383: The Hidden World of Credit Hacks That Leads to 0% Interest Loans
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 10 February 2023
⏱️ 42 minutes
🧾️ Download transcript
Summary
Knowing how to build business credit could be the difference between starting your dream business or waiting on the sidelines. And while most people think that building business credit requires years of income, million-dollar revenue, or a personal connection with your local bank, Jack McColl is here to tell you otherwise. Jack has been able to unlock half a million dollars in business credit in record time through a simple system. He did this using means that EVERYONE has access to and is here today to teach you how to do the same.
Jack is a credit master, knowing the ins and outs of every credit score rating, travel credit card, business credit card, line of credit, and everything in between. He teaches some basic techniques in today’s show about how you can get your personal credit score to 700+ quickly and then use that to grow your business credit profile, allowing you to access 0% interest credit cards that can jumpstart your business when you’re low on cash. And even if you aren’t planning onbuilding a business anytime soon, Jack’s tips will help you get a better credit card, a lower mortgage rate, and easier access to lines of credit.
Jack also touches on the exact steps you need to follow to reach an 850 credit score and why the “no credit, no debt” line of thinking will hurt you later in life. He shares the best banks to get business credit from, which cards will help your score the most, and why you should always open a checking account BEFORE asking for a business line of credit. If you want to boost your score, build a business, or just travel for free using points, stick around for this episode.
In This Episode We Cover
How Jack scaled from $0 to $500K in business credit (and how you can too)
FICO vs. VantageScore and which credit score is the most important
Personal vs. business credit and how the two impact each other
0% interest credit cards and how to unlock them by building your business credit
Boosting your credit limits and the three cards to apply for to boost your credit profile
Lines of credit, SBA loans, and other options business owners have to draw funds from
Credit card hacking and how to use travel point cards to globetrot for free!
And So Much More!
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Transcript
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| 0:00.0 | Welcome to the Bigger Poggets Money Podcast where we speak with Jack McCall and talk about credit. |
| 0:05.2 | So really what I highly advocate and I think is so incredible which is pretty much a newer product |
| 0:12.1 | to the community to the world is 0% interest business credit cards, which is 0% for the introductory period of 9 to 18 months. |
| 0:23.2 | After that period it goes up to the normal 15 to 20% credit card interest but you have that introductory period where you're not paying interest. |
| 0:32.6 | Hello hello hello my name is Mindy Denson and with me is always is my business superstar co-host Scott Truts. |
| 0:38.4 | Always excited to fakeo the next thing out with you Mindy. |
| 0:41.7 | It's definitely to my Vantage Scott. Look at that! |
| 0:46.4 | Oh and I was way better. |
| 0:48.4 | Scott and I are here to make financial independence less scary, less just for somebody else. |
| 0:53.6 | To introduce you to every money story because we truly believe financial freedom is attainable for everyone, no matter when or where you're starting. |
| 1:00.0 | That's right whether you want to retire early and travel the world going to make big time investments in assets like real estate or fund your very own or first business with a credit card |
| 1:09.3 | will help you reach your financial goals and get money out of the ways you can launch yourself towards your dreams. |
| 1:13.5 | Scott today we're talking to Jack McCall. He has an interesting way of generating business credit and he's going to teach us all about that. |
| 1:22.4 | But before we bring him in we are going to talk about our new segment the money moment. |
| 1:27.5 | This is where we share a money hack tip or trick with you to help you on your financial journey. |
| 1:33.0 | Today's money moment one credit card hack we recommend is to have a credit card dedicated to recurring expenses only. |
| 1:40.4 | This is a good way to keep track of the overall recurring spend as well as make decisions on what to cut. |
| 1:45.5 | Do you really need Hulu and Disney Plus? In addition it'll be easy to spot any errors or over charges. |
| 1:51.6 | Do you have a money saving tip for us? email us at moneymoment at biggerpockets.com. |
| 1:57.6 | Okay before we bring in Jack let's take a quick break. |
| 2:01.1 | The dream of owning a vacation home can be daunting from finding the best guests to the maintenance to organizing the cleaners after every guest stay. |
| 2:09.2 | With Vakasa they make that dream into a reality. |
... |
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