Business Credit Cards & Loans For Dummies | Irvin Pena
Wealthy Way
Ryan Pineda
4.8 • 2.1K Ratings
🗓️ 7 January 2023
⏱️ 49 minutes
🧾️ Download transcript
Summary
Everyone needs credit! Irvin Pena is founder of The Insight Inner Circle and sits down with Ryan Pineda to talk about the ins and outs of credit and how it works.
Join Irv's training here! https://ryan.insightinnercircle.com/
For only .99 CENTS order my new book “The Wealthy Way: Don’t Go Broke Trying To Get Rich” and get FREE access to my new course “Business Builder Academy” where I go over all the fundamentals of building a 7-figure business.
https://www.wealthyway.com/book
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Need tax and accounting help? Contact my CPA Firm! https://TrueBooksCPA.com/
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My other social media channels:
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Connect with Irvin!
Instagram - @irv.official
YouTube - @IrvOfficial
Website - https://ryan.insightinnercircle.com/
Irv started out running a tax office with his brother. Clients started asking about stimulus checks, so he decided to make a video about it. Overnight, he had 5,000 views! He made more, used TikTok, then YouTube and it started taking off. He went to a credit claiming company, then reverse engineered it to help people.
Things started really hitting off in 2021 working with startups and preexisting businesses. Right now, the credit market is tightening up with the recession. As we transition into this new market, this is the hardest part. Once things steady out, you’ll be able to go forward more easily. But remember the three pillars: cash flow, credit, and collateral. Credit will be easier as you go; it’s all about getting started.
First things first: clean up your personal credit. Make it feasible for banks to want to do business with you. Look at all of your information. Print your 3 credit bureau reports, and make sure all of your information matches. Check secondary bureaus (CoreLogic), suppress information there. Then start sending out dispute letters. Use FCRA to help clean up your credit. They’ll remove inquiries, charge offs, etc. It will improve your scores. Lastly, when you remove a negative, add a positive. Become an authorized user on an already established account with someone.
Remember:
Debt is debt. All loans are a form of debt you need to pay back.
Raising capital is raising capital. Credit cards can be good, just be smart with them.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | All right, I'm here with my guy, Irv. I did a podcast with him maybe a couple of years ago. |
| 0:05.6 | You know, you're doing some cool things on social media and the business space and |
| 0:10.0 | you know, it's cool to see you now. You're doing credit stuff now, helping people get more business |
| 0:14.4 | credit, personal credit. I think that's important. And the recession we got going on. |
| 0:19.6 | 100%. Yeah, everyone needs it. Everyone needs it. So, you know, I was talking to you |
| 0:25.0 | pre-show and you were like, yeah, you know, I was doing the content thing. I was making like 40 grain |
| 0:29.6 | a month on YouTube being a creator, talking about stimulus. Did you kind of get tired of that? |
| 0:36.3 | You get a little tired of that. I never did that. I saw everyone doing it and like, |
| 0:41.6 | they're making money doing it like every finance you do. And I was just like, bro, |
| 0:46.5 | I don't have time to research what this whole saying like, I don't care. I got into it by accident. |
| 0:50.5 | Like I was kind of telling you pre-show. At the time, I was running the tax office with my brother. |
| 0:55.8 | I was helping him out. And I was also selling real estate as a real estate agent. And |
| 0:59.9 | only reason I got into it was because clients, I was already creating content, |
| 1:03.1 | 2019 going into 2020 because I wanted to start building out the brand. But clients were asking, |
| 1:08.2 | hey, you know, am I going to get my stimulus check? I have to dependance. The common questions. |
| 1:12.4 | So I remember making a video. I said, I'm tired of answering this question a bunch of times when |
| 1:16.5 | they come to the office. So let me just go ahead and text it to like the 20 clients that I've |
| 1:20.4 | asked me that I was working with at the time. And so I said that to them, I woke up the next day |
| 1:24.9 | and I had like 5,000 views on that video. And I said, interesting. Either they shared it. It was |
| 1:29.8 | like a 30x multiplier or other people are interested in this. And that was like a sample size. And so I |
| 1:36.0 | said, hmm, let's try that again. So I tried that again. I did it on TikTok. Because TikTok was like |
| 1:40.9 | brand spanking at the time. That's when the algorithm still favored you, right? Yep. And then I |
... |
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