Tradelines will not help you qualify for credit

all right so let's get to the meat of the matter ladies and gentlemen so what are trade lines trade lines are aka also known as authorized users this is when you become an authorized user or someone else's revolving accounts a revolving card is a card or an account I should say that you can charge it up pay it down charge it up pay off and so forth you can continuously use that line of credit on a continuous basis that can be either through a line of credit or through a credit card so typically most people become authorized users of revolving credit cards okay so that's what a tray line is so when you hear me say tray lines is synonymous with authorized users and it's also referred to as piggybacking where you're piggybacking off someone else's good credit so if you had a mother for example and she had a Bank of America credit card let's say had a $20,000 Masterman and only $1,000 was charged to him so she has a very low debt to credit ratio in that scenario let's say she has perfect payment history never missed the payment and it's just it's just great she really uses the car she uses occasionally pays off the balance system fool pretty much a small amount is owed on the card her positive history will report on yours or your credit report if you were added to her account as an authorized user okay so that in other words you're piggybacking off her account so you want to be added to someone else's revolving credit history so I just want to be clear does this make sense does anyone have any questions I just want to make sure that you guys are following so trade lines could be good in regard to boosting your FICO score because if you're leveraging or piggybacking off someone else's good credit history that can in turn have a positive impact on your FICO score does that make sense and it would you like to learn more I'm sure you would right I'm sure you'd like to learn more of how you can take advantage of trade lines so that way you can boost your FICO score okay so why do people use straight lines personal credit gets in a way at them getting finance they want more likely a person may have a low FICO score or they might have a young credit history they're just a stabs and credit and so their parent for example will add them as an authorized user so they can start doing a credit at a much faster pace or sometimes some people who apply for trade lines that might have made some financial mistakes in the past and as a result of making those mistakes they need someone else an authorized user or someone else with a good account to add them as an authorized user I meant to say to help boost your FICO score but they get certain financing that they're looking for so piggybacking off someone else's great payment history is really great there's a great benefit of being added as a trail onto someone else's account and it's also great as I just mentioned a few months ago to add a H to one's credit report and you can also improve your debt to credit ratio so in that scenario of that Bank of America credit card where as $20,000 in masculine women only a thousand dollars is charged that can be very great for you if that person added you to their account so it can improve your debt to credit ratio and many people use straight lines in hopes of getting financing they want to add it to see if they can get financing whether it's for personal use or for business use okay so I just want to make sure you guys getting this if you guys are getting this bond if not we still provide consultation just booked a call with us and we'll let you know the financing financing options available to you okay and where should you get them where should you get your trade lines for one you should not buy them why there's many companies out there that sales trade lines but what if they don't post in time and it happens and they'll say well you pay for three trade lines we gave you three trade lines they post it but you might want all three of them to post in May of 2018 but to posted in May and one posted in June not all at the same time okay so how I recommend not buying them because they may not post them time or they may not post at all and you might have a hard time a difficult time get your money back just in case of that vendor for trail ah unscrupulous and doesn't want to provide you with a refund because they don't care right so I highly recommend as the people's mentor stay away from bond trade lines and if you still want to move forward with trail on like I mentioned they do have some some benefits ramp they can add age to your credit history it can reduce your debt to credit ratio it has a good impact on your personal credit but I recommend you reach out to a family member a friend a colleague someone who has that positive account history with a certain creditor and be added to their account I've done it before for some of my family members and friends not everybody of course but I've done it too a few to help boost your FICO score okay so that my positive history can reflect on their positive credit history but I always recommend family friends colleagues and make sure that the person you're being attitude as an authorized user is responsible in regard to paying their bills on time because this is the downside you might say yes I got added to my cousin's Bank of America credit card woo his positive credit history is now going to report on my personal credit report excellent well what do you think will happen if your cousin misses the payment that negative payment will show up on your personal credit report so it's important if that does happen you get removed from being an authorized user as a result okay so if you have a family member who added you as an authorized user and they happen to have some mistakes and don't pay their bills on time or they increase your debt utilization higher than what it should be higher than 30% make sure you get removed as an authorized user from that personal credit account and by the way if you plan on being the person to ask someone as an authorized user make sure you don't give them the card because you don't want them to start racking up some debt spin in that car spinning money like it's theirs and it's actually yours so you want to make sure you add them but do not give them access to the credit card okay and if you had a family members your straight line again don't get access to the card okay excellent so under what circumstances should I use them so straight lines authorized users it's great when you're applying for financing that requires little underwriting meaning they're very lenient you're not going to be picky over everything when your personal credit report so personal financing such as applying for an apartment you're reaching out to a landlord who just looks at your FICO score no not a real credit report practically don't care all they're looking at to see if you have a 685 Co score that's it it's also beneficial if you're applying for personal credit cards because personal credit cards have less stringent underwriting than business credit cards and even if you're applying for auto loans so I've seen adding trade lines did help individuals when applying for those type of financing for an apartment personal credit cars and even an automotive however authorized users trade lines they cannot be used for business use ie getting qualify for business credit or even investment mortgages because the underwriters for business credit and investment mortgages they are very stringent where the underwriter is concerned and they can clearly look at your credit report and they'll see under accounts it'll read authorized user so these underwriters for business credit and the Festiva mortgages will not take authorized user accounts into consideration so unfortunately if you apply for or pay for but hopefully you didn't do that but if you happen to apply or pay for an authorized user a trade line in other words and you're you did it with aims of getting qualified for business credit it won't be beneficial to you okay so I recommend train lines for personal use but they will not help you for business use and if you follow 100% finance because you won't pass the thing come through on the rental properties then unfortunately trade lines will not help you got it good unless you're applying for personal credit cars okay so the thing I want to drop home is this my friend face the music if you happen to realize your credit is not at the park has resolved your debt utilization or having too many hard inquiries to e collections negative items fix your credit and/or move forward with finding properties using creative finance so don't just sweep under the rug don't just think well my credit is bad as the end-all be-all no it's not you can fix your credit you can get it prepared you can have it looking pretty as possible I just want to make sure you fix your credit and then your spare time learn creative financing you can still buy properties even with bad credit if you use wholesaling seller financing lease options there are many other ways you can creatively finance your deals without having a qualify for a mortgage or business credit the thing is you have to be knowledgeable of these creative financing strategies okay and if you're interested in fixing your credit or learning creative financing book a call with us at 100% financed comp so could we shout to you because I know you want pretty credit don't you you do what pretty credit don't you so make sure you take action on this that I mentioned earlier in the fourth quarter stones of learning don't just be ignorant about it take a look at your credit report become aware of whistle in there and apply it and put it on automation by outsourcing us hiring us to repair your credit for you okay and can you imagine let's say you have in the ideal pretty credit profile at the end of this webinar sure you can you can have it the key is you have to make sure that you see it here in your mind's eye like Napoleon Hill said whatever the mind of man can believe and concede he can achieve so as long you believe you know I have perfect credit and you do something about it in a short matter of time you'll be able to achieve that goal so let's move forward with the pretty credit profile okay this is some bonus material so this is the ideal profile I want you to aim to achieve okay so I talked to someone about tray lines but I also want to let you know this is what you should aim for so that way most creditors most lenders most financial institutions when they see this profile they'll perceive you as a pretty borrower okay have pretty credit so this one want you to aim for have less than 30 debt utilization 30 percent meaning if you have a thousand dollar limit with Chase Bank as and that's a credit card you want to have no more than three hundred dollars charged to that car the less your debt utilization the better and also have fewer than five hard inquiries per bureau within the past six months and get instant ink removal we actually sell that as a do yourself evil on our website 100% financed calm and ideally I want you to have a seven twenty five go score or higher now if you don't meet these criteria don't beat yourself up just work towards it right like if you start working now you realize you don't have a six-pack you just have to continue your self control your self-discipline control what you eat and continue to workout and in the short matter time that's this pact that you've always had would appear so I want you to do the same thing if you don't have passive income right now just continue to exercise your know-how your knowledge learn as much as you can and control your expenditures pay down your debt make sure you take prudent action towards improving your financial situation so that you will be financially fit in a short period of time okay so back to the ideal credit profile no bankruptcies no foreclosures no late pays within the past six months having a 10 year credit histories ideal but not require but the longer your credit history the better the age of your accounts has a huge impact and determine your FICO score and this is the ideal credit profile to most creditors they like to see an individual like you who has one mortgage one auto loan and two revolving credit cars and then when I say to providing credit cars I'm referring to primary accounts a primary account is an account that you've applied for under your name is different from an authorized user a trade line because that's under someone else's name so when I mention necessary earlier about your mother having a twenty thousand Bank of America credit card in that scenario your mother the primary account holder and she asks you the you'll be the authorized user but most creditors like to see an individual who's the primary account holder for more for heaven and having one mortgage one alone and two revolving credit cards so note rayline's if you don't satisfy this ideal profile no worries as I mentioned earlier you can still move forward with real estate investing as long as you hire to create a financier because people space a lot it takes money to make money well we don't have to be your money it could be someone else's oh it takes money make money well that's true dan doesn't ads of yours no it doesn't it does take confidence it does takes courage it does takes knowledge to make money you can do it so if you do qualify let's say for this profile you can book a call to a block or business credit credit repair Lodi mortgages and so forth so this profile that I've outlined right here this is the typical profile for business credit so I don't want you to think oh well I don't have a business I shouldn't apply or oh I don't have this this criteria I don't have a senior history I have a bankruptcy Juan Pablo I have a high debt utilization of 85% Juan Pablo I don't have a mortgage Juan Pablo I still recommend you to apply so that way we can look at your credit profile and certeyn your business goals and provide you with the consultation you need to get started okay here's some additional information about your credit having less than 30 percent debt utilization as I stated earlier but make sure you request prayer line increases every six months on your personal and business credit card but ask them to do it as a courtesy without doing a hard pull meaning don't let them run your credit they run your credit what's going to happen you'll receive a hard anchoring ask them to do it as a courtesy and do not apply for new credit unless you have to okay just don't Amos Lee accept credit cards and you walk into a department store say no just because they give you a discount doesn't means going to be beneficial to you it may discount your credit score and drop it a bit you don't want that to happen you want your personal credit to be as pretty as possible as I always mention that Halle Berry credit that's what you wanted as long as you keep your personal credit looking pretty the world's your oyster of regard to real estate investing okay to keep your credit pretty and I'm missing this a lot two of my events that do a lot of speaking engagements especially nationally have a Board of Advisors that's the key to being wealthy wealthy people wise people have a team of counselors as says this in Proverbs a fool thing he's wiser than seven counselors have a counselor has someone counseling you or advise you where your credit matters are concerned apply for mortgage that's called a mortgage broker business funding is the business funding advisor or coach which we offer here at once of Finance or real estate investing coach so I'm going to coach you a coach a mentor is your short coats assess why don't you want to capitalize off the mistakes your mentor may so that you don't have to learn for someone else's mistakes so you don't have to so another thing about your credit keep your CMS that's credit monitoring service active and check it monthly if you're interested in all prefer credit monitoring service the key book a call will be able to own board you on the perfect one we use big is the most accurate depiction of your FICO score but we provide it as long as you book a call with our services ok so will seem to link so you can get that discount ok on the loop that we use if you have a lot of relationships with specific credit monitoring services ok and you want to make sure you check your credit on a monthly basis again not just annually because they do that free once like annual credit report.com which is fine but the keywords annual you don't check them once a year you also have free services such as Credit Karma it can show you some information Oh about your credit right like what accounts are on your credit but it will not provide you with an accurate depiction of your FICO score and I also want to make sure that you call your creditors and ask them for special promotion so case in point I did that one time for a lender I just called them to check my balance and then I forgot the egg so some additional questions about once the payment due so I'll call back asking what the payment was do they answer the question and then it just hit me hey do you guys happen to have any special promotions and the representative said you know what let me get back with you want few moments later absolutely do the limit you have available we can deposit it in any checking account that you desire at 0% interest for year I said hold on so in other words you're gonna do a cash event as it's your percent interest for a whole year and to any big account that I designate she said yeah let's do it so I did that and move forward with buying a property as a result so that's just a personal testimony and which I advise you to do the same always call your creditors every month for special promotions and keep track of your credit cards as well because when you have a fix that like I do you have to make sure you reach out to them consistently to make sure that that nothing slips through the cracks okay and how I continue to get more rounds of business funding I would apply as I mentioned earlier have a Board of Advisors credit mortgages business credit about the market as a real estate agent to prefer entity to buy properties that's called a real estate attorney and so forth decidedly the same thing with having a business credit coach every three to six months I will call my coach up and say hey what should I do next to get funded hey what should I do next to get another line of credit what should I do next and he will always advise me hey starting a company hey or and file your company in another state hey make sure you increase your personal credit card to 10,000 and then blah hey maybe next time you should create another entity in this state so I would do exactly what he about him step by step and to the point I received over $300,000 in business funding and I used that repeatedly to buy more and more cash flow each day so figure soon how'd he get started I always advise you to apply for business funding because my process or acquiring business credit could be different from yours I could have had a 680 you could add a 720 right I could have had 30 percent debt to credit ratio you might have 40 percent debt to credit ratio is so we walk in different paths so you want to make sure now you apply through us so we take a look at your credit profile your business goals revise with the best advice and another thing about your credit do not keep your accounts closed keep them open again age of accounts has a huge impact on your FICO score so if you close accounts what happens you close the age and what happens then your score may drop so you don't want to do that be careful as well about co-signing for example we had one student I think I shared the story before I'm not sure but I repeat it we have one one its client I stood in my apologies we have one client he applied for a repair program we removed the bank received office credit port boosted his five score he's in the 700 after several months and her credit pair program then unfortunately his cousin needed a cosigner for an auto loan and being that he's a good cousin he added him and guess what happened his cousin fell behind on the car payment so more than likely if you need a cosigner that could be a signal that that individual can afford it on their lonesome so they can't afford it and qualify for financing by themselves and you can add it as a cosigner more than likely you're just there just proving a point that they can't afford it they bought a car using your credit but they don't have the money let that person buy that car on their own so unfortunately the gentleman our client without her advice now I always tell people uses as a resource during a program reach out so if you have any questions about your bond assistance where to apology we want to make sure you made the right choices okay in regard to your financing so he added his cousin I mean he he co-signed his cousin all along his cousin fell short on the payment and his cousin's negative payment history poured on his and it's spiked the squirrel went back down okay so I highly recommend doing that cosign as I mentioned earlier about your credit keep track of all your bills and make sure none of them to crack you have to be prudent especially if you're like me you have a lot of business credit cards so my questions use this how would you like to have pretty credit now to get the best funding available how would you like to have pretty credit right now so that you can get started on bond cash flowing project the sounds good doesn't it it's simple I wanted a same process my credit was one of the biggest obstacles that prevented me from closing on passive income passive income properties rental properties wake up whenever you feel like it money it prevented me but I didn't just walk around it I made sure I took care of it I didn't sweep it under the rug I faced the music and I enrolled and credit repair to the point my credit repair got to the point where I can qualify for business funding as well as for mortgages okay so I want to make sure you do the same thing and that's a result here's one of our students Eric he applied for business credit twenty thousand dollars and we have Seth over here house number five on the contract forty two thousand dollars that's me congratulating him big top and here's Britney shot of Britney in New York she now has forty nine thousand five hundred business credit within seven months okay and she's thanking us to the 100 PF team 100% finance team and you can do this the results aren't atypical you know you can do it as long as you take concerted action okay so if you need credit pair or funding make sure you book a call is free we'll reach out to you and we'll also provide you with the three secrets to improve your credit as well as a special bonus as long as you book a consultation applies when you apply talk to your representative and ask them for that three secrets to improving your credit okay that's all you have to do credit monitoring service so we have privacy guard and crutch a total but if you want to use the one that we now recommend again they give you a good discount and value just make sure when you put that call us or representative about the special link for the credit monitoring service and I also want to drive home the fact that even if you think you don't qualify still apply so that way we can call you and discuss all the options built to you and services that we offer just in case you're unfamiliar isle strategist providing real estate education we also provide financial services business funding loadout mortgages real money which is similar to hard money as well as credit repair and you just go to a website 105 as I comm you have additional information and if you need some help we're here to help we are resource for you that's why we provide a lot of videos on our YouTube channel 1% finance to help you with your educational needs because we understand knowledge is power ok so you need to have that knowledge first and foremost so you can start taking action and you want a recording of this webinar visit 1pf tv.com to get access to recording ok 100 PF tv.com alright so I'll say just to wrap up this webinar guys booked a call we have we have free consultation to all those who apply and you receive the three secrets to improve your credit again it's updating name variations addresses as well as opting out and just go to 107 accom we have many resources ankle removal business funding loadout mortgages credit repair and the like hard money so forth funding and credit options available for you as well as for lows to education because we definitely want to help you with your ballista education and funding needs because we want to be there to be able to help you find the money and find the deal okay alright thank you guys I appreciate your time thanks for your questions and if you have any additional questions just make sure you call with us 100% financed calm as always guys to your success continue to earn passively live passionately peace

Channel: 100 Percent Financed

Views: 15,988

Rating: 4.5688071 out of 5

Keywords: Financial freedom Real estate, No money down, Passive income, Real estate secrets, 100 Percent Financed, Quit your day job, Real estate investing, Master salesman, Cash Flow, Pretty credit, Hard money, Business credit, FundingEntrepreneur, Property management, Seller financing, Low doc mortgage, Wholesaling, Buy and hold, Fix and flip, Acquisition, Asset management, Credit repair, Personal finance, CEO, Networking, Approval, Coaching, Education, How to, Distressed Property

Id: deJEdgsFPLk

Length: 26min 8sec (1568 seconds)

Published: Wed May 30 2018