How to Stay in Ritz-Carltons For Free: The Top 3 Secrets to Building a Perfect 850 Credit Score

The Tai Lopez Show

Tai Lopez

Business

4.8 • 6.9K Ratings

🗓️ 21 June 2019

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

“A high utilization rate hurts your credit score as much as missing a payment.” - Stephen Liao(click to tweet) Go to netsuite.com/tai to download their FREE “Crushing the Five Barriers to Growth”Banks are willing to lend us credit cards. With these credit cards, our purchasing power increases. We are able to purchase the things we want, as long as we pay the bank back. But these credit card companies also incentivize us to purchase more with bonuses and gifts. So the question becomes: how can we use these free perks to pay off our credit cards?On today’s episode of The Tai Lopez Show, Stephen Liao teaches us how to sift through the world of credit card perks to be able to do just this. Stephen dropped out of Stanford to figure out the credit card game just a year ago, and today he has a credit-limit that exceeds $3 million spread across 220 different credit cards. If he’s not flying first-class, he’s on a private jet. And if he’s not staying at the Waldorf Astoria, he’s at the Ritz-Carlton. Tune in today to learn his secrets on building a good credit score!Don’t forget, you can listen to The Tai Lopez Show on Spotify! Click “Follow” and let me know what you think!“Essentially, it’s legal money laundering. You pay off your credit card with cash equivalence, get your sign up bonus, and then pocket the $150.” - Stephen Liao(click to tweet)Points to Keep In MindChecking your credit for your own personal use does not hurt your creditUse Credit Karma to check creditVantageScore is less accurate than FICO score850 is a perfect credit scoreTry to keep your credit card utilization under 9%Treat your credit limit as how much money you haveUtilization rate, payment history, and derogatory marks affect your credit scoreAge of credit history factors in: oldest account and average ageYou can’t help your age of credit historyTry to have an age of credit history over 9 yearsTry to have at least 21 lines of credit being reported Correlation does not imply causation when opening new credit cardsFor those under 18, get authorized on your parents/relatives’ cards to build rapport with banks Get Chase Freedom for first card$150 cash back for $500 spent5% money back (MB) for an intermediate credit cardYou need a credit score of at least 600 to receive credit card perksTry to get status with each card (ex: Delta’s status for travel allows you to upgrade to first-class for free)If you’re in debt, look into Citi Simplicity to balance-transfer your debt (also, Chase Slate and Bank Americard) Learn more about your ad choices. Visit megaphone.fm/adchoices

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Transcript

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0:00.0	Uncle John and Sally telling you to, you know, you know open one credit card just use it pay it off at the end of the month
0:06.2	You know, and you have your $500 credit line and you're maxing out you're spending $480 and then you just wait so they don't let's pay it
0:12.8	It's actually hurting your score as much as missing a pay
0:20.6	How many credit cards do you have right now 200?
0:23.2	Do you have your stack of credit cards?
0:25.8	I actually don't. I like to invite you. He left in Vegas. He's been traveling in the world. He's 20 years old
0:31.4	He dropped out of Stanford and he just has been building businesses
0:36.2	Got over a million dollars with the credit line and did all this in like a year
0:40.1	So we're gonna show you catch back rewards free travel. He where are you staying at right now?
0:45.9	Uh, I'm staying at the Marriott Marquis in Chicago. Marriott Marquis in Chicago. It's live streaming in here
0:52.0	For those of you who don't have good credit
0:55.3	Or have average credit. This is an area. They should have taught us at school like it's obviously
1:01.0	Here's the thing people don't realize if your credit sucks
1:03.9	You're gonna pay way too much for your car because if you get a payment on it
1:09.0	The interest rate's gonna be too high if you buy a house
1:11.2	You're gonna literally spend like if you buy a $200,000 house and your credit isn't good
1:16.6	You'll probably spend an extra
1:19.0	$400,000, $300,000 over a 30-year mortgage compared to if you had good credit
1:25.7	So that's one reason number two
1:28.2	It's a payment but when you don't have good credit because now they check your credit when you apply for a job
1:33.1	They check your credit when you apply for an apartment. They check your credit
1:36.7	Sometimes if you want to do a business partnership or an investment people are gonna check your credit
	...

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