The Tai Lopez Show

The 6 Biggest Factors of Credit: How To Build A $3 Million Credit Line

The Tai Lopez Show

“Checking your credit for your own personal use does not hurt your credit. This is a myth that gets passed around because people don’t understand credit.” - Stephen Liao

(click to tweet)

Credit is a highly misunderstood space.

We believe myths like checking our credit score hurts the number. We mistakenly think that there’s a limit to how many credit cards we can take out. When we clear up the confusion, we can see the potential and opportunity this space provides.

That’s why on today’s episode of The Tai Lopez Show, we have brought on Stephen Liao to teach us how to sift through the world of credit cards. 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 and scoring free perks!

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“Only spend what you have. If you only spend what you have, you never go into debt.” - Stephen Liao

(click to tweet)

Points to Keep In Mind

  • Use Credit Karma to check credit
  • Try to keep your credit card utilization under 9%
  • Only spend what you have
    • If you only spend what you have, you never go into debt
  • Hard inquiries hurt your credit score and soft inquiries don’t
  • If you need to file a dispute, do it at CFPB.gov
    • They have to respond to you within 14 days
    • They will remove hard inquiries 9 out of 10 times
  • 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 reported
  • Checking your credit for your own personal use does not hurt your credit
  • Correlation does not imply causation when opening new credit cards
  • Combine hard inquiries by applying for multiple credit cards from a bank on the same day
  • Humanize yourself when talking on the phone with the banks
    • This helps the teller see you as a person, not just a number
  • There is no direct way to remove hard inquiries

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