Pro Tips For Improving Your Credit, Traveling For Free, And Using Credit To Invest | Lyann Nguyen

In this episode of the Millionaire Mindcast, we have Lyann Nguyen who shares content, information, and resources about ways of leveraging credit, what affects your credit scores, how to make up credit scores, how to play with lots of cards and have a decent score, and shares some tips on how to use your credit more wisely.

Lyann Nguyen is a credit expert and mentor, an advisor to CEOs, influencers,  YouTubers, ECom experts, athletes, and celebrities, a keynote speaker, and well-known as “Credit Ninja”. She helps improve and enhance credit files and supports high-level entrepreneurs who are looking to take their credit knowledge and power to the next level.

Lyann had lost millions in the 2008 crisis including her home and had bad credits because her bank accounts were frozen. From a well-off to almost nothing that she even couldn’t go to rent a car at that point. She had no income because all the resources were completely depleted. But she dealt with one thing at a time. She figured out and tried to solve this on her own.  

Eventually, solving credit problems has turned into a passion. Lyann solved other people’s credit problems for free.  Since then, they started to call her the “Credit Ninja”. She started working with sales organizations, becoming a retainer for many organizations to help them get financially strong by upping their credit game and learning all those tips and tricks. Also, working with individuals with their personal credit, and their personal score to start building business credit based on it.

The resources are out there to access these credit and free money. Lyann suggests that if you can’t figure it out and it’s outside of your comfort zone, it’s important to reach out to someone in the credit space that has credibility that can walk you through it. Also, she insists that credit scores are important because it is a gateway to get access to funds, and travel hacks. So, be particular with your payment history, and the consistency of paying on time.

Furthermore, she encourages having multiple banks and multiple lines. But those particular credits must be managed well so that it serves you instead of being in control by the credit. You are in control of your own finances. Therefore, deal with what you can control like your budget, expenses, credit lines, credit scores, etc. Hacks on how to play the game and manipulate credit cards and get rewards from it.  

Use credit responsibly and leverage the way that it generates more income, more opportunities, and not just to buy a depreciating asset. Thus, don’t buy things that don’t serve you like cars, and expensive clothes that are not going to generate money. It's fine to have a reward for yourself but don’t have the reward until you actually gain something from it.

Lastly, get out with your game plan and execute it. Knowledge is useless if you don’t pull the trigger and if you don’t have confidence. If you are fearful of everything you don’t deserve to win. If you feel comfortable about the deal go for it, but if you feel it’s not a good deal don’t go for it. Your gut is very important.

Some Questions I Ask:

• How did you find yourself to become the “Credit Ninja”? (00:44)
• Are you working more on the business sector front or with the individual? (05:04)
• Why is your credit score so important? (06:03)
• Who comes up with these scores? (07:09)
• What are the variables that people should be paying attention to that make up their credit score and the wait behind each one? (08:10)
• Is it bad to have more accounts or less accounts? How that is tied into somebody’s overall credit score and what should they be paying attention to with that? (12:02)
• How many credit cards can you open at once? (14:14)
• Where do I find the best credit card options that are out there that meet my criteria, my goals, and get the best benefits? (17:40)
• For someone who is applying for multiple cards at once and worried that this might be going to hurt their credit score, there’s going to be hard inquiries, or what if it gets denied, how to alleviate those concerns? (19:27)
• What are the pros and the responsible ways of using credit and what are some of the negative ways that you see most people using credit improperly?  (20:30)
• Talk more about how you’ve seen people creatively used their credit lines to invest in real estate or to access stocks or other opportunities? (23:48)
• With the current market we find ourselves in with all these uncertainties, how does that impact what you’re doing and what are those new things that people should be paying attention to as this coronavirus impact unfolds?  (25:55)
• What kind of opportunity do you see for investors that might have an opportunity to help on the debt sides of that or is there a play at all at least at the credit market as an investor? (29:25)
• What are some of the things that people should be aware of so that way they get a little bit more in tune with credit principles and practices on how to navigate that they can take advantage of and get rewarded for? (31:40)
• How is business credit created and used for the small business owner in general? (37:34)
• Give us the realistic time frame and the process to bump a credit score that people should at least be aware of. (41:56)

In This Episode, You Will Learn:

• Tip for building a brand (04:06)
• Three components of credit (05:10)
• How to manipulate those reporting dates (12:58)
• What is credit cards sequence (14:49)
• Why credit mentorship is important (15:35)
• How credit itself is powerful (15:56)
• Why having different lines and multiple banks are important (16:21)
• Lyann’s corona credit tips (45:26)

Quotes

• “The name chooses me, I did not choose the name.”
•  “One technique may not work for somebody else.”
• “The debt on credit is bad, credit itself is powerful.”
• “You’re in control of your credit.”
• “Don’t execute on it, if you don’t know what you're going to do with it.”
• “Don’t buy things that don’t serve you.”
• “If you don’t pull the trigger and you don’t have the confidence, and you are fearful of everything, you don’t deserve to win.”
• “Scared money doesn’t make money.”
• “The thing that you’re in control is in your environment.”
• “Your resource is what’s going to save you at this time.”
• “You become a mentor ‘coz you’ve been there!”