Welcome to my MissBeHelpful channel!
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!
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How do you know the statement closing date vs the due date? I see the due date but how am I supposed to know the statement closing date or when they are sending my statement to the credit companies? Thanks!
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So if I have a zero balance on my due date, you are saying that that it will not build my credit the same way that leaving a 9 dollar balance will, and then paying that off on the due date?
You’re welcome! Im actually a Martinez too haha
And yeah i had to call for mine too for example
The day the send the statement/end of cycle is the 17th
So a week before on the 10 is the last day i use it
Then once everything is off pending i pay off everything except $10 (1-9%)
And then that gives time for the payment to go through aswell
Once i get the statement i pay off the rest and wait for that payment to go through
Then just start over for next month
If its a new card call and ask otherwise on your last statement it should say
Itll be the other date which is the day before you get the statement if its online
Its the last day you have in a cycle aswell
Christopher Martinez 1%-9% is where you wanna be when your statement comes
Once you get your statement then pay off the rest so you get no interest
Also you can use more than 9% but stop using your card a week before statement comes so that your transactions arent pending and youll have time to pay back down to the 1-9%
Kinda make sense?
It depends on what your credit situation is. If you are rebuilding credit and need to maximize your credit score, you need to make sure that your statement balance is 10% of your credit limit or below by the statement closing date. If you already have established credit then keeping it around 30% or below is fine.
I like the way you contrast the people who are laser focused on NEVER PAYING ONE CENT in interest ever, and the group of people who are primarily focused on increasing their credit score. (even if they pay a small amount of interest from time to time) These two philosophically driven camps do exist, and it's refreshing to see someone speak to that reality in a Credit Card related video. Thanks!
Wow that was so helpful. I kept paying it before the due date and waiting for the statement. Of course this meant I wasn't paying interest. But I was wholly unaware that this practice was affecting my score. I have to list down my statements for the past months and see how badly Ive done it for myself HAHA. Thanks!
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Let’s say I can’t get a credit card from my bank. So I get a Victoria Secret credit card. My limit is 250$. I buy something for $100. I pay it down to 50$ so I am less than 30% when the billing cycle ends. The due date comes around and I receive interest on whatever is left. If I don’t buy anything next month, but I pay off the interest before the cycle ends will it be reported that I’m under 30%? Will my credit score increase even if I haven’t bought anything that month but I’m at $50 owed and under 30%? Would paying off interest accumulated but still keeping be a balance raise my credit score?
what’s the best utilization would for two cards? One is $500 and the other card is $200. Do you keep each card under 10% or do you add the cards together and stay under 10% from the total of both cards? This is so confusing to me having two cards. Thanks!
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I wish you didn't go ranting on after you gave an example. It completely threw me off I know you're just trying to explain explain but I don't think it's necessary because if you went further comments other people have expressed confusion. Please don't take this as an attack on you because you're beautiful and I know you're just trying to be helpful. But all I was trying to watch your video was to find out how to raise my credit score. How much percentage of the credit on the credit card I need to spend and when do I need to make the payment.
#1 Pay your balance due on or before the due date.
#2 Call your credit card company, ask two questions.... When is the cycle close date? AND What date do you report to the Credit Bureaus?
Make sure you pay what you've been spending before that cycle close date. Any amount that you DO NOT PAY should be 10% or less, because that amount will be reported to the credit bureau.
Keep in mind: Due date and Cycle Close date are two different things.
I left a small balance on two credit cards. $33 on one and $27 on the other. Was sitting at a 738 and now dropped to a 686. Both Credit Karma and Experian reported the drop. Heard about leaving a balance but from now on I am going back to $0
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Depends on your utilization goals and focus on your “statement closing date” as the next day is when they update the credit bureaus.
If your total credit limit is $5000 and spend $4500 throughout the month. Assuming a statement closing date of May 18, I recommend paying off your balance by May 17th to avoid having a high credit utilization rate reported.
So just to clarify ... cause I’m a little confused. Should I have my balance low or should it be completely paid off by the statement closing date? I want my score to boost up as quickly as possible. I know it has to be paid by due date in order to avoid interest but do I want them to report a low balance or a completely paid off balance on the closing date to get that boost.
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.
jdl _18 Divide your limit by ten and never leave an amount more than that as your balance. When your due date comes you’ll only owe 10% or less of your limit which will give you a great score for utilization!
Brandon W Okay Thank you so much for your help. My newest card just reported and my utilization is at 4% but it made my Transunion go down by 3 points so I was super confused. Experian went up 6 points though it’s super weird.
Brandon W Okay great thank you so much! The $500 is new so I was unsure how to use both effectively. Now one last question...I am trying to build my credit so how much do you recommend I leave on each card once the statement date hits? Do the bureaus calculate utilization based on each individual card or the both of them collectively? For instance I want to stay below 10% but do I tally the amount of both cards and keep it under 10 or just focus on keeping them both under 10 individually if that makes sense? I’m trying to determine what’s a good amount to leave on each card for the amounts that I have. Thanks so much for your help!
+A* • Okay, so depending on how much you're willing to pay (Always pay at least minimum) but I'd pay the first card on the 8th-9th and the second card the 19th. But I would also make sure the payments are able to process on a business day. So if you know your statement comes on the 23rd and its a Monday, I would pay if off the previous Wednesday and just wait.
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.
+Nathanael Salinas It depends on how many credit cards you have. For example, I have 3 cards. On 2 of them, I PIF 2 days BEFORE the statement closes so that those 2 cards REPORT 0% utilization. The other card, I pay it down to where the balance is between 5-7% of my credit limit and let that REPORT, and then pay it off once the statement gets cut, which is about 2 days later. The reason I do this is because if I were to have all of my cards report 0% utilization, FICO will ding you 15 points for "not using credit"--after all it looks to them like you didn't use any credit even though you did. If you have just 1 credit card, I would never let that 1 credit card REPORT $0. FICO will ding you for that. Leave 5-7% of your credit limit on that card, let it REPORT, and then pay it off immediately upon receiving your statement. And just want to reiterate that even though you are letting a balance REPORT, it is not the same thing as CARRYING a balance. I pay the balance off every month on everything, but on that one card I just pay 95% before the statement cuts, and then the last 5% after.
So there are a couple of things she is saying or implying in the video although she may not have addressed them specifically. Debt Utilization: If your credit score was based on a 100 point scale, then "Debt Utilization" accounts for 30% of that score, or 30/100 points. So on your statement closing date, if your balance due is 10% or below of your credit limit, that is considered excellent utilization and you might get 25-30 points towards your credit score in this category. But if your balance is 50% of your credit limit on your statement, that is considered fair or even poor to some and you might only get 15 points in this category. So you should think about this process and determine which situation do you want to be in that is going to MAXIMIZE the points you receive in this category. You could keep it under 30% or under 10% but you will get MORE POINTS if you keep it under 10% even though in either case your credit score will raise if you pay on time and nothing else changes.
+MissBeHelpful So I can actually avoid the interest and pay it in full AND STILL RAISE MY CREDIT SCORE???? Because it sounded like you were saying that the only wait to raise my credit score is to have it at 10%
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% .
Andy Valdez Before the due date. The closing date is the last day that purchases will show up on the bill that is coming up next. Then there is another closing date that comes for the next billing cycle or billing period.
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
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 :)
Nope! Good credit from credit cards is free hahaha! You buy what you need then pay in full by the due date to avoid interest. If you want to give your score an extra boost then make sure the balance you owe on the due date is less than 10% of your limit. You can do this by paying most of it on your statement closing date and leaving like $10 or something small like that to pay on the due date.
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.
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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
Dude, that's not what she means. Supposed you have a $1000 credit limit. Divide that by 10. That's $100. You want the balance that is printed on your statement to be that amount or less, ALWAYS. So if your billing cylce is April 6 - May 5th and between that time you've charged $500, you want to make a payment of at least $400 BEFORE May 5th so that when your credit card company sends your info to the credit bureaus, it APPEARS as though you only used 10% of your credit limit even though you really used 50%. Since you have a 25 day grace period from May 5th, your due date on that remaining $100 would be May 30th. If you pay that $100 by May 30th, then you would have paid the entire $500 you used in that billing cycle by the due date and therefore would incur no interest. That is what she is saying, and that DOES work.
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.
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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!!
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