"7 Credit Card Sins!" - Jay Morrison

hey family is James to real estate Morrison CEO and founder of Jim Morrison Academy and today we're going to be covering seven credit card sins and I am NOT a pretty good and understanding credit I would call myself Delian expert but I meant one of my protege who's actually a super credit expert doesn't all day every day I would create a whole day every day at you know a lot of guy but I'm taking this place for a second and preparing you guys for the credit mastery course and the J Morrison Academy where your mentor will Roundtree will be giving you lessons on everything about credit personal credit business credit rebuilding credit restoring credit repairing credit all that kind of stuff Will's going to show you but I'm going to just kind of sneak in there and give you some lessons and some tips on my own right so those you who are familiar with the Jim Morrison Academy where the number one really online will be the building Institute and we are we've just launched we have had two years as pretty much a real estate school right a real estate investing school but from that two years more than my vision to have a wealth building institute and now we have a credit mastery course a resident real estate investing course commercial real estate investing course a business startup course business mastery course in the stocks the finance course so you can find all those that jaguars and can be calm and your free wealth DNA kit you guys can just go look it up rightfully good political so anyway one you guys are applying for credit cards where you have credit cards there's many of us that fall into one if not many are all of the seven deadly credit card six and number one being gluttony right gluttony is like when you eat too much or kind of same thing with credit where you're taking on too many cards you got too many cards too much open credit or you are bumping up to your max limit and you guys know my credit card rule is or credit card rule is divided by three you take your maximum limit you divide that by three and you make that your new maximum that will keep you at a good debt to income or debit max max card ratio okay so don't be gluttonous don't be don't don't have always relax you don't have to go get every card there is and you don't have to max out your cards don't be like the next one is pride pride is one of the base elements think is prime remix this and say fear all in one being prideful of either feeling like your credit is all goods if you don't got to check it or being fearful thing your credit is all bad if you don't want to check it those two are probably the most popular credit cards or credit sins that are out there because too many of us don't wanna really we're we're so prideful that we don't really want to review our accounts or we think we got it like that or we got to pay it in made and now we just a 1 and you'll find discrepancies on your accounts if you actually go look so don't think that just because you've been hanging everything on time and that you know your Pristina you make a tea granted here and your parents taught you right that you're just too good to actually check your accounts up you got check your accounts to make sure that they're accurate right so you don't want to have pride and why does someone swiping your card and you find out months later lust too many of us see all the things that we want and therefore we just go swiping away because we are lustful and just can't help ourselves and no having discipline or self-control now as a credit we need to use your credit cards within moderation and within your means you know what your income is you know what you can afford don't live beyond your means remember our wealth discipline code or frugal so same thing goes with credit cards doesn't mean that you got to be extra because you have that available credits imagine let's do it and then there's greed greed similar to lust is that you want it all right so you want the best cards that are out there you want to try to go find credit cards you got to have a black card you got to have this card or MX do this or there's these all new verticals through incentives and bonuses so you plus you got to have in the center the bonus so you're always chasing the next deal next incentive next cash back next whatever and it's being greedy you don't need that have a strategy for your credit cards and use that strategy wisely and then our fifth credit card sin is envy you see the cards that a colleague has or your friends have or the kind of credit line or credit limit that they have and so forth so therefore you go and go chase their cars or I want to back into greed a little bit you guys find out that you get a cash advance on your card and so now you want to go swipe in and get a cash advance that is phenomenal interest rates they charge for cash advances because all you're being greedy or your envy and others and now you're going to chase limits and cars that stick to your game plan it's not worry about what some else is doing their life is their life is your life look don't be caught up in that becomes a credit course all are owed it at pretty much high interest but be smart about it and then there's wrath right so wrath is when you go crazy because you're pissed off at a lender or you're mad at your boyfriend your girlfriend or your manage yourself because you overspent you didn't divide by three we went chasing the automatic shooting the cash advance or any of these other sins so now you go cut your cards up your cards up and you will cancel all your credit I don't want credit anymore because I screwed it all up that's stupid you need those open trade lines to build your credit and build your credit problem profile excuse me the definition of credit is the ability to make payments over time so if you cut out the throwaway on your credit cards you now have limited and stopped your you're proof of your ability to make payments over time so you want to have the credit card you just want to use them wisely so don't go getting pissed off because of some mistakes that you made or someone else pays where you're not disciplined and go getting rid of all your credit cards at a raft stupid no and then last is small is you being lazy and not staying on top of your business you got to be on top of all your cards all your accounts making sure your information is accurate and just don't be lazy about it like this is your profile if you don't follow to any of these sentence and you utilize credit the right way credit cards credit loans secured loans unsecured loans if you use debt the right way you can build phenomenal credit and then be able to leverage that credit later on to do cool things like purchase real estate buy an apartment building start a business get a business loan an SBA loan but if you fall into the sins and don't utilize your credit cards properly you're going to end up going backwards and it's going to kill plans later home especially a few Millennials or us Millennials legislated to cut all Millennials well for us Millennials we have to be more wise early on high school college about how they use our credit card credit card so it doesn't bite us in the butt later all right so I'm jmj Morrison this is semi credit card since it's a little bit of game for you a little precursor to the credit mastery course that Jim Morrison Academy hope to see you guys there make sure use your free wealth DNA kit at Dave Morris macadam EECOM like this video share this video subscribe and comment below I thought you guys peace

Channel: Mr Jay Morrison

Views: 98,423

Rating: 4.9380255 out of 5

Keywords: 7 Credit Card Sins, Jay Morrison, credit repair secrets, credit repair letters that work, credit repair companies, credit repair cloud, credit repair business, credit repair software, credit repair cloud review, credit repair training, credit repair reviews

Id: _pkUykKODkY

Length: 8min 43sec (523 seconds)

Published: Fri Dec 04 2015