9d • General Discussion
What’s is Your wallet (credit check)
We all should be at 750- 800+
Subject: Unlocking Business Growth: Fix Your Credit and Master Credit Card Stacking Strategies
Hey Community,
Hope this email finds you fired up about scaling your business! Today, I want to dive into two powerful tools for securing the funding you need: repairing your credit and strategically stacking credit cards. Whether you're building personal credit or leveraging business lines, these steps can help maximize your access to capital—without the headaches of traditional loans. Remember, this is general advice; always consult a financial advisor or credit expert to tailor it to your situation. Let's break it down.
### Step 1: Fixing Your Credit – The Foundation for Funding
A strong credit score (aim for 700+ on FICO) opens doors to better rates, higher limits, and more approvals. If yours needs work, here's a high-level roadmap:
- **Check Your Credit Reports**: Pull free reports annually from AnnualCreditReport.com (from Equifax, Experian, and TransUnion). Look for errors like incorrect personal info, outdated accounts, or fraudulent activity. Dispute inaccuracies online or via mail—about 1 in 5 reports have errors that can drag your score down.
- **Pay Down Debt Strategically**: Focus on high-interest debts first. Aim to keep credit utilization under 30% (that's the amount you owe divided by your total credit limit). For example, if you have $10,000 in limits, don't carry more than $3,000 in balances.
- **Build Positive History**: Make all payments on time (set up autopay to avoid slips). If you're new to credit, start with a secured card (deposit equals your limit) or become an authorized user on a trusted family member's card with good history.
- **Address Collections and Negatives**: Negotiate settlements on old debts or use goodwill letters to ask creditors to remove late payments if you have a good track record otherwise. Avoid new hard inquiries by not applying for credit impulsively.
- **Tools and Resources**: Apps like Credit Karma or Credit Sesame offer free monitoring and tips. For deeper repair reach out and join our credit class for paid members and mentees
Pro Tip: Personal credit fixes can boost your business funding eligibility, as many lenders check both.
### Step 2: Credit Card Stacking – Personal and Business Edition
"Stacking" means layering multiple credit cards to build a high total credit line, which you can draw from for business growth (e.g., inventory, marketing, or equipment). The goal? Access unsecured funding at 0% intro APRs or low rates. Do this ethically—misrepresentation can lead to denial or worse.
- **Personal Credit Card Stacking**:
- Start with 2-3 cards from different issuers (e.g., Chase, Amex, Capital One) to diversify.
- Look for cards with high limits based on your income/credit (e.g., Chase Sapphire for rewards, or Citi Double Cash for cash back).
- Use balance transfers to consolidate debt at lower rates, freeing up cash flow.
- Key: Rotate usage to keep utilization low across cards, and pay off balances before interest kicks in.
- **Business Credit Card Stacking**:
- Separate personal and business credit by getting an EIN (free from IRS.gov) and opening business cards (e.g., Amex Blue Business, Ink Business from Chase).
- Apply for 3-5 cards over time, spacing applications 3-6 months apart to avoid dings on your score.
- Focus on cards with business perks like 0% APR for 12-18 months (great for funding expansions) or high rewards on ads/office supplies.
- Build business credit by reporting payments to Dun & Bradstreet or Experian Business—many cards do this automatically.
- **Maximizing Funding for Growth**:
- Combine personal and business stacks for $50K-$200K+ in total lines (depending on your profile).
- Use funds wisely: Invest in revenue-generating assets, not lifestyle expenses.
- Monitor with tools like Nav or CreditStrong for business scores.
- Risks: High debt can tank your score if unmanaged. Always have a repayment plan—aim to pay from business cash flow.
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What’s is Your wallet (credit check)
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