Key Points

• There is no one best card.

• Each person has different needs and goals.

• All cards change regularly, so what is best for you now also changes.

• The mass apply is the way you can create the perfect card for you.

So what is the best card? 

This question is one of the most common I receive from my students and mastermind members at Credit Counsel Elite.  There is no one simple answer to this question.  And there are a few ways to answer it, but the answer will always depend on who is asking because there is no one card perfect for everyone.  Each of us has different needs and is in various places in our lives.  

Someone who is just starting out and has no credit history can not go for the top-tier or top-of-the-line travel cards; they would never be approved.  To accomplish this, they need to build a strong credit history and excellent score to overall boost all 6 boxes that make up one's FICO score to the most prestige.  And on the other end of the spectrum, someone that has an established history, a good score, and travels a lot will want that same card, but they do not need a credit-building card that’d be excellent for someone struggling to build their credit profile.  Other people will benefit from a balance transfer card taking advantage of the 0% interest for 12 or 22 months to accomplish their goals. However, it may be smart to hide the balances on a business type of credit card if you are currently leveraging the debt to scale a business.

Additionally, every card has changing attributes about them, so even if a card is preferable now, there may be a card that becomes the preference for the same goals tomorrow or a month from now.  

Build your own best card with a mass apply

With the mass apply application sequence that I teach (10-40 plus cards at a single time), you are able to design a combination of cards that is the best combination for you.  Some cards may have the best cashback for gas, or some cards offer excellent insurance protection on cell phones and travel, such as flight or car rental insurance, while others have the best travel rewards or rewards for dining out.  There are even differences in which airline or hotel chain a card is good for.  There are cards that can be used for balance transfers and others that provide 0% cash advances.  When combined, they are the best card(s) and will give you all the things you specifically need to aim at and hit your goals and current needs.  The key is finding your needs and then designing the application process that will result in the best combination of these available cards that match you and your circumstances, setting you up for success with the mass apply.  If you follow the correct process, you will find that approvals will be close to and even above 90% for all the cards in your sequence.  

People are Impatient

Even with this knowledge, most people are impatient, still wanting answers without investing in the time it takes to learn the process, and therefore jump the gun and hurt their chances of full potential.  

1. What relationship do you have with the bank?  If you want to apply for a Bank of America or Chase card, do you have a significant relationship with these banks?  Do you already have one of their cards? In many cases, you’ll want to have one before applying for one of their top-tier cards.  How about a checking account, savings account, business checking and savings, auto-pay, direct deposit, mortgage, auto, business loan, etc?  I had one bank say that I must invest in a CD before giving me a card.  I got the CD, which stands for “certificate of deposit”, and I was approved the next day.  If you have a relationship, your chances will be better, and a good banker will be more willing to help you when you apply or need to appeal a denial.

2. What is your FICO score?  If you are not above the card’s minimum, you won’t be approved, so don’t waste your time without knowing these (you will even get a credit inquiry ding just for applying, lowering your score even more).  You should always be aware of your six boxes and not be lacking in one of those areas.

3. Know the bank’s rules of thumb.  Some banks only allow one application at a time or two in 30 days; some only allow a total of two cards at a time; while others allow you to apply for a second card only after one full year with the first card; and some have rules like five-new cards in 24 rolling months.  If you don’t know these bank rules of thumb, even with a perfect credit score of 850, you could again be denied, wasting your time.

4. What else is on your application?  If you are carrying too much debt for your income, they may say no.  Even simply saying the wrong things during your application and either make or break the odds of approval.

Once Approved

Each application will be different but there are a lot of amazing opportunities that you can get approved for.  Once you are approved, you will have a nice huge credit line, an arsenal that you can leverage to make more money to meet your goals.  This is just the beginning of all you can accomplish with a powerful line of credit.

At Credit Counsel Elite, we teach business owners how to get up to $500K at 0% interest every six months; for more information, CLICK HERE