These are great tips! I've definitely spiked my utilization up as most of us do. My oldest card was a Bank of America I opened and at the time just $1,000 CL its now my oldest card 17 years later and I will never close it... Great vid Kevin💥
Congrats on keep that card open for so long! Mine was a BoA card too, but unfortunately was too late. Although with a card that old, I wonder how it would affect your score if closed, if at all!
Very comprehensive overview! I love the parallel you drew between banks lending to us & us lending to friends ... really helps us to empathize with the banks' ways (if that's at all possible).
Question: Why did my 848 credit rating go down to 823 when I paid off my house??? NOTHING else changed! Is it because I don't owe anyone anything anymore?
@@roblambert2511 I've heard of people get up there without home loans too, but I can see how as you're getting near maximum, those traditionally not-as-important areas like Credit Mix might come into play!
Thank you for your videos. How can affect my credit score when I apply for a new credit card when I pay in full all my credit cards before the closing date? I report $0 balance each month. Thanks.
they give you credit and then penalize you when you use it smh!!! I made this mistake over the holidays and seen my score drop like 50 points even though I paid all the balance before the due dates!! how is this even fair?
The due date doesn't always match the date they snapshot and report your utilization! It's exactly what happened to me, and why if you know you'll have high spend coming up, pay it off asap!
I just started taking it seriously within the last year. But in the past i have opened store credit cards for 1 or 2 purchases and closed them after a year because i wasnt using them. The best thing i did was get my 1st card when i turned 18 and still have that one (15 years). I got a little carried away last year opening 4 new cards as i am trying to build my cashback setup. Aiming for a freedom flex and a savor one this year. I will probably end up closing some of the cards i opened last year as i find the right cards for my lifestyle over the next couple years. Score on credit karma is right around 780.
Did those store credit cards have an annual fee? For any cards you have, if there are no annual fees, I'd recommend against closing given there's really no down side keeping them open!
No annual fees. Just for my own mental bandwidth I don't think I want to have a ton of open lines. I wouldn't cancel a bunch all at once. Definitely learning about the importance of having a plan.
![My OPTIMAL Strategy for Travel Credit Cards [2024 Ultimate Guide]](http://i.ytimg.com/vi/lxJSXgrZ6Is/mqdefault.jpg)
Have you made any of these mistakes and hurt your credit score? Are there any tips I'm missing? Let us know down below!
I never miss a payment and thats why i manually pay it myself 🤣 i never trust auto pay
Thank you Kevin for this valuable info! I love that you put it in layman’s terms! I really appreciate it!
Thanks for watching! I'm glad it was helpful!
These are great tips! I've definitely spiked my utilization up as most of us do. My oldest card was a Bank of America I opened and at the time just $1,000 CL its now my oldest card 17 years later and I will never close it... Great vid Kevin💥
Congrats on keep that card open for so long! Mine was a BoA card too, but unfortunately was too late. Although with a card that old, I wonder how it would affect your score if closed, if at all!
Very comprehensive overview! I love the parallel you drew between banks lending to us & us lending to friends ... really helps us to empathize with the banks' ways (if that's at all possible).
Thanks for watching Monty! Hopefully those analogies also help others in really understanding those concepts!
My gf has 6 credit cards, and a 810 credit score. How did she get that high with no loans, or mortgage, nothing but credit cards
100% possible! Remember credit mix is such a small percentage, so having good habits everywhere else can definitely get you to 810!
Question: Why did my 848 credit rating go down to 823 when I paid off my house??? NOTHING else changed! Is it because I don't owe anyone anything anymore?
Do you have other lines of credit like credit cards or other loans?
I would say it is because you don't have a revolving home loan. I have the same issue my home is paid off. I can't get above 820-830
@@roblambert2511 I've heard of people get up there without home loans too, but I can see how as you're getting near maximum, those traditionally not-as-important areas like Credit Mix might come into play!
That could have happend by the increase % of your credit utilization
Try not to worry about your credit acore if it's over 800+
Thank you for your videos. How can affect my credit score when I apply for a new credit card when I pay in full all my credit cards before the closing date? I report $0 balance each month. Thanks.
Great video
they give you credit and then penalize you when you use it smh!!! I made this mistake over the holidays and seen my score drop like 50 points even though I paid all the balance before the due dates!! how is this even fair?
The due date doesn't always match the date they snapshot and report your utilization! It's exactly what happened to me, and why if you know you'll have high spend coming up, pay it off asap!
That's what's going to happen to me soon😂😂😂😂
I never do auto pay
How come?
I got like 7 cards in 1 year 😂😂😂im totally screwed no one else wants to give me money 😢😢😢
I just started taking it seriously within the last year. But in the past i have opened store credit cards for 1 or 2 purchases and closed them after a year because i wasnt using them. The best thing i did was get my 1st card when i turned 18 and still have that one (15 years). I got a little carried away last year opening 4 new cards as i am trying to build my cashback setup. Aiming for a freedom flex and a savor one this year. I will probably end up closing some of the cards i opened last year as i find the right cards for my lifestyle over the next couple years. Score on credit karma is right around 780.
Did those store credit cards have an annual fee? For any cards you have, if there are no annual fees, I'd recommend against closing given there's really no down side keeping them open!
No annual fees. Just for my own mental bandwidth I don't think I want to have a ton of open lines. I wouldn't cancel a bunch all at once. Definitely learning about the importance of having a plan.
Great video!
Thanks for watching!