hi winners look welcome it's Terry's tips guys get a notebook get a pen because y'all have been asking me about business credit cards Ein only credit cards okay so in this video I'm going to give you five hacks to help you get approved yes y'all even if you're a brand new business even if you're new to building business credit even if you have zero Revenue guys there are a lot of videos out there to tell you about you know the application process that's not today they'll give you a list of credit cards which is irrelevant if you can't get approved no and today I'm going to actually give you some best practices and some back end things that you're missing that can help you actually qualify and get business credit cards like right now okay and for all my newbies welcome guys if your goal is to leverage your personal and or business credit for wealth building for legacy for Investments for income producing assets for the bigger money five and six and seven figures then make sure you subscribe and hit that notification Bell because I teach on this channel this is a wealth building minutes history and guys I'll do my nugget at the end so first first nugget okay first tip okay is you have to know the difference between a charge card and a revolving traditional credit card okay charge card credit card now the reason why you need to know this is because some of you guys are getting approved for charge cards and you don't realize the difference and then you're getting into trouble with your personal and or business credit so let me explain a traditional revolving credit card let me give you an example let's say you have an American ex well not American Express a Capital One credit card let's say you know your credit limit is five thousand dollars I said you charge it up and you have a one thousand dollar balance when that bill comes in because it's a traditional revolving credit card you only have to pay a minimum amount you write to a thousand dollars maybe your minimum amount is seventy five dollars right so when the bill comes in you will not have to pay the whole thousand dollars you only have to pay 75 now obviously you can pay more if you want to but you don't have to you won't you will not be late for a charge card guys the entire amount is due in full when the bill comes in so let's say you know you have an American Express Personal or business let's say you have a ramp a Capital One tap um a torpago um or so a Divi even right let's say you charge that up you know you have a five thousand dollar limit same thing you charge up a thousand dollars when that bill comes in the entire a thousand dollars is due that's a charge card so tip right here guys when you're getting these approvals make sure you understand the terms especially for business credit okay because sometimes it will have monthly payments sometimes we'll have weekly payments sometimes it will have bi-weekly payments sometimes it will be a credit card sometimes it will be a charge card now tip right here don't be scared don't be like oh my gosh I don't ever want a charge card guys what's going to help you be financially literate and transition into the big money that I help you guys get is that your credit report shows a mixture right of credit cards and charge cards right it shows that you are financially responsible so that means just you as the business owner are going to be responsible okay this card if I charge five thousand dollars five thousand dollars gonna be doing 30 days OMG let me make sure I have the money or this credit card you know if I charge five thousand dollars I'm only gonna need like you know a hundred dollars two hundred dollars and just make sure you're using them wisely you can have the charge card guys and just not charge it up come on somebody okay so that that freed somebody right there so when the very first hacks guys is whoever you have your business bank account with you should be going to them immediately or when you're opening up your business bank account to be honest and seeing if you qualify for a business credit card right then and there okay and pause if you were on my uh my YouTube live last night right I talked about EI and credit but because that was a full training like an hour and a half that's why I'm pulling the information out for my video today because a lot of people have been asking about this okay so when you open up your business bank account right sometimes I'll do a hard inquiry sometimes they do a soft it depends on the actual bank but at that point you you say to them what are the requirements for a business credit card can I get a business credit card with my bank account guys a lot of times the answer is actually yes and you can be brand new because you're just now opening up your business bank account come on somebody close Mouse don't get fed now nugget right here let's say you're like oh my God I forgot to do that and I've had my business bank account for you know a year six months three months go back nugget action item and make an appointment with your small business banker and say hey I'm a business owner I have my bank account with you I want to know what are the steps to qualify for your business credit card that's hack number one and mind you you don't have to have a whole bunch of business credit not necessarily even a bunch of Revenue to qualify for that because you're leveraging a data point you're leveraging a relationship gotta got it good guys and pause depending on when you're watching this I'm having a live Zoom training super excited on January 4th it is almost sold out okay so I'll put the link in the description if you want a more Hands-On in-depth training about personal credit scores business credit scores and business funding and then also a live q a to be able to interact with me directly make sure you go ahead and register for the zoom like immediately before I close it off all right guys so hack number two right is the bank that you're actually going to like so leveraging who else everybody else that you currently have credit with so let me explain pull your credit reports okay and if you're building personal and or business credit you should know where you stand right now that's just a success principle right pull your personal credit reports I recommend annualcreditreport.com or my FICO or credit check total okay pull your personal reports see who you currently have your personal credit cards with right let's say you have a personal American Express well they have business American Express so you have a personal Chase they have business chases they have personal no Capital One they have business Capital One right and so when you already have a relationship with the lender this may not be who you have your business bank account with right this is who your creditors are then you should actually to be reaching out to them also hey I have a personal Capital One I am also an entrepreneur I'm also a business owner I want to know do I qualify for the business Capital One come on somebody this is a back end because you already have a relationship with them they are much more likely to approve you right away that's hack number two now hack number three guys is even some of the banks that your guys are going to right so everybody's going from like zero zero business credit big personal credit to trying to get like you know Chase in American Express and Bank of America pause guys you should be utilizing your credit unions and your Regional banks that is a hack they have money for you the business owner okay and this channel I don't talk a whole lot about business credit cards because that to me is like bottom level right we're getting the business credit cards so we can have trade lines for our personal and or business credit to help us do what qualify for the big money would y'all rather have five business credit cards that are three thousand dollars each or would you rather me help you come on somebody get a 100 000 business line of credit that replenishes itself you can use for anything bars okay so some of these Regional Banks PNC um citizens um I don't like Santana truest um regions Key Bank right and then your credit unions may be federal police and fire or Citadel true Mark um there's a million of them right so guys the original Banks and the credit unions are much more likely to approve you because they're smaller entities they have money there and tip right here on top of this hack look this is double hack okay is that let's say you actually apply apply and you get denied don't stop there something I teach in credit leverage lifestyle is like like leveraging reconsiderations so what does that mean if you apply for a credit card guys and you get denied then pick up the phone and say Hey you know I applied for a credit card I got denied I want to know another reasons why and can my application be reconsidered guys sometimes you guys are getting denied for something small that can be fixed sometimes it's like the address or um ID verification or they have a question about something on your report always remember another nugget that when you're applying for business credit cards any credit cards guys you're kind of going through now in today's day and age you're going through like a auto approval system usually like no physical person is taking a look at your application so it's like it looks at your information approval or denial and that's it but the last time if you pick up the phone and you'll say hey I'm going to be reconsidered that would get in front of an actual representative and I would say a good high percentage like 70 80 of the time you can actually get it overturned so a no it's not really really a no if you apply for a business credit card and get denied pick up the phone and ask the reason for denial and for a reconsideration because sometimes we even just give you a lower amount to prove you sometimes I'll give you a secured card and approve you come on somebody you gotta crawl before you walk and that actually leads me into I think we're gonna like number four my fourth hack is to get a secured business credit card now pause there are not a whole lot of secured business credit cards I think Wells Fargo is the one you kind of hear about out like the most um and that's usually a 500 um 500 security deposit so what does that mean that means they will give you a business credit card but it is a secured business credit card you give them five hundred dollars your limit will be equal to 500 but big picture right strategy which is what I teach it's going to help you transition into other credit cards it's going to help you have a revolving trade line for your business and it can graduate into an unsecured card so you're just getting it saying hey you know I know I'm brand new I know I don't have any business credit I know I don't have any Revenue I'm about to just get what I can get right now because this is a strategic step come on somebody for me to actually build I actually have two more right so let's say uh five five plus one like a six stack okay so number five I'm actually gonna say is utilizing leveraging some um some tier one vendor accounts net 30 accounts and Fleet cards Fleet cards guys gas I have whole videos right on my business credit I'm building playlists where Fleet credit cards um two in particular I know off the top of my head wax and Murphy USA are like tier one accounts you can get right away they are gas credit cards they are revolving no hard inquiry and they'll report to the business credit bureaus now how does that help you because you could be a brand new business owner brand new entrepreneur brand new to building um business credit and have a revolving trade line that does what help you actually qualify for the other cars because it's still revolving but it's a fleet card it's a lot easier to get tip right here nugget depending on the fleet cards a lot of them are tier one and or tier two they're a mixture right so if you're unsure then pick up the phone what do I need to qualify a lot of times you can get the gas card and that can actually help you right you can use it for your business save on gas get a revolving trade line you're not using all your own money and that can help you qualify for the business credit cards and my last hack guys is an real quick let me include some of the basics I saw a video that had like 57 000 like views I was like come on and it was like you could be incorporated you don't have to be incorporated you could use your social you should maybe get a business bank account I was like just got 57 000 views so anyway you do want to be incorporated right especially because this is a gateway you're not Building Wealth with business credit cards this is going to help you get what the equipment financing the business Term Loan the business mortgages the cash out refinances right the business lines of credit right so this is a type of credit to help you build but it's not the end all the The Building Wealth does that does that make sense guys this is where the basics okay you want to be incorporated you want to have your EIN you want to have a business bank account and I am going to say have two separate phone numbers because they check that on the application have two different addresses because they check that on the application and I am going to say have a Business website a professional email right those Basics right there do not cost a lot of money you can actually get you know a Business website um get a phone number like phone numbers from grasshopper from RingCentral from Vantage you can get you know a Business website from Wix from GoDaddy from square like guys sometimes they're like ten dollars right but this is where this will help you you be set apart help you get higher limits better terms it will help you build a little bit faster because they know that you are a legitimate business owners is not just a hobby for you which nugget right here okay guys I don't want you to think that being a business owner means that you're fully self-employed you make you know a million dollars a year you have a physical location and 20 you know employees guys anybody all of you guys are honestly business owners because all of you are doing something if you write resumes if you walk dogs if you do a hair if you um you cut grass if you're a barber if you do lashes like if you paint guys all those things just incorporating it means that you are a business and that means you can build business credit and it means that you should because it's all about building wasn't having multiple streams of income so don't think like don't think that like building business credit is not for you because you don't have this great vision of this great big Corporation all of you all of you are business owners right now okay and that leads me to my last hack guys is having a personal credit score of 680 and above don't listen to the bad news guys especially as a brand new business a brand new entrepreneur or somebody newly building business credit and especially if you have zero Revenue guys then they need something to rate you on so having a personal credit score of a 680 and above will help you get approved and to be honest with you guys like depending on when your watch is right now it's the end of 2022. we are wealth Warriors so it is about getting our financial house together okay and being financially literate and getting financially free for personal and or business so regardless of the credit cards we should all have a goal of having a six eight and above come on somebody right it's time so this is where even though it's a business credit card even though it's Ein only meaning it will only report to the business bureaus only be in your business Ein because you're brand new they are still going to check your personal information to qualify you and also to verify you are the business owner and the majority I'm just gonna be honestly the majority especially if you are brand new are going to make you be a PG right now don't be scared of that being a personal guarantor all that mean means is that you know if you default if you default if you default then they're able to kind of collect from you but you're not going to default but there's no way like to be honest with you for credit cards especially in 2022 and 2023 where it's on it's revolving that's unsecured guys a lot of them they don't care what how long you've been in business your Revenue a lot of them will make you be a PG right now except for like the business charge cards like the Divi the ramp the brexit some of them like the brexit guys they want you to have a hundred thousand liquid in the bank y'all listen to these videos like go get you a Brax yeah Brax wants you to have a hundred thousand liquid in the bank well y'all are like if I had a hundred thousand liquid in my bank I wouldn't need my business credit card come on somebody right so don't be scared about being a PG and a lot of times after like a year or two years you can not be a PG right all right so I talked about some hacks some five hacks to give you some best practices guys and for my nugget guys what I want to say is that God's grace is sufficient I need like we're at the end of the year right at the end of the year is like the time where everybody's kind of reevaluating where they are where they want to go maybe you reach all your goals maybe you fell short maybe you had a rough year maybe in a worse position than when you started give yourself a little Grace give yourself a little Grace right and what do I mean by that I mean like you know we're we're all you know you tried right life happens sometimes you may have gotten off course you may have felt I'm pretty distractions it's okay I need you to like regroup right dust yourself off regroup right and start all over again right really put together a plan work the plan be realistic about what you can do make some changes make some sacrifices and get up like every single day every look come on somebody every song that you open up your eyes is a chance to do better and be better right and take it one step at a time but all of this wealth building personal credit business credit is very very new to so many of us right so this is where give yourself a little Grace if you're confused if you're overwhelmed it's brand new do one thing at a time and only move on to the next step when you're actually ready okay we all fall short of his glory but his grace is sufficient