How You Can Fly Private Jets and Drive Porsches For Free: Building Good Credit with Stephen Liao
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It’s never too late to start building good credit.
Thinking into the future, there will come a day when you need to take out a large sum of money. This could be the down payment on a house or the seed money to start your business. If you don’t have a good credit score, it will be near impossible to do this without enormous interest rates. So, the time is now to start building the necessary credit foundation for when that day comes.
On today’s episode of The Tai Lopez Show, Stephen Liao teaches us how to sift through the world of credit card perks to be able to do just this. Stephen dropped out of Stanford to figure out the credit card game just a year ago, and today he has a credit-limit that exceeds $3 million spread across 220 different credit cards. If he’s not flying first-class, he’s on a private jet. And if he’s not staying at the Waldorf Astoria, he’s at the Ritz-Carlton. Tune in today to learn his secrets on building a good credit score!
Don’t forget, you can listen to The Tai Lopez Show on Spotify! Click “Follow” and let me know what you think!
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Points to Keep In Mind
- Checking your credit for your own personal use does not hurt your credit
- VantageScore is less accurate than FICO score
- 850 is a perfect credit score
- Try to keep your credit card utilization under 9%
- Treat your credit limit as how much money you have
- Utilization rate, payment history, and derogatory marks affect your credit score
- Age of credit history factors in: oldest account and average age
- You can’t help your age of credit history
- Try to have an age of credit history over 9 years
- Try to have at least 21 lines of credit being report
- Correlation does not mean causation when opening new credit cards
- For those under 18, get authorized on your parents/relatives’ cards to build rapport with banks
- Get Chase Freedom for first card
- $150 cash back for $500 spent
- 5% money back (MB) for an intermediate credit card
- You need a credit score of at least 600 to receive credit card perks
- Try to get status with each card (ex: Delta’s status for travel allows you to upgrade to first-class for free)
- If you’re in debt, look into Citi Simplicity to balance-transfer your debt (also, Chase Slate and Bank Americard)
- Use Wallaby to use your credit cards more wisely
- If you need to file a dispute, do it at CFPB.gov