Request[AMA Request] Any former or current credit counselor that knows the ins and outs of fixing up ones creditworthiness from that side of things.
May 27th 2017 by Douchegeyser • 27 Questions • 1934 Points
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About: One of the world’s leading marketing experts, Gary Vaynerchuk has built his career by being exactly where consumer attention is going next.
Just out of college, Gary grew his family wine business from a $4M to a $45M business in just five years. Now, he runs VaynerMedia, one of the world’s hottest digital agencies. Along the way, Gary became a prolific angel investor and venture capitalist, investing in companies including Snapchat, Facebook, Twitter, Uber and Venmo and co-founding the VaynerRSE fund.
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This is a double edged sword tactic as you can really screw yourself over, or really help yourself. I'm 23, and have 5 credit cards, ( 2 store cards, one for amazon, and one for target) and when I make big purchases, I try to get a personal loan to diversify my credit(optional, you will be paying more for something because of interest (11% for my current one)). I always have less than 20% credit utilization( easy because all my card limits add up, and my balance across all cards are divided by that overall limit). I use every single one so they don't get closed.
I got most of them when I was 20. So in 5 years, not only will my average age of credit be 5 years older(8 years), that's stacked because I have 5 cards. So if I decide to open another card, my average age of credit would be (8 + 8 + 8 + 8 + 8 + 0)/6 = 6.67 years as opposed to say, having 2 cards(8 years) and opening a card (8 + 8 + 0)/3 = 5.33 years. It's not a huge factor, and if you're going to spend what you have available DO NOT DO THIS, it's a minor boost compared to how much you can destroy your credit by maxing them all out, especially if your overal credit limit is say, half a years wage. 15% of credit is age of credit, 30% is amount owed(there's charts of this but keep it below 20%, some say 30% credit utilization).
One of the most important things is to pay on time. 35% of your score is based on this.
The breakdown of credit is: 35% payment history, 30% amount owed, 15% length of history, 10% new credit, 10% types of credit used
Anyone feel free to critic me on my method.
Edit: also consider using a financial too like mint.
What advice would you give to someone basically starting over at 28 years of age?
Holy smokes! Thanks for all of the replies, there is a ton of very helpful information here, a bunch of which I can use myself, and more that I can share with friends of mine. I appreciate immensely.
Realize how lucky you are that you are in a position to start over. You're still a baby!! You don't realize how young you'll feel when you're my age.
Gary, my family has a pharmacy business which is now really struggling, my parents are working their asses off. I'm currently studying industrial engineering, my question is: should I put my efforts in helping them with the business or carry on with my studies? Btw I'm 19 turning 20 on monday
If you think that you can come in and save the day but you also have the air cover from your family to quit your studies then you should do it - BUT that's a big IF.
Far bigger than most people thing in 5 yeasrs - Billions and billions and billions and billions -- 10 years - understood with more billions : ) -- in 20 years might start looking like television which means it will be a mature market or overpriced
Gary, what are the three biggest trends you see in digital advertising today that are here to stay?
Audio (Podcasting and alexa skills) Audio will save people time. It's not only my #1 but my #2 and #3
When you say work your face off/hustle, what exactely are some tasks to do to move your business forward? What tasks can you do to occupy yourself a whole day and feel good that you pushed ur business forward?
I let zero minutes waste. 15 straight hours every single day. Constantly doing. Just work. You can not waste time on stupid stuff.
Hey, Gary! I'm a web developer with entrepreneurial tendencies; I've been watching/reading your content for a couple of years.
Have you experimented with chatbots or other AI-related web technologies? The AI market seems to be heating up thanks to cloud-delivered services, and I'm wondering how you think AI will affect digital marketing?
Obessed. Time is the most valuable thing. AI is built on saving us time. BUT the people that try to eliminate the human element will lose. People still need to be a part of it. Needs to be a good blend. Those people will win
How do you vet the people you work with?
What's a trend you're glad is over?
I vet people 100% intuitively. As quickly as I hire, I'm willing to fire. I'm glad people are no longer using a tragedy to get a follower account i.e using donating to cause for every new follower.
I'm bullish on it. I haven't gone deep enough so I stay away. Technology always eats the world.
You have spoken before about a college ambassador.
What are you looking to get out of in particular from that position/person in the future?
People with attention and influence is what I trade so that's what I'd be looking for -- but there has to be an exchange in value. What I love is that influencers can go out to dinner and get paid for it because they're posting for the restaurant -- those are getting paid and those are making fun of it.
Hey Gary, what is the best strategy to gain a following and to get known for a musician (Hip Hop) with a very poor following?
Nee to get you music hear - make good music first cause if you're product sucks you're finishe - but if it's good - offer your music for free and reach out to other influencers so they can use your music in their content - bring them value !!
How likely is it that you'll buy the Jets one day? What needs to happen for you to get there?
100%. I have to stay alive.
Gary, What are you getting out of being a volunteer for Pencils of Promise? (Thanks for being you)
Scratching my intuition. It just felt like the right place to be giving back. It made sense for my time and I loved the founder, Adam Braun.
HOW MANY CLIENTS did you have when you started to put systems in place and outsourcing? Thanks for all the content!
I never outsource work.
What is it about you that frustrates the people in your life the most?
Getting time with me. Access is a real challenge. You can have a 5 minute facetime for #60secclub but only 1 minute with my own employees.
When changing careers to a different industry, any tips on best way to convince hiring managers that your previous experience is relevant?
By not trying to convince them. Never sell. Make them believe you and your story.
Gary, we know you are a Mount Ida Mustang alum however I've never heard you say what your major was?
Thanks for all you do!