#BetterThanBanks
How to get access to 100k in 90 Days
Now this is a story all about how, my life got flipped turned upside down. And I’d like to take a minute, just sit right there and i’ll tell you how I became the Credit Union Captain…
Hello! Below you will find a chapter from my new book #BetterThanBanks it is currently on preorder for $37 until March 1st. At that time it will go to the retail price of $97. I am excited to hear the value you have received from this book and hope to hear the success stories that go along with it as well.
I may be new to Medium, but I am no rookie when it comes to credit. Credit when used properly is freedom. When used incorrectly, is prison. Pick a side.
Seasoning
I was never taught this in school, at home, etc., so I thought it would be a good thing to start with. When most consumers want a credit card (CC), they typically just apply for it without building a relationship with that institution. Credit Unions have scoring models that are activated when members use their products or services.
The more active you are inside of a credit union, the better. By active, I mean having a checking account, a savings account, a secured loan, etc. This will increase your overall “score” within the CU. By skipping this step, your chances decrease dramatically.
So if you only have a checking account, that might get you a little bit closer to that next level in their scoring model. But if you have both a checking and a savings account, you just added some points to your overall score in the CUs’ eyes. Your relationship just went to the next level. Basically, you just went from texting every other day to texting every day and now talking on the phone.
As a consumer, you are now more “invested” in the credit union, so they will be more “invested” in you. When you decide to take a swing at applying for the CUs’ credit cards due to the “seasoning” you have been doing, your chances have significantly increased for getting approved. The amount of time (age) you have been a member of the institution also plays a role in calculating the data points.
Many consumers take a chance at applying for credit cards without seasoning the relationship. This practice is sometimes effective, but you have a better chance after spending some time with them. Similar to increasing your “pay in 4” limit with PayPal. The more time you spend being consistent with PayPal and their pay in 4 services, the higher the limit they approve you for. Recently by seasoning my relationship with affirm I was able to go from a 400 spending limit to over 2,500. Season your accounts always.
The credit unions need love too. Think of it like dating. Typically one does not try to get through the entire relationship on the first day, right? Take your time to build the relationship (aka increase data points), and after the “seasoning period” is over, consider applying for the CCs. Typically 90 days is the sweet spot. This is what my students do with multiple CUs at a time. The more the merrier.
