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More from MissBeHelpful:
Get Your Credit Score FREE Today: https://bit.ly/2K8OYID
Improve Your Credit Score QUICKLY: https://bit.ly/2MngUW7
Common Credit Card Myths: https://bit.ly/2tsmcZd
5 Things to Consider When Applying for a Credit Card: https://bit.ly/2tAUCZ7
Credit Card Rewards: Do's and Dont's: https://bit.ly/2KhKApV
How To Read Your Credit Card Statement Like A PRO: https://bit.ly/2MmnNqB
How To Improve Credit With Limited Or No Credit History: https://bit.ly/2KhKVcb
Best NEW Way To Improve Credit - NO CREDIT CARD Required! (Self Lender): https://bit.ly/2yDSd5L
How I Use the Grace Period to Avoid Paying Interest/Push Payments Back: https://bit.ly/2tyBJWv
How My Friend Saved HUNDREDS With A Balance Transfer: https://bit.ly/2MVHCWO
How To Earn Rewards Without Hurting Your Credit Score: https://bit.ly/2yDSGox
Why I Don't Care About A Perfect Credit Score & You Shouldn't Either: https://bit.ly/2lxMuFa
Should I Invest or Pay Off Student Loan Debt?: https://bit.ly/2yDSOEx
Will Closing A Credit Card Lower My Credit Score?: https://bit.ly/2Ir8RFm
How Does Credit Card APR Work?: https://bit.ly/2Khsepi
When Should You Get Your First Credit Card: https://bit.ly/2KgXnWC
How Do I STOP Wasting My Money?: https://bit.ly/2yFPgl6
Can I Keep My Oldest Card Without The Annual Fee: https://bit.ly/2MWr7JR
How to STOP Online Shopping Too Much!!!!:
3 BAD Financial Habits To Break NOW!!: https://bit.ly/2tyA973
TOP 5 Recommended Money + Personal Finance Books!!!: https://bit.ly/2yCJXmh
’Til next time… PEACE!
With Chase and AMEX, the Due Date comes about 3 or 4 days before the Statement Date. Paying a couple of days before the Due date gives enough time for the CC company to process the pmt. AMEX takes longer to process pmts IME.
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All the comments saying how confusing this is... Umm really? She explained it perfectly actually. I hope she doesn't read these comments and thinks she's doing a bad job explaining, because she couldn't of explained it any better. I'll simplify it with examples, even though it was simple. So, if you want to maximize having the best credit score possible, pay off your balance 3-5 day before your due date but leave a balance of 10% of the total credit they give you. So for example... If they give you a total credit of $7,500/month you can spend, you need to pay off your credit card 3-5 days before the due date but leave 10% of that $7,500. So if you have $3,000 that you have to pay off, pay off $2,250 of it 3-5 days prior and leave $750 (10%) as the remaining balance. When your due date comes, THEN you can pay off the rest of it (the remaining $750). Boom, that's it.
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Cory Mc Incorrect, pay it off by the due date and you won’t pay any interest. If you find out your closing date and what date it reports to the credit bureau, you just want to pay AFTER that date but BEFORE the due date. Paying after the closing date just ensures it has reported to the credit bureaus.
For example, I used my card on Feb 5th (No more than 10%). I could have easily paid it off right away. It would help me in not paying interest, but it does nothing for my credit score. My statement closing date is the 24th of each month. Once I get that statement, I pay off my balance before the due date which is March 21st. Not only am I not paying interest, but it has also had time to report to the credit bureaus.
If you plan on holding a balance on a credit card over the next month you should pay the card's balance to the lowest amount possible as soon as possible. A significant number of credit cards go by average daily balance when calculating interest payments.
There's no reason to leave any balance at all. Just pay everything off completely before the closing date and you'll be fine. If you are really trying to totally maximize then leave 1% on a single card and pay all the rest to zero. Those are the 2 best options, there's no reason to try to hit 7, 8, 9, etc. %. Either 1% or 0% is all you need to do. 0% if you don't need those extra couple points or 1% to maximize with a few more points if that will make a difference in your situation.
Thanks for this video.
So from what you have said here.
If you want to increase credit score by optimising utilization. You will need to pay some interest on your credit card. Because for you to pay down to 10% , u will pay the credit card company interest on the 10% .
I would rather use my 3 credit cards and get all the cash back from them, keeping it under 30% usage. Making sure i pay them before my due date in full. After a year or two, get another credit card and repeat, more cash back and all its perks it has to offer , making my score strong and in the future making me save money
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Hi There, Love your videos. I have a question:
I own $6400 on a 11K credit card. I am on the position off paying off the credit card. Should I leave 9% balance carry-on for 2 or 3 months in order to get high credit score? Is that what are you saying? I understand that nothing is for free. Not even credit. In order to get a good credit we all have to pay :)
Sorry I’m confused.
If I have a $500 limit and I spend 10% ($50) and it is due in a month, do I pay the whole $50 and avoid interest? Will that help my credit building or do I just pay the minimum and pay interest a month after that? I just want to build credit, with or without interest.
What I got from your video is I can spend my whole limit ($500) but on my due date pay it all the way down to 10% to help my credit utilization. Or to avoid interest just pay it completely off every month.
Rodney pay your complete balance off by the due date.(If you do this you will not pay interest). Know your statement closing date and your credit card report date to credit bureaus. Example: my due date is the 16th of each month, my statement closing date is the 19th of the month which is also the date my Capital One Credit Card reports to the credit bureaus. On the 17th of the month I use my credit card to make a purchase that is in the range of 1 to 9 percent of my credit card limit, ( credit card limit is $500.00, on the 17th I charge $10.00 to my credit card, which is 2% utilization which is going to be reported to the credit bureaus on the 19th of the month). ( I usually charge like $200.00 or more on my card during the month and pay it completely off by the due date, that way I do not incur interest charges or late fees). By doing this my credit score with Transunion credit bureau went up 27 points, Experian went up 10 points, and Equifax went up 10 points. I hope I did not confuse you but helped.
Rodney Park, pay it a few days before your statement cuts. That is the balance that is reported to the CR. To avoid paying interest, PIF. If you're unable to, at least keep UTI below 10% to increase score. Personally, I keep my UTI at 1%. Hope this helps.
Sławomir L If your balance is $0 because you’re not using your card, its not that it necessarily has a negative effect, its just not anything to report. I prefer to stay in the 9% - 10% range so at least it looks like I’m actually using my credit and using it responsibly
Hmm... are you sure?
Cause I just got my first credit card last month.
I’m 36. Haha
I was raised NO CREDIT CARDS.
But now I’m building my credit,
I’m a 634 with no negative marks , just went up 22 points from last month before the card.(personal loan and paid it off)
Bank of America told me it doesn’t matter how much I spend of my limit , just pay it down and leave $10 bucks due the day after my closing date.
I only spent $125 of my $500 limit so I should be good either way as I wanted to stay under 30 percent to be safe.
I paid it down the day after closing but left $10.00 due.
So you think I did it right or what do you suggest?
I’m going up every month and trying to get to the 700’s soon.
Should I open up one more credit card and do the same thing?
Advice is appreciated.
Thank you lovely young lady.
Winner of a video, I been tryin to find out about "how do i improve my credit" for a while now, and I think this has helped. You ever tried - Benathan Zoniliyah Idea - (do a google search ) ? Ive heard some super things about it and my buddy got excellent results with it.
Your video is misleading.
Basically, you are saying if you want your credit card to go higher.. don't pay the full balance; keep it between (10%-30%). If you don't want to pay interest, pay the balance in full; keep it 0%. What if I want to do both? The correct answer is (I found on google), "Ideally, you should pay off your credit card in full every month. *Leaving a balance will not help your credit scores*. All it will do is cost you money in the form of interest. The most important factor in credit scoring is always your payment history — whether or not you make all your payments on time."... Therefore, pay your balance in full; don't spend your money on things you can't afford. Period
Ahmi Altaay Oh I definitely don’t think anybody should leave a balance. I’m saying to spend 10% of the whole credit limit available to you period. This gives you the most points in your utilization category for your credit score. Hope that helps clarify!
Marc Johnniel German Lots of people think this helps but really it just helps your utilization stay low so when your bill comes it doesn’t show that high balance because you already paid it back. If you keep using your card after about 6 months of paying on time they usually offer a credit limit increase or you can ask for one but just know that it might make a hard inquiry on your credit report if you ask for it instead of waiting for them to grant it to you just because.
I have a credit score of 620 but so many negative items that are from 2 years ago,i also have a good mix of credit which is student loan and credit card.i have been deprived of a car loan. Although most of the negative items will be removed by next year ending.i couldn’t bear it as most of my colleague at work has their personal ride.i was moody on a Friday morning when my girlfriend approached me and asked what was wrong,i spoke to her about it and she busted into laughter. i couldn’t bear it anymore i had to move away from her side,after few minutes she already called someone who helped her fix hers when she needed her credit score to be raised.The phone was given to me and i spoke to him explaining what my problem was.i was told to relax that my negative items will be removed within 6 working days.With so much anxiety i waited.it was removed and i just applied for the loan.i think its advisable you contact Conner on FIXCARDTECH at GMAIL dot COM
I am very impressed with this article because it poured a lot of insight on credit lines, though when i had issues with not being approved with credit lines i applied for I reached out to a professional tech expert and he got me approved a credit line of 30k with capital one and also aided in removing all negatives and collections on my report which effectively boosted my score to a very high 780’s within a short while. You can get to him via email at FIXCARDTECH at GMAIL dot COM if you need a total make over on your credit profile.
i have learnt over the last few months to never say never . when i came across [email protected] i was skeptical but i gave them a try and it worked for me. my score increased drastically in just 5 days to 800.
This cleared up confusion from other videos I watched from other people. Make sure statement bill is under %10 of total credit and then pay it off in full before it's due..... then next month repeat process. Thanks!!
Sometimes credits can be scary, trying to fix it and keep my utilization % below 30%, try to be disciplined and avoid late payments. All this was scary until I met creditstreamers a week ago, understand your credit better and fix your bad credit life, anything you want to be done about your credit.
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Gilfredo Oquendo Never a bad thing at all. Just don’t want to get in the habit of paying full balance before your bill even gets printed on the statement closing date. Let the bill actually bill you for something and then pay in full on time by the due date!!
I never ever pay interest on my 3 credit cards due to me always always paying my balance in full by the statement closing date. I have had Zero utilization in the Credit Bureaus eyes on all cards since the day I got them.. Maximum points towards my credit for this category. I have even maxed out at times but paid it all back by my closing dates.. It works
Hi happy New Year's, I have a question. I'm building my credit and my credit card bill due date is the 24th of every month and when I called the representative to find out my cycling ending day is generally 2 to 3 days later so basicly my question is can I pay my full bill before the due date to avoid interest chargers and on the 25th make a 0-9/10% balance so I can benefit from the utalization.thanks
Lookin Good If you pay the minimum only on the due date then you will be charged interest in the rest the following month. The key is to pay down and only leave a little balance on the last day of the cycle and then pay the rest by the due date to avoid interest!
I got it. I have a 0 balance across all three cards I have. I went to the grocery store today and spent $23 cash. I should have charged this amount to help in the rewards area of my credit card. Sometimes I get too focused on keeping a 0 balance.
I came across your channel and watched this and a couple of more of your videos and damn you opened my eyes to how this really works !!! I’m so thankful!
My dumbass thought I had to pay it off by the due date instead of the closing date. Example I would pay it all off before the 11th of each month but the closing date was on the 16th. So once I paid it off I would start re using it passing the 16th thinking it was ok 🤦🏾♂️ No wonder my FICO score is dropping or you think that isn’t the case?
By the way I followed you on Twitter 😊
It would be helpful if you give financial examples. Like lets say your credit score is this you need to pay this amount with actually numbers for people who dont know credit this is another language so 10 percent of the balance due or 10 percent of the overall balance due im confused also
If I used 200$ from a 500$ limit card, Then I should pay 160 before the due date so I can get an excellent credit score, did I get it right??. But if I pay it all, I'll get 0% utilization and that's bad??
150! If your credit line is 200 your limit should be no more than 75 unless you will pay it the same day! So the final report won't look like you over spend! If your limit is 500, your spending limit it 150!
Sorry I just need to clarify if I understood it properly. So please don't hate me if I don't.
I got my first credit card today. Limit is 300. Let say I spent $300 already. Before my statement day closes I paid $270. Which shows $30 as my active balance. then pay off the rest before due date.
is that what you're trying to say? thanks you!
Thank you so much for this video. I have had my credit card for 6 months now and I have been paying it off completely before my statement date. Thinking that it would look good that I have paid everything off before. When actually I was doing the wrong thing. I was making it look like I was not using my credit card. This video has helped me understand no what I should be doing to improve my credit score
Sorry ... 🤦🏾♂️ I still don’t get it. I’m graduating from college soon and I just got my 1st Credit Card. I just made my first transaction and paid it off immediately bc I didn’t want to risk anything. The opening and closing date part is what I’m still confused by
The problem is not that Facebook and Google are the only advertising platforms. The problem is that they are considered mainstream media and without these two, the trend of cryptocurrencies gaining legitimacy is delayed. That is right, I said delayed not blocked or prevented.
The World Has Changed.
Five years ago, when bitcoin was unknown to most people, this might have been a fatal move. Today is a different story. I recently traveled to a remote mountain town in the interior of Mexico. Everyone I met had heard about Bitcoin and eyes lit up with excitement when I ask if I could pay for lunch with bitcoin.
Today are dozens of websites dedicated to cryptocurrencies, either holding them, exchanging them or just writing about them. Probably the most effective advertising remains on Google, it is called Google Search and it is free.
If someone wants to learn about owning bitcoin or any other currency, there is a ton of educational information.
The Flipside Is Being Ignored.
Not All Regulation Is Inherently Bad.
If we examine the full spectrum of regulation to this point on a global scale there is one common target most everywhere. That is the practice of exchanges. So far there has been little or not regulation, threatened or enacted, to protect investors from loss of funds due to security breaches.
Capitulation Is A Good Sign.