4. The Revolving Credit Blueprint

Hello, and welcome everyone to the 20K Blueprint. So in this particular module, I’m going to be breaking down step-by-step exactly how you can go out and get up to $20,000 in unsecured revolving lines of credit. So here is what we’re going to cover. So the first thing I’m going to break down and do with you is a utilization audit. Because the purpose of this, as you understand, that 30% is very, very heavily weighted, especially in terms of our utilization. So we’re going to do a quick audit. Then I’m going to break down how to maximize these accounts. I’m going to break down 8 guaranteed revolving lines of credit accounts that you can use and deploy immediately. So my goal for you to is to understand all of these accounts and then break down how to stay organized with this. So the very first thing I want to get into is a utilization audit.

And the reason why is because we need to understand where we stand currently with our credit cards or our existing revolving lines of credit if we have them. So the first thing I want you to do is identify how much available credit do you have. This is really simple. So all you need to do is look on your credit report and it’s going to tell you how much revolving lines of credit that you have, and I want you to really figure out the amount, once you’ve identified how much credit you have, I want you to figure out, you know, essentially where you stand and how much is available for you to use with this particular account. Then once we’ve identified essentially the amount that’s extended with that account, we want to figure out how much is currently reporting on that account. So our goal is to get this down to 1-7% reporting usage.

So if your current amount on that card is well over 50%, we need to get that thing paid down. Okay. That is our goal. So we want to identify where we stand. Then, what we want to do is we want to figure out what day this account reports to the credit bureaus, and the reason why is because we want to make sure that the balance is paid down before that date. So if you have a $200 limit and it’s reporting $190, you want to get that bad boy down to, you want to get it below, I would say you want to get it down to like maybe $5 reporting. Because you don’t want that, then you want to figure out, okay, what day is this reporting? So just because you established the account today, doesn’t mean it reports on that day and you need to know what day that’s reporting.

So that way you can kind of keep organized to ensure that when you have these accounts established, it’s reporting the utilization. Whether utilization is paid below where it needs to be, I would say paid at least 1-7% usage before it reports. So that way you can maximize all the points available to you in that section of your credit report, right? So how do we maximize these accounts? And the first thing is, is you only need 5 of the 8. So only 5 of the 8 are needed. So you don’t have to get all eight of these accounts. However, I outlined eight, just because I wanted to give you guys options and give you the ability to choose. So again, when we’re looking at the holy grail credit mix, we want to have 3-5, but I want you guys to be achievers.

So we’re going to have 5 revolving accounts. The other thing is, remember the purpose of these accounts are revolving reporting credit. That is what we’re looking for. So we want to get as many points available to us to maximize that 30%. So even if you have a $500 credit card currently with that, that’s all the available credit that you have, and then you go out and you established these accounts, that’s by definition, going to increase your available credit. Which means it’s going to decrease your overall utilization with all of your cards. You still need to get that existing card paid down below 30% and keep it reporting 1-7%. But again, that’s the goal of these accounts. That’s the purpose of these accounts. We want to put ourselves in position to have revolving credit while we’re building credit and start putting ourselves in a power place from a reporting perspective

so we can maximize all the points here. Then once you make your initial purchase, you know, make your initial purchase, then pay your balance off. We don’t need to make these accounts that we continue to use because you don’t want to, these accounts are just what we call starter accounts. Don’t miss any monthly payments. I think that goes without saying, but again, don’t do that, make sure you make your payments. And then the other thing is no need to continue using the accounts for the majority of them once they’re established, especially the revolving lines of credit with those particular creditors. Again, we’re just doing this just so we can get what we need reporting on our credit file. Okay. So what I’m going to do over the next few minutes is breakdown each one of these accounts and right below this video, the links to establish each one is going to be there.

All right. Now My Jewelers Club is the very first one that I suggest, and I absolutely recommend you do get this one, and what it’s going to do is give you a $5,000 unsecured revolving line of credit, right out the gate. It’s a $99 application fee plus you must make an order from their website for at least $100, and then you have to pay 50% down on that. So right out the gate, the minimum order is a hundred bucks and the minimum application fee is $99. So you’re going to be looking at minimum $150 to get this account established. But again, remember, we’re only doing this because we want this to report a $5,000 unsecured line. Now this is only going to give you one inquiry with Experian. So it won’t go to all three bureaus, but this account is going to report on all three bureaus, which is huge.

This is the foundation card. You absolutely have to get this one. This one is the most powerful, really probably the most powerful of all the three, because it’s going to report to all three bureaus. So My Jewelers, the application is, the application link to get started is right below this video. The next one is New Coastal Direct. This is my second favorite. Again, this one’s going to give you a $5,000 unsecured revolving line of credit. It does also have a $99 application fee plus the purchase of an item from the site. So you need to just go through that catalog. Find something that you need. You can buy a toaster or whatever household appliance item you need. Go ahead and get it, and then build your credit in the process. This has about a 95% approval rate, and the reason why I’m saying that is because you must be 18, a US citizen with a valid social security number, be employed with a minimum income of $1,600.

Okay? So this is, this is what you must have in order to get that approval. Now there’s no hard inquiries with this account. This is a revolving line of credit as well, and then also it’s only going to report to Equifax and TransUnion. So New Coastal Direct is still a solid option because it’s going to give you that $5,000 unsecured revolving line of credit reporting on our accounts. Now, both of these accounts are powerful. They’re not going to give you an actual card. They’re just going to issue unsecured revolving lines of credit. That’s going to report on your credit file. The next one is Shop Simplio. This one is a fairly new one, but it’s still really powerful because it’s going to also give you a $5,000 unsecured revolving line of credit. It’s only a $69 membership fee. So it’s a little bit less than a membership fee, but you also must be 18, US citizen with a valid social security number.

I’m not sure I have a dollar sign there, but I meant to put the number sign, but you must be, you must have a valid social security number, employed with a minimum income of $1,400. So just make sure when you completing those applications that you put down, you’re employed and you have a minimum income of $1,400-$1,600, right? Just you want to get your application approved. Also you want to, in order for it, though, you pay your membership fee, you still must purchase a product from their site in order to get the reporting. So make sure that you pay your application fee. You find something on that site that you want, you purchase it. So you can get that reporting on your site. I mean, on your credit file. The other thing is this is going to report to Equifax and TransUnion. Now, the other thing is each one of these accounts have monthly cutoffs.

So what does this mean? This means if you are purchasing an item or establishing this at the end of the month, it may not start, it may not, let’s just say we’re in the month of April and you are at April 25th. Well, their cutoff date may be April 20th. So if their cutoff date is April 20th, that means as long as your application is in by the 25th, it’s not going to report and it’s not going to be able to report assuming you do everything you need to do until realistically, not May, you’ll be looking at June because you’re past the cutoff time for that month. So just be cognizant of that, but ShopSimplio, the other three work the same exact way. So, but those three back to back to back are $15,000 in revolving lines of credit that you can have reporting on your particular

credit files, which is powerful.

Hutton Chase. This is another one. So this one’s going to give you a $1,500 unsecured revolving line of credit. There is a $75 application fee with a minimum $180 purchase. Then what they’re going to do is ,have you set up to make $36 monthly payments for 5 months, which essentially is just $180 purchase that you made, right? So you want to go to their site and find something that you want there, and then they’re going to set you up on that monthly installment payment. Obviously don’t miss your payments and it’s going to report to Equifax and TransUnion. The next one is Ox Publishing. It works very, very similar to Hutton Chase. It’s going to give you a $2,500 unsecured revolving line of credit on your file. It’s going to be a $75 application fee plus $180 minimum purchase, and it’s going to bill you $36 monthly for five months.

That’s basically $36 basically $180 and it’s going to report to Equifax only. So all of those accounts that I just covered literally is $19,000 in revolving lines of credit. It’s practically guaranteed. You just got to pay these application fees. And again, remember the purpose of, the purpose of this is to show that holy grail credit mix on the revolving side. Now we have a couple of other cards that you can use. So Indigo is going to give you a lower limit. It’s going to give you a $500 unsecured revolving line of credit. And the reason why is, I’ll explain why the limit is a little bit lower on this one. So it’s a $500 unsecured revolving line of credit. It’s a $75 application fee. You can use this as cash anywhere Mastercard is accepted and it’s going to report to all three bureaus.

Now here’s the thing, the reason why this one is a lot lower than the other ones I just broke down is because you can use this card anywhere. However, because this is really designed for you to build your credit, and this is like a starter card, that’s the reason why your amount, your revolving line of credit is going to be so low. So I still recommend getting those other revolving lines of credit with those vendors because of the amount in which you’re going to get and the amount of available credit that’s going to be reporting on your file. This is a step up. This is a, this is a setup for the future when you start really applying for other accounts, but Indigo card is a solid option that gets us to 19,500. Now the next one is a Milestone Gold Card. So very similar to Indigo is going to be a $500 unsecured line of credit.

It has a $75 application fee, plus a $36 annual fee in order to get started. In most scenarios, you can use this as cash anywhere Mastercard is accepted and it’s going to report to all three bureaus, Equifax, TransUnion, and Experian. So these two cards, I would say, you don’t need both of them. You just want to choose which one you like the best and they move forward with that. But again, both of these cards are going to give you that unsecured revolving line of credit that you can use as cash, however, you are really getting these accounts for that particular ability. So this would be a really good card to use for, this one or the previous one, this will be really good cards to kind of use for like your miscellaneous expenses and then make sure you pay it off at the end of the month.

So in the cashflow control module, in how to maximize your cash flow, I’m going to cover this. But again, this is a solid card to use as cash, and this is going to report to all three bureaus. Now, the last one is a credit card builder and it’s a $200 secured card. So all of those are cards that just broke down, all $20,000 are unsecured lines. So this is the only secured line that you could do. And it’s a $200 secured line of credit and it’s a $200 require setup fee. And you can use this cash anywhere like the other two. And it’s going to report to Equifax, TransUnion, and Experian as well. So all of these accounts are designed to give you that revolving line of credit. Now, right below this video, you’ll notice that I included actually something else to help you stay organized.

And let me show you that. So I’m going to pull it up right here and what it is, is a revolving line of credit tracker sheet. So like I was saying, I want you to go through with your utilization audit and put down any type of cards that you have. So if you have a card that has a limit with a $500 limit and then you have utilization of $500 or $400, and that’s going to tell you how much utilization you have before you even establish those accounts. Assuming you did all eight accounts, which you don’t have to do all eight accounts, but assuming you did all eight accounts, that will be a total of $20,200 in lines of credit. Assuming you just did, let’s just say you did one, two, three, then you want to do the Ox Publishing, let’s just say you took that one out and let me just take it out just so you can see how to use this sheet.

And you didn’t want to do the Credit Card Builder account, that will be $17,500. Now, one thing I didn’t show you guys how to do with this particular tracking sheet, you will be able to open it up in view only make sure you come over here and you hit file and then make a copy of this particular tracking sheet. Do not request access to the tracking sheet because the requests will not be granted. You need to make a copy for your own records, then save this in your credit reports folder. But the whole point of this is for you to get organized and really complete your utilization audit. So you can know exactly where you stand. So assuming you already have a $500 limit, like I was saying, and you have a $500 usage. That means you’re not taking advantage of any point.

So simply just getting one of these accounts, right? Simply just getting one of these accounts like the My Jewelers Club would literally put you in a powerful position to where you have $5,500 in revolving line of credit. But my goal and my suggestion is get that at least New Coastal Direct, My Jewelers, Hutton Chase and it’ll give you that $1500. I’m just going to type all of this stuff back here. A ShopSimplio can give you that $5,000, Ox Publishing $2,500 and then the last two, $500, $500 and 200. So again, this is the 20K blueprint. All right. So very, very powerful stuff. Take action. Get your utilization audit knocked out and let’s get these cards established and applied for, and I will see you in the next module.