How to Get $300K in Business Funding | Rich Torres E514

Summary

Podcast Summary: The Rich Somers Report

Episode: How to Get $300K in Business Funding | Rich Torres (E514)

Release Date: June 10, 2026
Host: Rich Somers
Guest: Rich Torres (Credit Consultant, @financesbyrich)

---

Episode Overview

This episode focuses on the strategies and secrets behind optimizing personal and business credit to access up to $300,000 in 0% interest business funding. Rich Somers interviews credit consultant Rich Torres, who details actionable steps for building and repairing credit, maximizing funding, and leveraging debt for business growth. The episode’s tone is energetic, practical, and stacked with hard-hitting financial advice for entrepreneurs and real estate investors navigating today’s high-interest environment.

---

Key Discussion Points & Insights

1. The Power of 0% Interest Business Credit

• Access to 6 figures: Rich Torres explains how entrepreneurs can secure $100K–$300K in business funding at 0% interest for 12–18 months.
  • “You can actually go and get $90, $120, $150,000 on a credit card at 0% interest.” — Rich Torres [00:37]
• Leveraging credit for real estate: Many real estate investors use business credit lines for down payments—securing hard money or DSCR loans.
  • “They will liquidate these cards and actually get the down payment for a house… now you’re able to get that cash-flowing asset, and just pay it back later.” — Rich Torres [03:14]

2. Building and Repairing Credit

• Credit repair myth-busting: The dangers of unauthorized, poorly managed credit repair and misusing authorized user strategies.
  • “A lot of people…just using this as quick money... They don’t know what letters to send, they don’t know about any of the FCRA laws.” — Rich Torres [17:54]
• Authorized user advice: Only beneficial if the primary cardholder has excellent credit and low utilization.
  • “If you are an authorized user on somebody’s card and that card is all jacked up... get off of it immediately.” — Rich Torres [21:05]
• Rebuilding credit: Focus areas:
  • Utilization: 1–4% is ideal, under 10% is good.
  • Minimize hard inquiries: Don’t apply for unnecessary credit cards back-to-back.

3. Credit Utilization: The 1–4% Rule

• Optimal range: The sweet spot for utilization is much lower than what’s commonly advised—1–4%, not 30%.
  • “Most Instagram people…say under 30%. My clients, I make sure they're under 10%. The higher limits that I see is anywhere from 1 to 4%.” — Rich Torres [10:54]
• Bank behavior: Banks may reduce your credit limit if you never use your card or always pay it down to $0.
  • “Banks will literally lower your credit limit because you are not utilizing your credit.” — Rich Torres [14:38]
• Pro tip: Leave a nominal balance (1–4%) when applying for more funding.
  • “When you have 1 to 4% credit utilization…you can walk into the bank and ask for anything you want and they're going to give it to you.” — Rich Torres [11:13]

4. How to Get High Funding Amounts

• Personal credit matters: No derogatories, perfect payment history, aged profiles, high-limit personal cards ($10K+ recommended).
• LLC age and structure: Older LLCs with tax returns have better approval odds and higher limits.
  • “Before it was a lot easier… Banks are starting to tighten up. So the longer your LLC has been in play and is making money, you have tax returns… you can actually get $90, $120, $150,000.” — Rich Torres [07:02]
• Credit stacking: Sequentially applying for multiple cards across lenders for higher aggregate limits.
  • “We also do credit stacking…[e.g.] the first Chase card $50,000, the second Chase card $40,000, now you have $90,000 at 0% interest.” — Rich Torres [07:32]

5. Hacking 0% Interest Longevity

• Balance transfers: When introductory 0% expires, transfer balances to new 0% cards or new banks for another 12–18 months.
  • “If your personal credit is great, we take you to another bank, we get you approved for another $50,000…and then we do a balance transfer.” — Rich Torres [08:05]

6. Choosing the Right Business Credit Cards

• Which cards report where: Not all business cards show on personal credit.
  • Amex Business Gold/Platinum: Do NOT report to personal credit.
  • Capital One Spark: DOES report to personal credit—could hurt scores if utilization is high.
  • “If you have a maxed out business Capital One Spark card, it's going to show on your personal credit…” — Rich Torres [05:01]

7. Maximizing Credit Card Perks

• Use credit cards for all spend: Points accrue from regular spending, redeemable for travel/out-of-pocket business needs.
  • “You already spent the money. Why not just get the points for it now too?” — Rich Torres [00:37]
• Travel cards: Amex Business Platinum for max travel rewards and lounge access; Amex Gold for daily spend and 3x points.
  • “If you book directly through Amex... it’s either four or five times points back when you book through them.” — Rich Torres [24:59]
• Never use debit cards for large/corporate transactions: Fraud risk and daily limits can cause embarrassing issues (e.g., declined card at a business dinner or club).
  • “You never know what’s going to happen. I need to have that safety.” — Rich Torres [28:11]

8. Common Mistakes & Success Strategies

• Misusing business funding: Don’t treat new credit as “free” money for luxury or lifestyle spend.
  • “They just think like, oh, we have like a free $10,000 and they'll just go, max it out—expensive vacation…never try to pay it back.” — Rich Torres [31:45]
• Tactical business use: Funding should accelerate cash flow, not finance depreciating purchases.
  • “If you’re going to use funding, it’s like you should be using it to make more money.” — Rich Somers [32:47]
• Have a plan: Before taking on new credit, create a game plan for its use—and the timeline to repay.

---

Notable Quotes & Memorable Moments

• On leveraging credit responsibly:
  • “When you have 1 to 4% credit utilization, you can walk into the bank and ask for anything you want.” — Rich Torres [11:13]
  • “Before I get you funding, what are you going to use it for? Let’s actually come up with a real game plan.” — Rich Torres [33:10]
• On big limits:
  • “What’s the biggest limit you’ve seen?”
    • “$75,000 on a personal card. $130,000 on a business card." — Rich Torres [15:21]
• On travel cards and using points:
  • “You guys shouldn't be using your debit cards. You should not be using cash. You should be using your credit card. That’s how people get these first class tickets.” — Rich Torres [00:37, 24:59]
• On personal experience:
  • “You never know what’s going to happen. I need to have that safety.” — Rich Torres (on carrying multiple cards while travelling) [28:11]
• On unique approach:
  • “I’m gonna hold your hand through this whole process… Once you get that funding… I’m gonna teach you how to leverage your credit.” — Rich Torres [17:54]

---

Timestamps for Key Segments

| Timestamp | Topic/Quote | |---------------|-----------------------------------------------------------------------------------------------| | 00:37 | Why debit cards and cash lose out to credit cards | | 02:06 | Rich Torres outlines his approach to credit, funding, and leveraging zero-percent APR | | 04:08 | Building credit from scratch and common misconceptions about tradelines | | 05:01 | Which business credit cards do and do not report to personal credit reports | | 06:21 | Step-by-step: qualifying for $150K+ at Chase (credit requirements, LLC info, stacking) | | 08:05 | What to do when your 0% promo ends: balance transfers and strategy | | 10:54 | “1 to 4% utilization” rule and why it beats the standard 30% ceiling | | 14:38 | Consequences of not utilizing credit (banks may lower limits) | | 17:54 | Rich Torres’ differentiator: guidance after funding, not just funding | | 20:00 | Rapid credit repair: practical tips | | 21:05 | The dangers of being an authorized user on a bad credit card | | 24:54 | Best travel reward cards: Amex Platinum and Gold | | 27:11 | Debit card daily limits and real world embarrassments | | 31:45 | The #1 mistake: treating funding as “free money” and not investing in productive assets | | 32:47 | The importance of having a business plan before taking on new funding | | 34:33 | Using funding for high-ticket consultations, coaching, and entrepreneurial offers | | 35:59 | Special offer: free transformation session for listeners |

---

Practical Takeaways & Guidance

• Keep personal credit clean and strong—it’s always the first step toward big business funding.
• Aim for 1–4% utilization, not just “under 30%.”
• Understand how each business credit card reports (especially Amex vs. Capital One).
• Use credit only to generate cash flow—not for lifestyle or consumer splurges.
• Don’t shotgun credit applications—too many hard pulls = high risk, lower approvals.
• Leverage reward cards for all business spending for travel and perks.
• Maintain an ongoing game plan for funding use, repayment, and leveraging new opportunities.
• If you need help, Rich Torres offers hands-on consulting and a free credit review for listeners.

---

Connect with Rich Torres

• Instagram: @financesbyrich
• Special Offer: DM the word “Summers” for a free transformation session (credit review & business funding consult).
• Phone: Provided in show notes.

---

Tone & Delivery

• Direct, practical, "no-BS" advice with frequent real-world examples.
• Emphasis on responsible, strategic use of credit to build lasting wealth and business opportunity.
• Both host and guest use relatable language, making even complex financial topics digestible.

---

This summary captures the episode’s essential strategies, actionable tips, and conversational flow—ideal for entrepreneurs seeking powerful funding and credit-building insights without needing to listen to all 36 minutes.

Transcript

[A]

Hey, guys. We are buying two more boutique hotels along the California coast here with summer's capital. 45 rooms off market in Catalina island and a second deal up in Bodega Bay, which will make a total of eight boutique hotels owned and operated. Our investors get passive income tax benefits. And the best part is, unlike investing on Wall street and a lot of these other asset classes, like multifamily, our investors get to go and stay and experience these boutique hotels firsthand to see how their money's working for them. And so if you want to learn to see if we can help you before this opportunity fills up, you can go to summerscapital.com invest to book a call with my team. [e-mail] invest to book a free call with my team. Now let's jump into the show.

[B]

You guys shouldn't be using your debit cards. You should not be using cash. You should be using your credit card. That's how people get these first class tickets. You already spent the money. Why not just get the points for it now, too? I'm a credit consultant. I'm going to help you fix your credit, build your credit, and then I'm going to help you get access to that 0% interest funding. You can actually go and get 90, 120, $150,000 on a credit card at 0% interest. So I'm going to help you get that funding. But once you get that funding, I'm actually going to teach you how to leverage your credit. When you have 1 to 4% credit utilization, you can walk into the bank and ask for anything you want and they're going to give it to you. Banks will literally lower your credit limit because you are not utilizing your credit. They just think like, oh, we have like a free $10,000. Never try to pay back. Let's actually come up with a real game plan.

[C]

All right, guys, today I got someone

[A]

who helps business owners just like you and real estate investors just like you

[C]

access 100k, 200k, even $300,000 at 0% business funding. I got my man Richard, Rich Torres in the building. What's up, Rich?

[B]

What's going on, Rich? Thank you for having me on, brother.

[C]

Appreciate you coming on, man. Looking fresh to death, looking fly, looking swaggy with the fit, dude.

[A]

Excited for this conversation, man.

[C]

I think access to funding, let alone 0% funding, is, is a big play especially for business owners out there today. Real estate investors. Today we're in a high interest rate environment. And you know, if you have funding, you have access to capital. That is the blood, and that is what keeps business alive and moving. And so before we jump into it, man, give the audience give us a snapshot of what you do in the industry.

[B]

Yeah, bro, so it's a great question. So kind of exactly what I do. Again, let me introduce myself. My name is Rich Torres, right. I'm a credit consultant. So what I do first, right, is I'm going to help you fix your credit, build your credit, and then I'm going to help you get access to that 0% interest funding that you were just saying, right. With that 0% interest funding, you know, you can start a business. If you want to scale your business, if you want to do anything in general, right. With the 0% interest is anywhere from 12 to 18 months of 0% interest, right. So with that being said, you have 12 to 18 if you run, if you. Let's say we get you $50,000. You can actually take that $50,000 and maybe put it in a fix and flip and you can pay it back again. Everything's at 0% interest, right. Let's say you have that $50,000 in funding. Let's say you max out the credit card, you only have to pay 1% back per month on it, right? So if you run a $50,000, you have to pay back $500. That gives you 12 to 18 months of cushion, sit down and make that money back.

[C]

Yeah. I mean, with the inflation rate today, you know, depending on where you look at inflation, let's just say inflation, you know, is 2 to 4%, even 5%. Your interest rate that you're paying, the cost of capital is cheaper than inflation. So it's essentially free money, big picture.

[B]

Yeah, exactly. And, you know, talking about interest rates, right. Let's just say, you know, you want to get into real estate investing, right. You know, a lot of people, they don't even have these down payments for these houses, right. And they will liquidate these cards and actually get the down payment for a house, let's just say to get a hard money loan or a DSCR. A DSCR loan, right. And they'll take that 10 to 20% that those loans are requiring liquidated from the card. Right. Go ahead and pay down that down payment. And now, now you're able to get that cash flowing asset, and just pay it back later.

[C]

Mm, there you go. There you go. Okay. And so, you know, you also do some credit repair stuff as well. I was looking it up before we started recording the average American, as far as credit card balance or credit card Debt is about $6,500, which is lower than I would have thought that, that it'd be. But I'm curious for you, if someone is looking to, you know, build their credit and they don't have credit today, what's, what's the best way for them to do that?

[B]

The best way right now to build credit, it's going to be so say they have zero credit, right? Like 18 years old, you're just coming out of school, right? And you're looking to actually build your credit and get some credit debt. Right. One of the misconceptions I'm seeing a lot with these credit reports, right, is people are going to add 5 to 10 authorized users or trade lines onto their account, right? If anybody doesn't know what a trade line is, it's almost pretty much to say, rich, you have a $20,000 credit card, maybe you're using 10% on it. And I say, rich, can you please put me onto your credit card? And now I'm piggybacking off your credit card with the credit history and the credit limits, right? So it shows that I have a 20, 20, $20,000 credit card, right?

[C]

Question for you. When I have like. Because we have business credit cards, right? Business name is Gold, business name is Platinum. And then some of my team members are account, they're added to the accounts, right? And so they use these cards for business related stuff. Does that also boost their credit?

[B]

It does not. Right. It depends on the actual credit card. Because let's just say you have a Chase Inc. Card or the Amex card, right? Or Amex Business Gold. That actually doesn't report to your, your personal. It only stays on the business, you understand? But now let's say you go Capital One Spark Card. The Capital One Spark card actually reports to your personal, you understand? So if you have a maxed out business capital and Spark card, it's going to show on your personal credit that you have a max out credit card. You understand? So let's just say again, that's contingent on the actual credit card you put them on. But let's just say you put them on Amex Gold or Amex Plat. It's not going to, it's not going to report to the credit, right?

[C]

Yeah, that makes a lot of sense. Okay. And that's something that, you know, I think if you're listening right now and you want to go get business credit cards, it's important to understand which ones don't report to the credit bureaus and which ones do. So as you mentioned, Capital One, Business, Will, Business, Amex Gold, Business, Amex Platinum. The Amex is won't. And so I think that's important because no one wants to have business credit cards go use them, especially if it's at 0% and then it's going to wreck your credit. Right. And so if, if, if you wanted to go out, and I heard this as a strategy that a lot of people are using 0% funding at Chase for upwards of $150,000. How can someone get $150,000 at 0% at Chase?

[B]

Yeah. Again, everything is going to be contingent on your personal credit profile. Right. So that's why, you know, let me not say a lot of people, but so many people that come to us and they need that business funding, but their personal credit is wrecked. Right. If the banks can't trust you on the personal side with a $5,000 credit card, why would they trust you with a $50,000 credit card on the business side? Right. So that's why you need to have a clean credit report. Right. Again, let me just ask you, right? If I gave you a $5,000 credit card and you have multiple late payments, you have multiple, you know, derogatory marks and stuff on it, would you trust somebody to give them that $50,000 credit card? Exactly. So that's why your credit has to be perfect. Right? So to go back to your question on just how to get that 151, you have to have the credit def. It's gonna be number one. Number two, no derogatories utilization has to be, most people like to say under 30%. My clients, I make sure they're under 10%. Right. Not only that, you have to have an LLC, but before it was a lot easier. You were able to get 50, $100,000 for, for a client, Right. With a three day old LLC. Right. Banks are starting to tighten up. Unfortunately, this year they are. Right. So the more credit, I'm sorry, the more, the longer your LLC has been in play and it's making money. You have tax returns, so let's say over two years, right? You can actually go and get 90, 120, $150,000 on a credit card at 0% interest. You understand? If not, we also do credit stacking. Right. So we'll go ahead and grab you the first Chase card, then we'll grab you the second Chase card. I'll say the first Chase card we got you 50,000. The second Chase card, we got you 40,000. Now you have access to $90,000 at 0% interest again from anywhere from 20, I'm sorry, from 12 to 18 months. Right.

[C]

And then now once the 18 months expires, what's the hack to continue getting the 0%?

[B]

Yeah, that's actually a great question. So we have to keep our credit report great, right? That's going to be number one. Our personal credit is going to be the biggest factor here. If that credit report is great after 12 to 18 months, let's just say for whatever reason you didn't pay it back yet, right? Maybe something didn't happen. Unfortunately it's business stuff happens, right? If your personal credit is great, we take you to another bank, we get you approved for another $50,000. Right. And then we do a balance transfer. You understand that balance transfer can range anywhere from 2 to 3% of the actual balance that you have to pay. But now you know you have again 12 to 18 months, maybe 12 to 15 months this time. Right. To pay it back at again 0% interest.

[C]

Now if you didn't go to another bank and you went to Chase to open up another credit card at 0%, is it possible to balance transfer from the other Chase cards and in basically consolidate it all into the new 0% card?

[B]

It is 100%. But if I'm going to be completely transparent with you, right. If you have a maxed out credit card with Chase, right. And you go 12 to 18 months later to apply for that second credit card, right. Chase still can look at what's going on internally with your business.

[C]

So pay it off before you do that.

[B]

Pay it off. Yeah. Or go to a different bank. Because now once Chase sees that this person has a $50,000 credit card that's maxed out, they're not going to want to give you any more funding.

[C]

That's good. That's good. Of course, does Chase business. I don't have a Chase business card. But does Chase report on your personal credit?

[B]

But we got to get you a Chase business card. We got to get you one. But no, it doesn't.

[C]

Okay, That's.

[B]

I don't really work with banks that.

[C]

I think the only one I've heard of that does it is Capital One.

[B]

Yes, it's one of the biggest one, the Spark card. You understand? I'll be completely transparent with you.

[C]

I wonder why they, why are they the only ones that do it? And why would they do.

[B]

I think it's because it's their way of saying like you're going to pay us back or we're going to wreck Your credit, you understand? Because now any late payments you have, let's say you default on the card right now, it hits your personal credit. But now let's say we were to go back and do it off any other bank. It's going to take a little while before it does.

[C]

Credit card hard companies make money when they, when you have a balance, because that's how they make their interest, right?

[B]

Yeah, exactly. That's why I, I tell a lot of my clients, my clients like, oh yeah, you know, I paid this down to 0% right at the end of the month. And I'm like, no, don't, don't pay it down to zero percent. Banks don't like to see that. Because when banks see that you're paying it down to 0%, 1, they're not making any money, right? And banks need to make money. They make money by loaning money, by lending money. It's just real, right? They make money on interest. So what I tell people at a time is leave 1 to 4% on that credit card. I'm going to make math easy for us, right? Let's just say we have $100 credit card, right? At the end of the month, when it's time to pay, leave anywhere from 1 to $4 on a credit card. So reports, right? Because now when you go for more funding, banks are going to see this. Banks are going to sit down and they're going to see like, okay, this person has way too much available credit and we're not making any money on this person.

[C]

So what's, what's the proper percentage in terms of credit card utilization from a percentage standpoint? So let's just say, you know, 100% is risky, right? And so what's considered like an ideal kind of percentage if you're trying to get max funding?

[B]

Most Instagram people, you're going to see, they're going to tell you 30%, right? Oh, and you, anything under 30%, right? Me personally, the higher limits that I see is anywhere from 1 to 4%. When you have 1 to 4% credit utilization, you have high, high limit credit cards and you're using 1 to 4%, you can pocket to the bank and ask them for anything you want and they're going to give it to you.

[C]

So 1 to 4% is good.

[B]

1 to 4%.

[C]

So don't pay the card all the way off. If you're going to go apply for something, just, just pay it down to like 4%.

[B]

That's it.

[C]

Okay, that's really good. That's really Good. So if you got a hundred K balance or available credit, just, just pay it down to 4K.

[B]

4,000. That's it?

[C]

Yeah. Yeah. Interesting.

[B]

And just let, let the banks make a little bit of money on you because that's how they're going to loan more money to you.

[C]

Question for you. So I noticed the credit card companies report to the bureaus once a month, every 30 days. And some credit cards report on, let's just say the 15th, some might report on the 21st. If you wanted to apply for something, right. And you wanted to do a, another report that's, that's before the next 30 days. Is there a way to do that

[B]

just so I get a better understanding.

[C]

Yeah.

[B]

Of your question.

[C]

Let's just say, for example, that, you know, you have a credit card, it reports to the Bureau every 30 days on the 15th of every month, right. And now you're going to go apply for something and you're like, hey, I want to pay my car down to 4%. Right. But it's the 16th. They just reported the 15th. But you don't want to wait another 30 days till the 15th of the next month. Is there a way to have that credit card company report to the bureau sooner than the next 30 days contingent on the bank?

[B]

And the way you ask them, they don't have to, but they can. That's why, you know, always be nice to the people you speak to. Right. They can actually, they can actually go ahead and do an expedited report for you. I've done it before. You understand?

[C]

Yeah.

[B]

I've had clients and stuff do before. I, you know, I send them like a whole script and stuff exactly how to, how to ask for it. Right. And 70. Not gonna say 100% time. 70%. 70% of the time it does actually work.

[C]

Yeah. And how quickly do they do that?

[B]

Three days?

[C]

Three days.

[B]

It could take three days.

[C]

Three business days.

[B]

Yep. Three business days to report.

[C]

Yep. And what do you, what do you ask for? What's the best way to ask?

[B]

The best way to ask. Once again, be nice. Right? So because everybody has an attitude with these people, these people are humans too, right. And they don't have to do it, but sit down and just ask them very nicely, hey, like, you know, we just paid this off, right? Right. I'm actually trying to apply for a car, trying to apply for a home. Right. Is there any possibility that we can actually expedite. We can actually, we can actually expedite this balance to, let's say the credit bureaus. And again, 70, 70% of the chance they say yes. And again, I, I've done it.

[C]

And you, you actually see a tick up in credit score if you have a 4% balance versus zero.

[B]

Yeah, of course you will. Yeah. Really? Because they don't.

[C]

See, they don't, they don't teach this stuff.

[B]

They don't teach you this. Yeah, they don't. But if you don't, if you don't have that zero, your bank cards aren't being utilized. You understand? Like, there's certain percentages that, that has to be used. So when we use that 1 to 4% and we leave it, one, it looks great on your credit, it shows the banks that they're making a little bit of money on you. And two, it shows that you're actually actively using your credit. You understand a new thing that banks are saying when you apply for a card or anything in general, you have too much available credit. You understand? So if we're, if you want money, right, and we already gave you money, why aren't you using the money we gave you? You understand? I'm even, I'm even starting to see that banks are starting to cut credit limits because of it. Actually just had a client three days ago, he literally called me. He said, rich, I paid all my credit cards down to zero. And I was like, why? And he was like, I have no clue. But it was Chase and it was Goldman Sachs, the Apple card. He was like, dude, they just cut my limit in half. And I was like, how much times do you actually pay your card down to zero? Because I told you three months ago stop doing that. Right? And he was like, oh, I, I've done it every single month. And I was like, well, that's why banks will literally lower your credit limit because you are not utilizing your credit.

[C]

Interesting, interesting. So what, what is the ideal credit available credit that, that one should have if they want to go apply for, you know, the 0% funding at Chase for 150k?

[B]

So what we, what we want to do on, again, on the personal side, we have to have that credit depth and we have to have, we have to have that history, right? So we want the clients to have a personal card, which I like to call a high limit card of about $10,000 or over. You understand? Before it used to be like 2000, but again, banks are tightening up. So now we want to have anything over $10,000.

[C]

10,000.

[B]

Yep.

[C]

Yeah.

[B]

And it's not hard to get, right, but that's what's necessary right now to get those, those Higher limits.

[C]

What's the, what's the biggest limit you've ever seen?

[B]

$75,000.

[C]

75. On a card?

[B]

On a personal card?

[C]

On a personal.

[B]

A business card. 130,000.

[C]

130. Okay. I got, I got a few that are 60 and I got probably close to 300 and like available across cards. But I was just curious, like, what, what. I'm sure they probably even go higher with the business, right?

[B]

Yeah, of course. So I'm going to tell you this, right? Another great way to get more available credit, right, is to actually open up different businesses, you understand? So let's say you have five businesses. I'm just giving an example. You have five businesses, right? Your credit is good. Let's say these businesses are over two years. If not, you go ahead and buy one, right? You can actually go for funding on every single one of the businesses and let's say get a hundred thousand dollars for every business. You understand? So you have five businesses. That's $500,000. You just got a 12 to 18 months and zero percent interest rate.

[C]

Zero percent. Yeah.

[B]

But not only that, a great way that you know to do like a little credit hack is, let's say me and you were to partner up, right? We both have great credit. And let's say we were to get a third person, right? Each of us can go for, let's say, 100 to $150,000 on that business, you understand? So now, 150,000 times three. Sorry, times five, right? Three. No, for 50, we have almost. We have over a million dollars in funding on those five businesses, you understand? So everybody in your business should have great credit, you understand? So each one, you guys can go for business funding.

[C]

Yeah, that makes sense. So what is the difference between Amex Business Gold and Amex Business Platinum?

[B]

Actually, somebody just asked me this question the other day, right? Your gold is going to be your everyday card, bro. You understand? That's going to be. That's going to be like when you go out and you go to. You go to dinner, you go to the grocery store, you understand? You want to swipe with your AMEX Gold, right? Because you're going to get three. Three times points back, right? The Amex Platinum, right? Not everybody needs it. I personally have the AMEX Platinum because I travel a lot. It's a travel card. You understand?

[C]

Lounges, all that.

[B]

Exactly, the lounges. Before you go, you get on your plane, you can sit down and have a drink. You have the food, right? You know, you. It's more of a Travel card, right? I don't. If you're just an everyday person, you know, you go to work 9 to 5, right? I don't advise you get the platinum card. I advise you get the gold card, right? And use those benefits that they give you. So that $395 or that $895 on a platinum card versus the gold, you actually get your money's worth.

[C]

So what for, for you, what, what makes your business different than everyone else that's doing credit, repair, business funding and all that sort of stuff?

[B]

It's actually a great question, right? What I'm seeing right now, it's. A lot of people aren't educated in this space. A lot of people are just using this as like quick money, you understand? They don't actually know what they're talking about. I've had a lot of people come to me like, oh, well, I did credit repair with XYZ person and nothing's happened, you understand? They don't know what letters to send. They don't know about any of the FCRA laws, they don't know what credit cards, they don't know how to build a proper credit report. Nothing like that. They're just seen as a quick, a quick cash grab and that's it. Right? But kind of what makes me different, one, it's. I'm gonna, I'm gonna hold your hand through this whole process done for you. Process. I'm gonna hold your hand through this whole process. That's gonna be number one. Number two, I'm going to help you get that funding. But once you get that funding, right, I'm not just going to leave you alone. I'm actually going to teach you how to leverage your credit, right? So you can get into something that's going to cash flow for you, right? For example, you want to get into vending machines. Let's just say I'm going to teach you how to leverage your credit to get you those vending machines where you're not putting any money down. You want to get into luxury car rentals, we have that. Trading, real estate, anything of that sort, right? I'm going to actually help you get into. So you can start making money with the money we just got you. Because I'll be real, before I was getting people credit and I, I would get paid, get people credit and I would just kind of just leave them alone, right? And I've had a lot of clients come back to me and was like, rich, I don't know what to do with this money. You understand? And I was like, okay, well what do you want to do? So now I made that available for everybody, you understand? So if I get you that 75, I get you 100,000. I'm going to make sure we have a game plan in place so you can actually start making money using that, you know.

[C]

That's really good. That's really good. Yeah, I feel like, you know, a lot of people probably listen to this podcast right now. It's like, okay, it's one thing to access money, right? The funding, you know, have access to opportunities, big. But it's like knowing where to place it is, is a whole different arena that I think a lot of these guys that you know are doing business funding aren't doing. So that's really cool that you do that. And I know you do some credit repair as well. What is some like couple quick hitters like strategy that, that maybe the audience listen to this, that maybe has. If someone has poor credit listening to this right now, what are some strategies they can utilize to, to really repair their credit quickly?

[B]

I always say utilization. Like that's going to be the number one thing. It's going to be utilization. I see everybody and it's not even like good utilization. These people are putting stuff on their credit card because they want to go to Louis Vuitton, they want to go to Ferragamo, right? And they go ahead and put all this stuff and they can't afford it, right. So start with utilization. As I told you, 1 to 4% is the great, is the big number. You understand? Anything under 10%, you know, if you're just whatever. But 1 to 4% is, is going to be the best number. So I always tell people, work on the utilization and work on the inquiry. Stop applying for a credit card every 30 days, you understand? Because every single time that you pull that, you apply for a credit card, it's going to do a hard pull. That hard pool now shows up on, on your bureaus right now when you apply for the next credit card, right. The bureau's are going to look at it and say, okay, well this person just applied for five credit cards last week. You understand? With that being said, this is how it's going to go now. They're going to look at it.

[C]

That's seen as higher risk.

[B]

Yeah. It shows that you're desperate, you know,

[C]

you'll take anything you can get.

[B]

Yeah. Like you're desperate for money and they don't like that. They don't want that.

[C]

Yeah. So, okay, so credit card utilization what's the other big one again?

[B]

The, the hard inquiries. Right, Stop the hard inquiries. Yeah. And then I want to say the third one. If you are an authorized user on somebody's card and that card is all jacked up. Right. Make sure you get off of it immediately. I do see a lot of that.

[C]

Say that. Oh, if you're an authorized user and that card's like.

[B]

Yeah. So like, let's say again, let's, let's go back to my example, right? Let's say that credit card that you just, that you just put me onto. Right. As authorized user. Because I want to piggyback off your credit. Let's say now you have late payments on. You have max out credit that shows on your own credit report. So get off of it. You understand? Like, I have a lot of people. Oh yeah, my mom put me on, on her credit card. I'm looking at the credit card, it's

[C]

101 utilization and then the credit tanks.

[B]

Yeah. And their credit is, is. I'm like, okay, cool, call your mom right now while we're on this phone and tell her to get you off this credit card immediately.

[C]

Yeah. I've always wondered, like, because I know when you, if you have, if you carry a high balance and then you pay it all off, your credit like shoots through the roof and then vice versa. And so I was always curious, like, when you, when you pay it off and then your credit, your credit jumps to a couple hundred points. Does. Do these credit bureaus, they actually see the history of your utilization or they just see the snapshot of what it is?

[B]

They don't see a snapshot. That's all they see what it is. They don't see the history of whatever they show. But it does show, like the late payments and stuff. As long as you make your payments on time and then you're paid off, you're fine.

[C]

Yeah.

[B]

But. Yeah, it doesn't show you like. Okay, cool. Well, this card was completely maxed out last month.

[C]

They don't, they don't see that at all. It's just a snapshot of where it is today.

[B]

Exactly.

[C]

If you're, you know, you get 10 years of on pine on time payments in a low balance. That's all they see today.

[B]

That's it.

[C]

Yeah. That's crazy. Okay. Yeah, I was always curious about that. Now I feel like, I feel like some lenders, when you go get, let's just say, like you go and get financing on a car, right? They, I feel like they, they see like a report that's like, you know, they see all sorts of stuff. Loans that you paid off in the past, credit cards that maybe you had 15 years ago and then you paid them off and there and you don't have them anymore. Car loans. Yeah, Real estate loans. Like they see everything, huh?

[B]

Yep.

[C]

And what is the difference is that just as typical, like how come with these car lenders, I feel like they see a little bit more because they

[B]

need to look at your dti, your debt to income ratio, you understand? They want to make sure you can actually afford the car, you understand? So they need to look at every single aspect before they push it to the bank.

[C]

And you know, one thing I learned is, I'm learning this is like when you have more like, like higher end car financial like lend loans, some lenders actually see that as like a good debt. So say, okay, like oh, Lamborghini did a $300,000 loan. If Lamborghini is good with it or Mercedes is good, doing a $200,000 loan, like this is a good borrower.

[B]

Yeah.

[C]

It almost puts you in a better light, right?

[B]

Yeah. Because you know why? It shows that the payment is higher, right. Your monthly payment is higher. Everything is on time, right? To 200, $300,000 car. And you can afford it, right? This little loan that we're going to give you, you're going to be able to afford it. You have good history for $300,000 loan, you're good to go. You understand? So kind of exactly what you just said. The higher the loan you have and everything is paid on time, the better it looks for, for your report. Same thing goes with why we need a high limit credit card on your report, you understand? Because the higher limit credit card you have is like, okay, cool, we can trust this dude with a lot more money.

[C]

Yeah, that's really good. That's really good. Okay. And I'm curious for you man, if, if someone's listening right now and they want to, they want to get a credit card that's going to be best for traveling, travel points and, and racking up good points so you can travel, maybe fly first class, cover a couple vacations every single year. I'll tell you what man, like our business, AMEX Gold, our business MX Platinum. Every single year those points rack up and once a year I will take those points and I will apply them to some sort of trip. And, and so it can be very useful. So if someone's listening right now and they want to go get the best credit card for travel points and really maximizing travel which card or two cards do you suggest?

[B]

Definitely the Amex Plat.

[C]

Okay.

[B]

It's definitely going to be the Business Platinum, the Business Platinum or even the personal Platinum.

[C]

Why?

[B]

The access that you get with it and then if you book directly through Amex, somebody can correct me if I'm wrong, but I'm pretty sure it's either four or five times points back when you book through them, right? Everything you got, everything anybody does, you guys shouldn't be using your debit cards. You guys should not be using cash, you should be using your credit card. Because exactly, exactly what you just said about those points, that's how these people get these first class tickets. You understand? They're not paying for it. No, they use their points that they pay for everything else for to go, to go ahead and get on first class, to go ahead and grab that, that drink or anything on the plane that they want. It's not that they're really spending their cash on it. They're using their points. And that just goes for everything, right? Let's just say one of these cameras were to break right now, right? And you had points, right? You can actually transfer those points to cash and go ahead and buy a camera. You understand? Like you already spent the money. Why not just get the points for it now too?

[C]

Yeah, yeah, no, I feel you, man. I feel you. It's money that you're already going to spend. But also I think like, you know, for someone listening and maybe they use cash, they use a debit card, it's like, well, if there's fraud now, they got your debit card, that money's coming out of your checking account, right? But if you get a credit card, you know, and it's fraud, it's like, okay, that's, that's, that's between them and the credit card company and you're not going to be liable for it.

[B]

No, 100%. That's actually, the government protects us specifically, specifically for that to make sure we're not paying for everything.

[C]

And also the other thing is, this is like, I don't know about you, but like if, if I'm using a debit card, right, there's typically any larger transaction they're not going to approve. And so then there's going to be a security check and then you got to call your bank and it's just like, it's just not convenient. And so when I'm, when I want to buy something, like, I move quick. Money loves speed, right? When I'm on to buy something, like, I don't I don't want friction points for when I'm buying something. Or let's just say that, you know, you're at a. You're at a club getting bottle service, for example. Right. I don't do that a whole lot these days, but let's just say you're a club getting bottle service. It's like, hey, you know, we want to close out. We're ready to go to the next spot. Like, I don't. I don't want to have friction points to where there's security and all this sort of stuff. You got to call the bank. Credit card's not going through, all that sort of stuff. And so that's why I think, you know, using Amex, using some of these other credit card companies, it's a lot easier to push these transactions through.

[B]

So what I'm starting to see kind of exactly what you just said. Right. There's actually a lot of debit cards that they'll straight up tell you, like, you have a daily spending limit.

[C]

Yeah.

[B]

You understand? So it's like, I have $10,000 in a bank. What do you mean? I can only spend $2500 today. Like, that's my actual cash. Yeah. I've seen people. 500.

[C]

Yeah.

[B]

You know, and then they have to quarterback. Hey, I need to raise my. My daily spending limit because I'm trying to.

[C]

And if you're taking a client out to dinner, that's not a good look.

[B]

Oh, it's not? Yeah. You know, even. Even like you said at the club and stuff, you know, when they come back and, you know, your. Your section is popping, everybody's looking at you. They come back like, hey, like, this decline. You're like, yeah, it's embarrassing.

[C]

It doesn't look good.

[B]

Yeah, it's. It's definitely embarrassing. So it's actually happened to me before. Yeah. I was. I was in. That's when I just went to Miami.

[C]

And if it's loud, it's like, how are you gonna call the bank?

[B]

Yeah, exactly.

[C]

Right at that hour, there's no one that's going to pick up.

[B]

You got it. You got to, like, step outside or you got to figure it out. It's not. Okay.

[C]

Yeah, yeah, yeah. That's why I think having car, like, credit cards that can push that through, and then having more than just one credit card, you know?

[B]

Oh, no, for sure.

[C]

Yeah.

[B]

I like it. Every time, you know, I leave, I go on vacation, I. I leave with two debit cards and three credit cards. You understand? And each one need to have more than $10,000 on it. Because you never know what's going to happen. You know, I need to have that safety.

[C]

Do you pull cash out of the ATM or the bank before you go to go to travel?

[B]

Yes.

[C]

You do?

[B]

I like to.

[C]

Especially internationally, right?

[B]

Yep. At minimum, if it's in. If it's. I do a lot of cruises. I'll be real. I don't really. Okay.

[C]

You like cruises?

[B]

Yeah.

[C]

So I was gonna say you're. You're a young dude to be cruising, man.

[B]

Oh, dude, I love cruising for old people. No, bro, I like cruise lines.

[C]

Do you?

[B]

Like, I stepped away from Carnival. I've been really doing Norwegian a lot. I like, know the older crowd. Sit down, have a beer and listen to some country music. I'm good with that.

[C]

Okay. Norwegian. Okay.

[B]

Yeah, but.

[C]

And is that a mix of older and younger people on Norwegian?

[B]

Every cruise that I've been on, I make sure, like, I go when I don't like noise, bro. Like, I hate it. You understand? So I make sure I go, like, when it's not the summer, when it's not spring break. So it's always. It is always an older crowd, you understand? Maybe like early 30s, you know, and

[C]

early 30s and older.

[B]

Okay.

[C]

How old are you? Rich Torres. How old are you?

[B]

I'm old, bro. I have back problems. I'm 25.

[C]

You're 25. Okay.

[B]

I'm getting there, you know, you don't get into that older crowd.

[C]

There's. There's a bunch of cruise ships that actually come into here in San Diego.

[B]

I seen some right across the street.

[C]

Yeah. Version started coming in. We got. I don't know if I've seen. Actually, I think I've seen Norwegian. Royal Caribbean's definitely in here. Disney's in here. Princess. There's a bunch of them. And yeah, it's always cool to see the cruise ships. And I. It's like, it means there's people coming in. There's. There's.

[B]

There's money being spent. Economy is going on.

[C]

Yeah, it's good for the economy.

[B]

Yes.

[C]

So I like. I like seeing it. I think a lot of these ships go down to Mexico. They'll do, like, La Paz, Montalon, Cabo San Lucas, Ensenada, that type of stuff. Maybe Puerto Vallarta. And then in the wintertime, I'm sorry, in the summertime, a lot. A lot of these ships will migrate up north and then they'll do, like, Seattle, Vancouver stuff and like, Hawaii.

[B]

Like, I seen them go from, like, Hawaii and stuff. Yeah, yeah.

[C]

Catalina Island. But in the summer, a lot of these cruises will go to the glaciers up in Alaska. And then that's actually one of my

[B]

goals is to take a cruise from. I think they said Seattle, though. Take the cruise from Seattle and go up to the glacier stuff. I've, I've seen photos and videos of it and dude, it looks beautiful. You understand? You see the lights, everything at night and you know, the cruise ship is literally going through them, you know, and I was like, dude, I gotta, I gotta check this out.

[C]

You gotta, you gotta do it. And you like the older people.

[B]

That's, that's, yeah, exactly. Right? Yeah, I'm definitely.

[C]

But anyhow, yeah, they'll go up there like May through kind of like September, and then after that they come down here. So they're here like maybe like second half of September all the way to beginning of May. They'll do the Mexico stuff because it's way too cold up there. And so that's kind of like what they do here on the West Coast. I know East Coast. They have a lot of cruise liners out of Miami, Fort Lauderdale.

[B]

They usually just hit the Caribbean. That's it. You don't go nowhere else. Yeah, nowhere else.

[C]

Here's. Here's another thing. The more expensive the cruise, the older the demographic. The cheaper the cruise, the younger the demographic, of course.

[B]

And that's why I'm staying away from Carnival.

[C]

Right. So you get like the, the nice stateroom and all that stuff.

[B]

Yes.

[C]

Yeah. You spend up for that?

[B]

Yeah.

[C]

You bring a date on the cruises or what?

[B]

Yeah, I don't like doing things.

[C]

You'll bring a girl with you?

[B]

Yeah, yeah. I don't even like eating alone. Like.

[C]

Yeah, okay. Okay. And so, you know, real quick with the credits and stuff, man. So I know with where we are in today's age, people trying to get business funding, we're in a high interest rate environment. What is the, the number one mistake that you see people make that are trying to get business funding?

[B]

They sit down, it's going to be utilization again. But they sit down and they get these higher limits because again, we have to get you a higher limit on our personal side. And they just think like, oh, we have like a free $10,000 and they'll just go, max it out. They'll go do expensive vacation that they can't afford. They'll go to Louis and go.

[C]

And never, never try to pay it back.

[B]

Never try to pay back. Or they'll take 12, 15, 18 months to pay back $10,000. Right. But every single day that you do that. Right. It's just money that's being wasted. You understand? Now you can't propel your business and what you wanted to do because you want to go and spend 1,000, $2,000 at the club, you understand? Knowing that you couldn't afford it just yet, you know, so that's definitely one of the things that I always see people do. They always grab those high limit credit cards. Oh, thanks, Rich. Right. And then they'll go and do something like that. And that's exactly why I started my wealth hub. Right. So I can actually now take you to have that passive come leverage that leverage that funding we just got you. So now you have money coming in, money that's coming in. Now you can go to the club with that money and go and spend it. So that's, that's why, that's why I essentially started it because vice people didn't have direction on what they were doing.

[C]

Yeah, I feel like there's a. If you're going to use funding, it's like you should be using it to make more money.

[B]

Yes.

[C]

It's a tool that you can use, but it should be looked at as like, hey, I'm going to use this. And then it should be looked at short term within 2, 3, 4 months of at the very max we're going to. You're going to pay it all off.

[B]

Yeah. You know, I always tell.

[C]

That's where it makes sense.

[B]

Yeah. I always tell people at a time like before I get you funding, what

[C]

do you use it for?

[B]

What are you going to use it for? Like, let's actually come up with a real game plan because let's just say I get you to fund and we have 12 months of zero percent interest and it takes you three months to actually start your business. That's three months you just lost and now you only have nine months and zero percent interest. So like, let's actually come up with a real game plan before I actually do get you that funding.

[C]

And now you do, you do funding as well for, you know, entrepreneurs that have, you know, communities, they have higher ticket offerings and maybe they have clients that can't pay cash. You, you provide funding for that too, right?

[B]

Yeah. 100.

[C]

What is that?

[B]

So let's just say you have a high ticket offer, right. You know, Rich Summers, high ticket offer. Right. And you have a client that they're not going to be able to get approved right now for funding. So you send them over to me, right. I get the credit. Right. And then I Get them the funding, you understand? Then I send them back over to you, right? So now with that client, they're happy. The credit got fixed, right? They can do whatever they want. You're happy because you just sat down and you. You enrolled them, you did your job, right? You collected payment. And I'm happy because I essentially did the same thing. Now everybody, Everybody together is happy, right? And that's just what we do. We have a few people that's been on this podcast, right, that we do the same exact thing for. They send me, hey, Rich, I can't get this person approved. Do what you do, right? Maybe a month or two later, they come back, hey, we have the money to pay you, you understand? We help a lot of people in Miami with it, and it's against the same concept.

[C]

Yeah, that's really good. That's really good. I like that, man.

[B]

That's also part of essentially my wealth hub again, you understand? So, for example, let's say you have. Have your high ticket offer and you. You show people how to get into real estate, right? Hey, you want to get into real estate? Okay, cool. I have a guy, and then I make that introduction. Hey, Rich, this is my friend Matthew. You understand? He wants to get into real estate. You understand? I know he has the funds. He's pretty much already set for you, right? And then you just do your job, and now this guy is happy. And now, you know, we did our job because now we just changed somebody's life completely, right? And again, every. Everybody's happy.

[C]

I love it. Rich Torres, I appreciate you coming on, man. Dropping so much game, so much value in the credit repair space, the. The business funding space. Where can the folks get in touch with you if they want to learn more? And I believe you have a special offer for the audience.

[B]

Yeah, 100. So you guys can give me a quick text on Instagram. Just text me Summers. Right? With that being said, it's going to be finances by Rich.

[C]

Okay.

[B]

Okay.

[C]

On Instagram.

[B]

Yep. And then, Rich, if you don't mind, I'm actually, you know, for the people that don't have Instagram, I'm actually going to give you my business phone number.

[C]

Drop it, man.

[B]

Right.

[C]

And you'll be the first guest to drop them digits on the, on the. The podcast.

[B]

Is there any possibility.

[C]

My man single, too?

[B]

Is there any possibility we could just. We could just pop it up because that'd be.

[C]

Yeah, yeah, we'll drop the Instagram handle and, and your number in the show notes. But go ahead and say it.

[B]

I'M gonna be completely honest with you. I just got a new business.

[C]

Oh, you don't know. It's okay. We'll drop it.

[B]

305 number. But I, I got you.

[C]

Okay, we'll drop it in the show notes. And what, what are they going to get?

[B]

They'll get a free transformation session. So, you know, we'll be able to sit down and actually look over your credit report and tell you, give you some tips and tricks on exactly what you need to do to get that credit score up. And you know, if you want to start that business, we'll help you out with that too.

[C]

There it is. Say the IG handle again finances by Rich and then what's the cta Right. Summers, let's go. Let's go. He is Rich Torres. Always dropping game. Rich Summer's listeners, thanks for tuning in. We'll see you guys on the next one. Peace.