How To Get A Credit Card For The First Time

How to get a credit card for the first time. For some of you you're thinking, oh my gosh I'm going to go into debt and I'm going to keep this away from my children as long as possible. I'm going to tell you how to be completely liberated, how to use it for wealth building and let's just talk about the tactics. How do you get your first card? The three things I'm going to talk about is number one, how do you qualify for your first credit card? There are really strategic techniques on how to do that. Number two, how do you choose your first card and then how do you best use cards over time to keep your credit high? And number three, how do you build proper credit and then continue to use them properly? You're going to be shocked. Everything that you've learned about how to use a credit card, especially from our little friends Suzy Orman and Dave Ramsey are wrong. So get a pen and paper. This is so important for you, your family and for those up and coming teenagers, for those of you who have them. How do you qualify for your first credit card? That is the biggest question that most people ask. And it's shocking to me, quite honestly, that adults haven't got one yet. If you're a parent, you need to introduce this really young to your kids. And the way you do is you get your card and you let your teenage use that card. That's a whole nother video. You can search terms for it and I'll tell you how to get your kids up and running and being super financial and let it with the card. But for you, most of you think that getting a credit card is going into debt and your relationship to debt is absolutely screwed up. Credit is using someone else's money, right? The credit card comes from a bank. It's going to come from Citibank, from Chase, American Express, Discover, whoever you use. It could come from an airline. It's going to come from a financial institute. And it's essentially applying to use their money for 30 days. And if you can get it interest free, you have free money for 30 days. So why would you use your debit card straight out of your bank account when you can use somebody else's money? So I can tell you that first card and how you qualify for it is so critical. And you need to do it minimum when you're 18 years old. So how to qualify? You just have to begin and you got to open up those browser and go into a Capital One. It tends to be pretty simple for individuals. I can also tell you from experience, I send a lot of people to those big box stores. Costco gives initial credit cards and even people would have really low credit. I've had them have high success there. So either way, whoever you pick as your first one, it's the application that's going to get you qualified. So a lot of you, and I want you to write this down, you're begging for money versus insisting the money. Like there's a confidence of saying, I make money. I deserve to have credit so I can build really your financial base, your credit and your, you know, I'd say your financial literacy. You're not going to say that to a credit card company, but you don't want to go in a begging attitude. That is the worst thing. And on your application, here's what most people do. They actually tell the exact demise that their life is in. You talk about how you've already used, you know, you've already screwed things up. You have huge student loan debt. Here's what you need to do. This is the number one thing you got to do. You got to talk about your income. What they want to know is that they're going to be giving a card to somebody that's financially viable. So if you're financially viable, you have to put in that you're making money. If you're not making any money, you can't pay them back. I know that sounds really simplistic to a lot of you. It is one of the most important pieces of the qualifying application. How much money do you make? Let me tell you a story. I work with a lot of student athletes, 18, 19, 20, 22 years old, never applied for a credit card. What we have them do, and you do it within a 24 to 36 hour period. You do it very tight. You apply for like three, four, five of them all together and you apply with income. So in this situation where I'm still working with student athletes, they are on scholarship. Most of them make approximately, let's say 900 to a thousand dollars a month. I'm teaching them to have a business on the side and get an LLC. So let's call that a personal training business. Easily would be making 500, you know, potentially extra a month. So I have the students go on and say that their minimum, that they're going to apply on new income is $18,000. So they're going to be a student. They're going to make $18,000. You don't have any prior histories. You do have to tell the truth because they're going to do a check on you. But the reason why you want to apply for several of them is they're going to do a credit poll and you want the credit poll to all happen at one time. One of the biggest qualifying mistakes is you do, you apply one card one week, you apply another card, another week, another month later, you apply for another one. That's, that's like really intense credit polls. So number one, it's going to take your credit down. If you do it all at once, you're going to get a, you know, a response back all at once. Now, whatever they come back with, say they give you a $500, they give you a thousand dollars, they give you $5,000. You want to pick up the phone immediately and call and say, I need to expand my limit. I appreciate that I got a card, but I wanted to expand the limit. So you want to kind of put them on notice that you're going to be active in this credit relationship with them. And that's how I want you thinking about it. They're a financial institute. They're giving you credit. You're going to be responsible. You've stated your income. And as you continue to grow with them, you're going to expect to have larger lines of credit. I have corporations. And if you are an LLC and S corp or C corp applying for your first card, it's a little different. I go to American express and discover first. So they tend to do a lot. I'd also go back to the box stores. Like I just, I know so many of my clients go to Sam's club or Costco specifically get individual and corporate cards. So you want as much as you can in the beginning, you want to apply for as many as you can all at one time. You have to do stated income. So whatever you state your income as it is individual. One thing as a company, you want to put your projected income. So I teach you how to make six figures. So for my business owners, I want them to apply for credit. And I want them to say that they're going to make a hundred, $120,000 in the next coming year. And they need to do business investments by using this card to do it. They need to buy software. They need to buy, you know, systems, teams, equipment, whatever you're going to buy with it. So that's how you qualify. And that application is pivotal to the beginning part of this relationship with the financial institute. So let's talk about how to choose a card. So again, it's up to you. A lot of times you want to go through the reward points. So I'm a huge fan of American express. I love the platinum level, black level. Those are, I mean, the benefits are extraordinary. Airlines give amazing benefits and the reason you want the benefits and I don't care which one you use, but if they don't have benefits, you're limiting yourself. For those of you travel, eat out, you know, you get rewards back on groceries. I mean, I don't know that there's a lot of cards that don't do it. It's too competitive of an industry and to not do it would be odd, but go for your best and go for the ones that are really going to suit your spending habits. For me and my family, we travel a lot. So I want airline points. Number one, I want hotel points. I want rental car points. I want all of that more than I want local restaurant points. So kind of assess your spending habits. The other thing I want you to think about once you qualify, because again, you're qualifying for a variety of cards. You should get a variety of cards. I want you to identify in the beginning, this is just so you get some good spending habits. Maybe the Discover you use for gas. Maybe the, you know, a MasterCard you use for groceries. Maybe you use your American Express for your travel. So identify a certain spending category and do your best to stay within it. That's personal and business. And you say, well, what if I have one card? Well, you got to get two. I mean, we are not going to let you commingle. And if you have a corporate card and they make you put your personal name on in the beginning, that's normal. So don't freak out about that. But within three years, you want your name off of there. You want your social security number off of there. They're going to probably want to see your spending habits and make you personally guarantee that you and your company are going to be viable for them to give you extended lines. As you make more and more money, you want to go back in on a regular basis, get a relationship with these companies, right? I know a lot of you think it's just this, you know, screen on your desktop or your phone. It's not. There's a human behind it making a decision. There is some technology behind it, but you want that relationship with that financial institute. So as you make more and more money, you can get bigger and bigger lines. I have students, including myself, that have seven figure lines of credits with credit card companies. And it's been a relationship you build over time. Now, for those of you who say, well, I can't get a card at all, start getting a card and secure it. So do a secured card, put down a thousand dollars, get a card with a thousand on it. You got to start using a credit card. If you keep using your debit card, it does nothing for you. All it does is take money out of your bank account, put your debit cards away, right? Get out your credit cards. It increased your personal credit, increased your corporate credit. It is imperative. See, when we think about credit cards and that kind of money that you're going to use, most of you think lifestyle debt. You think, well, I don't make enough money, so I have to use my credit cards to live on it. Now, I want you to think these cards at zero percent, that's free money. For 30 days, you get to use somebody else's money and you get to go make money on that money. So we talk about credit cards as a form of building wealth and good debt, where most of you have been conditioned that it's bad debt. And nothing could be further from the truth. When Susie Orman, Dave Ramsey, and the Traditional Institute say you shouldn't have cards, you should cut up your cards. Nothing could be further from the truth. And the more we get into this very technical cryptocurrency, digital currency age, you're going to transact on cards. You have to get used to them. So some of you are really, really been misled and totally wrong information in the use of credit cards and how to get the best card and get best credit. Now, before we keep going, I'm sure you're shocked. So I want your comments. What do you think about this? How are you feeling about it? Do you want to talk to somebody about it? So put some comments in the section below and then subscribe to my channel. Every day I'm here five days a week. So the first 10 to 15 minutes of every morning, I want to be in your phone, in your computer, somewhere where you're listening to me in the financial literacy conversation. So click on that bell. So you'll get notifications every day when we come live. So once you get these cards, let's just say you get four. How do you properly use them to maintain really good credit? Well, first of all, I want you to work with us if you don't know how to do it, but you really need six or seven cards. And I know a lot of people are going to say that's wrong. It is not wrong. We have credit experts on our team. It is absolutely correct. You need six or seven cards. I have many, many, many more than that. And I have personal cards and I have corporate cards and each company has their own card. But the way you want to then properly use them is you never want to be completely debt free. And I want to say that again, because I want you to write down, you never want to be debt free. So let's just say you have four cards. You pay off card one, use it for 30 days, pay it off week one. Then you start using again. Then week two, you pay off card two, start using again week three and four. So you always have money in the financial system. That's what builds credit is they know that you can make, you can spend, you can pay them off, you can use them properly. Don't forget to use those points. That's the other thing, too. Some of those points do go dormant. And if you are make light payments, you could maybe not get your points. So pay attention to those points. So when you pay your credit card bill, check on the points within the next few days. Make sure that you're getting what you have signed up for. Sometimes they don't come. Sometimes they come late. But those are going to be I treat them as money. You can buy airline tickets with them. You can buy hotels with them. So that's the benefit of having great credit and playing this strategy properly. And I'm not going to say play the game. It's not a game. It's a very, very specific financial strategy you need in your life for you and your family. So what we're going to do is you're going to click on the link. You're going to go get a quiz. It's going to take a few seconds to fill out. I'm going to tell you who you are. Some of you are debt junkies. Some of you are lifestyle junkies. And there's two other categories. From that, I'm going to send you out an application and I want you to fill it out. Take a few more seconds. And that will entitle you to a private conversation with one of my top team. And with that, I'm going to send you out two tickets to my marketplace. I want you to learn to make money and really understand how powerful credit cards can be and will be when you use them right. Talk to you tomorrow.