Best Credit Cards For Students With No Credit

Is it good to have credit card debt? I'm going to shock you. I'm going to share with you in this video why it is actually a good thing to have credit card debt. And I'm going to say quite a bit of it, as long as you use it in the exact way that I'm going to teach you. And then at the end, I'm going to share with you the one thing they have to do, no matter what, religiously, whether you have credit cards because of lifestyle debt or investment debt. Let's begin. Okay, there's five things that I'm going to share in this video. Number one, I'm going to share with you why it's good to have credit cards and the best way to use them. Number two, why consolidating is completely the wrong answer. Number three, what's the pace to get more cards, which means you get more credit. Number four, a very specific, like number one thing you have to do, no matter what, if you have any cards, whether they're lifestyle cards or investment cards. And number five, how do you pay it all off faster? How do you just get rid of it all? Because that's what a lot of you are conditioned to do. So let's begin just talking about debt in general. Again, debt usually for most people is a four letter bad word. Everyone that I meet in the beginning, before they understand strategies and get financially illiterate, think, I have to like live debt-free. I want to get out of debt. It's one of their top goals. I want to be debt-free before I blah, blah, blah. And I want to be debt-free. I said, why do you want to be debt-free? Wouldn't you rather be a millionaire and have some debt? They said, well, I've never thought about it like that. So debt has become this weird word because of the traditional financial institutes, Susie Orman, Dave Ramsey, Dave Bach, and I could go on and on. Now, remember their job and their work is to keep you simple and safe. Mine is to teach you how to be a millionaire or a multimillionaire and be a wealth builder. So very different strategies, number one. But if you're freaked out about debt and think that debt's a bad thing, I mean, we got to do a little therapy session. That's going to have to be one-on-one for about seven minutes. So we won't do that right now, but seriously, that's just the cost of money. So you either have debt and someone's paying you, right? So I'm a bank for a lot of people. So I might lend you $50,000. You can be, it's a hard money loan. I take first position of your property. You're going to pay me 12, 15% interest, right? So I love the debt that's causing me to get paid. The other debt is what most of you experience. You owe on your house, you owe on your car, you owe because you went shopping for stuff you don't need and you really can't afford. Now, my answer to being in debt at a lifestyle debt is not get out of debt. The answer really to solve it all is learn to make more money. I mean, think about it from a common sense standpoint. The only reason you have lifestyle debt is because you're not making enough money. So you've outlived what you have made in your job or your ability to make money at this moment. And you put the rest of your life that you really want on a credit card. So I always say, you know, you're the kind of people that are actually easier to fix because you want a bigger lifestyle. You just don't know how to make the money to have it. So let's fix the right problem. Now, that's why bad debt exists. Now let's go into credit cards. Why is it okay to have it? Well, number one, it's going to be better for your credit. See, financial institutes like the use of money. You making it, you spending it, you making it, you spending it. If you just use a debit card, that's taking money immediately out of your bank account. Why wouldn't you use someone else's credit for 28 to 30 days, pay it all off and go again. So then you're basically using other people's money, a credit card company's money in this instance. So think about this. Right now, what you're all taught is that, you know, you go to work, get a good job, blah, blah, blah. So you, your social security number qualifies for a certain amount of credit, credit cards. When you have company number one, call it an LLC, your company can qualify for corporate credit. Then say you get another company, maybe it's an S corp or it's another LLC, another company, another line of corporate credit. I have clients that have five, six, eight, 10 companies, corporations of a different, you know, kind, whatever suits their lives. And they have their I mean, their social security number. So you have 11 lines of credit in their situation. Some of you, you're running a sole proprietorship under your social security number. You still only have one line of credit, which is why we're massive fans of getting incorporated because your business can have its own corporate credit. So when I hear just through your conversation that no one will give you any credit or you can't get lines of credit, it's because you typically just don't know these strategies to get incorporated. So you have more access to more money. So that's just in principle why using all those credit cards. I mean, think about it. If you had three or four companies plus yourself using them properly, it's also how like just simple bookkeeping happens because you can now use those cards for the company and just submit the bank statements and your credit card statements to your bookkeeper, simple accounting, right? So we're huge fans of appropriate credit card use because done right and getting proper funding, you can actually use some of these credit cards when you can get them down to 0%. That's free money. So you could use it to flip a house. You could use it for materials. I've had clients use it for inventories. I've had clients use it to buy a whole series of books or hire a PR firm if they're doing a big book launch. So there's a lot of really great growth strategies when you use cards right. Pay them off every month. That's the key. But why not accumulate all the points? Why not all the benefits and the amount of credit that the financial institutes are going to see because of your use of money? Now that's why use them and why we're fans of them. Number two, why not consolidate? So consolidation firms, they are known for charging massive fees and the worst thing they're known for is rolling the whole thing up and blending it into your house payment. So now you've diluted your house payment with all of your lifestyle payments and people will negotiate that all day long. Not a fan. I want your house on pure by itself. Do your own payments. Don't roll up your lifestyle debt and actually park it inside your house payment. And a lot of fees are charged in that. When you get my Millionaire Maker book, which I'm going to get you, uh, just the section of is on page 194 of my Millionaire Maker book. I teach you a very specific strategy on and just the depth of why not do a debt consolidation program and why just do a very, what's called power down play to get rid of your debt. So number three, when do you get more credit cards and should you get more credit cards? The answer is yes. Of course it is in our world. So we would tell you every six months, the credit bureaus all will report and they'll reset you. So as long as you're paying things off on time, if you have bad credit, I have a great woman who shall clean up your credit very, very quickly, very reasonably, I'd say less than $500. And if you have bad credit, it's the so what now what principle. So what had happened to you? Now you've got to clean it up. It's really important that you and your corporations keep and maintain good credit. But as far as getting more cards, absolutely. The more cards you get, the more utilization you have. And here's how I would use them. I would really theme them. And I teach all my college athletes this. I teach my beginning students this. So let's just say you have five cards, have five different uses. So don't use them casually. Be very definitive. So a lot of my companies, they'll have a lot of tech. They're going to have a lot of software. They're going to have more equipment. So maybe use one card for that, one for food and entertainment, one for fuel, gas, maintenance of vehicles, maybe another one for whatever else you are going to need to be using your spending. And the reason why if you use cards, it just cleans up your bookkeeping. It's so much simpler for your bookkeeper. And when it comes time to tax time, you can use all those for corporate deductions, as long as you're using them right. I mean, think about it like this. You have your personal card, your corporate card. Every time you check out, is it a business deduction or is it a personal expense? Notice the language. Personal expense, business deduction. You as a person don't get deductions. You don't get the legal right to do it. Hence why you want your companies to have corporate credit, use the cards, maintain their utilization, and get the utilization way up. So we've talked about why you need credit cards, why it's good for you, why not consolidate, how to expand your lines. I mean, I have companies that have four or five, six credit cards per company. You could all get those. And the easy ones to get are things like Lowe's and Home Depot and Office Depot, even like Costco and Sam's Club. Those are the easy cards to get in your corporate name, by the way, because a lot of people say, how do I get them in my corporate name? You go to the easy service providers. Simple way to get that done. Now, the number one, number one thing you have to do no matter what is pay them off. You say, well, what if I can't? What if, you know, I don't have the ability to pay them off? Then we, you know, the number one, we got to get back over and say, look at your ability to create more money. So where are you going to increase your sales? Because I'm not going to ever, ever, I'm not that person. I'm not Susie. I'm not going to say reduce your lifestyle spending or reduce your spending. You want to, you can have anything you want in my world, but you got to make the money to have it. So then we got to go back to the business development side. Worst case for some people in really rough situations, you've got to look at, you know, OPM. Sometimes for some of you, I've had clients in the 15, 18, 20% interest on their credit cards. You might have to borrow money at eight and 10% to pay all that down, just to hit a big reset button. There's all sorts of creative strategies. We just want to work with you and help you out and get this part of understanding debt, good debt and bad debt and credit card use properly done in your world. So again, number four, pay them off every month. And if you say I can't, then you're going to get right back over to us. You're going to put some comments in, you're going to give us your name and phone number, and we're going to help you with some very creative strategies. So you're not paying 15, 18, 20%. And again, if you're enjoying this content, we got a wide range. Becoming a millionaire requires a lot of breadth, making money, keeping money, investing money, and using a team. So if you're enjoying this, we have conversations five days a week. Subscribe to my channel right now. Click on the link below, hit that notification button. We're here five days a week. Now let's go to the final and last point in this video content, which is how do you pay them down faster? So if you have bad debt, again, page 194 of my Millionaire Maker book, let's talk about that power down. There's a very specific strategy. Instead of paying them all off at one time, what you do is you load up your allocated amount. I call it your forecast, your amount that you can pay. And you pay down one card with the highest interest and kind of the worst terms. And then you take all of that and you apply it to the next card and the next card and the next down. So you power them down. You're paying minimums on the rest while you take care of the one and then you take care of the other and the other. There's a strategy to it. It's on page 194 of my book. So what do you think I'm going to give you? I want you to click on the link. I want you to go get page 194. It's my debt power down plan. It's how millionaires pay down debt. You don't do it your way. You don't do it Susie Herman's way and you don't go through a debt reconsolidation. That doesn't work. So let me help you get your finances back in order. Again, go to the description, click on the link and get my debt power down plan. Talk to you in the next video.