Is there difference in paying your statement balance at the end of the month vs paying throughout the month? i often pay my credit as soon as i put charges on it but not sure if theres a benefit to my score to wait until i get a statement to pay
Some people say that paying throughout the month will actually increase your credit score. I don’t know if that’s fact or an urban myth but I will pay my card through out the month if I get antsy. Like, I actually paid my rent for my BILT card today even tho I have a full month left. I just don’t like seeing money in my checking account that doesn’t actually belong there
if it's dramatic enough to reduce your overall available credit / debt ratio by a few percentage points, it could help build up your credit score. I usually just pay what i can with one payment, then the rest on a second payment. some folks pay off weekly / etc - depends on the cash you have on hand, if you get a regular paycheck, etc.
This is sooo good Aja!! I’m a debit card girlie but still loved the educational content. Can’t wait for more people to watch and learn from your series. I’m excited for future episodes 🎉❤
love the new graphics in this video! i'm pretty good at using my credit card but wanted to get a refresher in case there's something i didn't know. thank you for making this series!
Banks want you to feel like you have more money to spend, by using a credit card. Be sure, sure, sure you are only spending your realistic current income. Otherwise the bank executives get your retirement money in interest fees over a lifetime.
Love the idea of this series! Looking forward to the content you've got lined up! Especially the usage of points, would love to hear how others maximise their points. Thanks Aja!
I’m excited for this series because I’m in my mid twenties and still don’t have one because I never understood it and I wanna do it wisely so can’t wait for the rest of the videos!!
I think paying multiple times before your due date is a great idea. I do it, but mostly because I don't like money in my checking account that doesn't belong there.
I have had mine a few years now and pay what I can and keep my balance under 10% minus when I really needed dental work but I’ve been able to keep it down and my score is really good, however I’m currently unemployed so the longer I go without a job the more I don’t want to use my card even though I keep it steady with only bills.
I understand feeling less comfortable using a credit card while you’re looking for work. I think if using your debit card or cash is what makes you feel most comfortable right now, then that’s perfect
Also main point that Aja emphasized: don’t buy things you can’t afford! If you don’t have the money to pay for a NON ESSENTIAL purchase, then why are you purchasing it on a credit card??? At some point people need to take accountability for their actions 🙃
Brilliant Aja! Everyone should know what sharks are out there that wants to make money on you borrowing when you can’t afford it! Hard lasson but soo necessary!
My first ever credit card just arrived in the mail today and I found your channel while looking for information on how to treat it. Thank you so much for this!!! You've definitely earned a sub!
A clarifying question - If you pay less than your statement balance for the April billing cycle, do you accrue interest on just the remainder of the April statement or any purchases you make in May too? Do you have to pay the entire balance of your credit card off in full to stop the interest pain train at that point?
Correct. You’ll accrue interest on whatever is left on your statement balance. Then with the *next* statement balance, May purchases will be added to that
Is statement due date …. The date the Credit Card company report to credit bureau? I ask because I try and make sure my cards show under 30% by statement date …. But hard …..
Thanks Aja. More and more…credit card when used correctly…we leverage credit for free products or services. When you can buy something at a rate of 0% introductory rate could allow you to invest in your business and be able to pay off your debt before the 0% rate ends. Bottom line use credit cards 💳 wisely instead of impulse
Hi Aja! I love this video, and I wanted to know if you could do a video in your credit card series on the best credit cards for beginners who haven't had a credit card before. (options that aren't a discover card)
Hi! Great video and it provided such clarity for me! 😊 I had another question, are we only to pay statement balance and it won’t lower our score if we don’t pay current balance? My statement shows statement balance and current balance
correct. Statement balance is what you need to pay during your statement period and current balance is your most recent statement balance plus other transactions since your last statement was generated (which will end up becoming next months statement balance)
So excited for this series! I am on my debt free journey and starting to chip away years of credit card debt. 🙂 I wish I had these videos in my early 20s.
I'm so excited for this series! I'm in debt with a credit card and looking for advise on the best way to pay it off the smartest and most efficient way now that I'm able to. Much needed at the right time!
I will make sure that these tips help me after I have received my settlement for being Federal and CNMI's government non-consented experiment subject, while Commonwealth Healthcare Corporation conducted clinical trials on me. Also, hi Rome Research Group.
thank you so much! I'm 20 and have been watching your videos for a while now. I just applied and got my first credit card. They are so scary so I appreciate you sharing this information
Hi, will my credit score increase if I pay my statement balance in full every month? Someone told me that it wont increase unless you pay the minimum balance every month.
we'll go over this but paying the minimum balance every month is a horrible idea that will keep you in debt for the rest of your life. Pay your statement balance in FULL every month - you'll increase your credit score and stay out of credit card debt.
Part of your credit score is determined by how much available credit you have. So, if you have a 0 balance, then you will have a higher amount of credit available.
Keep doing these type of videos please. You are really good at them!!
thank you! Hopefully more people watch this video bc I think the information is really important
Is there difference in paying your statement balance at the end of the month vs paying throughout the month? i often pay my credit as soon as i put charges on it but not sure if theres a benefit to my score to wait until i get a statement to pay
Some people say that paying throughout the month will actually increase your credit score. I don’t know if that’s fact or an urban myth but I will pay my card through out the month if I get antsy. Like, I actually paid my rent for my BILT card today even tho I have a full month left. I just don’t like seeing money in my checking account that doesn’t actually belong there
if it's dramatic enough to reduce your overall available credit / debt ratio by a few percentage points, it could help build up your credit score. I usually just pay what i can with one payment, then the rest on a second payment. some folks pay off weekly / etc - depends on the cash you have on hand, if you get a regular paycheck, etc.
Always pay off your credit card every month!! lol
Yes!
This is sooo good Aja!! I’m a debit card girlie but still loved the educational content. Can’t wait for more people to watch and learn from your series. I’m excited for future episodes 🎉❤
love the new graphics in this video! i'm pretty good at using my credit card but wanted to get a refresher in case there's something i didn't know. thank you for making this series!
Thanks for watching!
Banks want you to feel like you have more money to spend, by using a credit card. Be sure, sure, sure you are only spending your realistic current income. Otherwise the bank executives get your retirement money in interest fees over a lifetime.
banks are counting on the fact that you don’t know what a credit card is so they can take advantage of your money. Horrible.
Love the idea of this series! Looking forward to the content you've got lined up! Especially the usage of points, would love to hear how others maximise their points. Thanks Aja!
Talking about credit card benefits will be week 4!
I’m excited for this series because I’m in my mid twenties and still don’t have one because I never understood it and I wanna do it wisely so can’t wait for the rest of the videos!!
OOHH! After five weeks, you'll definitely have a better understanding on credit cards.
Aja, can I make payments twice a month? I read that paying 10 days before the due date can increase your credit score. What are your thoughts?
I think paying multiple times before your due date is a great idea. I do it, but mostly because I don't like money in my checking account that doesn't belong there.
I have had mine a few years now and pay what I can and keep my balance under 10% minus when I really needed dental work but I’ve been able to keep it down and my score is really good, however I’m currently unemployed so the longer I go without a job the more I don’t want to use my card even though I keep it steady with only bills.
I understand feeling less comfortable using a credit card while you’re looking for work. I think if using your debit card or cash is what makes you feel most comfortable right now, then that’s perfect
Also main point that Aja emphasized: don’t buy things you can’t afford! If you don’t have the money to pay for a NON ESSENTIAL purchase, then why are you purchasing it on a credit card??? At some point people need to take accountability for their actions 🙃
Brilliant Aja! Everyone should know what sharks are out there that wants to make money on you borrowing when you can’t afford it! Hard lasson but soo necessary!
My first ever credit card just arrived in the mail today and I found your channel while looking for information on how to treat it. Thank you so much for this!!! You've definitely earned a sub!
Is interest accrued from not paying your minimum or not paying the balance in full? Also is APY the same as interest, if not what is the difference?
A clarifying question - If you pay less than your statement balance for the April billing cycle, do you accrue interest on just the remainder of the April statement or any purchases you make in May too? Do you have to pay the entire balance of your credit card off in full to stop the interest pain train at that point?
Correct. You’ll accrue interest on whatever is left on your statement balance. Then with the *next* statement balance, May purchases will be added to that
Is statement due date …. The date the Credit Card company report to credit bureau? I ask because I try and make sure my cards show under 30% by statement date …. But hard …..
Everyone needs to watch this! Aja, your content is amazing and so needed!
I appreciate it! Share the series with anyone who needs it
Thanks Aja. More and more…credit card when used correctly…we leverage credit for free products or services. When you can buy something at a rate of 0% introductory rate could allow you to invest in your business and be able to pay off your debt before the 0% rate ends. Bottom line use credit cards 💳 wisely instead of impulse
Hi Aja! I love this video, and I wanted to know if you could do a video in your credit card series on the best credit cards for beginners who haven't had a credit card before. (options that aren't a discover card)
Yes! That’s ep 4 🎉
Does it matter if you pay your credit card on the due date per the statement, or do you pay earlier?
I always set my auto-pay to a few days earlier just in case something weird happens and it doesn’t go through, I’ll still have time
I love this because I just got a credit card and I am 36 yo. I want to learn how to use the CC responsibly. Thanks, Aja!
This is perfect timing. You’ll be a pro
Hi! Great video and it provided such clarity for me! 😊 I had another question, are we only to pay statement balance and it won’t lower our score if we don’t pay current balance? My statement shows statement balance and current balance
correct. Statement balance is what you need to pay during your statement period and current balance is your most recent statement balance plus other transactions since your last statement was generated (which will end up becoming next months statement balance)
So excited for this series! I am on my debt free journey and starting to chip away years of credit card debt. 🙂 I wish I had these videos in my early 20s.
Congrats on working on your debt!
Why are these not taught in school?😢
love the editing
Is there a better date to Pay the credit card
I'm so excited for this series! I'm in debt with a credit card and looking for advise on the best way to pay it off the smartest and most efficient way now that I'm able to. Much needed at the right time!
ep 3 is for you!
I've been looking forward to this series! I just got my first credit card and need to learn how to use and manage it😅
By the end of the series you’ll be a pro
I will make sure that these tips help me after I have received my settlement for being Federal and CNMI's government non-consented experiment subject, while Commonwealth Healthcare Corporation conducted clinical trials on me. Also, hi Rome Research Group.
Leave these types of videos! Gonna send it to my niece. You make it easy to relate to and simple.
thank you so much! I'm 20 and have been watching your videos for a while now. I just applied and got my first credit card. They are so scary so I appreciate you sharing this information
glad this series came at the right time for you!
Love love this series! I actually understand everything you’re saying and feel comfortable about it!
yay, I LOVE to hear that!
Yes!!!! Keep them coming 🎉
Loved this! Thank you Aja!! ❤
Glad you liked it!!
Hi, will my credit score increase if I pay my statement balance in full every month? Someone told me that it wont increase unless you pay the minimum balance every month.
we'll go over this but paying the minimum balance every month is a horrible idea that will keep you in debt for the rest of your life. Pay your statement balance in FULL every month - you'll increase your credit score and stay out of credit card debt.
*** also sorry if that sounded aggressive (but that's horrible advice) Hopefully this series clarify any CC misinformation going on out there.
Part of your credit score is determined by how much available credit you have. So, if you have a 0 balance, then you will have a higher amount of credit available.
Thank you for this
you're welcome!