127. What They Don't Want You To Know About Credit Cards, Lowering Your Credit Score & Increasing Your Limits with Brandon Elliot

Hey there, Rainmakers! We've all heard about credit scores, credit cards, and debt. The word ‘credit’ often evokes fear in many, thanks to the numerous misconceptions surrounding it. However, on the show today, we had the privilege of hosting a unique guest, Brandon – someone who takes the art of credit and turns it into something spectacular. He is the guy you'd want on your team if you want to debunk the myths about credit!

It's surprising how many myths are out there about credit. Some believe it's harmful, some stress that if you can't afford it in cash, then you shouldn't use credit at all. As Brandon highlighted, many don’t realize that on your credit report, the lenders actually prefer to see 21 or more total accounts. In other words, having less can hurt your score.

The bottom line is, many are unaware of how credit can be a powerful tool. The wealthy have used it to their advantage for decades. As Brandon explained, businesses wouldn't last more than a few days without credit. Think of Elon Musk and his genius strategy with the Tesla truck; a $100 deposit offer for a truck that wasn't even built yet! With that proof of concept, banks were willing to loan, without Musk having to dig into his own pockets.

But it’s not just about the Elons of the world. Even you and I can leverage credit in brilliant ways. For Brandon, the path wasn't easy. Growing up in difficult circumstances, facing adversities, and even suffering a traumatic explosion accident in 2013, life threw numerous challenges his way. But adversity also brought clarity. The accident left him in debt for the very first time, but  rather than let that deter him, he took it as a challenge.

Diving deep into the world of credit, he quickly understood its vast potential. Today, he uses credit to invest in real estate, proving that it isn't about where you start but where you aim to go. Through leveraging credit, Brandon found an avenue to reduce risk and give himself an advantage.

Credit, when understood and used wisely, isn't the monster under the bed. It's a tool, and like any tool, its effectiveness lies in the hands of the user. So, the next time you hear the word ‘credit’, think of it as a door to endless possibilities, if only you hold the right key.

So hit that play button and get ready to harness the true power of credit. Your financial game plan is about to get a major upgrade!

 

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Episode: minute by minute 

• 00:37 Introduction to special guest, Brandon Elliot and his experience with all things credit 

• 01:24 Brandon talks about the biggest lies people hear when it comes to credit 

• 03:21 Brandon shares how he helps people flip the script on banks and expand the possibilities 

• 04:24 Brandon gives insight on how we can learn from the “ultra rich” people in regards to credit

• 07:33 Hear Brandon’s story and how he became passionate about credit and teaching others 

• 09:44 Brandon walks through growing up poor and his deep struggle with addiction 

• 11:08 Brandon has a wake up call after a near death experience and court case 

• 14:59 Brandon was given a mentor through the court system that helped shape his life 

• 15:53 Brandon begins to pursue real estate, and enters the world of credit 

• 18:18 Learn how to start turning your credit score around 

• 20:44 Brandon talks about how people can attack large amounts debt 

• 21:50 How to approach late credit card payments 

• 23:48 Brandon dives into the difference between good debt and bad debt 

• 25:23 Finding the right credit cards and are there cards to stay away from? 

• 26:22 Brandon shares what kind of credit card benefits business owners should be looking for 

• 28:02 Brandon shares 6 types of products your should be looking for when it comes to credit

• 30:30 Brandon gives insider tips on how to leverage interest rates with multiple credit cards 

• 31:23 The benefits and possibilities of expanding your credit line over multiple credit cards 

• 33:23 The possibilities of saving points and miles on credit cards

• 35:38 Brandon gives his take on hard inquiries and how they affect your credit score 

• 37:48 Brandon breaks down mass apply and what it actually means 

• 40:14 How to connect and learn more from Brandon and his investment company!