How to Stay in Ritz-Carltons For Free: The Top 3 Secrets to Building a Perfect 850 Credit Score

“A high utilization rate hurts your credit score as much as missing a payment.” - Stephen Liao(click to tweet) Go to netsuite.com/tai to download their FREE “Crushing the Five Barriers to Growth”Banks are willing to lend us credit cards. With these credit cards, our purchasing power increases. We are able to purchase the things we want, as long as we pay the bank back. But these credit card companies also incentivize us to purchase more with bonuses and gifts. So the question becomes: how can we use these free perks to pay off our credit cards?On today’s episode of The Tai Lopez Show, Stephen Liao teaches us how to sift through the world of credit card perks to be able to do just this. Stephen dropped out of Stanford to figure out the credit card game just a year ago, and today he has a credit-limit that exceeds $3 million spread across 220 different credit cards. If he’s not flying first-class, he’s on a private jet. And if he’s not staying at the Waldorf Astoria, he’s at the Ritz-Carlton. Tune in today to learn his secrets on building a good credit score!Don’t forget, you can listen to The Tai Lopez Show on Spotify! Click “Follow” and let me know what you think!“Essentially, it’s legal money laundering. You pay off your credit card with cash equivalence, get your sign up bonus, and then pocket the $150.” - Stephen Liao(click to tweet)Points to Keep In MindChecking your credit for your own personal use does not hurt your creditUse Credit Karma to check creditVantageScore is less accurate than FICO score850 is a perfect credit scoreTry to keep your credit card utilization under 9%Treat your credit limit as how much money you haveUtilization rate, payment history, and derogatory marks affect your credit scoreAge of credit history factors in: oldest account and average ageYou can’t help your age of credit historyTry to have an age of credit history over 9 yearsTry to have at least 21 lines of credit being reported Correlation does not imply causation when opening new credit cardsFor those under 18, get authorized on your parents/relatives’ cards to build rapport with banks Get Chase Freedom for first card$150 cash back for $500 spent5% money back (MB) for an intermediate credit cardYou need a credit score of at least 600 to receive credit card perksTry to get status with each card (ex: Delta’s status for travel allows you to upgrade to first-class for free)If you’re in debt, look into Citi Simplicity to balance-transfer your debt (also, Chase Slate and Bank Americard) Learn more about your ad choices. Visit megaphone.fm/adchoicesSee omnystudio.com/listener for privacy information.