How to utilize your credit to create opportunities instead of liabilities

How to utilize your credit to create opportunities instead of liabilities

Don't let the movie that others portray to you as their lives distract you from what your life can and will be. There is so much consumer debt attributed to getting what others have. Having the latest, looking the flyest, not feeling like you're being left behind. What if instead of using our credit to contribute to this cynical cycle of debt, we used it to create assets? What if we worked to pay off our debt and used those already open lines of credit to make profitable investments? Check out the below on how to start building your credit so that you can change the way credit is used. 

Credit hacks to increase your limit: 

  • Apply for your first credit card thru a credit union and after 6 months of on time payments call and request a credit increase 
  • Stay away for retail store credit cards and credit cards that do not offer cash back or reward points 
  • If you have bad credit, apply for a secure credit card thru a credit union 
  • Stay at or below 30% and pay before the end of the billing cycle not the due date. These are NOT THE SAME DATES
  • Apply for Discover business credit card once you've established your business for at least a year. They usually offer a year of no interest and 2.5% cash back match 
  • Make sure the business credit cards you apply for report to Dunns&Bradstreet if you want to build your business credit 
  • Know someone with good credit? If you're building your credit you can be added as an authorized user to someone else's line of credit. This DOES NOT impact their credit score as long as they keep the credit card issued to you. They can remove you and/or you can remove yourself at any time

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