Hello I love your videos! Was wondering My credit score just jumped up 71 points by paying off a good amount of my utilization. Now my score is 741. I have a closed account of $1200 debt I was wondering do I still have to pay that or leave it if my credit is going up anyways?
Naam Wynn $1200 Amex card was from August 2015 it doesn’t say when it was last reported on credit karma. The only thing it says on credit karma is that it was closed/charge off. On credit karma it shows under LOW impact. Do i have pay whole amount?
@@unvcht5046 If you do owe that amount it would be best to pay back AMEX what you owe if you want to ever want to open any AMEX cards in the future. You can attempt to dispute the charge off like a hard pull if you like
I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude sir and *Web back doors* was so helpful during the process of boosting my credit.
*Top phase Resolution* is the best credit repair expert I've ever seeing on YT.The dedication,passion and humor he has in these credit industry is what makes it so amazing.I’m happy it's easy to use on backend but excited to see you give that penny to creditors!
I have 2 chapter 11’s that are dismissed.The reason I have 2 is bcz I did not use an attorney.I was trying to stop an eviction,but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later,I ended up losing my job.They are scheduled to fall off in January and March 2021.Since I’m looking to purchase a home soon but still there.I am currently enrolled in COGNITIVE HACKS and I must say,I am loving it thus far.I’m doubling it up with your podcast videos and learning A LOT! Thank you.I’m ready to join the millionaire club!!!
I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did not use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *Top Phase Resolution* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!
I dunno… I was one of those people that didn’t care about a credit score, didn’t get any education about how important your credit score is, and I racked up debt like an idiot. I worked really hard and educated myself and I’ve brought my credit score from 480 to 690 and I’m still going up with *Top Phase Resolution* . I feel like the government blaming credit reporting companies instead of the lack of financial education in their own public education system is foolish.
Bruh I’m not saying it’s common sense but literally i’ve never heard anybody say anything good about maxing out their credit card. Why do so many people do it 😭💀
You’re a life saver! How does high school not teach this stuff?? Why is learning about what happened 500 years more important than learning how to be an adult!
I pay on my credit card weekly. My minimum payment was 26.00, so I paid 26.00 weekly because of this payment style. I was given a credit increase of 5,000, and my score jumped up 21 points. I only use a credit card for everyday life. I never use a debt card. I borrow from my self, never from a bank. I’ve learned the hard way in life after 2 bankruptcies, and now a score of 720. The second one will not be off my credit report until 2024. Big mistakes in life, but I was able to correct them. Thank GOD.
It enrages me to know that finance isn’t taught in school. It’s obvious why but it’s wrong. A kindergartner can be taught to save. A high school student should be investing. Teach finance age appropriate all the way through school. It would save people a lot of heartache and stop enriching the “man” on our backs.
I’m adopting this method. My pay is changing from semi monthly to monthly but it’s a huge pay increase so I’m trying to figure out the best methods to raise score without having to get another card as I’ve been told. 🤔
Because the government doesn’t want to inform us on important things you must know. Schools what you to fail and not succeed in life. “You will learn so much from the internet,” rather than school!
When trying to get late payments removed on an active account, if it cannot be verified by the bureaus, do they remove that late payment and show on time payment for that month, show no information available for that month, or delete that account off the credit report? I want to get my late payment history corrected but not sure how disputing with the credit bureaus affects the active account if they cannot verify the information to be accurate, I wouldn't have been able to take them off if not me meeting *85O Credit Rest0rati0n*
@@TheDCMO 30 year fixed conventional/ opt for a 3O day lock to close within 3 weeks last summer. However, the interest would have been much lower for a 15 year or 15 ARM mortgage then. Any advice?
@@TheDCMO Oh, thanks so much for the advice. I also had the opportunity to use a mortgage broker for a lower rate, but I was a bit skittish about extra fees. So I chose a smaller credit union. Hey, I'm always open to information. Always help me! Lol!!!
@@Anabee399 smart to lock in a rate with interest rates at historic lows. If they go up, you avoid an ARM increase and if they go down (very unlikely) you can always refi.
The myth where you said “ppl say keep just a small amount of money not paid to show them your still using your card” fr !!! That’s what everyone tells me ! So glad u addressed this ! I had a credit card of $400 n I just paid $200 right now - but after u stated this ima go back & pay the other half !!
I have 2 chapter 11’s that are dismissed.The reason I have 2 is bcz I did not use an attorney.I was trying to stop an eviction,but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later,I ended up losing my job.They are scheduled to fall off in January and March 2021.Since I’m looking to purchase a home soon but still there.I am currently enrolled in *85O Credit Rest0ration* and I must say,I am loving it thus far.I’m doubling it up with your podcast videos and learning A LOT! Thank you.I’m ready to join the millionaire club!!!
*Top phase Resolution* is the best credit repair expert I've ever seeing on YT.The dedication,passion and humor he has in these credit industry is what makes it so amazing.I’m happy it's easy to use on backend but excited to see you give that penny to creditors!
To simplify and provide more clarity, what he did not mention is, there is a closing date and due date. Your closing date is when your balance is reported. Keep in mind the closing date can come before or after your due date so make sure to meet both requirements. The key is to pay as much as you can toward your balance before the closing date. To get automatic limit increases, frequently use most of if not all of your balance, but make sure you pay most of if not all the balance back. They interpret this as you need and can handle a higher balance. I’m speaking from personal experience. I don’t use credit cards as extra money. I use what is in my checking account and pay it back, 1 to maintain a high score and 2 to get cash back from the credit cards like Naam said.
@@gxp958 any card company. I have a few different credit cards and have received automatic credit increases on all of them. That was not the case in the past when I was only making minimum payments.
@@gxp958 you don’t find it anywhere. The companies automatically issue the increase which will be reflected in your balance and a notice will be sent out to notify you
I have a total of 70k in limits i use only one card and pay it off every single pay check (every 2 weeks) I average about a 2k balance at any given time.....don't let people fool you into thinking if you pay your cards off too quick you wont have as good of a score lol my score is 817 with little to no effort and I do not currently have a mortgage. People will sometimes try to tell you too that without a mortgage you really can't get your score thatttt high. But that's false. Never pay interest on anything wherever you are able to make that happen! This so important for young people to know before mistakes are made!
I dunno… I was one of those people that didn’t care about a credit score, didn’t get any education about how important your credit score is, and I racked up debt like an idiot. I worked really hard and educated myself and I’ve brought my credit score from 480 to 690 and I’m still going up with *85OCREDIT RESTORATION* . I feel like the government blaming credit reporting companies instead of the lack of financial education in their own public education system is foolish.
I was ignorant and reckless in my credit usage and so my utilization is currently 92%. It’ll probably take me several years to get that number lower than 30% paying the minimum. I’m on fixed income. I hope no one is was/is ignorant about credit as I was. I encourage everyone who uses credit or hope to use credit in the future to get educated about credit. This video is a great start to understanding how credit works best to having a great credit score.
It's good that you shared your mistake. It's easy to fall into that trap. I hope you find a way to get out of it. If you're in the United States you should use any stimulus money you get to pay it off. Many people don't understand... just because you have a credit card doesn't mean you can afford the payments
Watching this was like a breadth of fresh air. Sometimes I struggle on the definitions and the dates because I pay them off so fast without thinking about it. Thank you for sharing!
I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude Marvin and *Top Phase Restoration* was so helpful during the process of boosting my credit
I'm so glad I clicked on your video! I was watching other credit videos & they all were telling me to keep a small balance on my account when my cycle rolls over so that way when it reports, it is showing the credit bureaus that I'm using a small percentage of the credit on the card. But then that raised the question of interest charges and contradicted their advice on paying the statement balance in full. I love how you pointed out that this is a myth & your video helped me answer my question! 😊
This is just not the case, at least for my cards. I put a pile on one card and went to pay down the bulk of that charge (auto repair) mid month and it was not counted towards my next minimum amount due. You need to pay AFTER your next billing cycle starts and you are notified of the minimum/date due. Otherwise it will not count. So, I charged $2,000 for the repair, and mid month made a $1,500 payment, then at the start of the next month had a minimum payment due by XXX date and make a $250 payment and even though the minimum was like $78 I got no bump from making that $1,500 payment except for the little 4 points from lowering credit utilization. Also, I refi'ed the house in January in order to take advantage of the low 2.25% mortgage interest out there, so for 2 months I had no mortgage debt on my credit report till the new mortgage servicer reported that new balance on my new mortgage. You would think that would make my credit score skyrocket paying off the mortgage, but no, it dropped almost 30 points because now my only debt was credit card debt and that utilization is at 78% right now. It will pop back up once they report to the credit bureaus my new mortgage debt, but till then I am walking funny money-wise.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you, prevent inflation from eroding your savings, build generational wealth, and cultivate good habits and financial knowledge, you must be in the market.
Investing in Stocks and Forex is the wisest, it's a place where millionaires and future billionaires come to get inspired. If you've not been involved in any you're missing out. Most importantly If you know how to trade you can make a ton of money no matter where you find yourself
Bitcoin is the best coin to invest in fast rising and if you are lucky to have a good broker then I believe you have absolutely nothing to worry about because you are in for a finicial uplift.
As a beginner who don't understand how Bitcoin trade/forex trading really works and you really want to make profit from it. I will advise you to first start working with a professional broker
I am so happy I ran across your channel. You explain so well like a teacher. No fluff just straight and to the point. God bless you have helped me tremendously more than you know.
My bank gave me a credit card limit of 4K on application…. I immediately set a card limit of 500 that was manageable to pay of in full each month. I don’t need the extra 3500 but having that available and clearing card each months also helps as it shows the banks you can control your credit and your score goes up..
In my humble opinion, it is best to have the money in the bank before you use your credit card. Always pay the card in full within a couple weeks after the credit card charges are posted. I have an 850 credit score for many years now. Great video
@@ZIX6-c3z I recommend paying the card off within 30 days, so you do not accumulate Interest and other fees. If I do not have the cash up front to pay the card off, I will not use the card. I always pay within 14 days. Once you go over 30 days the credit card company starts charging high interest rates.
@@chrisguzman7926 Read my other posting. It is best to pay the card off within 30 days of the charge posting so the credit card company does not have the opportunity in charging you high interest rates.
There’s one thing these videos tend to forget to mention which got me confused for a while. I heard pay your bill in full..so whenever I charged something I always paid it a day or at most a week later. So I never had a bill with any balance. Wrong thing to do. Wait for that bill then pay it. If you have no balance when the billing cycle comes around then nothing gets reported to the credit bureaus. So for that billing cycle leave a balance and then pay it so it’s reported to the bureaus as a paid payment which looks better then no bill at all.
I was honestly confused about that part too. Thank you for making that clear for me. I just turned 21 and starting to build my credit so I want to start off on the right foot.
Spend responsibly! Have the things you think about spending on probably isn't something you really want nor need and will pass. It's get you through your 20s without much headache.
Three things: 1. make sure the balance you owe doesn't exceed 25% ~ 30% of the overall limit 2. make sure your cash advance balance doesn't exceed 50% of the overall cash advance limit 3. Pay about a week before your next expected statement (due date), because that is when your credit score gets updated too.
@@ZIX6-c3z yup. payments usually take takes 24 hours ~ 2 business days to reflect your statement depending on your bank or card company. if your billing date is the 21st then you wanna pay by the 14th or so. and then your credit score usually updates around the 26th or 28th of that month.
You’ve absolutely earned my subscription and 👍🏼! I’ve yet to find someone on yt that’s done a good job of making this explanation simple, simple and you’ve got it dude! Oh and the added humor makes the delivery of your msg even better.
I have 11 active CC's & I've been paying in full 5 days before the actual due date for the past 6 years. It has been a superstition/OCD for me. It does help with the score. Great Vid.
@@fitybux4664 I'm trying to get my first credit card but am still hella confused and I feel like this video confused me even more lol. Why do you recommend every weekend?
@@jayceyallen7745 I would recommend checking your credit free first. Find some site that lets you do it free, there are many. (But beware of scams of course.) Once you know your credit score, you can know what kind of credit card you should apply for. (There are search engines for that. Again, beware of scams.) I recommend every weekend so it becomes like a habit and so you never miss even one payment. (ONE MISSED PAYMENT will sink your credit faster than a rock.) There is no reason to owe something to a credit card company if you can at all avoid it. I currently have around a dozen cards, my credit is perfect, and I just use them for their rewards. (There can be rewards even on a secured card if you're just starting. Like Discover Secured.) Congrats on getting your first credit card!
@@chrisWTG Not always possible. That's why I suggest weekly. Not always possible because sometimes merchants take a day to settle the authorization of your credit card. That and you wouldn't want to double pay your balance. (Credit card companies don't always update your owed balance until a day or two later also.)
I always pay in full each month but I round up the amount for each bill. For example if my electric bill is 57.24 I pay 60. Is easier to reconcile my checking account when dealing in whole numbers. I have vivid memories from childhood of my father spending hours trying to reconcile 1.23 and decided a slight overpayment avoids it.
I do that too. I also pay a large credit onto my card if I know I will have extra expenses next month (for example if I'm planning a trip). My debt is always zero or negative at the end of each month.
Just scrolling and seen this, will say you broke it down easy. Straight to the point. No fluff 💯💯 people need to know this. Should also do a video on FICO 10 that's coming out at the end of the year that's going to affect everybody's credit.
All of this information is gold , thank you ! This thoroughly explained everything I needed to know about when and how to pay my cards to boost my score ! im already at 809 but I wanna hit that 850 mark some day lol
Check out the free myfico forums or even the credit forums on Reditt. Much better information especially on how utilization is arrived at. Simply stated the credit card companies know you use the card even if you always pay in full. They still make money off transaction fees the seller pays. The credit card companies *usually* send the amount owed to the credit agencies a couple days or so after the statement closing date. If you pay in full before this date your utilization rate for that card will be zero. Best is to have all cards report zero except for one with a utilization rate under 9%. Overall utilization reported to agencies (Equifax, Transunion, Experian) should be around 2% even though at some point in the month you might have high balances.
less that 2 percent of people in the US have an 850. best to you. not easy to get, but also, you won't get anything with 850 that you cant get with 800,except self appreciation.................but thats a good thing too :)
@@ricknebiolo2694 Funny how keeping a balance lowers my score but when I pay a card off that had a balance for more than a month, I get big rewards when the bank reports. I only care what my score is when it comes to getting more credit. But I don't get in over my head in-depth because life has no guarantees of income. My cards are mainly in case of emergency or for a large purchase I don't want to save for but I can make large payments to pay off.
Thanks man this reallly helped me. I also just got my first ever credit card and it only stated annual payment. I thought that was yearly. Now i know its monthly
Thank you for this informative content and I can say for certainly that is is absolutely correct. I pay my credit cards off in full every two weeks, when I get paid they get paid. My credit utilization is always below 10% I only spend what I can afford to pay off. I applied for a loan (unsecured) to have my bathroom remodeled and when they ran my credit my score it was 909 they gave me a loan at 2.99% interest rate the lowest introductory offer. I learned the hard way like everyone else to educate yourself and respect the power of budget and spending.
I started working on my credit 2 years ago. I didn't know where to start I had no credit. I started looking up videos and found *Top Phase restoration* . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thank Danielle for all the information and tips. Now we are in a position to buy home.
You are one of the most sophisticated and brilliant TH-camr/content creator I watch, and 1million percent the very best in finance. I appreciate all of your content thank you for *Prime consultant 001* much love from Chicago
You said pay off the credit card balance before the due date. How many days before the due date? I always pay on the due date. This dude talks too fast and delivers so much information so I am lost. Would you please clarify? Thank you.
@@heavenlypickler find out your statement closing date. Pay your balance down to whatever amount you want reported to the credit bureaus at least one day before that date. That will help credit utilization. A very small balance there will actually help you. Then to avoid interest charges, pay off the balance completely by the due date. So I am suggesting two payments, one to benefit credit utilization, the other to avoid interest.
this is awesome - thanks. i’ve been considering making extra payments during the month to keep my utilization low, but i didn’t consider the effect on my automatic payments since my auto payments are always for the new balance. i guess i will keep my auto payments set up as is. thanks!
VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but *850 CREDIT REST0RATI0N* info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well
I really appreciated this video, as a medium-term *Prime consultant 001* holder. I know you commented on not many people paying attention to this, but it was very relevant for holders such as myself. After watching your thoughts, I will buy more. I also remember your earlier assessment. This will crush the market.
Let's say you have credit line of 2500 and use 500 that's 20% so there you are good it runs from 11 to 10 of the month so it's due on the 6th so before the 6 of the month you have to pay the total of the 500 dollars so you wouldn't get to pay interest on the bill JUST THINK IS A DEBIT CARD
I always pay my card a day or 2 before the due date and always pay in full. I only have one credit card and use it for very specific purposes. When dealing with companies I’m not too familiar with and one bill monthly that’s always the same amount. Don’t wait until due date because when using technology, something could go wrong and you try to pay you bill and can’t. My score is 829. Most of my debt is through my bank. I’ve been with them, single and disabled for 32 years, not a lot of income, but I have never had a late fee. Late fees are Stupid taxes and money thrown down the drain. My suggestion is for exceptional credit is never be late and never use card to pay for things you can’t pay for in full when time to pay.
My biggest problem in my 20s…closed all my credit cards accounts and built my credit by buying a car..then by a co signer and now I’m ready to use it the right way!
I am turning 18 soon and will purchase my first credit card. Although I have put some research into making sure Im taking the right steps, I dont want to put a lot of payments on it already. I just purchased an iPhone for 0% APR financing. Do you think I can put the iPhone monthly cost of $30 to my credit card (for 24 months) and I will pay it off before the due date. Will this spike my score in a positive way over the 2 years? Thanks
@@rushiljain9423 Yes, that would boost your score even in two ways. First credit card and consumer financing (phone, car, whatever) are two different products, so you get some points for using more than only a credit card. Plus you make 2 successful payments every month. You then should see if you can raise your credit limit, and get another or two free cards with similar limits. Then use all of them with a low monthly utilization (below 30% credit limit). Your total credit limit goes up with more cards and you get additional positive reports every month. But don't spend what you can't directly pay back after the statements come out.
Thank you for this information. First generation of using credit cards my parents aren’t from here so this stuff is all so confusing, they don’t teach any of this in school. Thank you, God bless
Thanks man I’m 33 and literally everything fell off my credit so I have no credit. I just got a $200 secured Capital one credit card and I had to pay a $99 deposit. I tried this like six years ago, And I would use the credit card, and then I would pay it off when I got paid that week. In full. My credit went down! So I appreciate your help
@@xlzantel4176 I have an 811. I pay all my bills on time and pay off my cards each month and start over again each month. My credit utilization is only 1%.
So, in my understanding: leave a balance of less than 30% (if you spent more) until you get your statement to show that you're using the card, but pay it all off before the due date. What is the average span of days between the statement and the due date? A few days or weeks?
I recommend a very good specialist Michael Gibbs [Gibbs@creditpatchup.com] who helped me so much to improve my credit score and removed all negative items that I didn’t want. My score was 510 and after 9 days it was boosted to 790. I was very pleased and desire to share this with the world. I was not sure he would actually do it because I have been scammed twice. He told me all I need to do which I humbly did without hesitating in less than a week I saw the miraculous job, I couldn’t believe it. And I got a mail from credit bureau confirming the good job he did. Contact email [Gibbs@creditpatchup.com] Cheers.
You ideally want to have about 10% of the credit limit (like $50 on a $500 card) show up as a balance on the bill. The balance on the bill is reported to the bureaus. If the bill shows 0 balance, the bureaus will think you are not using the credit at all, which is not what we want them to think. After the billing date but before the due date, pay the entire balance to avoid interest charges.
@@evilrobots Your are correct. The issue I run into is that I keep my balances so low about 1% that if I accidently go over to 2% I get penalized and my credit goes down! Idk how to fix that? Sometimes transactions will post on the final day the bill closes so I don't get any warnings of when they finally post unless I keep checking every minute of the day! It's crazy!
@@GregoryMorales-uo6ze I've never heard of 2% utilization making a meaningful difference in a score before. Do you have a huge available credit? Maybe the actual dollar amount swings are large enough to cause this? I have no idea what else could cause that. If the score changes are enough to bother you, you could try tracking your spend and making payments for all purchases before the billing date. This would drive the utilization to 0% (which is not ideal) but you could stop the score changes that are bothering you. Sorry, wish I could be more help.
Thank you so much🎉 for explaining now I know to wait for the statement before I pay off in full i alway pay right before the statement comes out and it shows on my report 0% utilization😅 but I got it now!!!
A couple of things to mention. Open a new account will impact your credit score. If it is a HARD PULL, then that will stay on your report for 2 years. The auto pay feature will extract money out of your account at the earliest possible time. This allows the CC companies to make interest on your money. Rather, pay your card a week prior to the end of the month. If you have bill pay with your bank, pay on the account and not as a bill. By doing this, the money goes into the account quicker than it would if you pay as a bill. Basically, you can pay your CC by the end of the month, but DO NOT encroach going over the end of the month, or you will accrued interest. You want your CC account to say ZERO before the end of the month..
Other Investments or Businesses might need up to a month to give you profits which might not even be guaranteed because of their high rate of losses, Unlike Crypto currency trading where your profit is gotten weekly and is always guaranteed when you're in the hands of an expert trader and best of all, it has little or no risk because of the technology and software being used.The profit that you make is judged by the investment made, the higher the investment, the higher the profit and vice versa You can earn over $50,000 profit in just 2weeks of trading
I recommend a very good specialist Michael Gibbs [Gibbs@creditpatchup.com] who helped me so much to improve my credit score and removed all negative items that I didn’t want. My score was 510 and after 9 days it was boosted to 790. I was very pleased and desire to share this with the world. I was not sure he would actually do it because I have been scammed twice. He told me all I need to do which I humbly did without hesitating in less than a week I saw the miraculous job, I couldn’t believe it. And I got a mail from credit bureau confirming the good job he did. Contact email [Gibbs@creditpatchup.com] Cheers.
I like it when he says "bureaus" Remember, paying after the payment date will upset your credit boos. Awwww Boo, why ya gotta be so sad? It's just a laptop.
Thank you cleaning up the "keep small balance" myth. Credit utilization should be as close to 0% as possible. The 30% is a myth. Not going over 30% is correct. But the myth is that you don't want to go lower than 5-10%. Poppycock
A tradeline means that you are a authorized user of someone else's credit card. You don't have to have possession of the card, but they're credit history will reflect on your credit report...a parent or family member with EXCELLENT credit can be a "tradeline" I graduated college with 97,000 in debt"...that right there is a Huge problem..schools have become a business that drain students of money and yet, no one is stepping in to help the students who then graduate with massive debt and have difficulty paying it off...Having that much debt can be overwhelming for ANYONE...Especially a young 20 something who hasn't even began their career. But i really thank you for this video because i found Kyle and within few week they fixed my Credit score which is hindrance by student loan and added a large tradeline thanks a lot *CyberHackSpy2O2🟡Net*
This video is for rich people. It is helpful. A goal to reach. If I have the money to pay off what I just charged, I'm likely not going to use my credit card at all. Just pay cash. I agree that paying the full balance is goals but not everyone can. Thanks for sharing!! 💚
The point is to build your credit score up in case you need it in the future to buy a car or a house. Cash does not prove anything to lenders unfortunately. I opened a credit building account with "self". Made payments of $48/mo, it went to an account, at the end of the term of 1 yr my score went up 100 points, and was given the option to get 100% of my monthly deposits back, or use part or all of it to open a secured card. I opted for partially get my money back, partially open a secured card. It helps to keep building that credit to those of us on a very tight budget.
@@SK-in7bh I completely agree. Credit is king and way to go with getting 100pts in one year. Definitely, not often heard of but hard work pays off for those who put in the effort. 💚
Hey Nikki the way he explained it yes for rich but no You can do this with a $1000 credit limit....and Using the cash isn't better because you can get 5% cash back on items %3 cash back on food and gas for the credit card...So it technically it saves you money if you do it smart..But just only spend what's in your bank account nothing more and when the bill is due you'll already have the money there and you'll get good credit and cash rewards for it
this was the best video on credit omg thank you so much! This is the best explanation i have seen yet! I was so confused trying to learn all of this stuff and this made it so simple and easy to understand! Thank you!
Other Investments or Businesses might need up to a month to give you profits which might not even be guaranteed because of their high rate of losses, Unlike Crypto currency trading where your profit is gotten weekly and is always guaranteed when you're in the hands of an expert trader and best of all, it has little or no risk because of the technology and software being used.The profit that you make is judged by the investment made, the higher the investment, the higher the profit and vice versa You can earn over $50,000 in just 2weeks of investment
I know by fact that if paying cc payments few days before the due date as well as twice a month even if is around 50 bucks more than the minimum payment that will be good enough to increase the credit score fast. I've done it for few months and it works big time
I know the same thing he knows. The main focus of this video consists of two aspects: credit utilization and timely payments; in short, he tells us how to be frugal. There are several reasons why individuals can appreciate his titulary video, pertaining to the pros and cons of credit utilization. To wit: one of those reasons, which is paramount, has to do with seeing the same problems and solutions, concurrently, with the speaker. I was able to follow along rather seamlessly. Credit is complex. There's a lot more he doesn't mention which he may cover at a later time. I believe this gentleman is worth our time. He wants to help people make informed decisions about their finances. Chris
My due date is every 28th. I bought something on the 30th $66.57 Current balance. Two days later I paid $55.57 and then two days after that my statement balance is $10.00. Its due on the 28th. Does the credit bureau see that I used a 5% utilization of a $200 Limit? I hope I’m on the right track. I’ll probably pay my statement bill on Monday. Would I have to wait after my due date which is the 28th to start using the card again?
Your due date and statement date is the same (28th). And on that same day (28th), the credit card reports to the bureau your balance (only once a month). So I suggest paying off the entire statement balance and make sure it is posted before the 28th. That way it will show 0% utilization.
One of the most helpful and informative videos ever!! One question: for charge cards without a credit limit like the Amex Gold, how is credit utilisation as a percentage calculated/factored into credit scores?
@@NATOnova Glad to see someone else in the same boat as I am! Okay so what I’ve read so far (but am unable to confirm) is that charge cards are not truly limitless - the card issuer does allocate a soft “limit” on the charge card, as opposed to a published hard limit on a credit card. How this “limit” for charge cards works is based on your spending patterns. The charge card issuer takes a look at your monthly expenditures on the card, and adjusts the limit accordingly. Which means that this limit is fluid and open to fluctuations. Your credit scores will also fluctuate accordingly. Which is why even with a charge card, you might still need to call the issuer to clear large purchases, just in case the expenditure exceeds their internal limits for you.
@@NATOnova Glad to be of some help! 😄 I’ll update this thread with updated information if I find them, or if I apply and get approved for a charge card myself!
Great video! I have a question, I have two fraud inquiries on my reports that I would like to get removed. I've seen your video regarding this, but Im still a bit confused. So I know my first step would be making a call with the credit bureau (Experian) but should I also make call what time? And would I be never stop sending a good compny *85O Credit Rest0ration* to my friends and people I know regarding any credit situations
*Top phase Resolution* is the best credit repair expert I've ever seeing on YT.The dedication,passion and humor he has in these credit industry is what makes it so amazing.I’m happy it's easy to use on backend but excited to see you give that penny to creditors!
@@webergirl5627 Tradelines is essentially someone renting you 60 days of credit by putting you as an authorized user on a credit card with a long history, high credit limit and low to no balance. You never get the card to use but they put your information onto the account for a period of time to maximize your credit and once you complete your purchase (car/home), they take you off. It's really meant to help people qualify for lower interest rates on large purchases. As far as shooting for a 800 for shiggles, I guess you can do that but I'd have to ask why? To have a secret status symbol no one ever gets to see? So you can become a slave to the debt system by qualifying for multiple lines of credit?
@@webergirl5627 There are tradelines like myjewelersclub, shopsimplio and a couple of others that would extend you a line of credit for a membership fee
@@webergirl5627 I have excellent credit so I added my children as authorized users to boost their scores. Ask your parents if they have excellent credit to add you but they keep the card.
Hey Naam, informative video ! But, I eventually got confused towards the end - Does paying off in full before statement is generated, a good thing or not ?
Hi Naam, I have a question. Usually there's a wait period of 2-3 between payment due date and next cycle date. I have always debated whether to make any purchases between that period or not as I'm not sure if those purchases get reported on the next cycle or the current one. What do you recommend? Thank you
I always pay down to $0.00 balance before the payment due date. Then, the next day, I charge about 1% on the card from a teller that logs the charge quickly so that my account shows this small utilization by the cycle date a couple days later. Using this method, I never pay any APR%, yet the bureaus also show that I have 1-2% utilization. Jumped my score 200 points in 15 months. Quite easy, in hindsight. Now being at 18 months since I started, I'm at 820 from a 580 (averaged across all three bureaus).
❤️ If you find my content helpful, become a channel member and SUBSCRIBE! 😎 - bit.ly/332QAtI
Hello I love your videos! Was wondering My credit score just jumped up 71 points by paying off a good amount of my utilization. Now my score is 741. I have a closed account of $1200 debt I was wondering do I still have to pay that or leave it if my credit is going up anyways?
@@unvcht5046 Pay it off. It will hurt you in the long run
Naam Wynn $1200 Amex card was from August 2015 it doesn’t say when it was last reported on credit karma. The only thing it says on credit karma is that it was closed/charge off. On credit karma it shows under LOW impact. Do i have pay whole amount?
@@unvcht5046 If you do owe that amount it would be best to pay back AMEX what you owe if you want to ever want to open any AMEX cards in the future. You can attempt to dispute the charge off like a hard pull if you like
Naam Wynn thank you sir. is there an article how I can dispute it or do a hard pull?
I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude sir and *Web back doors* was so helpful during the process of boosting my credit.
*Top phase Resolution* is the best credit repair expert I've ever seeing on YT.The dedication,passion and humor he has in these credit industry is what makes it so amazing.I’m happy it's easy to use on backend but excited to see you give that penny to creditors!
I have 2 chapter 11’s that are dismissed.The reason I have 2 is bcz I did not use an attorney.I was trying to stop an eviction,but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later,I ended up losing my job.They are scheduled to fall off in January and March 2021.Since I’m looking to purchase a home soon but still there.I am currently enrolled in COGNITIVE HACKS and I must say,I am loving it thus far.I’m doubling it up with your podcast videos and learning A LOT! Thank you.I’m ready to join the millionaire club!!!
I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did not use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *Top Phase Resolution* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!
Your job is top notched and i thank you for your service sir will always love to do more business with You Coleman.
Your job is top notched and i thank you for your service sir will always love to do more business with You Coleman.
I dunno… I was one of those people that didn’t care about a credit score, didn’t get any education about how important your credit score is, and I racked up debt like an idiot. I worked really hard and educated myself and I’ve brought my credit score from 480 to 690 and I’m still going up with *Top Phase Resolution* . I feel like the government blaming credit reporting companies instead of the lack of financial education in their own public education system is foolish.
Your job is top notched and i thank you for your service sir will always love to do more business with You Coleman.
Your job is top notched and i thank you for your service sir will always love to do more business with You Coleman.
Bruh I’m not saying it’s common sense but literally i’ve never heard anybody say anything good about maxing out their credit card. Why do so many people do it 😭💀
You’re a life saver! How does high school not teach this stuff?? Why is learning about what happened 500 years more important than learning how to be an adult!
I pay on my credit card weekly. My minimum payment was 26.00, so I paid 26.00 weekly because of this payment style. I was given a credit increase of 5,000, and my score jumped up 21 points. I only use a credit card for everyday life. I never use a debt card. I borrow from my self, never from a bank. I’ve learned the hard way in life after 2 bankruptcies, and now a score of 720. The second one will not be off my credit report until 2024. Big mistakes in life, but I was able to correct them. Thank GOD.
You can get that bankruptcy off your report
It enrages me to know that finance isn’t taught in school. It’s obvious why but it’s wrong. A kindergartner can be taught to save. A high school student should be investing. Teach finance age appropriate all the way through school. It would save people a lot of heartache and stop enriching the “man” on our backs.
Amen to your situation sir
I’m adopting this method. My pay is changing from semi monthly to monthly but it’s a huge pay increase so I’m trying to figure out the best methods to raise score without having to get another card as I’ve been told. 🤔
It should be gone off your credit report now lol
I’m 17 and this helped me gain a understanding why can’t schools teach us this yet we have to learn leaner equations🤦🏻♂️
Because the government doesn’t want to inform us on important things you must know. Schools what you to fail and not succeed in life. “You will learn so much from the internet,” rather than school!
you will be successful. stay focused.
Linear*
I second the government response. They benefit from a dumb-down population. Learn all you can from "other sources" about finance and economics.
So true bro
When trying to get late payments removed on an active account, if it cannot be verified by the bureaus, do they remove that late payment and show on time payment for that month, show no information available for that month, or delete that account off the credit report? I want to get my late payment history corrected but not sure how disputing with the credit bureaus affects the active account if they cannot verify the information to be accurate, I wouldn't have been able to take them off if not me meeting *85O Credit Rest0rati0n*
Oh, Yes! I used this strategy and my credit score is 835 and I purchased a home with a 2.7 interest rate.
@@TheDCMO 30 year fixed conventional/ opt for a 3O day lock to close within 3 weeks last summer. However, the interest would have been much lower for a 15 year or 15 ARM mortgage then. Any advice?
@@TheDCMO Yes, I questioned that as well.
@@TheDCMO Oh, thanks so much for the advice. I also had the opportunity to use a mortgage broker for a lower rate, but I was a bit skittish about extra fees. So I chose a smaller credit union. Hey, I'm always open to information. Always help me! Lol!!!
@@Anabee399 smart to lock in a rate with interest rates at historic lows. If they go up, you avoid an ARM increase and if they go down (very unlikely) you can always refi.
@@michaelswami How soon after purchase to refinance?
I always pay my credit card, a week before due date, my credit score over 850.😀
How long did it take u to get to a 800 score using a credit card
Been following this strategy for a few months now. I have to make several payments a month just to keep my utilization low.
Keep up the great work!
Yuup..did same 👌😎
The myth where you said “ppl say keep just a small amount of money not paid to show them your still using your card” fr !!! That’s what everyone tells me ! So glad u addressed this ! I had a credit card of $400 n I just paid $200 right now - but after u stated this ima go back & pay the other half !!
I have 2 chapter 11’s that are dismissed.The reason I have 2 is bcz I did not use an attorney.I was trying to stop an eviction,but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later,I ended up losing my job.They are scheduled to fall off in January and March 2021.Since I’m looking to purchase a home soon but still there.I am currently enrolled in *85O Credit Rest0ration* and I must say,I am loving it thus far.I’m doubling it up with your podcast videos and learning A LOT! Thank you.I’m ready to join the millionaire club!!!
*Top phase Resolution* is the best credit repair expert I've ever seeing on YT.The dedication,passion and humor he has in these credit industry is what makes it so amazing.I’m happy it's easy to use on backend but excited to see you give that penny to creditors!
Thanks for the educational tips ive learned a lot from this video
To simplify and provide more clarity, what he did not mention is, there is a closing date and due date. Your closing date is when your balance is reported. Keep in mind the closing date can come before or after your due date so make sure to meet both requirements. The key is to pay as much as you can toward your balance before the closing date. To get automatic limit increases, frequently use most of if not all of your balance, but make sure you pay most of if not all the balance back. They interpret this as you need and can handle a higher balance. I’m speaking from personal experience. I don’t use credit cards as extra money. I use what is in my checking account and pay it back, 1 to maintain a high score and 2 to get cash back from the credit cards like Naam said.
When you say “automatic limit increases “ where do u find this at? Which cards or companies is it automatic for?
✍️👆👆👆👆
@@gxp958 any card company. I have a few different credit cards and have received automatic credit increases on all of them. That was not the case in the past when I was only making minimum payments.
@@gxp958 you don’t find it anywhere. The companies automatically issue the increase which will be reflected in your balance and a notice will be sent out to notify you
@Gee Woods. Thank You. Just got my first Credit Card and forgot how this worked with Due dates and Closing dates. Thank You.
I have a total of 70k in limits i use only one card and pay it off every single pay check (every 2 weeks) I average about a 2k balance at any given time.....don't let people fool you into thinking if you pay your cards off too quick you wont have as good of a score lol my score is 817 with little to no effort and I do not currently have a mortgage. People will sometimes try to tell you too that without a mortgage you really can't get your score thatttt high. But that's false. Never pay interest on anything wherever you are able to make that happen! This so important for young people to know before mistakes are made!
I dunno… I was one of those people that didn’t care about a credit score, didn’t get any education about how important your credit score is, and I racked up debt like an idiot. I worked really hard and educated myself and I’ve brought my credit score from 480 to 690 and I’m still going up with *85OCREDIT RESTORATION* . I feel like the government blaming credit reporting companies instead of the lack of financial education in their own public education system is foolish.
Excellent information. Keep your credit lines to a maximum of 35% utilization. Pay off as much of that 35% each month as humanly possible.
I was ignorant and reckless in my credit usage and so my utilization is currently 92%. It’ll probably take me several years to get that number lower than 30% paying the minimum. I’m on fixed income. I hope no one is was/is ignorant about credit as I was. I encourage everyone who uses credit or hope to use credit in the future to get educated about credit. This video is a great start to understanding how credit works best to having a great credit score.
It's good that you shared your mistake.
It's easy to fall into that trap. I hope you find a way to get out of it. If you're in the United States you should use any stimulus money you get to pay it off.
Many people don't understand... just because you have a credit card doesn't mean you can afford the payments
Thank you for sharing!
Getting in this mess is exactly how they set it up girl... Get a chime credit builder and ull get back right , sooner then u think... U can do it
Watching this was like a breadth of fresh air. Sometimes I struggle on the definitions and the dates because I pay them off so fast without thinking about it. Thank you for sharing!
Thanks Jessie!
I stumbled across your video and instantly knew this was made for me. I'm going through the same thing with my business but just knowing that I'm not the only one who's experienced this just pushes me to go harder. Continue to put out informational content and sharing your story, THAT is what separates you from the rest. Much gratitude Marvin and *Top Phase Restoration* was so helpful during the process of boosting my credit
I'm so glad I clicked on your video! I was watching other credit videos & they all were telling me to keep a small balance on my account when my cycle rolls over so that way when it reports, it is showing the credit bureaus that I'm using a small percentage of the credit on the card. But then that raised the question of interest charges and contradicted their advice on paying the statement balance in full. I love how you pointed out that this is a myth & your video helped me answer my question! 😊
pay in full 4-5 days before the day of the payment
@Steven Allen appreciate it, be safe out here bro.
Is that before the minimal payment or final payment due
@@lizzyxo9015 stuck on same part
@@lizzyxo9015 are you referring to the image on 1:39 ? If so the minimum is the amount due not a date. By final due I assume you mean your due date.
This is just not the case, at least for my cards. I put a pile on one card and went to pay down the bulk of that charge (auto repair) mid month and it was not counted towards my next minimum amount due. You need to pay AFTER your next billing cycle starts and you are notified of the minimum/date due. Otherwise it will not count. So, I charged $2,000 for the repair, and mid month made a $1,500 payment, then at the start of the next month had a minimum payment due by XXX date and make a $250 payment and even though the minimum was like $78 I got no bump from making that $1,500 payment except for the little 4 points from lowering credit utilization.
Also, I refi'ed the house in January in order to take advantage of the low 2.25% mortgage interest out there, so for 2 months I had no mortgage debt on my credit report till the new mortgage servicer reported that new balance on my new mortgage. You would think that would make my credit score skyrocket paying off the mortgage, but no, it dropped almost 30 points because now my only debt was credit card debt and that utilization is at 78% right now. It will pop back up once they report to the credit bureaus my new mortgage debt, but till then I am walking funny money-wise.
Naam -- I am proud of you. Bright young man with an even brighter future. Thanks for using your talents to help others.
Finally someone that explains how to use it instead of pushing me towards certain cards. Thanks for the video.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you, prevent inflation from eroding your savings, build generational wealth, and cultivate good habits and financial knowledge, you must be in the market.
The common mistake we newbie mistake is venturing into the market without help and legit guidance
Job will pay your bills, business will make you rich but investment make and keep you wealthy, the future is inevitable.
Investing in Stocks and Forex is the wisest, it's a place where millionaires and future billionaires come to get inspired. If you've not been involved in any you're missing out. Most importantly If you know how to trade you can make a ton of money no matter where you find yourself
Bitcoin is the best coin to invest in fast rising and if you are lucky to have a good broker then I believe you have absolutely nothing to worry about because you are in for a finicial uplift.
As a beginner who don't understand how Bitcoin trade/forex trading really works and you really want to make profit from it. I will advise you to first start working with a professional broker
I am so happy I ran across your channel. You explain so well like a teacher. No fluff just straight and to the point. God bless you have helped me tremendously more than you know.
My bank gave me a credit card limit of 4K on application…. I immediately set a card limit of 500 that was manageable to pay of in full each month. I don’t need the extra 3500 but having that available and clearing card each months also helps as it shows the banks you can control your credit and your score goes up..
Knowledge I took from this was 3 key things:
Pay early
Use much less than 50% credit utilization
Do exactly what he says. Don’t @me
I currently have a 680 and always pay my card on time … however my utilization was pretty high the first few months 😭
In my humble opinion, it is best to have the money in the bank before you use your credit card. Always pay the card in full within a couple weeks after the credit card charges are posted. I have an 850 credit score for many years now. Great video
Congrats! That’s great to hear!
You mean I must pay my bill in between 14 days after the billing date, right?
I heard it's bad if you pay something off too fast is that not true? barley building credit so I don't know what the best way is
@@ZIX6-c3z I recommend paying the card off within 30 days, so you do not accumulate Interest and other fees. If I do not have the cash up front to pay the card off, I will not use the card. I always pay within 14 days. Once you go over 30 days the credit card company starts charging high interest rates.
@@chrisguzman7926 Read my other posting. It is best to pay the card off within 30 days of the charge posting so the credit card company does not have the opportunity in charging you high interest rates.
There’s one thing these videos tend to forget to mention which got me confused for a while. I heard pay your bill in full..so whenever I charged something I always paid it a day or at most a week later. So I never had a bill with any balance. Wrong thing to do. Wait for that bill then pay it. If you have no balance when the billing cycle comes around then nothing gets reported to the credit bureaus. So for that billing cycle leave a balance and then pay it so it’s reported to the bureaus as a paid payment which looks better then no bill at all.
I was honestly confused about that part too. Thank you for making that clear for me. I just turned 21 and starting to build my credit so I want to start off on the right foot.
@@abigailblackwod4960 I’m proud of you! 👍🏾
The balance should preferably read 30% or lower correct ? Thanks
I’m not sure I’m following this. Are we leaving a balance on the credit card until the payment due date you mean ?
Also do you need to leave a balance on all your cards? You just at least on 1 card ?
I’m 18 years old and this was really helpful, thanks!!!
Spend responsibly! Have the things you think about spending on probably isn't something you really want nor need and will pass. It's get you through your 20s without much headache.
I’m 35 we’re watching the same video your on the right track Ked!🤙🏽
I'm not 18 but this would have been really helpful when I was!
Three things:
1. make sure the balance you owe doesn't exceed 25% ~ 30% of the overall limit
2. make sure your cash advance balance doesn't exceed 50% of the overall cash advance limit
3. Pay about a week before your next expected statement (due date), because that is when your credit score gets updated too.
i went over by a few bucks i just got approved for it this month. Can you give me more intel in this please ? thank you
Thank you! i stopped watching after the first 4 minutes because it was taking forever to get to the point.
Hello! I'm new in credit card field. I have a question.
At point 3, you meant to say that I should pay my bill 1 week before my “billing date”. Right?
@@ZIX6-c3z yup. payments usually take takes 24 hours ~ 2 business days to reflect your statement depending on your bank or card company. if your billing date is the 21st then you wanna pay by the 14th or so. and then your credit score usually updates around the 26th or 28th of that month.
@@SimilakChild My billing date is on 20th monthly. So I should try to pay my card bill on 13th monthly, right?
Thanks.
I try to pay some ever Friday because if I wait then im sure im going to spend that money on unnecessary things like wants and not my needs...
You’ve absolutely earned my subscription and 👍🏼! I’ve yet to find someone on yt that’s done a good job of making this explanation simple, simple and you’ve got it dude! Oh and the added humor makes the delivery of your msg even better.
I have 11 active CC's & I've been paying in full 5 days before the actual due date for the past 6 years. It has been a superstition/OCD for me. It does help with the score. Great Vid.
That seems like a lot of work to keep track of. I just pay them off every weekend.
@@fitybux4664 I'm trying to get my first credit card but am still hella confused and I feel like this video confused me even more lol. Why do you recommend every weekend?
@@jayceyallen7745 I would recommend checking your credit free first. Find some site that lets you do it free, there are many. (But beware of scams of course.) Once you know your credit score, you can know what kind of credit card you should apply for. (There are search engines for that. Again, beware of scams.) I recommend every weekend so it becomes like a habit and so you never miss even one payment. (ONE MISSED PAYMENT will sink your credit faster than a rock.) There is no reason to owe something to a credit card company if you can at all avoid it. I currently have around a dozen cards, my credit is perfect, and I just use them for their rewards. (There can be rewards even on a secured card if you're just starting. Like Discover Secured.)
Congrats on getting your first credit card!
what about paying them immediately (Same day or days after) after using the card?
@@chrisWTG Not always possible. That's why I suggest weekly. Not always possible because sometimes merchants take a day to settle the authorization of your credit card. That and you wouldn't want to double pay your balance. (Credit card companies don't always update your owed balance until a day or two later also.)
“ I’m proud of you. Something I wish my parents said” 🤣🤣as an Asian American bruh I felt this. 😂😂 thanks for the info man!
When it comes to credit...I have learned the most from your channel! You rock!!!
I always pay in full each month but I round up the amount for each bill. For example if my electric bill is 57.24 I pay 60. Is easier to reconcile my checking account when dealing in whole numbers. I have vivid memories from childhood of my father spending hours trying to reconcile 1.23 and decided a slight overpayment avoids it.
I do that too. I also pay a large credit onto my card if I know I will have extra expenses next month (for example if I'm planning a trip). My debt is always zero or negative at the end of each month.
Yes that is what I used to do when I use checks! Roundup save your butt.
I'm
Just scrolling and seen this, will say you broke it down easy. Straight to the point. No fluff 💯💯 people need to know this.
Should also do a video on FICO 10 that's coming out at the end of the year that's going to affect everybody's credit.
Yes plz 🙏🙏🙏
We need to be Credit 💪🏼
Also which bureau does each bank’s CC such as BOA & Wells Fargo use when they check ur credit or report to.
Yep. This will go back 24 months.
This will further make the rich be rich and the poor will be poorer.
Thank you for the awesome content
What is FICO 10?
All of this information is gold , thank you ! This thoroughly explained everything I needed to know about when and how to pay my cards to boost my score ! im already at 809 but I wanna hit that 850 mark some day lol
Check out the free myfico forums or even the credit forums on Reditt. Much better information especially on how utilization is arrived at. Simply stated the credit card companies know you use the card even if you always pay in full. They still make money off transaction fees the seller pays. The credit card companies *usually* send the amount owed to the credit agencies a couple days or so after the statement closing date. If you pay in full before this date your utilization rate for that card will be zero. Best is to have all cards report zero except for one with a utilization rate under 9%. Overall utilization reported to agencies (Equifax, Transunion, Experian) should be around 2% even though at some point in the month you might have high balances.
less that 2 percent of people in the US have an 850. best to you. not easy to get, but also, you won't get anything with 850 that you cant get with 800,except self appreciation.................but thats a good thing too :)
@@ricknebiolo2694
Funny how keeping a balance lowers my score but when I pay a card off that had a balance for more than a month, I get big rewards when the bank reports.
I only care what my score is when it comes to getting more credit. But I don't get in over my head in-depth because life has no guarantees of income. My cards are mainly in case of emergency or for a large purchase I don't want to save for but I can make large payments to pay off.
Thanks man this reallly helped me. I also just got my first ever credit card and it only stated annual payment. I thought that was yearly. Now i know its monthly
Thank you for this informative content and I can say for certainly that is is absolutely correct. I pay my credit cards off in full every two weeks, when I get paid they get paid. My credit utilization is always below 10% I only spend what I can afford to pay off. I applied for a loan (unsecured) to have my bathroom remodeled and when they ran my credit my score it was 909 they gave me a loan at 2.99% interest rate the lowest introductory offer. I learned the hard way like everyone else to educate yourself and respect the power of budget and spending.
I didn’t really know much about credit score but you’ve completely explained it, Thanks a lot man 👍
First video I’ve watched on your channel and I love the way you inform. Definitely looking forward to learn more, very helpful and no confusion!
I started working on my credit 2 years ago. I didn't know where to start I had no credit. I started looking up videos and found *Top Phase restoration* . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thank Danielle for all the information and tips. Now we are in a position to buy home.
You are one of the most sophisticated and brilliant TH-camr/content creator I watch, and 1million percent the very best in finance. I appreciate all of your content thank you for *Prime consultant 001* much love from Chicago
Pay down your credit card before the closing date, pay off your credit
Card before the due date. Is that the
Formula?
Yup wish he kept it that simple in the video dude talked about a whole lot of nothing
You said pay off the credit card balance before the due date. How many days before the due date? I always pay on the due date. This dude talks too fast and delivers so much information so I am lost. Would you please clarify? Thank you.
@@heavenlypickler find out your statement closing date. Pay your balance down to whatever amount you want reported to the credit bureaus at least one day before that date. That will help credit utilization. A very small balance there will actually help you. Then to avoid interest charges, pay off the balance completely by the due date. So I am suggesting two payments, one to benefit credit utilization, the other to avoid interest.
@@michaelswami this was very useful thanks 🙏 i was looking for thus type of answer
@@mussaa6891 it has worked well for me using this strategy. I also recently implemented the Secured Loan hack using Navy Federal.
this is awesome - thanks. i’ve been considering making extra payments during the month to keep my utilization low, but i didn’t consider the effect on my automatic payments since my auto payments are always for the new balance. i guess i will keep my auto payments set up as is. thanks!
VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but *850 CREDIT REST0RATI0N* info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well
I really appreciated this video, as a medium-term *Prime consultant 001* holder. I know you commented on not many people paying attention to this, but it was very relevant for holders such as myself. After watching your thoughts, I will buy more. I also remember your earlier assessment. This will crush the market.
I see you have a USAA card. Thank You for your service . From 1 worn out old Marine .
Someone needs to do video about when to spend money on card and when to pay it.....exact times with examples of specific due and statement dates
I hear ya. I will make one
@@NaamWynn please do!
Thats what i am looking for
True I'm still confused about paying in full? Lol. When? how? where ? What time this payment should be pay? I heard alot of different stories?
Let's say you have credit line of 2500 and use 500 that's 20% so there you are good it runs from 11 to 10 of the month so it's due on the 6th so before the 6 of the month you have to pay the total of the 500 dollars so you wouldn't get to pay interest on the bill JUST THINK IS A DEBIT CARD
I always pay my card a day or 2 before the due date and always pay in full. I only have one credit card and use it for very specific purposes. When dealing with companies I’m not too familiar with and one bill monthly that’s always the same amount. Don’t wait until due date because when using technology, something could go wrong and you try to pay you bill and can’t. My score is 829. Most of my debt is through my bank. I’ve been with them, single and disabled for 32 years, not a lot of income, but I have never had a late fee. Late fees are Stupid taxes and money thrown down the drain. My suggestion is for exceptional credit is never be late and never use card to pay for things you can’t pay for in full when time to pay.
My biggest problem in my 20s…closed all my credit cards accounts and built my credit by buying a car..then by a co signer and now I’m ready to use it the right way!
I am turning 18 soon and will purchase my first credit card. Although I have put some research into making sure Im taking the right steps, I dont want to put a lot of payments on it already. I just purchased an iPhone for 0% APR financing. Do you think I can put the iPhone monthly cost of $30 to my credit card (for 24 months) and I will pay it off before the due date. Will this spike my score in a positive way over the 2 years? Thanks
👆👆👆✍️🛠💰
15% of the total points comes from card holding history. With your "strategy" a young person would never get close to 800 points before they turn 30.
@@rushiljain9423 Yes, that would boost your score even in two ways. First credit card and consumer financing (phone, car, whatever) are two different products, so you get some points for using more than only a credit card. Plus you make 2 successful payments every month. You then should see if you can raise your credit limit, and get another or two free cards with similar limits. Then use all of them with a low monthly utilization (below 30% credit limit). Your total credit limit goes up with more cards and you get additional positive reports every month. But don't spend what you can't directly pay back after the statements come out.
Thank you for this information. First generation of using credit cards my parents aren’t from here so this stuff is all so confusing, they don’t teach any of this in school. Thank you, God bless
Thanks man I’m 33 and literally everything fell off my credit so I have no credit. I just got a $200 secured Capital one credit card and I had to pay a $99 deposit.
I tried this like six years ago, And I would use the credit card, and then I would pay it off when I got paid that week. In full. My credit went down! So I appreciate your help
i have 804 score but Im glad to learn this today...thank you😃
Cappin
804?! Wth do you do
I have 811 and just figured out today the balance close and open dates. 😂🤣
@@xlzantel4176 I have an 811. I pay all my bills on time and pay off my cards each month and start over again each month. My credit utilization is only 1%.
@@bouiebiblestudy how did you build your credit
So, in my understanding: leave a balance of less than 30% (if you spent more) until you get your statement to show that you're using the card, but pay it all off before the due date. What is the average span of days between the statement and the due date? A few days or weeks?
Yes , banks take a couple days to withdraw the money from your account
This is SOO well explained. It took me 3 videos and almost an hour to explain all this haha 😂 Bravo 👏 👏 👏
Sup Daniel! I actually got the inspiration from your videos!
I recommend a very good specialist Michael Gibbs [Gibbs@creditpatchup.com] who helped me so much to improve my credit score and removed all negative items that I didn’t want. My score was 510 and after 9 days it was boosted to 790. I was very pleased and desire to share this with the world. I was not sure he would actually do it because I have been scammed twice. He told me all I need to do which I humbly did without hesitating in less than a week I saw the miraculous job, I couldn’t believe it. And I got a mail from credit bureau confirming the good job he did. Contact email [Gibbs@creditpatchup.com] Cheers.
I can confirm, as I went through that process with him.
Great video, Answer every question that was in my brain lol
Man I'm trying to get it together. Thank you brotha, one love.
I try to pay my balances off before the billing date so that when my bill comes, the balance is zero.
Wait sorry I'm stupid, does pay off balance mean the whole amount you spent? Or the minimum payment?
You ideally want to have about 10% of the credit limit (like $50 on a $500 card) show up as a balance on the bill.
The balance on the bill is reported to the bureaus.
If the bill shows 0 balance, the bureaus will think you are not using the credit at all, which is not what we want them to think.
After the billing date but before the due date, pay the entire balance to avoid interest charges.
@@evilrobots Your are correct. The issue I run into is that I keep my balances so low about 1% that if I accidently go over to 2% I get penalized and my credit goes down! Idk how to fix that? Sometimes transactions will post on the final day the bill closes so I don't get any warnings of when they finally post unless I keep checking every minute of the day! It's crazy!
@@GregoryMorales-uo6ze I've never heard of 2% utilization making a meaningful difference in a score before. Do you have a huge available credit? Maybe the actual dollar amount swings are large enough to cause this? I have no idea what else could cause that.
If the score changes are enough to bother you, you could try tracking your spend and making payments for all purchases before the billing date. This would drive the utilization to 0% (which is not ideal) but you could stop the score changes that are bothering you.
Sorry, wish I could be more help.
@@evilrobots credit karma says this is not "advice" also, why would I want to pay 20% interest monthly for a credit score I may or may not need.
Thank you so much🎉 for explaining now I know to wait for the statement before I pay off in full i alway pay right before the statement comes out and it shows on my report 0% utilization😅 but I got it now!!!
this channel is actually fairly on point i must say and not the worst map to follow to improve, fix, and in general build up your credit.
OMG THANK UOU SO MUCH FOR SHARING YOUR KNOWLEDGE !!
A couple of things to mention. Open a new account will impact your credit score. If it is a HARD PULL, then that will stay on your report for 2 years.
The auto pay feature will extract money out of your account at the earliest possible time. This allows the CC companies to make interest on your money. Rather, pay your card a week prior to the end of the month. If you have bill pay with your bank, pay on the account and not as a bill. By doing this, the money goes into the account quicker than it would if you pay as a bill. Basically, you can pay your CC by the end of the month, but DO NOT encroach going over the end of the month, or you will accrued interest. You want your CC account to say ZERO before the end of the month..
Well according to the credit things I use are credit pole only stays on for 4 months. It literally states that on the websites
Thank you for your service.
Thank you too
Your help was unexpected, it turned out to be timely such a divine intervention, I can’t thank you enough
I buy with my credit cards and when I get home I pay them off.
Has that helped your score raise? I’m here because I was thinking about doing that too
My charges don’t post for 24-48 hrs. But I do pay off a couple times a month.
I wait a few days and then I pay in-full..
@@alyssarock8339
810! Well done!
Thanks Dude!
Other Investments or Businesses might need up to a month to give you profits which might not even be guaranteed because of their high rate of losses, Unlike Crypto currency trading where your profit is gotten weekly and is always guaranteed when you're in the hands of an expert trader and best of all, it has little or no risk because of the technology and software being used.The profit that you make is judged by the investment made, the higher the investment, the higher the profit and vice versa
You can earn over $50,000 profit in just 2weeks of trading
Naam, I love when u say “Utilization”
I recommend a very good specialist Michael Gibbs [Gibbs@creditpatchup.com] who helped me so much to improve my credit score and removed all negative items that I didn’t want. My score was 510 and after 9 days it was boosted to 790. I was very pleased and desire to share this with the world. I was not sure he would actually do it because I have been scammed twice. He told me all I need to do which I humbly did without hesitating in less than a week I saw the miraculous job, I couldn’t believe it. And I got a mail from credit bureau confirming the good job he did. Contact email [Gibbs@creditpatchup.com] Cheers.
Lol. I remember someone comment that they hated when I said it. Like I pronounce every syllable. I don’t think I could say any other way. Lol
I like it when he says "bureaus"
Remember, paying after the payment date will upset your credit boos.
Awwww Boo, why ya gotta be so sad? It's just a laptop.
Thank you cleaning up the "keep small balance" myth. Credit utilization should be as close to 0% as possible. The 30% is a myth. Not going over 30% is correct. But the myth is that you don't want to go lower than 5-10%. Poppycock
so if my credit line is for $1000 i should be only using $80?
@@nowayymorales the perfect utilizaron is 5% and pay it off 6 days before the due date.
I saw in the background that someone is a fellow Marine. So I subscribed. :)
Wow so transparent and easy to follow! Thank you!!!
A tradeline means that you are a authorized user of someone else's credit card. You don't have to have possession of the card, but they're credit history will reflect on your credit report...a parent or family member with EXCELLENT credit can be a "tradeline" I graduated college with 97,000 in debt"...that right there is a Huge problem..schools have become a business that drain students of money and yet, no one is stepping in to help the students who then graduate with massive debt and have difficulty paying it off...Having that much debt can be overwhelming for ANYONE...Especially a young 20 something who hasn't even began their career. But i really thank you for this video because i found Kyle and within few week they fixed my Credit score which is hindrance by student loan and added a large tradeline thanks a lot *CyberHackSpy2O2🟡Net*
I always paid mine on time and full and the credit points never go up or maybe just 1 point .
_refer your questions to my malL below_
This video is for rich people. It is helpful. A goal to reach. If I have the money to pay off what I just charged, I'm likely not going to use my credit card at all. Just pay cash. I agree that paying the full balance is goals but not everyone can. Thanks for sharing!! 💚
The point is to build your credit score up in case you need it in the future to buy a car or a house. Cash does not prove anything to lenders unfortunately. I opened a credit building account with "self". Made payments of $48/mo, it went to an account, at the end of the term of 1 yr my score went up 100 points, and was given the option to get 100% of my monthly deposits back, or use part or all of it to open a secured card. I opted for partially get my money back, partially open a secured card. It helps to keep building that credit to those of us on a very tight budget.
@@SK-in7bh I completely agree. Credit is king and way to go with getting 100pts in one year. Definitely, not often heard of but hard work pays off for those who put in the effort. 💚
Hey Nikki the way he explained it yes for rich but no You can do this with a $1000 credit limit....and Using the cash isn't better because you can get 5% cash back on items %3 cash back on food and gas for the credit card...So it technically it saves you money if you do it smart..But just only spend what's in your bank account nothing more and when the bill is due you'll already have the money there and you'll get good credit and cash rewards for it
@@zaescrib6352 you are correct, the cash back rewards and good credit score are big benefits when done smartly. 💚
this was the best video on credit omg thank you so much! This is the best explanation i have seen yet! I was so confused trying to learn all of this stuff and this made it so simple and easy to understand! Thank you!
Great video! My situation is that I can't afford to pay off my credit cards, but once they are paid off, trust me, I will be using this strategy.
The Fresh Out Of The Boat parents! The Jesus Toast! LOL Love your sense of humor.
Other Investments or Businesses might need up to a month to give you profits which might not even be guaranteed because of their high rate of losses, Unlike Crypto currency trading where your profit is gotten weekly and is always guaranteed when you're in the hands of an expert trader and best of all, it has little or no risk because of the technology and software being used.The profit that you make is judged by the investment made, the higher the investment, the higher the profit and vice versa
You can earn over $50,000 in just 2weeks of investment
Never charge more than you can pay 💰 every month
I know by fact that if paying cc payments few days before the due date as well as twice a month even if is around 50 bucks more than the minimum payment that will be good enough to increase the credit score fast. I've done it for few months and it works big time
Hopefully you are paying the full balance off each and every month.
I know the same thing he knows. The main focus of this video consists of two aspects: credit utilization and timely payments; in short, he tells us how to be frugal. There are several reasons why individuals can appreciate his titulary video, pertaining to the pros and cons of credit utilization.
To wit: one of those reasons, which is paramount, has to do with seeing the same problems and solutions, concurrently, with the speaker. I was able to follow along rather seamlessly. Credit is complex. There's a lot more he doesn't mention which he may cover at a later time. I believe this gentleman is worth our time. He wants to help people make informed decisions about their finances.
Chris
My due date is every 28th. I bought something on the 30th $66.57 Current balance. Two days later I paid $55.57 and then two days after that my statement balance is $10.00. Its due on the 28th. Does the credit bureau see that I used a 5% utilization of a $200 Limit? I hope I’m on the right track. I’ll probably pay my statement bill on Monday. Would I have to wait after my due date which is the 28th to start using the card again?
Your due date and statement date is the same (28th). And on that same day (28th), the credit card reports to the bureau your balance (only once a month). So I suggest paying off the entire statement balance and make sure it is posted before the 28th. That way it will show 0% utilization.
One of the most helpful and informative videos ever!! One question: for charge cards without a credit limit like the Amex Gold, how is credit utilisation as a percentage calculated/factored into credit scores?
also wondering this
@@NATOnova Glad to see someone else in the same boat as I am! Okay so what I’ve read so far (but am
unable to confirm) is that charge cards are not truly limitless - the card issuer does allocate a soft “limit” on the charge card, as opposed to a published hard limit on a credit card. How this “limit” for charge cards works is based on your spending patterns. The charge card issuer takes a look at your monthly expenditures on the card, and adjusts the limit accordingly. Which means that this limit is fluid and open to fluctuations. Your credit scores will also fluctuate accordingly. Which is why even with a charge card, you might still need to call the issuer to clear large purchases, just in case the expenditure exceeds their internal limits for you.
Wow, the first non-spammer comment I've seen on this video.
@@hanafiiryadi1467 thanks so much for this descriptive and useful answer !
@@NATOnova Glad to be of some
help! 😄 I’ll update this thread with updated information if I find them, or if I apply and get approved for a charge card myself!
Pay in full before the statement date! Ah-ha! Thank you!!
Great video! I have a question, I have two fraud inquiries on my reports that I would like to get removed. I've seen your video regarding this, but Im still a bit confused. So I know my first step would be making a call with the credit bureau (Experian) but should I also make call what time? And would I be never stop sending a good compny *85O Credit Rest0ration* to my friends and people I know regarding any credit situations
*Top phase Resolution* is the best credit repair expert I've ever seeing on YT.The dedication,passion and humor he has in these credit industry is what makes it so amazing.I’m happy it's easy to use on backend but excited to see you give that penny to creditors!
Naam, you're the real MVP!
Is it a good thing to pay my bill off right after using it?
I wanna know
Yes. For sure they send a note to your creditors quarterly even faster. Than that in today’s times
How do I improve my credit score to an excellent 800's?? Any ideas?
Authorized user or Tradelines
Naam Wynn what is that mean? I’m sorry I’m only 19
@@webergirl5627 Tradelines is essentially someone renting you 60 days of credit by putting you as an authorized user on a credit card with a long history, high credit limit and low to no balance. You never get the card to use but they put your information onto the account for a period of time to maximize your credit and once you complete your purchase (car/home), they take you off. It's really meant to help people qualify for lower interest rates on large purchases. As far as shooting for a 800 for shiggles, I guess you can do that but I'd have to ask why? To have a secret status symbol no one ever gets to see? So you can become a slave to the debt system by qualifying for multiple lines of credit?
@@webergirl5627
There are tradelines like myjewelersclub, shopsimplio and a couple of others that would extend you a line of credit for a membership fee
@@webergirl5627 I have excellent credit so I added my children as authorized users to boost their scores. Ask your parents if they have excellent credit to add you but they keep the card.
The Jesus Toast took me out
Oh snap, you’re a Marine?! ❤️🤙🏼 i peep the SGT rank 😏😎...love this channel! Getting my credit card soon...
How do I erase bankruptcy from credit report? Any help?
Wait 7 or 10 years, depending on the bankruptcy chapter you filed.
Thank you 🙏🏻 Handsome & Smart 😁
Great job! I had a home remodeling card with 0% APR, for 12 month. I divided the full balance by 12 and make that payment monthly! How’s my strategy?
That fine, depending on the credit limits among all your cards it may or may not affect.
Love it
Hey Naam, informative video ! But, I eventually got confused towards the end - Does paying off in full before statement is generated, a good thing or not ?
continuously helped me like you have. I thank God for your presence in my life. Thanks a lot!!!
Hi Naam,
I have a question. Usually there's a wait period of 2-3 between payment due date and next cycle date. I have always debated whether to make any purchases between that period or not as I'm not sure if those purchases get reported on the next cycle or the current one. What do you recommend? Thank you
I would like to know this too
I always pay down to $0.00 balance before the payment due date. Then, the next day, I charge about 1% on the card from a teller that logs the charge quickly so that my account shows this small utilization by the cycle date a couple days later.
Using this method, I never pay any APR%, yet the bureaus also show that I have 1-2% utilization.
Jumped my score 200 points in 15 months. Quite easy, in hindsight. Now being at 18 months since I started, I'm at 820 from a 580 (averaged across all three bureaus).
@@alphamrc309 TY! This was helpf
@@alphamrc309 I also pay mine in full by the due date. But I am not so understanding what you mean charging 1% before the next billing cycle.