[00:00:00] Speaker A: It's Take Control Tuesday, which means Mansa Musa is on the phone with me and Manta off the air. We were talking about, you know, it's getting tight for people, but there are strategies that we can use to help our money flow in the season that we're in. Let's put it that way.
[00:00:18] Speaker B: Yeah. Now, the strategy we want to talk about today is for people that have a good payment history with their credit card company. Okay? Now, your credit card for working class people is part of your safety net.
It gives you access to cash, cash advances if you need it. So it's important that you maximize that tool. And one of the ways to do that is by having the highest credit limit possible.
And let's talk about how to do that today once again for people that have a good payment history with their credit card companies.
Now, step one is what credit card upgrades are you eligible for?
You need to find that out.
Remember, credit cards are a competitive business. So if you've got a good payment history, your lowest credit score of any of your bureaus is at least 760.
Now that's your lowest. Then you're gonna be eligible for a lot of good cards, a lot of good card upgrades. What you want to do is go to a credit card search site like nerdwallet.com put in your search parameters and see what cards you might be eligible for. Step number two, now that you have some idea of your value, your worth and what's out there, ask your current credit cards for a limit increase.
Now when you do that, you want to make sure that it's a soft pull, right? Most of the times if you're doing business with the credit card company, it will be.
But you want to ask them for a credit limit increase and they'll generally give you one. Once again, if you've been a good paying customer, now what happens when you get your credit limit increase or you get a brand new card? You have an improved credit utilization ratio.
[00:02:27] Speaker A: Right?
[00:02:27] Speaker B: Because your credit limit goes up doesn't mean you go out and charge it up.
[00:02:32] Speaker A: Please don't.
[00:02:33] Speaker B: It benefits you if you get the limit increase and don't change your behavior. The better credit cards, if you use them strategically, can improve your lifestyle through rewards and cash back. If your minimum score is 760 and you have a good credit card payment history, the financial services industry, you are highly desired commodity and they're competing for your business. Exactly. That's what we want to encourage people to do. Do it now before credit situations change.
As far as lending restrictions and get those credit limit increases. Now, the higher they are, the more cash you have access to in the event of emergency.
[00:03:24] Speaker A: Absolutely. And that is what it's all about in the long run. And we can give that information to everyone on our
[email protected] and also when you go to take controltuesday.com make sure you share, share this with everyone you know, because I'm telling you, it's information that I've used and it's helped so much and I share that information as much as possible. As always, Mansa, thank you so much.
[00:03:52] Speaker B: Thank you.
