Learn how to get approved for $100k+ of 0% interest business funding for early-stage businesses. A unique framework that Jack McColl, founder of CreditStacking.com, has taught to over 3,000 entrepreneurs.

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Guest Resources

Credit Stacking – Your guide to controlling debt and unlocking financial freedom.

Jack McColl Instagram – Connect to Jack on Instagram.

My score IQ – Be Prepared. Know your FICO^®Scores.

3 Value Bombs

1) Building a good and strong credit is important because it gives you access to more business funding.

2) Business credit cards don’t report to your personal credit profile so it doesn’t affect your score.

3) The No. 1 thing is building credit over time. You have to be proactive and make sure that you are getting ahead

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: Credit Stacking to $100k of 0% Interest Funding

[1:18] – Jack shares something that he believes about becoming successful that most people disagree with.

People think that to start or scale a business you need to have money but he thinks that they can do a lot more if they have access to money.

[2:14] – Jack tells why building a strong credit is more relevant than ever.

Building a good and strong credit is important because it gives you access to more business funding.
It is important that you spend some time optimizing your credit profile.
If you are an entrepreneur, the easiest way to have access to more money is by having a good credit profile that is attractive to underwriters.

[3:45] – Jack shares the difference between personal and business credit.

The main differenceis business credit cards don’t report to your personal credit profile so it doesn’t affect your score.
You can get a higher limit in business credit cards.
The game changer is you can go to different banks to get business credit card and it will not show in the report of other banks.

[5:28] – Jack talks about what optimizing our personal credit profile means and how to do it.

More important than having cash flow in business and having a strong relationship with the bank is the good profile of the credit report.
Underwriters are looking at the amount of accounts you have, diversity in credit mix, instalment loans, mortgages, collective credit limits or limits in your personal credit card. The higher the limit, the better your profile is.
When you are applying for a personal credit card, apply for a higher limit with Top Tier 1 banks to make your profile look better.
Understand that too many hard inquiries in your profile is going to restrict you from more funding. You need to be strategic in what you are applying for.

[8:11] – A timeout to thank our sponsors!

HubSpot: Breeze is HubSpot’s collection of AI tools that helps you turn one piece of content into a whole suite of assets. Visit HubSpot.com/marketers to learn more!
Author100: A 100-day program where I will personally guide you 1-on-1 to create, write, publish and market your book! If you want daily guidance and mentorship from me, JLD, then head over to Author100.com to sign up for a free call to chat about the details!

[10:45] – Jack talks about who qualifies for $100k+ at 0% interest funding.

A new business with 0 revenue can qualify.
You don’t need to show tax returns or proof of income, you only need to have a business entity with good and strong personal credit. Ideally, a score of over 720 will qualify for $100K with 0% interest.
The state where your business is registered can also be a big deal because some states have more banks with 0% interest cards than other states. One example is the state of Florida.
0% interest cards has introductory period which can be up to 9, 12 or 18 months.

[14:32] – Jack talks about the Strategy on accessing $100k+ of 0% interest funding.

First look at the credit report at My score IQ on all 3 credit bureaus.
Next, look at the payment history and collections , if it is clean the next step will be looking at the amount of hard inquiries in your profile, if there is more than 3 in the last 6 months, get a credit repair professional to get dispute and remove it from your profile.
The next thing is looking at the utilization per account. It should be lower than 30% for each credit card before the statement closing where it is reported to the credit bureau.
It is ideal that the average age of your profile must be over 5 years. You can increase your age by being added on someone’s credit card that has a significant age to be an authorized user.
It is ideal to have 4 personal credit cards. Primary accounts that you opened with a minimum collective limits of $15K.
Do not open more than 2 personal credit cards in a 6 month period.
Open a business checking account at Chase because it gives the highest limit in business credit cards.
Build relationship with many Tier 1 or 2 banks with 0% interest as possible.

[22:20] – Jack gives his final take away.

The 1 thing is building credit over time. You have to be proactive and make sure that you are getting ahead.
The best things in life are not taught in school, you have to figure it out.
If you really want to optimize and get yourself an exceptional position like an 840 credit score, you have to do it over an extended period of time to make the most out of it.

[24:20] – Call to action.

Credit Stacking – Your guide to controlling debt and unlocking financial freedom.
Jack McColl Instagram – Connect to Jack on Instagram.
My score IQ – Be Prepared. Know your FICO^®Scores.

[25:38] – Thank you to our Sponsors!

HubSpot: Breeze is HubSpot’s collection of AI tools that helps you turn one piece of content into a whole suite of assets. Visit HubSpot.com/marketers to learn more!
Author100: A 100-day program where I will personally guide you 1-on-1 to create, write, publish and market your book! If you want daily guidance and mentorship from me, JLD, then head over to Author100.com to sign up for a free call to chat about the details!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!