started with
business credit lesson number seven is something called reconsideration lines
so when you’re applying for all this credit every now and then probably more
times than not you might get rejected for a credit line increase or for a new
credit card however what you can do you know if you especially if you’ve been a
good customer with this bank or credit card company you can call what’s called
the reconsideration line and you can just look up the bank or credit card
company and look up their reconsideration line and just call them
and ask them to reconsider their decision and sometimes you will get a
much better response to hub and you would think sometimes it will fully
approve you sometimes they’ll meet you halfway and say look we can’t approve
you for a fifty thousand dollar line of credit but you know we can do 25
thousand does that work for you so you really just need to talk to them be nice
to them be friendly say look I’m a great customer you know so we taught them a
little bit and a lot of times you can get them to read
consider the decision lesson number eight is lines of credit and I love
lines of credit as a real estate investor this is one of the most helpful
things out there because it’s essentially cash that you can draw at
any time you know obviously you would have to pay interest on it depending on
if you pay it back during the same month or not but as opposed to just putting it
on credit you can essentially move this cash around into your bank account or
pay for different things so it’s very helpful and the best way to get lines of
credit for my own personal experience is to start relationships with banks with
local banks and once you start relationships though oftentimes have
options for personal lines of credit as well as business lines of credit so what
I would do is probably start a banking relationship with a minimum of three
different banks and I like Wells Fargo you can also do you know maybe if you
have a local bank and maybe try a National Bank as well you can kind of
play them off each other and see which one kind of has the best options or
maybe to get a personal line of credit with all three of them because every
bank is going to work a little bit differently but the most important thing
is just to start building a history building a relationship with these banks
and credit card companies and then you know if you’re a good customer you pay
on time you have good credit they’re gonna start to offer you different
products like personal lines of credit business lines of credit different
things like that lesson number nine and this is something that I’ve learned the
hard way so pay attention you should be building your personalized credit as
well as your business lines of credit when you don’t need it uh-huh
this should be your insurance plan that should be you know you should be looking
to get more buying power but try to build it up as much as possible once you
get good credit because once you’re in a credit crunch hopefully you’re never in
that situation but if you are it’s gonna be very difficult to get credit and you
don’t want to have to be taking out loans from different people and loan
sharks and things like that so try to build up as much credit as possible when
your credit is in the 700 when your credit is really good you know you
should almost be paranoid that you know I don’t have $100,000 worth of credit
you know I could be you know that that’s in a dangerous position to be in so try
to build as much credit as possible go over the top if you think you need
$50,000 worth of credit trying to get a hundred trying to get 150 you know at
this point for me it’s like a game you know I’m gonna see if I can get you know
several million dollars worth of credit for all the benefits and purchasing
power that it provides so thanks for watching this video on building down
your credit lines and getting new credit lines and I’m gonna put the credit
resources that I recommend at the bottom of this video so you can check them out
and if you have any questions about getting additional credits I definitely
drop them in the comments below and please like please share please
subscribe and I will see you in the next one
all right bye you

One comment on “How To Get $250,000 In Credit”

  1. Faithfull Family says:

    My personal testimony, after an additional 163 point increase I received my 2nd 25,000 line of credit!!! Credit is power, who’s ready to improve their credit. No better credit hack service out there better than Mark Lazzaro, CEO Credit-PatchUp LLC ([email protected])

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