The Credit Mindset Vs. Monkey Mindset

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So what is the credit and monkey mindset? I wanted to read a few topics that I feel, with having psychology as my background, that I think will really just help you in what I call the credit and monkey mindset. The mindset of credit is where it all starts, and when you understand credit, it becomes very easy to adapt to a much different mindset than somebody who doesn’t have great credit.

It is a game and you have to learn how to play it. When you’re talking about the monkey, the last thing that you guys want to be doing financially is worrying about money.

So we call it the monkey on your back. The reason it’s the monkey on your back is that you don’t want that monkey on your back.

Life is hard enough, and if I can share a few tips that actually resonate with you guys, and you can make a few adjustments, maybe you don’t have to worry about money anymore, wouldn’t that be nice to not have to worry about your credit and to have to worry about money in your life?

So let’s get right into it.

Let’s talk about one of the tips for credit that will actually help you.

For people who have low credit, okay, I’m going to recommend a credit card for you.

This is for people who have subprime credit under 600 who are looking to not only just get a small little Capital One credit card, or maybe one of these primary accounts that are not basically that you can use financially.

One of the easiest cards to get is Credit One Bank.

It is listed as the number one easiest bank credit card to get and it’s actually an unsecured card.

So if you guys don’t have one of those and you are in the hunt of getting credit cards, I would definitely recommend them.

I’m not affiliated with them, don’t get a penny off of it.

I’m just reading some tips to you guys and again, hope it resonates and you can use some of the tips to change your mindset.

So the other thing that I’m going to talk about is this. What we have found with our clients that have been very helpful, okay.

I don’t try to reinvent the wheel. When I can give you tips and things that you can use in your life, I share them with you, I educate you.

So one of the things you can do that will really help you is opening up a bank account.


When you open up a bank account, you are put into the system, okay?

And for example, like a Bank of America or even a Chase account, we have found that our clients who have opened up a bank account first, got into the system.

So open up a checking account, get into the system, and then go back about a week later and apply for their credit card in the office, not over the phone or not online, have increased over 33% in getting a credit card.

So open up a bank account first, then go back seven days later and apply for their credit card.

This has worked very, very well and again, when I have tips

I’m going to share them with you.

One of the other things that we can do.

Let’s say, how about this mindset? Credit cards are evil.

Mike, I don’t do credit cards. I’m a cash-only person.

This is a poverty mindset that I want you to unwind in your head, okay?

The people who say they don’t do credit cards are people who are irresponsible with money.

I’m going to tell you straight up, this is shit that I hear.

I don’t do credit cards means credit cards don’t do you, meaning you cannot pay the credit card back, so you say, “I don’t want to do them.” How about just fixing the problem? Which leads me into the monkey in the back.

If you had disposable income, would you worry about getting credit cards?

Let me ask that question again.

If you had enough money coming in, okay, your income was high, would you worry about a few credit cards that you were using to build credit? Of course not.

Wealthy people don’t worry about getting credit cards and saying they don’t do credit cards.

The reason people don’t do credit cards is that they are not the kind of people who can be responsible to pay it back.

They’re not responsible to pay the money back because they don’t have the money. So they say, “I’m a cash-only person.”

And again, poverty mindset, need you to unwind that one real quick.

Get a few credit cards, use it for credit building, not for the purposes of spending money.

It’s not for QVC, it’s not for Amazon, it’s not for buying new shoes and clothes, and car accessories.

No, it’s for building credit. That’s what credit cards are for.

Once you get to a point to where you’ve got great credit cards, then you can expand and if you want to use it for a trip or buy yourself something nice, okay, because maybe we can get the perks of adding the cost onto the credit card because maybe the credit card has bonus points or maybe it has, right?

But let’s get established first.

So that’s what I want to share with you. Okay.

The biggest reason people get denied for credit cards, the number one reason that people get denied is high utilization.

It is ranked number one in 2019.

Because people spend, okay, just take a look at the national debt and say people don’t spend, okay?

People spend and there’s money everywhere in the United States, but what happens is, think about it this way.

If you’re getting denied for credit cards or loans, it’s because your utilization is high. It’s not because the collections that are from 2014, it’s not because of the inquiries, although those play a factor.

The number one reason is because your utilization proportion to credit limit, meaning how much you owe on the credit card in comparison to limit is over 30%, and if they find out that too many of your cards, which is ass-backward, believe me, I don’t understand it myself, because if you’re using credit cards, they’re getting paid interest, so it really doesn’t matter.

You would think that they would want you to spend more, but it’s not.

What they look at is when you have too much debt, it looks like you’re using credit to live, and unfortunately the system says we’re not going to give you more credit because they’re afraid you’re going to max the card out.

So keeping your percentages under 30% and then also, and I recommend seven, you guys know the golden rule, seven, but if we can keep it under 30%, your chances skyrocket in terms of getting more credit cards and loans.

Use credit cards to build credit, not just to go get a $10,000 Capital One to be able to go out and spend it.

It’s not used for that. It’s for building credit, then once you have enough credit, right.

I’ve got hundreds of thousand dollars of credit. I don’t go out and just say, “Hey, I want to just go spend it today.”

I don’t even know it’s there.

Balances are at 3%, utilization is at 3%, don’t need it, don’t use it, but that’s why I have an over 800 credit score because I don’t use them.

Don’t need them, but they’re there for emergencies, okay?

The number one thing that has killed me is thinking too small, okay?

So what I want to share with you guys today about thinking too small is your finances and your credit will be crushed because you think too small.

When I realized that employees don’t cost money, that’s when the shift happened, okay?

If you want to be able to go where you want for as long as you want, with ever and anyone you choose to go with, then you got to undo the mindset, your mental mindset of thinking small, okay?

These are for business owners that I’m talking to right here or people that are looking to start something, okay?

The most valuable person is a person who is irreplaceable.

Whether you’re working for a company, become irreplaceable.

Have a side hustle, okay?

Maybe do something like copywriting, marketing, right?

These are things that, sales, these are things that are irreplaceable to good companies because you bring value to the company, right?

There’s something that you bring value to the company that other people can’t do.

So learn a side hustle, increase income, and be irreplaceable if you’re working for a company and that’s how you continue to grow. Okay.

Let me give you another one. This happened to me over the weekend, got an 812 credit score, applied for a credit card. I’ll tell you who it is, Chase.

Here’s a tip. If you opened up three accounts in the last 24 months, Chase’s new rule is you will get denied.

I’ve never been denied in years, 15 years for a credit card.

I got denied for a Chase Sapphire card that I wanted to use for travel.

Call them up immediately.

Reconsideration line, what’s going on?

Our new policy is if you have three open accounts in the last two years, we deny you, there is no reconsideration.

So I want to give you guys a tip.

If you opened up three credit cards, I don’t care what they are, Kohl’s store cards, credit cards, loans, anything.

Three accounts in the last two years, do not apply for any Chase credit cards.

Unfortunately, you will get denied.

So I hope that right there saves you some time as well and the next inquiry you don’t need.

But you need to learn a high-income skill set.

Again, going back to the mindset, one of the things I’m teaching you guys here is the mindset.

Open up your mindset, learn a high-income skill set, because nobody can take that from you.

Learn copywriting, learn how to do sales, learn how to do marketing, and you’re invaluable to any company.

These are things that companies love, right?

So even if you have, you’re working for a company and you learn those things on the side, you can have that extra income.

Again, thinking about the mindset.

When I say mindset, I mean making more money is going to help you with your credit, okay?

Now, I’ve told you this in a couple of past videos where somebody with eight million could have a bad credit score.

Somebody makes $8,000 a year.

It’s not the amount of money that you make.

However, that being said, let me do share something with you.

The more money you make, the higher credit limits you should get, okay?

And the less likely you are to worry about having credit card payments, okay?

So those are just some few tips I want to share with you guys, and I hope, again, I hope this finds somebody well.

If I could change one person that watches this video, one person that could say, “You know what?

I want to get my credit started and I am tired of living paycheck to paycheck.” Go back to this video as many times you want, post a comment below.

Also, the number one reason you’re getting denied is for high utilization.

If you could add a tradeline or two with the high credit limit, what do you think happens to that utilization? Goes down, okay?

So if I can help you in any way, shape, or form, call us at 904-515-6698.

We can put a high limit tradeline on, that is the number one reason you’re getting denied and it can be the number one fix by adding in some more high limit credit cards.

Thank you guys for watching Tradeline TV and until tomorrow, my name is Mike.

Take care.

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