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June 24, 2024 - Fresh & Fit
01:13:33
How To Start A Business With NO MONEY!
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Thank you.
And we are live.
What's up, guys?
Welcome to Fresh Shift Podcast.
We are here with Andrew and Bessie.
We got a lot to talk about, man, how to get your stuff funny.
Let's get into it!
Let's go.
not just how to fund your business with no money, but we're also gonna talk about business credit cards as well.
Once you guys have asked for an update on business credit cards, it's gonna be probably the best one that we do for 2024, 'cause we've got an expert when it comes to business credit cards and getting your business funded from the beginning if you got no capital.
But before we get into that, guys, rumble.com/freshandfit As you guys know, that is the home base for us.
So, if we ever get canceled, you know exactly where to find us.
Rumble.com slash freshandfit.
And then, castleclub.tv, guys.
All of our content's over there.
Mo, I think, organized all the content into different playlists for you guys.
So, whether it's a Frank Castle, kicking out some annoying chick, or behind-the-scenes stuff, travel vlogs, all that stuff.
I think we might be going to Vegas this week, so you guys might get some content on Castle Club as well.
Yes.
There, do some IRLs and stuff.
It's all going to be there.
And then we also do Zoom calls.
I think we're going to host a Zoom call probably after this show with you guys as well to teach you guys about some more sauce when it comes to getting your business funded.
But anyway, without further ado, man, we've got a special guest in the house.
I appreciate you guys having me on.
Thank you.
No, we're happy to have you, man.
So, we know who you are.
Obviously, we met through Paul Alex.
For you guys, he was just here a couple weeks ago, guys.
18 Together.
Yep.
But we know who you are.
But for the people that might not know who you are, can you introduce yourself to the people, please?
Yeah, my name is Andrew Mbessi, and I help businesses get funding.
I mean, simple as that.
We focus mostly on 0% interest business credit cards.
We've helped over 3,000 people in the last two and a half years get more than $110 million in funding from the bank, so that's what I've been doing.
It was something that worked very early on for me when I got started with entrepreneurship, funding different businesses and investments.
And it just became something I started being known for in the circles I was in.
Because there was a lot of people who had this same problem where they were looking to get access to funding or they were trying to take advantage of a business or a mentorship program, and they didn't have the money to get started.
And so someone had helped me get access to credit.
And then I started helping some other people because at the time I was doing sales and I was a closer for another company.
And people were trying to buy this $10,000 mentorship, $25,000 mentorship.
So I started showing them the tips that someone had shown me.
And then I started seeing a lot of people doing this funding business.
And I said to myself, while I'm doing it myself, I might as well help more people with it because it's something I enjoy doing.
It's fun.
So that's how, you know, I started running my business.
It was just me very early on in the beginning.
And when did you start?
How long ago?
I started, I've been doing funding for four years and I started my business, like the first successful business I had, I started it in January, 2022.
Okay.
Wow.
So in two to four years, basically you've helped 3000 plus people and get them $110 million in funding for small businesses.
That's right.
Throughout 2022, it was really me getting really good at it.
I worked with about 200 people, and I was doing around 50-ish in revenue per month.
Not anything crazy.
I knew how to do sales at this point.
I knew how to do marketing, which we can talk about that stuff too.
For sure.
I knew a little bit about business organization, different divisions on an organizing board, which is so important for anyone watching if you're wanting to start a business.
You need an org board.
You need to know where people are in your company when you grow and expand your business so that way you know where to hire inside your business.
So I was able to sustain a one-man operation for quite some time.
And I think the thing that really motivated me to expand was my brother and one of my best friends, Paul, who were working for me at the time.
And they just were not making like enough money.
It was like me winning and the clients winning, but I wanted them to win too.
So that really gave me that motivation that, okay, I want to expand my impact.
I want to help more people.
So we finally, after a couple of months, figured out this hiring thing.
And we went from helping 20 to 30 clients per month to 200 a month within five months.
We just expanded the sales team, expanded the fulfillment team.
We were training all of them.
And so...
That happened going into 2023, and we've been operating like that ever since.
Wow.
So you've worked with a number of different small businesses.
Can you tell us what are some of the businesses that you've helped get funding, whether it's maybe a restaurant, an online business?
What are some of the common business industries that you've helped?
That's a good question.
I run into a lot of people interested in real estate, trading, e-commerce, a lot of the surface-level stuff that you see online, but I've worked with companies in construction or event planning.
Just any business can really get their hands on the kind of funding that we offer.
I think a lot of the business credit gurus out there really can be a little deceiving sometimes.
They're saying, oh, this industry is risky.
That matters when you're going to get bigger lending products like business loans.
But when you're getting a business credit card at a 0% interest rate, A lot of the time, the banks don't really care as long as it's not something completely risky.
By that, I mean it's not really going to cash flow.
The bank wants to get paid back.
They don't want to lend 0% forever.
It's really just an intro offer.
to open checking accounts, open other products.
And it's a very enticing offer to get people in the door.
A lot of people think about credit cards and they think about cash back and travel points and all this other stuff.
And one of the big offers that's overlooked is the 0% offer, which you don't have to have any proof of income.
You don't need any tax returns, no bank statements, none of that.
And you could get anywhere between $2,000 and $150,000 on a single card.
And you could even liquidate the card.
There's so much that you can do.
There's no origination points.
I've been offered before that same package as well.
But what are the base requirements for someone to get that funding, you'd say?
All they need is a good credit score.
That's it.
They just need a 700 plus credit score.
Okay.
And, you know, there's different ways that we work with people if they don't have a 700 plus credit score.
If something like credit card debt is the only thing stopping them from having a 700 plus, we have private lenders that pay down their credit cards temporarily.
Oh, wow.
So shit.
Yeah, I know.
We get really resourceful inside my business.
Okay.
When there's a will, there's a way.
Yeah.
And that's that's always something that's stuck with me, because if you really want to make it bad and I'm sure you guys have had the same, you know, mentality growing this business.
Yeah, it's like you guys really want it.
You're willing to figure it out.
And I think I've had that spirit being an obviously growing as an entrepreneur myself that I was willing to figure it out.
And I want to see other people figure it out, too, which is why I think I really just love doing this.
And I really like the fact that you brought up the two angles that you have for getting capital, right?
So you can go getting a bank loan, right?
A traditional bank loan, which they're going to want your...
Tax returns, they're gonna want everything.
Proof income, you gotta have two years of employment, et cetera.
Every time I apply for a mortgage, guys, when I buy a house, I gotta give them so much goddamn documents, because the housing crashed or whatever, and they're sensitive to lend money.
I gotta give them so much documents to be able to go ahead and get that loan to buy a house.
However, on your perspective, where it's like, look, you can get up to 150K, Off a credit card, which will allow you to get your business started.
And I really like the fact that you mentioned like, yes, a lot of these credit cards give you 18 months, 24 months, 0% interest.
So you can kind of, I don't want to say let the debt build up, but like you can let the, you know, Balance go up a bit, become profitable, and then start paying it back.
And then you also mentioned that you guys have, which is wild to me, you guys have private lenders that will temporarily pay their credit cards off so that they can get their credit score up to that 700 plus, apply to get the credit card, and then begin the process.
Yeah, I have a really good friend, his name's Curtis, and he has a debt fund.
So this is like his business is doing bridge loans.
They're very common in real estate, doing bridge loans.
And he has a different twist on it, doing it for credit cards.
And it's a huge opportunity for people that want to start a business.
They maybe don't have that much money in their bank account to get started.
And the only thing stopping them is getting the funding, but they have all this credit card debt.
I think the most important thing for someone like that, too, is say if you're one of those people who, you know, you're behind on some credit card bills and you don't have like a lot of money, but you want to invest in yourself.
The biggest thing that I've seen with just, and you've probably seen a lot of the same thing is with entrepreneurs, with people who want to be successful, the confidence that they have, the knowledge that they have, those are two huge things that they need going into it, doing something like this.
Because if they have a lot of confidence in themselves to make it go right, and they acquire the right knowledge in terms of business skill or whatever industry they want to get into, those things are just huge to back them up when getting into something like this.
Because the last thing anyone wants to do is just find themselves in a hole, like you mentioned And it's so important to be able to actually have that confidence and the knowledge to grow and scale business.
Okay.
I think a lot of guys want to have that business.
They have a good idea, they have good marketing, but they don't want to fund their business.
What about putting out money to get a mentor?
How does that work?
I think that's my favorite thing to do, to be honest.
That's really what I did.
And my clients ask me this all the time was, where did you invest your money?
And for me, I invested back in myself.
I invested in mentorships.
I knew that I needed to learn skills like sales, marketing, how to run a business, because these are all fundamentals of growing and scaling a business that's successful.
So I think mentorships is just like the best route to go.
Like if you're watching videos, you can only get so far.
But when you're actually working one-on-one with someone who's done the things that you want to do, it just makes the path so much easier for success.
Because looking back now, what I would do, just start over.
I would have the idea, find a mentor in that space, get the funding, pay the mentor, and then teach me all the shortcuts that he would have went through in the past.
That's what I would do.
It's true.
Not to mention you get to utilize their network a lot of the times because they have masterminds and meet other people that are like-minded, etc.
So, sorry, you were saying?
No, it's true.
And I didn't know this in the beginning and I found myself, I had $10,000 in my bank account back in like August 2020, right?
I had $10,000 and I just blew through all of it in a month buying all these courses online.
And I didn't know to go look for a mentor.
I didn't know to go look to work one-on-one with someone.
And that was one of the harder lessons I learned in the beginning.
And fortunately, I just didn't give up.
I said, I'm not going to let these mistakes stop me from accomplishing what I set out to do.
I didn't come that far to turn around, even though it was only a month.
But I'd started seeing things and seeing other people having success.
And I was thinking, well, why can't it be me?
I work so hard.
I'm smart.
I can figure it out.
So...
I had to learn that lesson really early on the hard way.
It's not buying these small courses.
Be willing to pay a little bit extra, even if it's $10,000 or more, to go work one-on-one with someone who knows what they're doing.
You're going to thank yourself later.
I know it's a leap of faith.
But it's just so much more worth it that way.
Yeah.
So take us through, I guess, the process of how one can do this.
We got a little bit of your background, the importance of getting capital to start up a business, especially in today's day and age.
How could someone go about doing this?
Yeah, and I like what you say there, too, because I've been working a lot with the Cardone guys, like Brandon Dawson, and this guy is so smart.
He said that 97% of businesses fail within 10 years, and there's three reasons why they fail.
It's number one, it's a lack of good people.
So there's a lack of good people inside your business, or you can't find good people, they're disengaged, they're not really there for the mission, vision, values of your business.
Number two is lack of product demand.
Like your product is just not good enough.
People don't want to actually go and buy your product and there's not enough people out there.
So that's number two.
And number three is a lack of working capital.
So they don't have enough capital to actually start or scale a business.
So if you're someone who actually wants to go through these steps...
Cash is so important when you're starting out.
I wouldn't even use your cash because you definitely don't want to not have cash.
It's important that you could leverage these 0% business cards.
When I started the business in January 2022, I had $5,000 cash in my bank account.
I had...
Maybe like $80,000 of credit card debt actually and $20,000 available.
So what I did was I took that 0% and I started just throwing a little bit of money at the Google Ads.
I would get a sale, make a little payment, get a sale, make a payment.
And the $80,000 because I invested in a ton of mentorships and stuff, right?
Yeah.
You know, pay a little bit back and then all of a sudden like the numbers like reversed after a few months and now I had like 50 grand in my bank account after a few months and no credit card debt.
Yeah.
So making those minimum payments were sweet.
So to answer your question, I know I want no interest.
With no interest.
Which is important.
No origination points, didn't have to show proof of income, none of that.
Just had to have a 700 plus credit score.
A lot of people don't know that the banks are giving out free capital at 0% interest rates because it's an offer that's very often overlooked.
Everyone thinks about credit cards and thinks cashback, thinks travel points, but they don't see the 0% offer and they don't think that they can liquidate the credit too.
You could actually charge the credit card as a purchase, get the money out, and use the money for real estate deals and all this different stuff.
But that's step number one is having the 700 plus credit score.
Okay.
So step one is have a 700 credit score.
Yeah.
Step number one, have a good enough credit score.
I always tell my clients that give the bank no reason to say no.
Right.
Make your credit as good as it can be.
700 is 100% doable, by the way, guys.
If you just pay off your credit card debt or get down to a low balance, you're going to shoot up to high 600s, low 700s.
Yeah, definitely.
You know, it's really simple.
Just be on time with your payments.
Like, the minimum requirements we usually see for people is, like, 700 credit score, less than, like, 20% or 30% utilization per credit card.
Ideally, they have no late payments, but I've still been able to make it go right for people that have maybe one or two 30-day late payments.
Yeah.
As long as they have the 700 plus, you know, they own at least one credit card for at least a year or two.
And these are like bare minimum.
They're not going to get crazy $150,000 credit card results, but they'll get something.
And I only had 20,000 when I started.
So that was game changing to me.
And so the first step is 700 plus credit score.
Number two, if you want to get business credit, now the benefit of having business credit is that it doesn't report to your personal credit score.
So you could max out an entire business credit card, and it does not report to your personal credit like these personal credit cards do.
So that's huge because that helps, especially down the road.
If you want to continue getting more credit, your personal credit score is good.
And that's really all they're looking at.
Like I've worked with clients where they've had like a maxed out, like Wells Fargo card.
and will just go and apply for all these other different banks, and they won't check to see if there's a maxed out card with this other bank.
So they really only look at your personal credit.
So that's why I emphasize so much.
Really, it's your personal credit and your LLC.
It could be a day old.
Yeah.
It doesn't matter if it's like brand new, like I'll get someone's EIN on a zoom call.
And like 10 minutes later, we're applying for a business credit card and they'll get like a 2000 or $25,000 limit, just depending on their credit and their bank relationships.
So that's step two is just having an LLC, an S Corp, a C Corp, right?
Just having those articles of incorporation or an EIN. And an EIN letter.
What's an EIN number just for the audience?
An EIN is like your social security number for your business.
It's just an identification number for your business.
So those are the first two steps.
From there...
Really, just look for the best strategy at each bank.
Now, everyone has a different funding plan of different banks that you'll go and apply to.
For someone who lives in Florida, it's going to be different for them than it would be for someone who lives in Montana.
Shout out Matt.
He's like one of my top guys.
Because they'll have different offers there and benefits in different states that you might not necessarily have available to you in a certain state.
Yeah.
Okay.
Yeah.
So different banks do different regions, right?
So take Truist, for example.
They're only in 19 states.
They're only in the southeast area of the country.
So someone who lives in Oregon or Washington or Idaho, they aren't going to be able to apply for Truist unless they have a southeast LLC. And even more, you've got to know how the banks work.
Yeah.
Yeah, it's really what I'm getting at here is that with a bank like Truist, for example, like they're super huge on fraud and they have policies in their bank where they're very, very tough in terms of applying remotely.
You have to go into the bank.
OK, so.
For someone who lives in Washington, they may not have that same luxury as someone who lives in Florida.
And we typically get pretty good results from that bank.
Sometimes people get $10,000 to $25,000 per card with that one bank.
Wow.
I mean, look, if you only want $50,000, that's just one bank.
But there's different strategies, right?
So it's important to understand the best strategy for each bank.
And that's what you're doing in the third step.
So let me ask you this then.
Okay.
So let's go into a scenario just so the audience can kind of...
Because I'm sure a lot of them might be in a situation like this where they want to start a business or whatever.
Let's say they need $10,000.
Yeah.
Right?
And they're like, you know what?
I want to get started on my business.
I need 10K to start up.
I got the 700 credit score.
I got my EIN number.
I'm ready to apply.
Let's say they live in...
Florida.
And then we could do a scenario for California, then we could do a scenario for New York.
And then Texas, some of the most populated states, right?
So no matter where you are, we got you guys right now.
How should they go about listing this scenario for Florida?
They need $10,000.
They got their EIN and the 700 credit score.
How should they go about getting that 10K? Yeah.
I would honestly just keep it very simple.
Like, you know, really when you're trying to stack and get a large amount of funding, you're going to all these different banks.
Okay.
Right?
But if you're just looking for maybe one card, because you could get $10,000 on one or two cards.
Yeah.
I would just say some good personal cards, for example, or like Discover.
They usually give a limit between $2,000 and $15,000.
Oh, so you don't even think they need to get a business credit card?
They could.
If they want a business credit card, I would say two solid places I really like are American Express and I also like Chase.
Yeah, of course.
We all have Chase over here, man.
So if they want 10k, go ahead and get Amex or Chase.
Would this be a personal credit card or a business credit card?
They could get a business credit card.
A business?
Yeah.
Which cards would you suggest that they get if they're like in Florida?
Like an Ink Unlimited or the Blue Business Cash with American Express.
Blue Business Cash for American Express for the 0% for 12 months.
They also have really good welcome bonuses.
And then for Chase, either the Ink Unlimited or the Cash.
It doesn't matter.
At that point, now you're picking which cashback benefits am I going to get the most value with.
Okay, so Blue Business Cash, Ink Unlimited.
And we've talked about those cards too, both fantastic cards.
And both of those have, how long, like a year, maybe no interest?
Yeah, 12 months.
Both of them have 12.
Yeah.
And are there limits on them?
Because I know the business cash, if I'm not mistaken, is a charge card.
So you can kind of run it up.
So the blue business cash is like a traditional lending card.
It's very traditional, has a credit limit.
It's the business gold and the business platinum, business plum, business green.
And the charges.
Yeah, those are the charge cards.
Yeah, those are the ones that you have to pay in full every month.
But those...
Those are awesome for ad spend and different things like that.
I'll use my gold card for all my ad spend.
I'll get four times points and travel for free through the whole year.
Now I've actually switched to the business premiere with Chase.
I really like that card because I get 2.5% cash back on purchases above 5,000.
And I'm dumping a ton of money into Google ads.
YouTube ads have been my number one way to get leads for my business.
I've spent, what, maybe like $5 million on YouTube ads.
Holy crap.
Shit.
Yeah, over like 35 or 40 million views on my ads on YouTube.
So, like, the bill I usually get is $50,000, right, with YouTube.
And so I'll use this 2.5% cashback card, and what is that?
That's...
That's like $1,250 cash back on a $50,000 bill.
How much money you're going to spend anyway?
That benefits you.
Yeah, exactly.
I'm getting all this cash back every month with that card.
And new customers as well.
And new customers.
See, that's why I saw you for the first time.
Some of your ads online.
That's crazy.
It works.
Okay, so the Amex and the Chaser, the Blue Business Cash, and then the Inc.
Unlimited.
That could work anywhere, whether you're in Texas, Florida, California.
Let's say, because you mentioned something about regional banks, which I think would be, I don't know if that's too much sauce for the people.
That might be for the private Zoom call.
Okay, can we share?
You gave Truist earlier.
I'll get it.
Yeah, I'll give you some.
I'll give you some.
Okay, yeah.
Whatever you can disclose and then go ahead.
So what banks can people go to?
So that would be like a good one, right?
And, you know, I think the best answer for just a wide range of people is just look what's in your area.
And the best way to find out, and look, there's going to be a little bit of work involved with this, is just...
Actually being confident in just approaching a banker and asking them questions.
I think a lot of people think that bankers are standoffish and that they don't want to let you in.
But relationship managers and bankers are incentivized on you opening an account with them.
That's their comp plan.
That's their incentive bonus.
With my Chase relationship manager, and oh my goodness, we wrote a...
They recently just actually made the policy a little bit stricter with our relationship manager that he can only take clients inside his footprint.
So he was in Kansas, but he was helping us with all 50 states.
He opened over $30 million.
I think, actually, no, it was over $70 million.
When he sent his, like, goodbye text, he was like, we did it, $70 million, that's it.
And I was like, oh, man.
But what I was going to say with this guy was that he...
Dang.
There was something I wanted to say about him.
Building a relationship with the banks, keeping the footprint.
Yeah, yeah.
Like, oh my god, this is insane.
The guy got so incentivized for helping our clients get business credit cards, this guy was making an extra 80 grand a year.
Yeah.
Oh, okay.
Like, helping people open up business credit card accounts.
Yeah.
This guy is incentivized to go and do those applications for you.
No one knows that.
You're going to run into some awful bankers that aren't really too friendly, and you'll just have to pick up the phone and call a different branch.
Okay.
Just out to your point as well, I've seen it where the not-so-conventional things that they can't really do, if they're cool with you, they'll say, you know what, make a phone call, bend some rules for you.
Obviously, legal rules, but the best rules for you make it happen.
So that's a good idea.
Yeah, totally.
I mean, look, they're totally open to explaining not, like, every single detail about their underwriting process, but they will tell you what credit score you need, do you need to have a bank account, like, very simple stuff.
Can you tell the audience how they should build that relationship with that banker?
What's, like, one of the best ways to do that?
Yeah, I think just, you know, have...
And I think sales is a really important skill, too.
Not that you need to sell the banker, but just practice your communication.
You know, just know what you want to say when you hop on the phone or walk into some place, right?
Like, hey, my name is Andrew, and I have a business that, you know, we help people grow and expand their businesses using funding.
I was looking to get a business credit card and just want to know what are the requirements needed so that way I could, you know, get approved.
Just simple.
A simple introduction, introducing yourself.
Would it be better to...
Because you mentioned some of these banks are regional, etc.
You mentioned Truist, where you have to go in person to go ahead and open a bank.
Would you say that's the best practice for some of these other banks as well as going in in person and saying, hey, I want to open up a credit line with you guys?
That's a good question.
So there's three methods to get business credit cards in a very effective way.
Number one, you could just apply online through the algorithm and that might just be the only best strategy.
Number two, you could do it remote or with a relationship manager.
So that's working with someone who works at the bank.
These are often difficult to get in touch with.
It's not like very simple to get in touch with because normally they're working with businesses that do over a million dollars a year.
So they're not readily available.
There's the relationship manager and then there's the business banker.
These are two separate job occupations.
So you want to get in touch with the relationship manager, not the business banker.
The business banker is good, but they may just simply do an...
Online application with you, which is kind of a disservice because there's some banks out there where you could do the online application, get $10,000, or you could do relationship manager and get $50,000.
So it's very important to actually study and research.
And sometimes the bankers- Will they let you talk to that relationship manager though?
Or would you have to show proof that your business generates a certain amount of money for them to even let you have that conversation with them?
So the trick there is that you just have to call more banks to get in touch with the people you want to get in touch with.
Okay.
All right.
So, hey, I want to speak to a relationship banker.
And then hopefully you just try enough times and you'll maybe be able to get one on the line.
Exactly.
They're very difficult to get in touch with.
Sometimes they don't talk to everyone.
You know, we've really nailed down some, like, internal strategies to really get a hold of them faster.
Like...
When we got that news from our Chase relationship manager, Gabe, as soon as we got that news, within a few hours, we had like 15 more lined up.
Like quality guys.
Because we just know how to do it now.
And we've kind of worked through the strategy.
We know the questions to ask.
We know how to get in touch with them.
And there's different ways to get in touch with them.
But that's the second way.
It's just remote relationship manager.
And what was the third way?
First, apply online.
Second is apply remote.
Try to find a relationship manager.
The third is just walking into the branch.
It's just as simple as that.
Because, like I mentioned with Truist, they have very strict fraud policies.
Like, there was a time back in 2022, everyone was applying, like the credit community especially, was applying for all their cards online.
Like, I was part of it.
And, like, I got three Truist cards with one inquiry all within the span of 10 minutes.
Damn.
Oh, shit.
And how much credit was available to you?
At the time, for me, it was only $6,500 per card.
That's still a lot.
That's still $20,000.
Yeah.
At the time, that's awesome for me.
Now I have higher limit cards, right?
Of course, of course.
But that was awesome for me.
And so I got $6,500 per card, and then a couple months later, they shut their systems down online because everyone was taking advantage of this loophole.
So I was even doing some online business card applications with people, and that stopped too.
So I had to start sending them all into the banks.
And there's really no one who's doing it remotely right now for that bank, for example.
So you have to walk in, and sometimes you run into bad people there who are not very helpful.
Okay.
And you said that's a southeastern branch, right?
Yeah.
So all you guys that are down here in Florida, Georgia...
The Carolinas, I'm assuming?
Yep.
Everywhere from New Jersey all the way to Texas.
Oh, okay.
It's in that kind of square area.
Reaches all the way to Indiana.
Not Kansas.
So it's in that area.
So Truist has some of the best terms, but you're going to have to walk in and get them.
That's right.
Okay.
And what cards should they, just to give these guys some free value, what cards should they look at to apply when they walk in there?
Yeah.
They have a couple of business credit cards.
They have two business credit cards that have 0% offers.
One's a 12 month and another one's a 9 month.
So, I mean, I always just look for the 0% offer, especially when I'm getting started, I'm going for the 0% offer.
Okay.
So ask them, and as you guys know, credit cards, offers always change.
So instead of saying, I want this particular card, it's better to ask, what cards do you have that have a 0% intro APR? Yes.
Yeah, exactly.
It's probably what you want to ask.
Yeah, exactly.
Okay.
No, it's just funny because I remember my first time walking into Chase, right, I was almost like, damn, am I going to get approved for this card?
And funny enough, they gave me my first personal credit card, Chase Freedom.
From there, I met the manager there.
We became pretty cool.
And then I remember when I got into business, he was like, yo, listen, I see your account was going up.
Whatever you need, let me know.
But I built a relationship before when I first met him the first time.
And over a period of time, a couple years, whatever, we became cool.
And when he had a business account, he's like, you know what?
I got your brother.
So you're right.
But that relationship helps a lot.
Yeah, it does.
Yeah.
Yeah, because they want to be there for you.
They want to do business with you, especially the good ones.
There are some that are just there because they have to be there.
And it's not because they want to be there and actually change lives.
And you want to find the relationship managers that want to change lives, who actually enjoy their job.
Because there's a lot of bankers out there that don't like their job.
But you know what I did too?
Once I started making money, I invited him on a yacht to go out to dinner.
It became really cool after that.
Oh, that's sweet.
Helps a lot.
You know, it's so funny.
I did the same thing.
Oh, you did?
There's a video on my YouTube with my relationship manager, Gabe.
We flew him out from Kansas.
Because, you know, he was helping us so much and he was helping our clients so much.
So we were like, yo, you got to come out on the yacht.
I own a 72-foot Azimut.
Nice.
Okay.
Nice.
That's a big baller.
Nice.
I like that.
Yeah.
Nice.
So, yeah, we had him come out.
We did, like, a little podcast.
We did, like, a little Q&A with him to answer some FAQs that people usually have about business credit.
And, yeah, he came out and met a couple clients, met some of the team.
It was a fun time.
Sweet.
So we got here basically how to – the things to have in place, right, is 700 credit score.
Get your business EIN, and then you can go ahead and, depending on how much money you need, we talked about with Amex and Chase, if you want to get like, you know, 10,000 or whatever, and then we also talked about Truist.
What if someone wants more money?
Let's say they need 20, 30, 40, 50,000 dollars.
How should they go about that?
Yeah.
I mean...
I obviously have a program, right?
Yeah, yeah, yeah.
For what you could disclose, of course.
For sure, for sure, of course.
Well, I mean, really it comes down to a lot of what I just mentioned, right?
Is discovering what the best strategy is for each place.
And each place has a different maximum exposure that they're willing to lend to someone.
Right?
Some banks are only going to be willing to give you up to $25,000.
Some banks are only going to be willing to give you up to $50,000.
Some banks may only come back with $3,000.
And if you're someone who's really trying to stack, like maybe you're trying to flip properties or maybe you're trying to, you know, do Amazon or something like that.
Something that's super heavy cash flow and you need money.
Yeah.
A food truck.
A food truck.
Something with like a restaurant where you're dealing with like, you know, you got to buy, you know, you got to have a location, etc.
Yeah.
Yeah.
Look, the big key here is that you just really need to be well equipped and know the best strategy for each bank.
Normally, someone's funding plan consists of six to 12 different banks.
And, you know, there's a certain order you apply.
There's, you know, there's different strategies for each place.
So, you know, and sometimes I think for a lot of people, when they start doing it, and I'm a victim of it myself, you get a little nervous because maybe the first card you try, you're like, oh, I did all this research, I'm going to do it.
And you apply for that first card and you get denied and you're like, oh, what's going on?
Yeah.
And you're uncertain.
You're not sure if you're actually going to go through the whole thing.
You've got to prove it.
You start getting rattled in your head.
And this actually happened to me back in November 2022.
This is when I was making around $50k a month.
I had maybe $40k in the bank.
And I wanted to scale to the moon, right?
And so this was like the final best time I used 0% credit.
And so with that, right, I started applying.
And so I did one card and I got denied.
And I was like...
Oh, this is strange.
Yeah.
And at the time, I just helped like 100 people do the same thing.
And I knew my credit score was good enough to do it.
And I got denied for the first card.
And I was like, this is weird.
And I had to remind myself, I'm like, dude, you've done it for, you know, like 100 or 200 people at this point.
Yeah.
You know what you're doing.
Trust the process.
Exactly what you tell your clients.
Trust the process.
Go through it.
You know that you're going to get good results.
I ended up working with three banks that got me around $115,000.
That was the last time I did a 0% credit stack.
At the time, I knew what I was doing.
But having the experience of helping all these people...
Do you know why they gave you a no?
No idea.
It didn't make sense.
That's the problem with applying online, man.
It can be very hit or miss.
It's a system in place.
It's automatically done for you, right?
Yeah, exactly.
It's just really knowing the best strategy for each place.
It sounds very simple, but it's very important.
Would you suggest, because you mentioned like, you know, kind of credit stacking, applying for different cards, right?
And this is probably all gonna be done during a period of time where, you know, you get one hard inquiry, right?
Like you're applying for multiple cards at the same time.
Like, would you suggest like that people should implement a strategy where it's like maybe one in-person credit check, one in-person credit application here, another one online, maybe another one here.
Or should it all be done online?
Does it trigger certain things in the algorithm if you do everything online and none in person?
How should people go about this if they're trying to stack getting their credit cards where they want one card here for $5K, one other one for $10K, another one for $50K? It's knowing what you're going to get from each place and what bureaus they're going to pull from.
The best way to answer that question, because it's kind of like, I think, in my mind, two questions in one, right?
So it's like, how do I know how many banks to go to and what do I do?
So each bank pulls from a different bureau.
So normally we like to stick to around two to three inquiries per bureau.
And for the people who have really good credit scores, they can go and hit four inquiries per credit bureau, right?
Like this bank will pull Experian, this bank will pull Equifax, this bank will pull TransUnion.
And that stuff is very important to know.
You know, because in understanding the credit score requirements, things like that, understanding the exposure that each bank is going to give you.
How'd you find out?
A lot of research, man.
That is tricky, bro.
It is tricky.
It takes a lot of time.
Even in the beginning for me, I was learning all this stuff.
I wouldn't say I had a mentor actually who taught me this.
I just had a lot of experience.
I saw some YouTube videos.
I had someone who taught me a very simple strategy in the beginning, and then I just expanded on that strategy.
It was a very simple personal credit card strategy that I expanded into a business credit card strategy, and then I just got resourceful on my own to figure out what's the best strategy for each place.
It's not even just simply maybe one in-person, one this.
I think the most...
The best way to go about doing it is figuring out what do you need and if you don't want to open up a ton of credit cards, how many places do I need to go to?
Which place is likely going to give me the most here, the most there?
Oh, maybe not this place because it's not going to give me a lot.
So it's really just planning around what are the best places to go.
Should people be aiming to go to the big banks, you know, the Chase's, the Wells Fargo's, the Bank of America's, et cetera, or should they be going to try to go to these smaller credit unions like a Truist or whatever that might give better terms?
How should they go about it?
That's a very good question.
It's understanding who the bank wants as a client.
Okay.
Because some banks are not going to take people who have those bare minimum requirements that I mentioned earlier, right?
Like a 700 plus, one year of credit history.
There's many banks that will not take that.
So it's important to understand what each bank will want.
So there's some banks that are going to be stricter than others, and some will be more lenient, of course.
Can you give us one bank that someone that has these bare minimum requirements can go to and at least have a decent chance of getting approved for a business credit card?
I would say Truist is a good one.
Truist is a good one.
That's probably one of the easier ones, for sure.
Okay.
And that will give them somewhere between $5,000 to $20,000 capital, depending on what they apply for, what offers they got going on at the time, etc.?
Yeah, exactly.
Okay.
He don't get no secrets.
Actually, Castle Club.
Yeah, yeah, yeah.
Castle Club will go into more detail on some of this stuff.
If you guys got questions, I don't know if they do.
Let's see here.
Okay, King Bruno says, what do you say?
Guys, thanks for the value you provide.
Quick question.
How can someone in California start credit just using their ITIN, individual taxpayer identification number?
That is such a good question.
And it can be very tricky because we've had people that have gotten results with an ITIN. And we've gotten people who have not gotten results with a niatin.
So it can be very tricky.
So the number one thing is really leveraging a lot of the tips I gave here is, you know, calling the bank and actually figuring it out.
You know, if you decide, like, maybe if you want to reach out and, you know, I can maybe take a look at your credit profile and see...
you currently have what your credit scores are it's going to vary based on the person but if you have like a if you're demonstrating good borrowing history that's the most important thing that's really where they make their decisions i would say at least 70 to 80 percent really comes down to your personal credit score the rest of it is like what kind of business are you getting yourself into okay okay um what about uh does this stuff like work internationally are Are we talking Canada or UK or any of these other places?
Or is this exclusively an American thing?
thing that's a good question too so a lot of the all the funding that we do is american there are banks in canada the uk australia there are banks in those countries that do have zero percent offers they're a lot harder to find sometimes they're two percent interest or four percent interest um and that's the promotional offer but that's still pretty nice yeah and the cap the cashback offers aren't really as great it's better than the 20, 17 to 20% that they normally would charge you for a credit card interest.
Yeah.
Yeah, totally.
So I know like, for example, like in Canada, like TD Bank has like a 4% credit card offer.
I know this because I had one time someone interviewing with me and they were telling me about this TD 4% intro offer.
There's a Scotiabank credit card that has, I think, a 1% intro APR offer for six months.
So these other countries offer it too, they just might not offer 0%.
They're not as great as the land of debt.
Yeah, yeah.
The United States was built on that, so that makes sense.
Yeah.
What else do we got here?
Hey guys, get your questions in now while you guys can.
We're going to go into a Zoom call here as well where we're going into way more detail with some of this stuff.
Yo, Myron, do you think it's a good idea to get a business credit card and use that money to invest in an ATM? Okay, that's a good question.
That is a good question.
Because Paul Alex obviously has the ATM business.
What's your thoughts on that as far as getting a business credit card to fund maybe getting your first ATM? That is a good idea.
I think the best way to use 0% business credit cards is to get a return on investment before the end of the introductory period.
Because you don't want to start paying interest after 12 months.
So for someone like that, get very strategic.
There's cards that will do 0% for 18 months.
And just do the math.
Because if you're going to be able to pay off that ATM... Within, you know, however long it takes, now you have that asset.
And I think Paul was telling me that the average lifespan of an ATM is, like, at least five to ten years.
Yeah.
Which is pretty nice.
Yeah.
Like, that's gonna be a nice, like, cash-flowing investment.
Another thing I think he told me one time, too, is that buying the machine is also a tax write-off, I think.
Yes.
There you go.
Yeah.
So, that's a good investment.
I'm trying to remember what he said it cost altogether, all in.
It was, like, $7,000 or something like that?
All in to have the ATM and everything.
Because you need the...
The actual module.
I think, yeah.
Well, to go through him and do it, everything is 10K, I think.
Yeah, 10K. 10K, everything.
They set it up.
They put it for you.
The money, everything.
They handle all that shit for you.
They LLC, all that.
So, I mean, you can go ahead and get a business credit card, fund that, and you'll probably, within 12 to 18 months, which is the intro period for a lot of these APRs, you could pay that back depending on where you put that ATM and how profitable it is.
Yeah.
It's a cushion, honestly.
Yeah, it's true.
And guys, Rumble's having some issues right now with notifications and as well the video.
We understand that.
So if you came in, you saw it late because they saw an hour before we, sorry, after we got started.
So people didn't see the notification until now.
Oh, shit.
Okay.
Interesting.
Okay.
What else do we got here?
But we're still live on all the platforms.
Okay, can I do the same as Canadian in the U.S.? Because they only give you 1%.
They won't give you...
Yeah, that's exactly what we said.
So they do have cards like that in Canada, but the interest rate might not be 0%.
It might be 1% or 2%.
But guys, 1% or 2% on a credit card is fucking insane.
It's nothing.
You guys got to understand that most credit cards are typically...
Between 13% to 30% interest rates, depending on, you know, because it fluctuates all the time.
That's what they have in those little terms of service, which is always, like, super small.
So a 2% to 3% interest rate on a credit card is low as fuck, man.
That's basically free money.
That's pretty good.
What else do we got here?
We got Grimley.
Grimley says...
Does it matter what kind of business you're trying to start to get funding?
You mentioned that earlier.
Oh, yeah.
No, actually, it's not really a huge deal, right?
I think get very exact on your NAICS code.
This is like a very detailed answer.
This is like a super in-depth answer.
But your NAICS code, right, just understanding the business industry that you're in is...
What is that?
I'm sorry.
Yeah, what is that?
It's a six-digit code that...
It's on your tax returns, too, actually.
Okay.
NICS code is what it's called?
N-A-I-C-S code.
It's how your business is classified by your industry.
Oh, okay.
So you guys would probably fall under something like education or media, right?
I think education is like a 6-1 N-A-I-C-S code.
It starts with the first two digits being 6-1, or it could be like a professional services business, which starts with a 5-4.
So understanding your N-A-I-C-S code is pretty important.
Okay.
Wow.
All right.
Going back to it.
So that depends on what kind of funding you're trying to get.
Okay.
Red Pill Overdose says, I plan to freeze all three of my credit bureaus to accept pre-approvals for the Capital One, Quicksilver, Saver One, and Venture Rewards at once within seconds, so it won't be a hard inquiry.
Is that possible?
That's a good question.
I don't see there really being any, yeah, freeze your credit.
You can do that.
Yeah, so, yeah, yeah, definitely.
Well, you can speak to it, but I think that avoids you having to deal with issues for your credit in real time, but you can tell them about it.
Yeah, no, exactly.
So you can actually freeze your credit, you can lock it, so that way no one could, say, take your social security number and start applying for things without you knowing, right?
Because if you freeze your credit, the bank can't pull your credit and they can't make a decision on whether or not to lend money to you.
Yeah, so whenever you want to get a loan or get something done, you call them to unfreeze it, and then you go do it, and then freeze it again.
It's like protection, just in case.
It's like a shield.
It's kind of like fraud, for example.
If you got doxed or some shit like that, you would want to do that.
Happened to me, I had my car parked at my old spot in the hood, and then broke into my car, stole my social security number and everything.
Oh my god, that's crazy.
Yeah, I know.
Back in the day, I was done for that.
But I froze it, and from there, I've been good ever since.
Okay.
All right.
Let's see here.
What do we got next?
What is the path to the Amex green or plum or whichever is easier to get?
I'm trying to get no limits on spending.
Good question.
Oh, I like that.
I think just to even kind of take it a step further for you, look at the cashback.
Look at the points that you can get.
Think about your spending categories, and they're normally very easy to approve charge cards.
Step number one is make sure that your credit is as good as what it can be.
Give yourself the opportunity to present your resume as good as possible.
Think of it as you're applying for a job or something.
You're going to the bank.
You want to show your best version of yourself, which means lower your credit card debt.
Lower your utilization.
Make sure that everything is all good and straight there.
And they're really easy to approve these charge cards because they have annual fees.
They're willing to lend those cards out.
Like, it's very easy for...
Like, a lot of us probably get...
You guys probably have, like, high credit scores, too, I guess, right?
Yeah, yeah.
We have Amex, Golds, and Platinums, some of my favorite cards.
You guys are probably getting those offers in the mail all the time.
Yeah.
It's actually, I think, easier to get those cards than, like, the Blue Business Cash or the Blue Business Plus.
Because it's got an annual fee.
Like, if you're not using the card, American Express is making money, right?
They're only losing money if really you're using the points and things like that, which I use all those points.
You're the worst and best customer at the same time.
Yeah.
That's right.
What do we got here?
So yeah, so those charge cards are easier to get, my friend, contrary to popular belief.
Trayvon says, Andrew, speaking off facts, Truist is one of the best banks to have.
I have a credit card and business checking account with them.
Make sure you have a good credit score and you will be fine.
The name used to be BB&T until they change the name to Truist.
Thank you, Myron and Walter, for the money Mondays.
We got y'all, man.
Give you guys some sauce.
And we're going to give you even more, guys, on the Zoom call.
Obviously, we're not going to talk about everything in crazy detail.
That he can go to behind the scenes.
Does the length of time you maintain a good credit score impact eligibility?
For example, you are 652 months prior, and then you shot at the 740 and applied immediately, or is it only based on your current scores?
That's a good question.
No, it doesn't matter.
And this is really where the bridge loan comes in, right?
Because it sounds like for this person, they probably paid down their credit card debt, And then their credit score shot up 100 points.
Yeah.
So, yeah.
It doesn't matter if, like, a month ago you had, like, a 500 credit score.
Like, all that matters is how you present yourself in that, like, that moment in time.
That moment when you apply, right?
Yep.
Okay.
Okay, yeah, and that's why temporarily paying it off or bringing your utilization down is so powerful, especially if you're going to get ready to apply.
And then I think that's also why it's so important, like, when you have that window where you're applying, like, do that application with all these banks and or credit cards in that time period, right?
So it all counts as one hard inquiry.
Because I think another mistake guys make is, like, they'll apply for one card, wait a month or two, apply for another card.
It's like, no, do everything all in one shot so it's just one hard inquiry on your record versus, you know, trying to stagger it.
And they think a lot to fall off, too.
SauceGodFPS says, Chris, look into getting the chaotic truth on the show.
Try DMing you on Twitter, but your bum ass got your DMs off.
I know you're finna take this.
Oh my God.
I don't know who the chaotic truth is, but...
Boys, been with a girl for four months.
She wants to be official.
I'm not ready for that.
Don't want to lead her on.
She's great.
Just not ready to commit right now.
Should I cut her off?
Don't want to drama or karma.
Just tell her what it is, bro.
And if she chooses to stick by you, great.
If she doesn't, then to the streets she goes.
Yeah, bro.
You don't want a headache.
Yeah.
What do we got next?
I've been there.
Oh, I saw this guy, Shaw Ish Moe says, if you have $30,000 on your lap as a beginner, what should you do?
This is a good question.
So he has $30,000 of capital, right?
But he's trying to, I guess maybe he wants to start a business or whatever.
Should he use his own money or should he apply for one of these business credit cards or go to one of these banks and get money versus using his own capital?
Oh.
You already know my answer.
I'd rather use other people's money.
Even when I had 40,000, right?
There was a mentorship I wanted to buy.
This was back in November, 2022.
When I had 40 grand in my bank account, I was presented with an offer that was 40,000.
And I was like, I'm not touching my cash.
Screw that because I'll use that cash to pay back the credit card over time and make those minimum payments.
Plus I need that money for payroll and all this other stuff to pay my brother, my friend, Paul.
So don't obviously use other people's money is the best way to go about it versus using your own capital.
All right, fair enough.
I mean, I say the same about real estate.
Real estate is the same thing.
You can buy one house all cash like an idiot, or you can buy four houses, spread that cash that you have, and use the bank as leverage.
And some people say, well, I don't want to...
Pay interest rates, whatever.
Well, bro, those four houses are gonna give you- More depreciation.
Yeah, more depreciation, more cost segregation.
So, though you might not get as much cash flow because you only put a portion of what's required to get the property, the tax benefits that you get are, you know, almost four times as much.
And that will, in the long run, save you more money.
So no more cash properties?
And you control more assets.
Like, it's a no-brainer.
So I would say same thing with using credit cards.
I want to ask you this because you talked about liquidating credit cards.
Can you explain that real quick to the audience, what liquidating a credit card is and how that typically works?
I'm actually so happy that you brought that back up because this is something that a lot of people miss about credit cards.
They think that just because I got a credit card...
I only have a credit card.
They don't see the fact that you could actually charge that credit card as a purchase through someone's payment processor.
I'm sure they have balance transfers and stuff, but you could charge your credit card as a purchase through someone else's payment processor.
Number one, you're getting that purchase now at 0%.
You're getting the cashback bonuses too.
And you just simply have that person wire the money back to you.
All you've got to cover is the payment processing fees, and that's not even money that you're putting up front like you would for a traditional loan.
For a loan, you're paying those origination points up front a lot of the time, or at least in my experience.
Interesting, because...
The way I've always seen it is doing the balance transfer way, which typically for the audience that might be, you want to explain to them what a balance transfer is?
Yeah, yeah, sure.
So it's like moving your balance on a card that you have debt on to a new credit card.
You just call the new credit card company up and give them your old credit card that has the debt.
Just call that new credit card company and just say, Hey, I want to pay off.
I want to do a balance transfer.
You tell them the card and then they, they move it over.
Yeah.
And then that will also help you.
Let's say you're running out of time with that intro offer on that one card.
You can move it on over to another card and still get the benefit of that intro fee.
0%.
And another thing, too, is that you can do with credit cards.
Some of them will let you liquidate.
I know Bank of America, for example, has a credit card, which I have.
It's the...
Fuck.
I'll go get my wallet for y'all and tell you guys what the card is called.
But it's a card that will let you basically take the balance.
So let's say you got $5,000, $10,000 limit.
It will let you take that money on that credit card and put it into your bank account cash.
And there's a transaction fee, 2% to 4%, depending on what it is.
And you could go ahead and use that for other things because some places might not accept credit cards.
They might say, hey man, we need cash for a Zelle or some shit like that.
So that's another option as well as you can liquidate the credit cards that way.
Yeah, it's pretty key, especially if you're doing stuff like trading or e-commerce.
I even hear people in Amazon have this problem, too, because they have to wire their suppliers.
And so the thing is, if you do it through the bank, you're going to be paying that cash advance interest rate, which a cash advance is usually 18%.
But what you could do instead, and if you're doing the cash advance, you can only use maybe like 33% of the credit card.
But if you have a friend or a company, we work with a law firm that does this.
It's an escrow law firm that we work with and a couple other companies.
But they will charge our client's credit card as a purchase and then wire the money back To the client.
Yeah.
So, like, say if I were going to do it with you, right?
Like, I have this $50,000 credit card.
I'm like, Myron, run this through your payment processor.
Run it through your payment processor.
I get all the cash back, all the 0%.
You wire the money back to me, and now I have the cash from the credit card.
Bam, without all the headaches.
Without all the headaches.
Holy shit!
I've seen them do that with watches to buy a watch.
Really?
Sometimes, yeah.
Okay.
Interesting.
That's crazy.
Oh, yeah.
No, totally.
That would make sense.
No, I see why they do it.
Damn.
That's actually kind of smart because they get the points and everything.
They get the points and everything.
It makes it so much cheaper than a business line of credit or a business loan because a lot of people are looking for like a loan or something that they really only need for 12 months.
And they think that a loan is the best way to do it or a business line of credit is the best way to do it.
And if you don't need more than maybe $150,000 or $250,000, just go get a couple of business credit cards and it's going to be so much cheaper for you that way.
Because they'll buy a watch wholesale from somebody and it's left for a higher price.
And they get points too.
Damn, that's smart as hell!
Yeah, you're getting a discount on that for real.
Okay, that's pretty good.
And then you can use that for real estate or whatever.
For example, if you want to invest in real estate, you're going to typically need bigger funds to be able to go ahead and help you put a down payment.
So let's say you need an extra $10,000, $20,000, whatever to cover closing costs.
You can liquidate one of your cards and then use that money to do a real estate deal.
And then a lot of the times they give you, I know with this Bank of America card that I'm mentioning, you get like 18 months to pay it back, right?
Interest-free.
That's pretty good.
All you gotta pay for, though, is that transfer fee, that 2-4%.
Nick DeBasi says, Andrew's the real deal, man.
That tip right there is amazing, bro.
Yeah, that's huge.
I learned from that, bro.
Yeah, yeah, yeah.
Like, being able to, you know, yeah, I didn't know that.
Because, like, normally people are scared to, like, get the cash off their credit card because it comes with those crazy penalties.
Nick, I was scared.
18%, shit like that.
I was scared as hell.
I didn't want to do it.
But knowing that, it makes sense now.
That's the way to do it.
Providing knowledge, free information, entertainment.
Keep up the amazing work, guys.
All you ninjas, join Castle Club.
It's a little to nothing of what you gain from the channel if you had to pay for it.
Yeah, man, I got you.
I tell you guys.
I plan to freeze all three of my bureaus.
Okay, we read that one before.
Here, I'm going to find the name of the card here for you guys right now.
Oh, actually, this is a little bit different of a question.
Yeah, I plan to freeze.
I saw the question.
With no ding.
So...
You could definitely try and apply, but you're likely going to get the message back saying that, hey, you have to unfreeze your credit.
We run into this all the time with a couple of different banks.
There's some banks that you could pull this little trick with.
Maybe some people who are knowledgeable about credit here have seen You know, like the Apple Card trick where you could get the pre-approval, freeze your score, and then just accept the offer.
It doesn't work every single time with every single bank, so a lot of the time you do have to unfreeze your credit.
It's tricky.
It is tricky, yeah.
But you could try, but if you get a denial, just know it's probably because your credit report's frozen.
The bank couldn't access your credit profile.
I would say, honestly, it's not worth it.
You think it's worth it?
I mean, look, it's just an inquiry.
A lot of people don't know this, but an inquiry is a super soft reason to get denied for funding.
Ridiculously soft.
It's not even a big deal, especially once you start building these relationships with banks.
I got denied for an inquiry one time, and all I had to do was open up a checking account and show a credit card statement, and a week later I had a $35,000 credit limit.
But see, this is why it's important to you become cool with your either manager or your banker because they can tell you, listen bro, I have a feeling or I know this is why you got denied, just do this, you know, behind the scenes.
And they tell you.
It's the unlimited cash rewards card, guys.
Unlimited cash rewards card, guys.
It's silver is what it is from Bank of America.
Unlimited cash rewards.
You might have to have a Bank of America account to be able to do the balance transfer thing, but that card is what I'm talking about.
All right.
Okay.
Oh, I got something really cool for you with the balance transfer part.
So with this balance transfer though, like another alternative way to do that, say that you can't do a balance transfer.
You don't have balance transfer ability and only cards that you can get are the 0% purchase cards.
You can do a credit card liquidation and actually just do the balance transfer that way.
So you have credit card debt on this one card.
I saw another question there was like, I have $20,000 I need to pay off.
Just get a business credit card.
Even if it's a purchase or a balance transfer, you could liquidate the purchase card and use that money to pay the other card if you can't do a balance transfer.
Okay.
Oh, shit.
All right.
It's an alternative way, and it's like the same price, basically.
A balance transfer is usually a 3% fee.
You could pay it back at 0%, and a credit card liquidation, like processing a transaction through a payment processor, is basically the same fee.
Okay.
Shit.
So that's another way to get around it as well if you can't do the balance transfer.
Giving you guys strategies, man.
Dave Cook.
I began a concrete company this year and have a credit score of 700.
I've been able to save almost $100,000.
However, in order to scale and risk folding over, I really need more access to capital.
What would be the best course of action in order to acquire more?
So, bam.
So, okay.
So we got a situation here.
700 credit score.
He has almost $100,000 liquid to his name.
And he wants to scale and use credit cards because he needs more capital.
Yeah, that's a good question.
I mean...
Construction business, or concrete.
I would say, like...
If your business is over two years old, you're going to have a lot more opportunity to get more products.
By the looks of your business, it looks like you have assets or collateral, things like that.
Beyond business credit cards, you could go look into different business lines of credit.
Half of these banks will do it unsecured and maybe give you a $50,000 line of credit offer.
My suggestion to people is always this.
Get as many 0% interest business credit cards as you can, and then after that, go for business line of credit.
And for someone like that, you may have inventory, you may have accounts receivable, you may have something that half the banks are going to give you something unsecured.
And then the other half are going to ask you to secure some kind of collateral to get a line of credit.
And so this is like a larger strategy to go beyond just getting usually between $50,000 to $250,000 at 0% to then adding an additional six figures of lines of credit if you have a business that's over two years old.
Okay.
So your strategy is for people like this who might have a brick and mortar business that typically costs more money to run, etc.
Because he has cash, but he just doesn't want to use his.
So exhaust all the credit cards and banks that you can that give you that free, that 0% intro APR for whether it's 6 months, 12 months, 18 months.
Exhaust that first.
That will give you somewhere, depending on your credit score, somewhere between 10 to 150K. Then, if you wanna go ahead and get more, then we can go the business lines of credit, et cetera, where you're saying that you can get a good amount of that unsecured, where they'll just give it to you on good credit.
And then the other part is they're gonna want some kind of security.
So would it be tied to maybe How much cash you have or something like that?
Are they going to want something where if you're not able to pay, they're able to go ahead and take it from you?
That's a good question.
So it just depends on the line of credit program and the bank that you work with, right?
There are some banks, and I'll just use Truist as an example, where they have an unsecured line of credit.
And it typically caps out at around $50,000.
But then we'll use another example like Chase, where they're not really as like, hey, we'll give you unsecured.
They'll do more secured offers, right?
But you'll get more money.
You'll get a lot more money.
Way more money.
Yeah, I've had some clients that have gotten, I think, a $180,000 business line of credit.
Holy shit.
This is different than the 0% business credit card.
This is different.
Yeah.
That's where they're actually taking your documents and shit like that, which is why you said, hey, if you've got two years of business, then you can go ahead and go that route, which you'll be able to secure way more money to do what you've got to do.
And especially with a concrete business, your overhead is probably through the roof.
Yeah, and you probably have equipment, you probably have accounts receivable, you probably have something that you could use as collateral for that product, but the business credit card is the only product where you get a lot of money, don't have to show proof of income, don't have to show tax returns, don't have to show bank statements, and all you need is good credit score and you get approved for a lot of money, and it could be a day-old business.
You mentioned that you had a client that was able to secure $180,000 with a business loan, but it was secured.
What's the ratio typically?
Did they have to have $50K secured to get that $180K? What was the ratio breakdown as far as how much you can receive versus what needs to be secured to receive that?
That's a very good question.
It just depends really on how the bank is going to work with you.
A lot of the times, if you're going just solely secured, they have to be able to match the value somehow.
Oh, so it's a one-to-one almost.
Yeah, it's almost a one-to-one when you're going through a secured way.
Because the bank has to make sure that they can recoup their cash.
Right.
The crazy thing about these business credit cards is that they're unsecured.
Yeah, yeah.
The only thing that you're risking is your credit score.
It's free money.
Yeah.
It's free money.
Which is why Andrew was so insisting that in the beginning, you want to max out, not max out, but you want to basically exhaust all options with the zero APR offers with these credit cards and then go the business.
I think I'm going to get two more because of what he's saying now, bro.
I'm going to get two more.
Yeah, you can.
I love it.
That's smart as hell, bro.
Yeah, man.
It's all about being creative, guys.
Because I just did the other stuff.
Realty stuff.
Oh, yeah, yeah.
That's even better.
Yeah.
Yeah, and you don't need as much paperwork to do it, dude.
At all.
Like a home equity line of credit, they want all this shit for me, bro.
And it doesn't affect your personal credit either when you max out those cards.
There you go.
Because now that, I mean, the home equity line of credit, like you could max it out.
It doesn't really affect your credit score, but it does impact lending decisions.
Like sometimes some banks will be like, hey, you have this maxed out home equity line of credit.
Like we may not give you anything.
Some banks are, like, cool with it.
Some banks are not cool with it.
Even though there's nothing wrong with your credit score, which is very interesting.
Like, I had a guy, he had, like, an 800 credit score, but he had a maxed-out home equity line of credit.
And we actually struggled for a little bit to get him business credit.
Oh, shit.
Yeah, I mean, even with an 800, but it's because he had like $200,000 of debt maxed out, you know?
So the bank obviously doesn't like to see when you're- Very scary for them.
Yeah, it's very scary.
Like you already have a lot of debt you have to pay back.
It's not like a traditional loan, like a mortgage or a car loan, right?
Or like student loans.
And that's another big part about these lending decisions too, is you can have debt, guys.
Like you guys can have mortgages.
You guys can open a brand new car loan.
And I think, you know, the bank really likes to see what kind of discretionary spending you do.
Because like the more discretionary debt you have, where it's like your own decision versus something that's very typical and most people have, that also plays a factor too.
Well said.
What else do we got here?
Guys, get your questions in before we switch on over.
This is some very good stuff.
Real values here, guys.
Shout out to you guys for doing this.
I'll meet you guys one day.
Diego Fuerte.
We got you, man.
Helping you guys out.
Diego Strong.
Making money, man.
What else do we got?
Are we good?
Caught up?
Zoom call.
Okay.
Not now.
Yeah, yeah.
Zoom call.
We're going to do a Zoom call.
Sorry, guys.
I was talking with Mo.
Okay.
Andrew, where can I find your brother?
And then what's coming next?
Ooh, I like that question.
So you can find me on Instagram at Andrew and Bessie.
My last name is spelled I-M-B-E-S-I. It's probably in the thumbnail, too.
Andrew and Bessie.
You might see his ads everywhere, so don't worry.
And he's Italian, by the way, for you guys that are wondering.
Italiano!
That was a good sound bite.
Yeah, so you can find me, Andrew and Bessie.
And if anyone wants to, you know, actually get in touch with me and, you know, start working, you can send me a DM or you can go to my website, bowgroup.com, and you can get in touch with us there.
Hey, man, I'm going to be in there, bro, for real.
Yeah.
Guys, we're going to go into a Zoom call now where you're going to be able to get way more detail on some of these banks, et cetera, help you guys out with getting funding.
A lot of you guys, I know, want to go ahead and start a side hustle and start a business or whatever.
Instead of using the money that you make from your regular job to segue into entrepreneurship, now we're going to teach you guys how to basically keep that money and use other people's money and get your business started so that you can go ahead and keep more of your capital.
I should've did that for the actual car rental company.
I should've did that rather than my own money.
Yeah, that put your own money in.
I mean, especially if you could get a return before the end of the intro period, it's a great option.
For anyone who DMs me, I personally send messages out of my DMs, so you could just send me a message on Instagram.
Say you came from Fresh and Fit.
That way he knows who you are.
Yeah.
Yeah, yeah.
Say that you came from Fresh and Fit, actually.
That's probably the best way to do it.
Just send me a DM on Instagram.
Say that you came from Fresh and Fit, and I'll have something special for you.
There you go.
So there you guys go.
Guys, come on over.
CastleClub.tv.
We're going to go ahead and have a Zoom call on this, and we'll go into more detail for you guys, man.
Like I said before, any of you guys that are thinking about starting a business, or maybe let's say you just started a business and you need help with getting money or acquiring capital, We're going to teach you guys how to do it in more detail, which banks to go to, credit cards, etc.
We gave you guys a little bit of some sauce here on the show, but we're going to go into more detail.
Also, real quick, congrats to Pressure Fit Money Clips.
They just got monetized today.
Yeah, shout out to you guys.
Rod Eric, shout out to you, bro.
Good sign.
Good sign.
Alright, let's go ahead, guys.
The stream's going to continue on on Locals, guys.
So if you guys are watching us on Locals, don't go anywhere.
We're literally just going to open up a Zoom window for y'all.
But yeah, guys, if you're watching on YouTube or on Rumble, it's going to end here.
So guys, come on over right now.
We'll stay live on other platforms, but you guys just won't hear or see what's going on.
Um, Bill, is you ready?
Uh, yeah.
Let's go.
Zoom call.
Yeah, let's start the Zoom call.
If you want to use the bathroom real quick, bro, or whatever, real quick, while we fire up the Zoom.
Oh, I'm good.
If anything, just like a water.
Yeah, yeah.
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