Here, April 9th,
it started at a 641 and on April 16th,
it shot up to a 755. Two weeks later,
we're here at May 1st,
uh, 776,
and then May 9th, I broke into that 800 range.
June 25th of 2019, it was at a 638. July
2nd, 2019, it was at a 638.
Here's my score as of
July 9th, 2019.
So it has gone up 122 points.
[inaudible]
Hey guys, welcome back, it's Chi. You know that old saying,
"It takes money to make money". What if you don't have any?
Then you can't make any money right? Wrong!
There's this thing called credit, but if you have bad credit, that's a problem,
and I'll help you solve that today. I'll help you get from a mid 600,
up to an 800, within 30 days or less.
Thank God we're in the greatest country in the world.
We have an established banking system.
Our banking and credit system is a modern phenomenon.
It beats all the other countries out there.
So that's how I got started with my BNB business or short term rental business
back in early 2018. For those of you who are new here,
I had a mortgage business that crashed late 2017. I was dead broke,
had no money left to get started, but through credit,
I was able to raise $250,000 through personal and business credit within a week,
launch my business, and today I'm going to show you how to do the same.
With that said here's Professor Chi.
Oh hey!
There you are again today - you guys just can't stop bothering me, can you?
Anyways,
you're looking to start your business, you ain't got no money,
and your credit is shot. What are you going to do? Well,
Professor Chi is going to help you today.
So trying to get funding with a terrible credit score,
is like trying to make pizza with no dough, marinara sauce, or cheese.
See what I did there?
So I'm honestly excited for you,
right? You're ready to start your business, and before we get there, though,
you have to understand how to get your score high, and,
you might even have a slice or two to share with a friend! Speaking of sharing,
if you like this video, share with them, right? So number one,
most of you guys probably know about history.
That's when you pay your bills on time and when you do, your score goes up.
When you're late, your score goes down. In other words,
if you borrow my Star Trek DVDs,
you better return them on time if you want good credit, huh? Number 2, alright?
it's credit inquiries.
So are you being a credit floozy?
Ask yourself that every single time, if you're applying for credit everywhere,
nobody is going to take a chance on you.
Every time you apply for credit it's recorded. So number three.
This last one was a mystery to me until just a few
years ago - it's called credit utilization.
It's fun to learn new things, ain't it?
Alright, now imagine this. I let you borrow a pizza, right?
And this pizza has 10 slices. Every slice that you eat,
you're going to have to pay me back and that slice plus some interest or
cheese. The more of my pizza that you eat, the more likely,
you won't be able to pay me back.
At least that's how the banks see it. The more you use your credit lines,
the more likely you become a higher risk to them. So do you get it?
Even though you have credit lines available, you can't really use them.
The more you use them, the lower your score goes. As far as utilization goes,
a good rule of thumb is 35%.
Keep it at 35% of your available credit line and under,
and your score will be high. For example,
you can look at some of these results from my past students after they fixed
their credit and they lowered their utilization.
Here,
April 9th, it started at a 641 and on April 16,
it shot up to a 755. Two weeks later, we're here at May first, uh, 776,
and then May 9th, I broke into that
800 range. June 25th of 2019, it was at a 638.
July 2nd 2019,
it was at a 638.
Here's my score as of July 9th, 2019.
So it has gone up 122 points.
Ain't that amazing? How your credit can jump so fast? In just 30 days,
these people went from 600 to 800 FICO! Okay,
so now that you understand what impacts your credit,
let's talk about how you can fix it in 30 days or less. For that,
we're going to investor Chi.
I can't believe it, that bum the professor sent you to me? What does he think?
I'm sitting here all day and doing nothing - I can't believe it. Anyway,
since you guys are here,
you might as well learn how to use your credit properly. Otherwise,
you'll just be a bum on the street. Alright,
so what I want you to understand is that you need to know what it is you are
applying for, okay? Pay attention to this. Look at this VISA logo right here.
This is the lowest tier of the VISA card. It's called VISA Platinum.
Banks only lend on what other banks have already lent you.
So if you apply for a bunch of loans for your car, guess what?
They're only going to approve you (inaudible). So pay attention.
Look at this terms of service right here, okay? I want you to look at it,
read it right here. What does it say? If approved for a VISA platinum card,
you will get $500 or more guarantee. So, if you only have a bunch of $500 cards,
that's what the banks will give you - $500, no matter what you applied for.
So next, I want you to pay attention to this logo. This says what?
VISA signature! Now, I want you to look at this terms of service. It says,
if you qualify for a VISA signature card, what do you get?
At least a credit line of $5,000, right? That's a lot more - it's 10 times more!
So, from now on, I never want you to apply for another VISA card ever again,
no more. VISA platinum - only signature and above.
So the very last tier that you have, it's called VISA infinity, okay?
Now this level of card, is for people with very well established credit only.
They won't approve you any other way,
but these cards can easily go up to a hundred thousand dollars with just one
card. So, with that said,
I'm going to turn you back over to that bum the professor because I don't have
any more time for you. Okay guys,
there, you have it. If you have no lates, no collections,
but you still have a low credit score,
it's probably because you have high utilization.
So you will need to pay your balances down to zero, and when you do,
your scores will sky rocket.
I know, I know,
I'm talking about paying down your debt and you don't have any money, right? Or,
cheese!
Don't get your suspenders caught up in your butt,
I'm going to show you how you can do it right now without spending any of your
own money. So, for you to do this properly,
the first thing we're going to do is look up your credit karma report.
Don't get it from Experian,
don't get it from Transunion or Equifax - get it from Credit Karma.
So you see, banks are lazy and credit bureaus are busy.
They both want to do as little as possible when reporting your credit because
they know that you can use it to your advantage. So for example,
take a look at this screenshot.
I want you to pay attention to the part that says report date.
That account reports to the credit bureau at the exact
same day, every single month. So,
whatever your balance is at that day,
is the number that they're going to report. You follow?
So say, for example,
if you have $10,000 available to you in your full credit line,
and if you spend all 10,
if the banks report 10 and you pay it off the very next day,
it's going to show $10,000 balance until it reports again,
the following month.
The reverse is true - if you have no balance and then you spend all
$10,000, the next day,
it's going to show zero balance until it reports again on that exact
same day. You understand? That
means as soon as they report your balance,
you have 30 days to spend all that money and the balance will be the same.
So, you can take that golden window and move that cheese,
from one account to another credit account and not spend any of your own money
and have them all reflect zero balance, if you do it right. So by now,
you're probably wondering, oh, that means I'm doing a cash advance.
I'll incur a lot of fees, right?
No, no, no.
I'm not going to teach you how to do a cash advance and put you further in debt.
I'm going to teach you something way better!
Now, before we get into it,
here's a disclaimer - all this is for educational purposes only.
If you decide to take action, you are responsible for yourself, okay?
Before we get into manufactured spending,
there are three cow jokes that I want to tell you before we go.
So, what do you call a cow with a twitch? Beef jerky!
What do you call a cow? That gets knighted?. Sirloin!
Okay, so last one. What do you call a cow with three legs? Tri-tip!
Without it reporting to your bank again.
Whatever money they have that's available,
you can use that to buy a VISA gift card.
VISA debit gift cards from Simon mall.
What you need to do is go to Google and find the nearest location to you,
go to their concierge center and buy VISA gift cards up
to $1,000 at a time there's a small fee that you'll need to
pay. Once you have these gift cards,
you can buy as many as you need to fix your credit,
or to transfer all your balances so they all reflect zero.
Then you take your gift cards,
you go to the Walmart money center and you can buy up to
$4,000 per day of cashier's check.
Once you add the cashier's check, you can walk very proudly into your bank,
take that deposit, that money into your checking account. Now,
you can pay off the bill that is reporting next. Does that make sense?
If it doesn't, rewatch it again and again, until it does.
If you've done this process, right,
you will have successfully paid off all your debts in the eyes of the credit
bureaus without using your own money.
You pay very little in fees for the VISA gift card and the cashier's check,
it'll lower all your debt down to zero utilization,
so now you can apply for big credit lines with the banks. All right,
now we're done with our lesson.
Back to what I was doing.
Guys, the professor and the investor dropped so much knowledge on you,
i'm just going to summarize it. So the first thing you're going to do again,
is get Credit Karma. On your report,
you want to organize your reporting dates for your credit account, okay? So,
from the beginning of the month, until the end of the month in that order,
and then you're always going to be paying off the account that is reporting
next. So for example,
if today is the first of the month and your next account is reported on your
credit account on the fifth, that's the account you're going to pay off first.
So the accounts that you can use to pay off the account on the fifth is any
account from the 30th and back, because if today was the first.
That's just an example, okay? Next,
once you determine how much in credit lines you have available through all of
your other accounts, you go and look for a Simon mall, Google Simon mall,
go to the nearest location towards you,
go to their concierge center and buy VISA gift cards.
With those VISA gift cards, you can go to Walmart and buy your cashier's check.
With your cashier's check, you can then deposit that into your checking account,
using your checking account to pay your account on the fifth.
After the fifth (inaudible) is over,
that entire account now should reflect a zero balance,
and it'll say zero for the next 30 days,
regardless of how much money you spend on that account.
You can repeat that same process - now take the account on the fifth and pay
your next account. Say, for example, that's on the 10th.
You can keep this cycle going until a full 30 days.
All your accounts will reflect zero. If you've completed this process correctly,
your credit score should jump from a mid 600 up to nearly 800 and above within
30 days or less, Okay?
If you guys want me to personally guide you through this entire process and show
you other ways where you can cash out your accounts,
without it reflecting a cash advance, feel free to write me,
drop me a message here on YouTube, Facebook or Instagram, all @thebnbuniversity.
In the next video,
i'm going to show you guys how to apply for money in a specific way,
what accounts to apply for it, to get the most amount of money, okay?
So check out if you haven't subscribed,
make sure you subscribe like and comment. See you soon.
[inaudible].