HOW TO GET AS MANY CREDIT CARDS AS POSSIBLE.
The best way to get excellent credit is by collecting Master cards and Visa cards from different banks. There are three types of Visa/Master cards: debit, secured and unsecured, but we are only going to concentrate for this program.
The first one is a secured credit card. To get this card you have to open a savings account with anywhere from $400 to $2000 in the account from the bank issuing the card. If you have no credit or your credit is poor these cards are easier to get. They are worth the hassle because you are building very good credit by using them. You have instant access to your cash, and within a year they become an unsecured card.
The second is an unsecured credit card. You can obtain these easily if your credit is pretty clean and you follow the loan application techniques in a previous document. These are the best by far, for our investing philosophy because you do not have to back them up with any cash and they allow you to generate large sums of money very quickly.
You need to keep track of each card you get. This is easiest done by starting a manila folder file on each card seperately. All the letters, bills and statements for the cards should go in each folder respectively. Depending on your present financial situation and/or credit ranking you can choose which companies you want to apply to, for secured or unsecured credit cards.
Here is some information that you should know and things you should do to get a Master or Visa:
- Get your credit cleaned up best as possible and add any positive statements to your file.
- If you do not have any credit use one of the methods discussed in these documents to start getting some, ie instant credit cards, secured Master or Visa cards.
- Try to improve or remove information in your credit file at the four main agencies or credit bureau.
- If you currently have good credit then you should apply for unsecured credit cards.
- If your credit card is in really poor condition then create a new file while you are cleaning up the original one.
- You can turn your secured credit cards into unsecured cards by writing a request letter to the bank after six months.
- If you plan to use the credit philosophy discussed in a previous document then you should start collecting as many unsecured credit cards as possible.
- When applying for unsecured credit cards apply for at least 10 cards at the same time.
- When the banks process your credit applications they will make an inquiry to the credit bureau. All credit inquiries show up on your credit file. It will show if an account was opened up from that inquiry or if the credit request was denied. Make sure you have the credit bureau merge all the accounts that match up to the inquiries that created them. Also remove all inquiries that do not produce an account.
- Once you have opened your first 10 cards then apply for 10 more.
- It is a good idea to reapply to the banks that turned you down as your credit rating improves.
- As you start to receive credit cards use the cash advance option. Use the cash to pay some bills and pay back the money you were going to use for the bills. I know this sounds crazy but the bureaus' computer will show good credit activity and this will really help build your credit.
- Request an increase of credit on the cards every year. Ask for at least 50 to 100%.
- Repeat these 14 steps over and over until you have at least a $50,000 collective credit line from all your cards.
Once you raech this point you are ready to start making some money by using theCredit Income Ideas contained in the next document.
