Im Sorry but im confused can you help me out guys I have 2 credit cards 300 open sky 300 credit one Both bill MINIMUM due on the 13th of every month And statement on both is the 16th of every month I pay both in full every month but use them mostly all Credit utilize about 80% If i pay them in full a day before the due date m score is dropping bczu utilization is high Even tho i pay them in full on time Shld i pay them in full a week before and use like 20$ on each card so when the 16th statement hits im down to a really small utilization??
You hit the nail on the head. An excellent video that is straight to the point. Every parent should share this video and your channel with their kids. I share it with my clients.
Dang im almost at 700 probably a month from now rn im at 644 im new to credit my dads friend doesn't wanna say it but i know hes probably like how the hell does a person with no license have tgat score😂😂
here is how I do it.. for many many years.... when I get the email from the credit card on the closing date I pay the credit card bill that day (paid in full)... I have a 835 score and 10 credit cards.... this is simple... I also make sure if I have large purchases I do them on a new credit card and get the flight miles... so far I have used over 3 million flyer miles.. haven't paid for air fare in 20 years.... its too easy...
I have four cards. I only put like $25 on each one. At only like 1% credit utilization. Everything's auto-pay, and I never use credit if I can't afford it easily. Just use it here and there for gas, etc. When I use it once I then take it out of my wallet and keep them in a bag on my bulletin board, out of sight, so no temptation.
I also found when I paid off ALL my credit card debit (0% credit utilization), my credit rating dropped; however when I raised it to a 3% credit utilization, it went up. 1-3% is ideal. Since all my credit card rates are below 10%, it's not such a big hit.
Information is power!!! I just reviewed and documented all of my statement closing dates and I’m updating my bill paying ledger to reflect this date instead of the due date (minus 4 days for processing of the payment). I will make these dates my new payment dates. Thank you so much for this informative video!!!
All you have to do is use only 5-6% charges of total available credit against all cards. Pay off early if possible and pay large purchases before reported. After 760 your high credit score is mostly bragging rights and useful in finance jobs. Use the cards as debt card only!
Last year I hit 850 3 months in a row. It went up after getting a car loan after not having one in a long time. I paid it off in 1 year, but my score dropped to around 825 after I paid off my car. Next time I’ll just get my balance low and keep making payments.
If you always have a zero balance, it will decrease your score. It’s best to look like you’re using your credit. So, it’s not really a myth. He is right about keeping the utilization under 10 percent.
@@cheesewithxbread do you recommend there’s always a little something on the balance but just keep it under 10%? Or what’s the best way to maximize for a higher score? I’m also waiting on some late payments to fall off my record 😮💨
@DaX For my clarity, u have reported to the bureaus a 0% utlization..........or do u have small balances reported & pay off those balances b4 the DUE Date?
Good advice ! I opened up two cards and have taken advantage of the 0% interest for 15 months. Doing that has hurt my score by carrying the higher balance.
Naam, thanks for your videos man. They’ve been very informative for me lately since I barely came across your channel & subscribed about 3 days ago. This makes all the sense I wish they taught us back in high school. But I guess even at 32 years old & never had a care about credit or saving/investing, it’s never too late to take ownership & responsibility to set us up for future success. Thanks again 🙏🏽 I’ve been soaking it up like a sponge lol
Great video. When calculating the 30% utilization subtract 300 (lowest score on the FICO scale) from 850 (highest possible FICO score) and you get 550. Then take 30% of 550, which is 165, not 255. Roughly 165 points are at stake for utilization. I did an experiment nearly 2 years ago by leaving about 50% of my credit limits on all my cards on their statement dates & my FICO score dropped about 80 points.
Also make sure you use your credit cards at least every 3 months or the issuing bank/credit union might close it which will lower your available credit and by extension, raise your credit utilization. I put small bills on them (hulu subscription for example), then pay them off. Shows usage for the credit card, but no interest paid.
This may be sound advice if you want to increase your credit score, but hurts badly in the sense of building credit history. If your credit history shows $0 balance on all your accounts all the time, the creditors will not be able to judge how good of a credit borrower you are, so they will have a hard time lending you credit when you will need it, which is the whole point of having an excellent score. To be clear, the payments made before the closing date will not be reported to the bureaus, so it will look to creditors as if you don't use your credit at all. Best advice is: get your limits increased, use your credit responsibly so your statements close under 30% usage and pay off the entire statement amount before the due date (but after closing date). That way, the balance and the ontime payment will remain in your history and make you stand out as an excellent borrower.
What do you mean after closing date? So u mean pay before due date and let it gt to 0$ then buy smthng small before statement date so a smaller % percent utilization gets reported?
@Ali Khoie I had experienced the same confusion when Naam suggested paying your credit cards down to zero (or let one card report a balance), prior to the next statement closing date...resulting in a 0 Credit Utilization. I was like - huh?? Your viewpoint makes a lot more sense. If i have a big balance on a card(s), i will pay 95%+ of it down, prior to my next statement closing date, and let the 5% (or less) be reported to the credit bureaus, Thereafter, i would pay off that 5% balance, PRIOR to the 'due' date to avoid all interest charges. I contend that is the optimal way to go for the 'highest' possible FICO score & to show lenders you are using the credit available to you - in a very responsible manner. To have reported to the bureaus a 0% utilization across the board on all your cards doesn't make sense to me. What lender would want to lend to you if they feel they can't make $$ off of you? I'm just sayin..............
That last part of your video, that's what I do (paying each purchase right after I make them). So I basically use my main credit card as a debit card: if I have the money in my bank account, I make the purchase on my credit card, then right after, I make the payment from my bank account to the credit card. What's the use? Because that credit card accumulates a refund percentage. between 0.5% to 3% depending on what I purchase. Result? My credit score revoles between 790 and 810, and at the end of the year, I received over 600$ in refund from my credit card, and haven't paid a cent in interest.
Your so right. I try to keep my cards at a 0 balance. But when I have to cover a big buy and it goes past my closing date and lets say it's 65% of my limit. My score drops between 25 to 45 points. Ouch!!! But I try to pay it off in two months. It's so funny to see my score go back up. Sometimes higher than before. But only by 5 to 10 points, sometimes.
Let me give you guys the easiest way to do this. Open credit karma, select the credit utilization tab, and when you click on each account it shows you the exact date that company reported your usage to the credit bureau. It’s usually the same date every single month, unless it falls on a weekend sometimes. Literally just make sure you pay down your card before that date every month so it never reports a balance and your utilization will always stay low while you use your cards
Inactivity report of a fully paid zero balance each month isn’t a myth - if you constantly have a zero balance, it may look good to the cc companies, but lenders (cars, houses, loans etc look at that at inactivity and it may hurt you. A family member of mine did that for years, always paid her balance in full every month before it was due. When she went to finance a car they told her that her credit history was non-existent because it showed no activity. Better to leave a small balance, even $25 to roll over so it shows use and payment. 🤷🏼♂️👍🏼
Naam, I was doing this on a credit card for a year (always paying in full before the closing date). Last month, I asked for a credit limit increase and was denied specifically for "card inactivity." I called to dispute, and was told again that my card "has been inactive" despite having hundreds of $$ in charges each month and paying in full. They said they go by monthly balance on the statement and not by actual use. So they denied me because each monthly statement showed $0 due.
@@Frugal637 Yup, learned that the hard way. Following the advice of this video backfired for me. Now, I leave less than $100 on the card, which is under 3% utilization.
I never heard of that either. Go a head a leave something on there to see if that changes. Additionally CLI's Will pull your credit once again. Unless there is a change to your credit, or income, this could be a possible reason they deny you.
I disagree with the 0% credit utilization. I applied for a VA loan with a 679 credit score and had 0% credit utilization. The company I applied with said I needed to use my credit card more😠😠😠 I was like thats BS I just pay off my credit card in full before the statement day! Such bullshit
I think the debit card would be useful for setting up autopay through Verizon. I’ve always wanted to use my Amex to get additional points for paying my wireless bill. Verizon will only include the $10 autopay discount when you link a debit card not a credit card.
I’m a little confused. Isn’t the closing date after the actual due date. So wouldn’t you be paying of the balance before the statement closing date anyway?
What about CC companies closing a card that you don’t use on a regular basis? I had three closed on my which made my available credit lower in turn making my utilization higher. I was trying to pay off most of the ones I carried a balance on yet my score dropped 125 points. I get I need to be better with how I use credit cards. I have been paying off as fast as I can. I am currently using the snowball method to pay off everything since my wife was out of work during 2020. She’s back to work now but at lower pay.
U will have the risk of having your credit cards closed if u don't use them at some point & it will have a big impact on your FICO Score as u well know now. Best strategy is keep all cards open; the ones u use infrequently, put a nominal charge on them at least once every 3 months or so - so the banks can see some activity & not shut your card down..which results in higher credit utilization, negative impact on your credit age which will lower your FICO score. Keep them bad boys open!
I HAVE A 819 FICO SCORE. ITS ACTUALLY BETTER TO LEAVE $1 ON THERE SO YOU CAN ACTUALLY MAKE A PAYMENT. PAYMENTS MAKE UP A HUGE PORTION OF YUR FICO SCORE
thank you for explaining this in detail. i have payments coming out of my card during the "Grace period". Does that hurt my score. Should i change the date these payments are being taken out. Please advise.
So should I have no balance on the reporting day? I typically pay it off multiple times a month because I only put gas and groceries on my card to build credit. My usage is currently at 2% from last month.
Thanks great info. Great work, Can you please tell me what is better for my credit--- Having one credit card at 48% of max limit or having two cards with 24% of max limit. Love your work. Thanks
So each month you need to make sure to pay your new balance in the statement latter right? Any charges after that will be paid in the next ‘new balance’ of the next month statement?
I don’t know why when I pay my credit card full I always have money left that I owns is weird and confused me a lot like I pay off all my credit card but it says that I still own money
im a reseller i make payments every 2 days just to have more limit for purchase power. even i pay them off as soon as posted my report still sometimes show balance....
I dunno. I paid off my debt this month and my credit dropped 20 points down to 805!....annoyed with that, but the rest of your advice was great for those who have not figured out how to do it.
I believe the credit bureaus penalize you when you pay it off because they can't make any money if you don't owe a thing or they want you pay a certain amount consistently over a period of time...
But you didn't keep your utilization AT 0%. Which lowers score on certain algos. I've seen it first hand. Keep a $0.00 balance for 30days...don't use the card during that timeframe and it will go down with some algos
It's best to carry at least 1-5% of available credit, or they strip points for being too responsible with your credit usage and not participating in their predatory system of exchanging priceless irreplaceable life for intrinsically worthless spending credits, which we are then expected to spend on food, new televisions, smart phones and other things to drive their system of exploitation, monetization and cancerous capitalization.
So your saying carry as close to a zero balance at point of statement ending date? My period ends on the 11th. So on the 12th, I should always have a zero balance? That’s better than having a balance and paying it off that day? So confused...
Extra sucks due to the "Monthly Fee".... Use ONE instead, almost exactly the same but no fee. I needed a card to pay my rent, and builds credit, since the various services don't allow me to pay with my credit card without a FEE (like Venmo which my landlord prefers), so One is perfect. Extra would be also if they didn't have the stupid fee. Also, you NEVER want to make only the "minimum payment" because they won't grant you credit increases etc., you'll have to wait longer to get them.
Heres a tip for those who didn't know im a newbie to credit but every month on my credit card i pay the minimum plus a lil more lets say 20 or 25 and in the last 2 weeks my credit webt up 76 points 50 points week before and 26 last week and man its cool😂
Hello I would like to ask you about these companies that are supposed to help remove the negative reports like chapter 7 in my case it’s been over 7 years or like late payments etc.. is it worth paying them monthly for. Thoughts
I learned this only after turning 50!!! My advise to everyone, teach people close to you and tell them to teach others. They don't teach this in school for a reason.
I used my Discover card to $857 dollars. I made the minimum payment and my score dropped 19 points 🥵 I’m paying it off tomorrow I hope my score goes up. Yikes!
Im just starting off and my credit is 644 probably will be 670 after tomorrow my dads score is 685 and man im happy rn were gonna get a loan to get a house soon😊 only thing for me is my apr is 28.49 cause im new maybe itll be way lower once i hit 700 i hope 🤷♂️
I disagree with your comment about when to pay your bill. Set it up on autopsy and the money will come out automatically on the day required. If that day is a Saturday or Sunday it will come out on Friday. Simple.
I remember seeing your video about the extra debit card and you said it wouldn't be your first choice to get started with. Did something change with them to make them more attractive now?
What about pending charges should I pay them before the closing date (put more money in the balance) Also it is good to pay your credit multiple times during the month or jest one time? Thanks man for your videos 🙏
Ive been paying my card on time for years..I requested a credit increase and they told me I wasn't using the card enough. Mind you, utilization was less than 30%. Its like damn if you do, damn if you don't. How do I manage this to increase my limit?
I agree completely. I typically keep my "debt" (as reported to credit) between 2 and 5% of what it available to me and I always pay balances entirely days before statement closing dates. Also, I rotate through available credit sources and use at least some credit monthly to maintain a high score. Works great. Lastly...if you can't pay cash and/or if you can't buy something at very low interest rates, DON'T BUY...WAIT AND SAVE!
So serious question… say you have 250k of available credit with many 0%APR promos. Never understood the logic of building that credit but never using it. Besides a higher score, what does having low utilization get you in the real world between an 850 and 810 score?
I was using advice from another video and paying after the close date. I got hit on my credit every time. Guess I know not to believe those other videos.
@@kauigirl808 Not fine. I've had this happen every time I didn't pay before the close date. Waiting until the due date was costing me too many points on my score.
@@stainless1175able my score is 800. But it depends on your utilization. My limit is super high. If you charge too much and your limit is low then yeah, it can hurt your score. It really depends on your situation. I always wait til the closing date so it reports the balance to the credit bureau. Definitely pay before closing date if balances are too high. My cards are paid off and I finally got over 800 score.
Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.
Naam, my issue is I don't have enough credit history of me borrowing and paying back my score is 715. When trying to get a loan they told me I don't have enough activity I have 1 credit line open for 2yrs now 1k limit and just opened a first progress secured card $300 limit.. what else can I do to help with helping my credit history and how long does it take to show on my credit... thanks in advance or maybe there's a video in this paragraph 💝🙂
Just curious, what if I hold a balance until the due date, then pay it off?? And only spend less than 5% before statement closing date? Will that be ok?
Never understood why people can’t understand credit! So easy! Also got these TH-camrs confusing them even more! I keep it simple! Pay my total balance a month early!
Basically ..credit cards need to go the way of the landline and check books ..Don't use them.. Just get them and put them aside ..use them But pay them off right away. Seems pointless . But this is how it has come because we all need credit .
Credit cards legally charge loan shark rates. I'm just using them for various benefits, rewards and bonuses. I want to get an absurdly high score to invest in real estate. I'm annoyed my 750-760 something isn't going up without taking extra measures. So I'm getting a gas card .....⛽💵💳
This is the opposite of what others say. I was under the impression you should not pay anything until the day after the statement period closing date. I pay mine off actually weekly. So what comes due at the end of my statement period is usually about $1200. So I get $1200 balance reported every month. My credit limit is 10,000. My score is 875.
Yeah gtfo of here lol, 875 xD 😆 people with 850s have had accounts open for decades. They're not going to keep track of these dates for all of their accounts for decades. They're going to pay it off as soon as they can so that they don't miss a date.
Thanks to Extra for sponsoring todays video! ⮕ EXTRA DEBIT CARD: bit.ly/3J1CbSH
Im Sorry but im confused can you help me out guys
I have 2 credit cards
300 open sky
300 credit one
Both bill MINIMUM due on the 13th of every month
And statement on both is the 16th of every month
I pay both in full every month but use them mostly all
Credit utilize about 80%
If i pay them in full a day before the due date m score is dropping bczu utilization is high
Even tho i pay them in full on time
Shld i pay them in full a week before and use like 20$ on each card so when the 16th statement hits im down to a really small utilization??
The Extra Debit Card link is not working...
You hit the nail on the head. An excellent video that is straight to the point. Every parent should share this video and your channel with their kids. I share it with my clients.
Well explained, sending to my adult kids with newer credit. Both over 700 and climbing! Hope this boosts them more.
Awesome!
Dang im almost at 700 probably a month from now rn im at 644 im new to credit my dads friend doesn't wanna say it but i know hes probably like how the hell does a person with no license have tgat score😂😂
here is how I do it.. for many many years.... when I get the email from the credit card on the closing date I pay the credit card bill that day (paid in full)... I have a 835 score and 10 credit cards.... this is simple... I also make sure if I have large purchases I do them on a new credit card and get the flight miles... so far I have used over 3 million flyer miles.. haven't paid for air fare in 20 years.... its too easy...
Can you do a video on how paying off student loans effects your credit score and how to cause as little decrease in credit score? Love your videos!!
I have four cards. I only put like $25 on each one. At only like 1% credit utilization. Everything's auto-pay, and I never use credit if I can't afford it easily. Just use it here and there for gas, etc. When I use it once I then take it out of my wallet and keep them in a bag on my bulletin board, out of sight, so no temptation.
I also found when I paid off ALL my credit card debit (0% credit utilization), my credit rating dropped; however when I raised it to a 3% credit utilization, it went up. 1-3% is ideal. Since all my credit card rates are below 10%, it's not such a big hit.
Yes I've noticed the same
Same
Same
Information is power!!! I just reviewed and documented all of my statement closing dates and I’m updating my bill paying ledger to reflect this date instead of the due date (minus 4 days for processing of the payment). I will make these dates my new payment dates. Thank you so much for this informative video!!!
All you have to do is use only 5-6% charges of total available credit against all cards. Pay off early if possible and pay large purchases before reported. After 760 your high credit score is mostly bragging rights and useful in finance jobs. Use the cards as debt card only!
This is the strategy I used with my wife's credit. She's in the mid 8s right now
Right...people focus WAY too much on getting over 800. Over 750 and you're good to go...
Last year I hit 850 3 months in a row. It went up after getting a car loan after not having one in a long time. I paid it off in 1 year, but my score dropped to around 825 after I paid off my car. Next time I’ll just get my balance low and keep making payments.
Keeping the balances straight: Statement Balance is the full amount that shows due on the bill, & Current Balance is the amount you owe right now.
If you always have a zero balance, it will decrease your score. It’s best to look like you’re using your credit. So, it’s not really a myth. He is right about keeping the utilization under 10 percent.
@Naam Wynn get out of here fake!!
@@christianaquino5230 oh damn. Scammers tried to get in here huh? Nice calling him out
It doesn’t decrease your score, it just doesn’t move it as high.
@@cheesewithxbread do you recommend there’s always a little something on the balance but just keep it under 10%? Or what’s the best way to maximize for a higher score? I’m also waiting on some late payments to fall off my record 😮💨
Correct..........under 10%, but not as low as 0% !
I've also always kept mine at zero and have an 810 credit score
@DaX For my clarity, u have reported to the bureaus a 0% utlization..........or do u have small balances reported & pay off those balances b4 the DUE Date?
Good advice ! I opened up two cards and have taken advantage of the 0% interest for 15 months. Doing that has hurt my score by carrying the higher balance.
Correct
Opening another credit account, will give you a higher avalible credit, and lower your "credit used" percentage.
Naam, thanks for your videos man. They’ve been very informative for me lately since I barely came across your channel & subscribed about 3 days ago. This makes all the sense I wish they taught us back in high school. But I guess even at 32 years old & never had a care about credit or saving/investing, it’s never too late to take ownership & responsibility to set us up for future success. Thanks again 🙏🏽 I’ve been soaking it up like a sponge lol
SpongeBob 😂
Great video. When calculating the 30% utilization subtract 300 (lowest score on the FICO scale) from 850 (highest possible FICO score) and you get 550. Then take 30% of 550, which is 165, not 255. Roughly 165 points are at stake for utilization. I did an experiment nearly 2 years ago by leaving about 50% of my credit limits on all my cards on their statement dates & my FICO score dropped about 80 points.
Great tip! I forgot about the 300 being the lowest possible score and did my math incorrectly. The window of point is 550. Thanks for catching that!
It’s better to have your utilization 10% or lower
6% and lower
Also make sure you use your credit cards at least every 3 months or the issuing bank/credit union might close it which will lower your available credit and by extension, raise your credit utilization. I put small bills on them (hulu subscription for example), then pay them off. Shows usage for the credit card, but no interest paid.
Thanks for the information. This you easy to understand and straight to the point.
This may be sound advice if you want to increase your credit score, but hurts badly in the sense of building credit history. If your credit history shows $0 balance on all your accounts all the time, the creditors will not be able to judge how good of a credit borrower you are, so they will have a hard time lending you credit when you will need it, which is the whole point of having an excellent score. To be clear, the payments made before the closing date will not be reported to the bureaus, so it will look to creditors as if you don't use your credit at all. Best advice is: get your limits increased, use your credit responsibly so your statements close under 30% usage and pay off the entire statement amount before the due date (but after closing date). That way, the balance and the ontime payment will remain in your history and make you stand out as an excellent borrower.
What do you mean after closing date?
So u mean pay before due date and let it gt to 0$ then buy smthng small before statement date so a smaller % percent utilization gets reported?
@Ali Khoie I had experienced the same confusion when Naam suggested paying your credit cards down to zero (or let one card report a balance), prior to the next statement closing date...resulting in a 0 Credit Utilization. I was like - huh??
Your viewpoint makes a lot more sense. If i have a big balance on a card(s), i will pay 95%+ of it down, prior to my next statement closing date, and let the 5% (or less) be reported to the credit bureaus, Thereafter, i would pay off that 5% balance, PRIOR to the 'due' date to avoid all interest charges. I contend that is the optimal way to go for the 'highest' possible FICO score & to show lenders you are using the credit available to you - in a very responsible manner.
To have reported to the bureaus a 0% utilization across the board on all your cards doesn't make sense to me. What lender would want to lend to you if they feel they can't make $$ off of you? I'm just sayin..............
Agree 100 percent!! I’ve been using this strategy for a couple of years and my score is consistently 826 - 840
THANK YOU. I never knew that about the closing date.
Thank you for these VERY USEFUL tips
I pay mine off about every two weeks when I get paid and I really only charge my utilities.
That last part of your video, that's what I do (paying each purchase right after I make them). So I basically use my main credit card as a debit card: if I have the money in my bank account, I make the purchase on my credit card, then right after, I make the payment from my bank account to the credit card. What's the use? Because that credit card accumulates a refund percentage. between 0.5% to 3% depending on what I purchase. Result? My credit score revoles between 790 and 810, and at the end of the year, I received over 600$ in refund from my credit card, and haven't paid a cent in interest.
Your so right. I try to keep my cards at a 0 balance. But when I have to cover a big buy and it goes past my closing date and lets say it's 65% of my limit. My score drops between 25 to 45 points. Ouch!!! But I try to pay it off in two months. It's so funny to see my score go back up. Sometimes higher than before. But only by 5 to 10 points, sometimes.
Let me give you guys the easiest way to do this. Open credit karma, select the credit utilization tab, and when you click on each account it shows you the exact date that company reported your usage to the credit bureau. It’s usually the same date every single month, unless it falls on a weekend sometimes. Literally just make sure you pay down your card before that date every month so it never reports a balance and your utilization will always stay low while you use your cards
That works!
@YoungKing. Good advice!
Inactivity report of a fully paid zero balance each month isn’t a myth - if you constantly have a zero balance, it may look good to the cc companies, but lenders (cars, houses, loans etc look at that at inactivity and it may hurt you. A family member of mine did that for years, always paid her balance in full every month before it was due. When she went to finance a car they told her that her credit history was non-existent because it showed no activity. Better to leave a small balance, even $25 to roll over so it shows use and payment. 🤷🏼♂️👍🏼
Naam, I was doing this on a credit card for a year (always paying in full before the closing date). Last month, I asked for a credit limit increase and was denied specifically for "card inactivity." I called to dispute, and was told again that my card "has been inactive" despite having hundreds of $$ in charges each month and paying in full. They said they go by monthly balance on the statement and not by actual use. So they denied me because each monthly statement showed $0 due.
Dang I've never experienced that... What card is that?
@@princeofpips3400 Amazon via Synchrony
@@katel3962 It may e better to leave something on there
@@Frugal637 Yup, learned that the hard way. Following the advice of this video backfired for me. Now, I leave less than $100 on the card, which is under 3% utilization.
I never heard of that either. Go a head a leave something on there to see if that changes. Additionally CLI's Will pull your credit once again. Unless there is a change to your credit, or income, this could be a possible reason they deny you.
I disagree with the 0% credit utilization. I applied for a VA loan with a 679 credit score and had 0% credit utilization. The company I applied with said I needed to use my credit card more😠😠😠 I was like thats BS I just pay off my credit card in full before the statement day! Such bullshit
I think the debit card would be useful for setting up autopay through Verizon. I’ve always wanted to use my Amex to get additional points for paying my wireless bill. Verizon will only include the $10 autopay discount when you link a debit card not a credit card.
I’m a little confused. Isn’t the closing date after the actual due date. So wouldn’t you be paying of the balance before the statement closing date anyway?
Hey man thanks I appreciate the Info!!
What about CC companies closing a card that you don’t use on a regular basis? I had three closed on my which made my available credit lower in turn making my utilization higher. I was trying to pay off most of the ones I carried a balance on yet my score dropped 125 points.
I get I need to be better with how I use credit cards. I have been paying off as fast as I can.
I am currently using the snowball method to pay off everything since my wife was out of work during 2020. She’s back to work now but at lower pay.
U will have the risk of having your credit cards closed if u don't use them at some point & it will have a big impact on your FICO Score as u well know now. Best strategy is keep all cards open; the ones u use infrequently, put a nominal charge on them at least once every 3 months or so - so the banks can see some activity & not shut your card down..which results in higher credit utilization, negative impact on your credit age which will lower your FICO score. Keep them bad boys open!
so my due date is the 9th and statement is the 12th pay it off before the 9th and not use it til after the 12th?
Semper Fi, brother.
I HAVE A 819 FICO SCORE. ITS ACTUALLY BETTER TO LEAVE $1 ON THERE SO YOU CAN ACTUALLY MAKE A PAYMENT. PAYMENTS MAKE UP A HUGE PORTION OF YUR FICO SCORE
awesome video.
Yankees you so much. I recently got a cc for some miles but was afraid to use it cause I thought you get charged you're apr as soon as you spend.
thank you for explaining this in detail. i have payments coming out of my card during the "Grace period". Does that hurt my score. Should i change the date these payments are being taken out. Please advise.
Honestly, I would just be off it off every week, but close to your closing statement just leave a small pouch for it to be rewarded in and paid off
Golden rule with credit cards " Use it, don't abuse it"
True!
Same goes for wives and husbands...
i pay off my credit cards once a week. i never pay interest and have an 823 score.
Nice!
@zzz so are all your cards being reported with 0 balances on your credit report?
But wait Naam! What about having your credit cards set to auto pay and full balance payment? Is that good or bad for posting?
So should I have no balance on the reporting day? I typically pay it off multiple times a month because I only put gas and groceries on my card to build credit. My usage is currently at 2% from last month.
1-3% will give you the highest boost
you should have a small balance, but nothing from the previous period so you don’t incur interest
You have helped me so much 💪🏿💪🏿
Thanks great info. Great work, Can you please tell me what is better for my credit--- Having one credit card at 48% of max limit or having two cards with 24% of max limit. Love your work. Thanks
2 cards at a lower utilization rate. By having 2 cards you have twice the credit lines, and with lower utilization.
Great advice 👍🏼
Amazing tips! Thank you!
Welcome!
I don't wanna watch the whole video. I wanna watch the entire video. 😂 Joking. Thanks for the great info. I definitely needed it. Fo U 👉🏿🏆
So each month you need to make sure to pay your new balance in the statement latter right?
Any charges after that will be paid in the next ‘new balance’ of the next month statement?
Correct!
Salute I just learned something
I don’t know why when I pay my credit card full I always have money left that I owns is weird and confused me a lot like I pay off all my credit card but it says that I still own money
Do you recommend any of those places that advertise repairing your credit?
Are you purchasing a home soon?
Don't pay any company that wants a monthly fee.
im a reseller i make payments every 2 days just to have more limit for purchase power. even i pay them off as soon as posted my report still sometimes show balance....
I pay in full and or the statement balance.
I dunno. I paid off my debt this month and my credit dropped 20 points down to 805!....annoyed with that, but the rest of your advice was great for those who have not figured out how to do it.
I believe the credit bureaus penalize you when you pay it off because they can't make any money if you don't owe a thing or they want you pay a certain amount consistently over a period of time...
I pay off my cards every payday, and as a result, I haven't had a due date come up in several years. To have a credit or my cards in not uncommon.
But you didn't keep your utilization AT 0%. Which lowers score on certain algos. I've seen it first hand. Keep a $0.00 balance for 30days...don't use the card during that timeframe and it will go down with some algos
So basically pay your bill before your statement date not the due date right?
Your link for extra isn’t valid anymore. Just a heads up. Keep up the great work man💪🏽
It's best to carry at least 1-5% of available credit, or they strip points for being too responsible with your credit usage and not participating in their predatory system of exchanging priceless irreplaceable life for intrinsically worthless spending credits, which we are then expected to spend on food, new televisions, smart phones and other things to drive their system of exploitation, monetization and cancerous capitalization.
Do you have to go somewhere online to pay it off every month ? Or does it get taken out it’s self if you set a date for it each month?
Great content as always.
Much appreciated!
I also recommend the Max Rewards App
So your saying carry as close to a zero balance at point of statement ending date? My period ends on the 11th. So on the 12th, I should always have a zero balance? That’s better than having a balance and paying it off that day? So confused...
Extra sucks due to the "Monthly Fee".... Use ONE instead, almost exactly the same but no fee.
I needed a card to pay my rent, and builds credit, since the various services don't allow me to pay with my credit card without a FEE (like Venmo which my landlord prefers), so One is perfect. Extra would be also if they didn't have the stupid fee. Also, you NEVER want to make only the "minimum payment" because they won't grant you credit increases etc., you'll have to wait longer to get them.
Heres a tip for those who didn't know im a newbie to credit but every month on my credit card i pay the minimum plus a lil more lets say 20 or 25 and in the last 2 weeks my credit webt up 76 points 50 points week before and 26 last week and man its cool😂
Hello
I would like to ask you about these companies that are supposed to help remove the negative reports like chapter 7 in my case it’s been over 7 years or like late payments etc.. is it worth paying them monthly for. Thoughts
I learned this only after turning 50!!! My advise to everyone, teach people close to you and tell them to teach others. They don't teach this in school for a reason.
👆✍️🤳📱
I used my Discover card to $857 dollars. I made the minimum payment and my score dropped 19 points 🥵 I’m paying it off tomorrow I hope my score goes up. Yikes!
It you pay it all off, it definitely will. No worries
It should reflect the next time your credit card reports
@@princeofpips3400 thank god.
@@NaamWynn will it go up the 19 points I lost or will I have to creep slowly? I have a 730 now
Thats hard to say, from my personal data points it usually creeps up rather that jump back
Im just starting off and my credit is 644 probably will be 670 after tomorrow my dads score is 685 and man im happy rn were gonna get a loan to get a house soon😊 only thing for me is my apr is 28.49 cause im new maybe itll be way lower once i hit 700 i hope 🤷♂️
Great video
I disagree with your comment about when to pay your bill. Set it up on autopsy and the money will come out automatically on the day required. If that day is a Saturday or Sunday it will come out on Friday. Simple.
If you pay off your ENTIRE balance before your statement date, it won’t count as a monthly payment for that card on your CS right?
WHy do they report a credit card closed when you just got it to zero
I remember seeing your video about the extra debit card and you said it wouldn't be your first choice to get started with. Did something change with them to make them more attractive now?
Still not my first choice, because there is a cost, but the barrier to entry is so low, it easier to get for those with bad or no credit
@@NaamWynn ok cool. Thank you so much for the reply 👌🏾
What about pending charges should I pay them before the closing date (put more money in the balance)
Also it is good to pay your credit multiple times during the month or jest one time?
Thanks man for your videos 🙏
Ive been paying my card on time for years..I requested a credit increase and they told me I wasn't using the card enough. Mind you, utilization was less than 30%. Its like damn if you do, damn if you don't. How do I manage this to increase my limit?
👆✍️🤳📱
I agree completely. I typically keep my "debt" (as reported to credit) between 2 and 5% of what it available to me and I always pay balances entirely days before statement closing dates. Also, I rotate through available credit sources and use at least some credit monthly to maintain a high score. Works great. Lastly...if you can't pay cash and/or if you can't buy something at very low interest rates, DON'T BUY...WAIT AND SAVE!
My birthday was February 28
So is it not best just to keep your credit card balance at zero after putting charges on it?
But that's a problem because you will pay two time if pay early. I done that ..
So serious question… say you have 250k of available credit with many 0%APR promos. Never understood the logic of building that credit but never using it. Besides a higher score, what does having low utilization get you in the real world between an 850 and 810 score?
Honestly nothing. Majority of lenders will give you the best rates if your FICO scores are over 760
Yeah. But my pay won’t allow me to get ahead. Always current. I guess that’s ok. But I wanna get them down. Guess a second job is needed.
I was using advice from another video and paying after the close date. I got hit on my credit every time. Guess I know not to believe those other videos.
Just pay before due date and should be fine.
@@kauigirl808 Not fine. I've had this happen every time I didn't pay before the close date. Waiting until the due date was costing me too many points on my score.
@@stainless1175able my score is 800.
But it depends on your utilization. My limit is super high. If you charge too much and your limit is low then yeah, it can hurt your score. It really depends on your situation. I always wait til the closing date so it reports the balance to the credit bureau. Definitely pay before closing date if balances are too high.
My cards are paid off and I finally got over 800 score.
Great stocks and I just bought in on them, but I'm interested in making short term profit, let say turn a $150K to $500k in 6months, I'd appreciate tips on how what stocks to buy to make this much profit.
@Samanthwalter Archie That sounds great and how do i connect with her ?
@Samanthwalter Archie Okay i just found her website and left a message for her. thanks.
Naam, my issue is I don't have enough credit history of me borrowing and paying back my score is 715. When trying to get a loan they told me I don't have enough activity I have 1 credit line open for 2yrs now 1k limit and just opened a first progress secured card $300 limit.. what else can I do to help with helping my credit history and how long does it take to show on my credit... thanks in advance or maybe there's a video in this paragraph 💝🙂
Just curious, what if I hold a balance until the due date, then pay it off?? And only spend less than 5% before statement closing date? Will that be ok?
Awesome 👍👍
Never understood why people can’t understand credit! So easy! Also got these TH-camrs confusing them even more! I keep it simple! Pay my total balance a month early!
👆✍️🤳🤳
1:02 I think you meant $25,000 lol wow what a limit!
I paid off my bills with my paychecks.
My credit score is 838. And I wasn't even trying.
Nice!
I do not have any credit cards.
How can get credit if you don't have credit score cause don't own debt
Basically ..credit cards need to go the way of the landline and check books ..Don't use them.. Just get them and put them aside ..use them But pay them off right away. Seems pointless . But this is how it has come because we all need credit .
I paid off my credit cards now my score is at 800. I have 25k in student loans.
@Naam Wynn take care of what lol
Credit cards legally charge loan shark rates. I'm just using them for various benefits, rewards and bonuses. I want to get an absurdly high score to invest in real estate. I'm annoyed my 750-760 something isn't going up without taking extra measures. So I'm getting a gas card .....⛽💵💳
I pay off my balance every month
Thank you
Welcome!
This is the opposite of what others say. I was under the impression you should not pay anything until the day after the statement period closing date. I pay mine off actually weekly. So what comes due at the end of my statement period is usually about $1200. So I get $1200 balance reported every month. My credit limit is 10,000. My score is 875.
Sounds like a lie bud. Never heard of a scale with higher than 850. Try again
875 🤔🤔🤔🤔
Yeah gtfo of here lol, 875 xD 😆 people with 850s have had accounts open for decades. They're not going to keep track of these dates for all of their accounts for decades. They're going to pay it off as soon as they can so that they don't miss a date.
You're still posting more than a 10% utilization rate, the 850s have way less utulization than that.
If you're going to lie, at least have the decency to do it convincingly!