Episode Details

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)
• Ho