The Lucky Titan

0% Interest Business Credit, the fundamental Key to Success in Business With Jack Mccoll

December 31, 2020 Josh Tapp
The Lucky Titan
0% Interest Business Credit, the fundamental Key to Success in Business With Jack Mccoll
Chapters
The Lucky Titan
0% Interest Business Credit, the fundamental Key to Success in Business With Jack Mccoll
Dec 31, 2020
Josh Tapp

Extreme sports athlete turned financial coach, Jack is now a 27-year-old entrepreneur and educator. Jack has traveled to over 25 countries while creating four 6-figure businesses, one of them with a 6-figure acquisition exit. He now coaches his clients the strategic tools he used to get approved for $300,000 in credit lines this year while maintaining an 805+ FICO score and scaling two new businesses in 2020 to 6-figures. These strategies help his clients get approved for the top credit cards on the market, with exceptionally high limits, in as little time possible so they can start and scale businesses.

Instagram: Instragram.com/kingofdebt
Website: https://www.thefoundationalfinances.com/
Book a call to chat with my team and I: https://calendly.com/foundationalfinances/talk
FREE ACCESS to my 10-video mini course on credit and business funding: https://rebrand.ly/minicourseaccess

Show Notes Transcript

Extreme sports athlete turned financial coach, Jack is now a 27-year-old entrepreneur and educator. Jack has traveled to over 25 countries while creating four 6-figure businesses, one of them with a 6-figure acquisition exit. He now coaches his clients the strategic tools he used to get approved for $300,000 in credit lines this year while maintaining an 805+ FICO score and scaling two new businesses in 2020 to 6-figures. These strategies help his clients get approved for the top credit cards on the market, with exceptionally high limits, in as little time possible so they can start and scale businesses.

Instagram: Instragram.com/kingofdebt
Website: https://www.thefoundationalfinances.com/
Book a call to chat with my team and I: https://calendly.com/foundationalfinances/talk
FREE ACCESS to my 10-video mini course on credit and business funding: https://rebrand.ly/minicourseaccess

Josh: What is up everybody, Josh tap here again and welcome back to The Lucky Titan Podcast and today we are here with Jack McColl which I want to call him Jack McCurtisbecause I have a friend with that same name we’re gonna stick with McCall, so Jack is the king of debts and the reason I wanted to bring him on today because I mean, I’m really thinking about that name, king of debts, most of people probably would want to talk that around, Man I am on so much debts struggling in life right now but Jack is all about helping entrepreneurs to leverage debts to scale their companies and for most of you listening to this probably where you are sitting at saying okay I need to scale, I need cash and really with the whole Corona Virus stuff going around a lot of people are struggling to find that cash but Jack is all about quick to cash, quick so scale so Jack say what’s up and let’s head to this interview, Man! 

Jack: Guys what is up, so happy to be here with everyone today thanks everyone for listening I am honored to be on the show thank you so much, tons of pre values to give you on business credit, why I love it and definitely give you some actionable steps on how you can do to get started today, built your credit so you can get access to hundreds of thousands of dollars of low interest moneys so you actually scale your business 

Josh: Love that man, and most people you know this is where I want to kind of start off with, a lot of people kind of prescribe the day random theory and if you are a fan of Grant Cardone which is I think you are, base on some of your content, Grant is like screw the dayrandom theory focus on hundred percent again in getting as much debt as possible right and his theory behind that is highly leverage debts is you know, that’s how you scale a company and I know for us for all the companies we’ve scaled that is said how it to be, you have to take the risk first then the reward follows, so with that kind of as a back drop Jack what do you recommend to people as far as getting into debt and how should be getting in to as a percentage maybe even and how should be leveraging astep.

Jack: hundred percent, I mean levering debts I think is the most powerful thing anyone can do in business, I think when you are struggling for cash and only using savings, you are limiting yourself so much well like for example these cards I am holding right now, my hand watch for the video 300000$ in low interest credit cards so much like 0% interest, basically on business credit you get 0% introductory period in anywhere between 6 in 18 months so that’s free money for you know in a very short period of time so you wanna invest in business credit to your short term investment and keep your personal saving into your long term investment like stock, crypto in real estate and when you are barrowing more money you now have more money working for you so your personal savings and long term investments, use 0% interest business credit in to your business, you’re gonna make money over all and more money working for you and you can even and big thing about business credit guys if you don’t know already, it doesn’t report to your personal credit and so if you are funding a business with persona credit cards and you’re leave a balance that is going to increase your utilization the amount you are using out of the debts that lend to you and it’s gonna tank your credit score but on the business cards side it doesn’t report to your personal credit so this means you can get multiple 30,000 credit cards at 0% leave balance and it won’t negatively affect your personal credit whatsoever, just so last year I’ve got approve over 300,000$ dollars in credit card limits in maintaining over an 805 score across all 3 bureaus and so I am using all these money in to my business scaling it faster than ever will maintaining very high credit score and so I think that the fundamental key to doing something like that is to optimize your personal credit so that’s the foundation, when you apply for a business credit cards, they are looking for a 4 things on the application it’s the personal credit, what is your file looking at thin file and the thick file and you want a thick file multiple accounts, low utilization, low hard inquiries and the second thing to look at is the relationship you have with the bank and so if you have a bank account with them if you have any personal cards with them, if you don’t have history with them, you don’t have a relationship with them, see wanna make sure you are building relationships with his many key lenders as possible and only building relationship with lenders that have good business products, so some bank they don’t have good business credit cards and so in my opinion it make no sense to build the relationship with that bank if they don’t have the business product that you want right, so banks that you want relationships at are like chase bank of America, US Bank, AMEX, well I would personally avoid but those top 4 for sure and then you can research different banks in your area that have good business products, the third thing to looking for are on the application is your estimated revenue, you know in this suggest a stated figure, it doesn’t have to be accurate of course you wanna put something that’s realistic but it is estimated, so of course we want to be optimistic, it’s going to be great year in your business you know list something that’s realistic but no optimistic and the fourth thing to looking at is your business type and so if you have something that low overhead like a marketing agency or an e-commerce store, consulting company, companies like that will get much, much more funding than like you know restaurant right now specifically with Covid and so if you do need money for a restaurant there’s also ways you can get the money for the restaurant through I can knew a lot see like a consulting company so fund the one LLC that has a better business type and then you use them to credit card money into whatever you want to other businesses 

Josh: that’s really interesting, so I mean in agency type model or consulting model is actually better for getting that money, is that what you are saying?

Jack: hundred percent. Because it’s low overhead and has the ability to scale so much faster, like e-commerce, like e-commerce stores can go from 0 to 4 million dollars in one year, massive, massive growth, agency extremely low overhead, so to the banks that’s low risk right but when you look at a restaurant or maybe a construction company, restaurant specifically you know that’s extremely high risk right now so you know the lasting client to give restaurants money 

Josh: right, my brother owns a restaurants he’s living out right now basically living off, like the government fund to cover their butt in during the Corona Virus time so you know that’s really interesting though, I didn’t really understand that was, that was the case you know they want to give money to people who are obviously lower risk but do they also look at you, you know as an agency or consultancy as kind of high risk because it is harder to get to the cash 

Jack: no, I mean, if you have an agency that’s low risk in general, you know you have low over head and high ability to grow in scale fast so that’s low risk to them, the two company, three companies that I can get money easiest is the consulting company, marketing agency and e-commerce business 

Josh: awesome! Well so I mean at what point in their business should everybody be going out and trying to get to this money right, I mean it’s for a lot of people they say, oh my credit is not grant because not great yet and have a lot of high utilization on my cards when should I start, like what should they do to fix that and what should they do actually start trying to apply for cards 

Jack: Yea, great question so the personal credit I take sometime to build but once you have that build you can get up to 10 business cards in a single day and the reason you can do that as I mentioned before is they don’t report to your personal credit but the personal cards obviously do and so you only can realistically get about 2 maybe 3 personal card every 6 months, if you are applying for more than that you look very risky to banks because it is reported to your personal credit and they can see you are getting a lot of cards so my rule of them is 2 personal credit cards per 6 months if you go over that you look risky but once you have about 4 to 5 personal primary accounts on your personal credit you are ready for business credit, if you have one or two accounts, I wouldn’t say you are ready, be patient, take your time but you know all alone, the more give those things count make sure you get at least 4 primary accounts in your personal credit before going business credit and another thing you can do to help you to get approved for better cards with higher limits is to add authorized users to your credit file so basically what you get added to maybe a family members credit cards that has a very long term of age on the card at a very high limit and it won’t show as a primary but it will show as an AU and it will still add average age to your account and limits and so banks love to see that, it look like you are responsible for more money and therefore you know, you’ll look less risky to them, I  will add one and two authorize users and then yea, the business cards you know on the personal side as I kind of mention before youwant to build relationships with bank that have awesome business products right so if they don’t have good business card in my opinion there’s a reason why she get a personal card with them because you are building relationship with the bank that doesn’t have business card right, so you’re kind of missing out right there, two bank you want to avoid is discover and capital one if you are very, very new to credit discover is very good card for you but their business cards report to your personal credit which defeats the point of a business card it is a business card it should not report to your personal credit, capital 1 in discover do so I would avoid those banks for sure 

Josh: That’s awesome Man, you are dropping a lot of good valuable, I am sure help people who are taking notes on this because I really but you are talking about is it doesn’t really take you very long to get to the point where you can, you know get larger lines of credit so let’s talk through a little bit,  let’s say you’ve set yourself up where you could actually go and reach out get these cards at this point what would you recommend they do or where should I start and how much should I be expecting to raise in cards

Jack: yea it really depends on what you’re income looks  like for personally and what is your expected revenue looks like for your business and also things that coming into place or how many primary account you have what are the limits of your primary accounts on a personal side if you only have 500$ limits on your personal card you know that’s not gonna say you are out for success in the business side but if you can get those limits increase overtime where there is like a collective limit on a personal side 8,000$ that’s much better you know over time trying to get your limits increase on a personal side and that’s gonna determine how much you get on a business side and so to answer the question, the three things what is your personal credits collective limits look like, what is your personal income and what is your estemated revenue figure for the businessand remember guys these are estimated figures so it is what are you going to make this year and what is your business going to make this year and of course we’re optimistic right 

Josh: yea I feel like you’re, I mean we thanks have to be almost be overly optimistic sometimes, we’ve been through the ring before we thank you know it is always those things you’d read, what are the sayings is that I really love is that you should never be applying for money when you need it or are youdoing a long before you actually need it 

Jack: hundred percent and that’s so keep to because a lot of people they don’t get the credit because they don’t have investment opportunity in front of them but as you just mentioned it is so important that you prepare right if you have an investment opportunity in front of you, you want access to 300,000$ just incase you need it right, you hate to get that position also opportunity in front of you and you need 100,000K but you don’t have access to barrowed because you don’t have good credit you’re going miss out right it is so important prepare and it does take time, it does take strategy but it is all pretty straight forward if you, you know take the right step and so 

Josh: love that! I mean just to give an example, we were first starting up, we need 20 or 25 thousand dollars for a project we wanted to do and we just start operating loan right, it is a line of credit because we can have literally pay them off for 2 months and we had to delay the project by almost 4 months because we are going to the ring of banks and it was yea, a nightmare and maybe never want to do it again and so I mean you know move a head now and we have those lines credit available to us it’s been really easy, we’re like hey we need to drop 25,000$ or 50,000$ or 100,000$ like you are saying pretty easy to do that when you’ve got the cash available so.

Jack: right, right, and I think it is crazy to your example you guys have to wait for months that’s 4 months of opportunity cost you know imagine how thing something that can absolutely hit right off the gates you have something that can absolutely so much money but you need money to invest to make it happen and then you have to wait 4 months like 4 months that’s a long time right so you want to be prepared you need to take precautions and you need to take the right steps to get ready and then once you are ready you have the opportunity you can pounce on it and move quick

Josh: yea love that well let’s move now to kind of investing side right I mean obviously consult your accountant or whatever right, you have to share opinions right, but what would you recommend you know if you are getting business credit cards for example, we understand that, we have obviously still had to paid back so how – what would you say you should be investing in your business that’s maybe more safe or has higher return

Jack: I think anything you really believe it’s like anything that you see maximum growth potential in I think obviously various from a business to business I mean you know 1 example of a business that road to pass for me is real estate fix and flix  project you know if you have direct credit amounts you can purchase a property you know get more use credit for down payment in the mortgage and then use credit for the renovations, renovated and flip the houses within 6 months and that’s way before the time frame you need to pay interest on the card so I mean that’s an awesome opportunity right there, you can do Airbnb, use the money to pay the rent on Airbnb’s and cash in that way, there’s ways to convert the credit into cash and so if you have a 40,000$ card you can emerge process or turn that credit into cash so it will be small percentage of credit card fee but now you have the cash then you can now use the cash for whatever – but I would think when you are investing with credit think of things that can make an ROI in less than a year so if anything more than a year you know maybe debated but that’s where your personal savings comes in, you know use your personal savings for a long term investment and here’s your credit for investment set under a year ROI within a year 

 

Josh: love that and I know that the reason I ask that question is one of the big problem we have in our industry being in the digital products space the consultancy space all a lot of people spend tons of their money on just kidding educated right okay I am gonna learn at least new skills and everything right they think that it’s gonna – short term ROI but in all reality that should be a low percentage of what you are sending because you should be focusing on taking the debt money that you have that you know you can turn and flip it and make the money back like that, so I love your example there 

Jack: hundred percent, I think like whatever you have something that’s hot and can hit go all in like if you have something don’t be scared to spend money on like if you need and new camera to get certain gigsin videography business you know get that camera if you know it’s gonna bigger gigs if you need more staff and you’re stuck at cash you know that extra staff will help you generate more money you know turn that credit to cash and pay your employees that way or paying to your credit card you know whatever you have something, don’t be scared to spend the money as long as you think it’s going to create ROI 

Josh: yea I love that, employees are great one, we, that’s one to us spend a lot on our data is pre-paying people right you buy a contractor service or an agency or sale person or something and you pay them all at front right and become like this really amazing opportunity to you know grow that, that base for you, I think buyer time back so for you Jack, what’s kind of been your some of the biggest investment that you’ve made using the system, where you’ve seen the best return

Jack: yea I mean the number one thing I have is my e-commerce store I’ve in Amazon automation store, drop shipping store that just have 500,000$ in revenue in November alone so that’s been incredible in growing my consulting business right now that’s might my coaching program teach people on how to build credit, get business funding, spending alone money on ads into the content, into travel things like that to get more people in the door also I just start a Walmart automation store that is similar drop shipping model but on Walmart lower start a feet higher returns so I am super excited about that also I am investing to real estate fix and flip project so with the amusing credit within 6 months I get the money back and then I am also investing ted in a e-commerce platform that is actually sold in India and basically company is doubling every single month so they need as  much as money as possible in paying incredible returns on loans and so I am using credit to loan this company money and they are paying incredible ROI percentages back to me so there’s kind of the most recent ones and then something that I’ve done recently that hasn’t been credit is investing into a cryptocurrency head fund called orca capital and basically in this hedge funds you know they’re making trades back and forth with cryptocurrency and it is particularly cool because you can contribute rough ROA money into the cryptocurrency hedge fund and it will still be considered as rough so it ix tax sheltered, tax free and they are getting cryptocurrency returns and it is next level 

Josh: see that is awesome, will talk about that later, yea that is awesome man, it is really cool to see that, you’ve been able to invest in so many different ways, help people are listening there because I mean you mentioned investing in your business, investing in fix and flips in cryptocurrency and other things right, there’s so many different ways you can leverage that money so, to think about that everybody as you listen to this episode and Jack you kind of cheese in there but you have your whole course and whole program in helping people to do this in the business so how can people get access to that?

Jack: yea of course so my Instagram is @kingofdebt and if you guys want to reach out on any of my investment opportunity feel free, I am also have a mini course it is a 10 video course talking about personal credit optimization business funding and so many course giving out for free right now, for anyone that DMs me  close friends on Instagram @kingofdebt and then my full program is you know full coaching program, 2 months program, I walk people through the entire process on how to optimize their personal credit, how to get business funding knowing what cards to get when to get them, how to apply to them and I have relationship Managers all this top institutions so basically when I have client that are serious about you know big limits and funding, I connect clients with these relationship managers and it is basically guaranteed success because this is high level bankers they make sure the application to under writer, so it’s a human looking at everything and it’s just been a game changer so I think if everyone who wants to scratch surface on credit reach out to me for my free course on Instagram and if anyone’s interested on taking it their business to the next level and get the business funding, I would require about my coaching program so just reach out on Instagram @kingofdebt I’d be happy to talk with any guest 

Josh: love that, we’ll link all of that to the description as wellso everybody can reach outto you,  so take advantage of that opportunity they are minimum go watch 10 videos like many series that stops going to be really helpful and very beneficial to you in moving forward to credit journey so Jack before we sign off today Man, I want to ask you one final question so we’ve cover a lot of topics on this episode so if you could say there’s one thing in particular that you would want people to remember from this interview, what would it be?

Jack: start building a credit today, the more you can barrow the more you can make, you are more powerful if you can borrow more money, you don’t have really spend the money but you are more powerful, you have the option to spend the money just remember that and it takes time to credit so that’s why you want to start today, there’s things you can do today I hope this interview was super valuable for people to take actions steps, today as simple as you go open a bank accounts and new banks go get  new personal cards you know do thing like that, keep utilization down and it is a consistent journey that is something you’ll stick with your whole life, I hope there is because consistent value with having good credit to your whole life so start today and it’s like fitness it is something you have to stick to, it’s a lifestyle and then ones you are in you are much powerful and that’s I think you have much more successful life.