1. Fee Harvestor Cards (credit one) 2. Signing up for 5 credit card accounts before a chase card 3. Forgetting to pay (Set up autopsy for minimum payment) 4. Forgetting about product change rules 5. Forgetting to pay attention to interest rates
Auto payment will save you. I had a card with a $5 cup of coffee that I forgot about. Normally don't use that one. Would have missed it if auto payment was not set up.
@@samplautz5586 To be fair, Credit One's swirl logo predated that of Capital One (Bloomberg has an article about it). Anyways, it's a trash bank and the fact that they provide the official NASCAR credit card is the biggest insult to this "sport" and its audience lol
I think one you forgot is remembering to keep your utilization low! Under 30% That's one thing I feel like most people starting off with cc's don't know.
@@multimeter2859 you don't have to carry a balance to get hit with a high utilization rate. Just charge it up and pay it off at the wrong time and lo and behold, the ding on your credit magically appears.
@@multimeter2859 actually, single-card utilization matters because experian actually checks whether you have spent too much money on one card. My credit score was brought down by 7 points because I spent 800 dollars out of my 2000 amex everyday preferred, despite that’s less than 1 percent of my total credit limit.
I just have all of my credit card due dates on the same day every month. This is just easier and it can be smarter to have your due dates spread out in order to hold your actual money for longer.
If you think you are too good for credit cards, you're the perfect person for them. I should've got one at 18, but i thought they were for losers and poors. So i missed out on nearly a decade of history
I use a best buy credit card. Never paid a cent in interest, put everything I can on it monthly, no annual fee and I pay it off every month. To date I've gotten an Arlo pro 2 home security system, Phillips hue lights, Roomba vacuum, and have $400 in freebies to redeem. 😃
The Citi BestBuy card is one of my anchor cards for my credit score. Unfortunately I have to hang on to it, but I wish it was product changeable to the Citi Double Cash. I don't like having a retail card as an anchor card.
One rookie mistake is using more than 30% of your available credit in a month. I had to buy a computer because my computer died. I ended up using more that 30% of my credit limit and even though I paid it off, I lost 10 points off my credit score.
You need to pay it off BEFORE your statement end date, not your statement due date. Do that next time and your 30% won't be reported to the credit bureaus. So say your statement end date is the 24th, and your due date is the 26th of the following month (just as an example), pay it off in full on the 21st (as a cushion) and don't make any charges until the 28th or so.
diesel828 I’m confused about this for the American Express point offer for new cardholders I’m hoping you could help me out. you get a good amount of points if you spend £3,000 in the first three months. So I have £1200pm credit and I spend 1000 on it each month, that won’t effect my credit rating in a bad way as long as I pay it off before the due date?
@@TeamBiird You want to pay it before your statement end date, not the due date. So, let's pretend your statement end date is tomorrow, July 29. Your due date is August 28. You want to pay it off today (or better yet, two days ago to allow time to process the payment). When your statement end date passes, that's when your credit and balance are reported to the credit bureaus.
I had a Capital One card that has a $34 AF. Totally forgot about it since I never used it and it showed up on my credit report. I paid it off and set up Auto Pay on that card.
You should call them and upgrade it to the Quicksilver from the Quicksilver one card and if it's the Platinum upgrade to the Quicksilver one or the Quicksilver whichever one's available, if they are, and if you only have an option for a quicksilver one then upgrade to that and then wait 6 months to a year and then upgrade it to the Quicksilver
True I have a card with them unfortunately because I was new to credit a few years ago the reason why I don’t cancel but it’s a old account so it helps the age of my credit. I will dump them in a few years. I don’t use the card only for a pack of gum to keep it open. But they do report to the credit bureau.
I love your videos, they are always so educational. I learn so much on credit cards an have improved my credit score by following your steps and advice.
It also has an $8 a month charge just to have it! Your videos have really helped me understand credit better. I just don’t want to cancel it now cause it has a $1000 limit and it’s one of my oldest cards so I’m hanging onto it just until I get a mortgage and were moved in, then it’s gone.
Yeah, I have credit one also but since my credit is around 735 now, I'm thinking about canceling it but it is my second oldest card. I have got them to waive the annual fees for about a year now.
Tip number 5 worked for me I was buying an APU for my semi truck unit would be about $10000.00 they had a finance company that does their financing but after 30 months I would have paid in total $16500+ so I was going back and forth trying to get them to lower it somehow but they would not then I remembered I had gotten a card with a $7000 limit with not much on it had it for 3 months it had a 15 months no interest used it and cash and paid it off in that year except for about 500 thinking .....at the time did not k ow any better...... that I should pay something in interest for my CREDIT to look good but that was nothing compared to how much I saved.
Shifu I thank you so much, been watching these videos since I’ve been 16. Turned 18 in February signed up for a discover It secured $200 and Capital one Secured $200 just applied for a Chase freedom a hour ago and got approved for a $3.4k CL! Means a ton to me how much progress I’ve made in 2 months
Don't do too many apps at a time. Now just wait a half year or so. Should only do 3 or 4 a year and space them out. Good job starting at 18. I wish i had...
I work for CapitalOne and you guys have no idea how isual this problem happens to Cardholders, specially to secured card users, It is called residual interest and It accrues from the beginning of the cycle until the day that the payment is made, of course this only happens if the pymnt was not made in full and on time on the previous cycle.
First card was the military star card in 2016. I wish I knew opening a new card would hurt the age of credit history lol. I didn't get a 2nd and third card until this year. Got the CFU and then 6 months after got the CSP. Will upgrade to CSR after a year. Also want to get the amazon prime rewards and the flex from chase then I'll probably. e set from them. Also looking at the amex gold.
Yep did it. I have a credit one card. Now I have good credit and multiple high-end cards but im afraid to cancel it because its my longest history card and I don't want to hurt my score
Only thing I would add, even if you set up auto payments, STILL CHECK THE ACCOUNT because sometimes the autopsy doesn't work even though you set it up.
FYI wanted to pitch in that it’s not a Chase rule regarding upgrades but a federal law called the CARD Act which basically stipulates that credit card companies can’t increase your annual fee in the same year (twelve months not calendar year) you get a card. So that’s why there’s a 13 month period for Chase. You can always downgrade and get annual fees prorated but it’s advised not to downgrade after applying for a card and getting the bonus because those points can be and are clawed back. It also explains why you may be locked into paying annual fees for a year even if the credit card company raises fees for new applicants.
Thank you for the videos. They're always so informative and practical, making them highly applicable to the common credit card user/holder. Additionally, you sharing your life with the RUclips community gives those seeking the same life style, and financial standing, the hope that it is achievable if you inform yourself and put your mind to it. Keep up the good work!
I did not pay my cc and it ruin my life. They signed me up when I was in my early twenties and I only borrowed a few thousand dollars to pay for food and gas. I know cc will not make me rich even if I pay them off by the end of the month.
I watched your Korean channel before. Lol...I thought you look familiar when I first saw this video. Found you because Graham mentioned you in his channel. I like the video you made with kids in the classroom and buying snacks as the prize.
Why would you ever buy more than you can pay on a credit card? Take out a loan if that's the case. If you cant buy it with a checking account you cant afford it with a credit card.
That late payment because of the interest that he spoke of almost damn near happened to me. I only checked my account because I just had a hunch that I should check the account before the next due date rolled by and sure enough there was interest that I had to pay for. Kinda pissed me off really and now I just pay off all my cards immediately to avoid interest.
Canceling a card online instead of calling to see if there is an upgrade path. I canceled my CO platinum then applied for a QS right after. Loss all that history... trying to convince myself the sign up off is worth it...
You can product change to the CSR after 12 months. I was able to upgrade my CSP to a CSR on April 7th, 2019. I opened my CSP on April 6, 2018. The Chase rep told me that you're eligible to upgrade the day after your card anniversary date
The Credit Shifu Yes due to Chases' interpretation of the C.A.R.D. Act unfortunately. I thought you were saying that you have to wait 13 full months to upgrade when it's really just 12 months and a day like you clarified
Lol that interest little thing almost caught me once on my SPG card once. “I was like where is this interest coming from” lol. Lucky caught it on time. And in my case, waited 3 years to upgrade to the Reserve?
So I paid all my collections off. So I got excited and applied for like 4 credit cards and got then all but now I regret it cause 1 it's none of the credit cards I want and I paid all my credit cards off so my balance is 0. So my question is, is it a good idea to close the cards I dont want and just focus on the main ones which is a secured open sky limit 3k and a ibuypower credit I've had for 3 years and always on time with payment. Is it a good idea to close everything else?
If they don’t cost you money (in annual fees) don’t close them. If they do have annual fees, see if you can downgrade them. Then just buy a coffee or something small each month on each of them and set them to autopay. All those on time payments will halo build your credit score
@@TheCreditShifu thank you so much I'll def give them a call and see what I could do. Appreciate it so much for the reply, I def want to get to 750+ and get an AMEX card but that's gonna take a while. Thanks again!!
Amex is the same with the 13 month rule, I'm sure its too keep people from down grading cards simply because the already got the sign up bonus (at least not without getting another year of annual fee out of you)
Hey Credit Shifu, I’m a college student and I’ve watched a lot of your videos . I started building credit on a Amex Delta Gold Card that my mom signed me up for, My credit score is over 700( in the 760’s) and I’ve had the card for 2 years. But I wanna expand my base should I go back down to the starter like Chase Freedom or Discover It to build up my base the right way ?!
Wait how could there be a balance on the card if said person had already paid the full balance off before the closing statement???? That’s what I don’t get cause when I get mine I’m going to buy stuff then pay it right away pls explain
I’d been told that we shouldn’t have any more than 3-4 cards otherwise it could affect you from getting any loans because you’d be seen as a risk. Does anyone know how true this is?
not from experience, but by reading up on credit card research, i found that having good credit history with more credit lines shows the credit ppl that ur more responsible
CEO Cajigas if you do a balance transfer from bank A to bank B, that means bank B will make payment to bank A. So the balance will be with new bank B assumably with $0 interest.
0:58 "High fees for late payments, over the limit". You should NEVER get a credit card if you can't keep up with your payments. Credit cards are only viable if you pay it off in full every single month, and never pay any fees or interest. If you can only keep up with the minimum payment, you're better off sticking with Debit Cards or/and Cash.
Francisco Fuentes A. Cuz shit happens and they make money off it B. Most people are compulsive and will spend more money with a credit card (this ties in with c) C. They get that fat 3% transaction fee (to be fair the credit card only makes 1-2.25% of it)
Hi, I have a question if i open a secured card in discover, capital one and bank of America, after 6-8 month can i get a credit card in that 3 banks? and it damage my credit score?
Getting a secured card when you don't have bad credit. Or getting a secured card that can't be upgraded. You waste a year of history. Amazon pretty much gives a card to anyone.
Damn it, I wish I saw this one. I am a rookie, started my credit journey March 2020. I started with the Cap One then Discover, then J. Crew, then Amazon Prime (Chase) and for my dog Care One Credit. I already filled my slots. I now will have to wait the 24 months. Damn it!
The best way to avoid any mistake is READ THE FUCKING FINE PRINT. all of it, in detail, twice if you have to. I dont do this with every thing but whenn it comes to bank accounts and credit cards, i sit down with the fine print like its a book
I have a Discover Secured Card, an authorized user card, and a 740 FICO score. I want to get another card this upcoming summer. What should I get? I'm thinking maybe the Capital One SavorOne or the Chase Freedom Unlimited.
Mr. Sharp one thing to think about would be talking to discover about product swapping to a discover IT. I started with a student and after a year, swapped to a regular IT card, no hard pull and they gave me a higher limit right away. Then I applied for the freedom unlimited but had to call to get a reconsideration. Hope that helps a little
I’m a year removed from college, the CCs I have are Amex Platinum, Amex Blue, Barclays. I don’t like the Blue card and I’m thinking about upgrading to Amex Gold for the points. Is this a smart move? Also, I’ve never had a Chase card but is there a benefit to having all of my Amex cards and a Chase card?
Hi credit shifu, when i max out credit limit and pay off right away and continue use after balance had pay off is that a risk for chase to shutdown my credit card? Thank you
I had a Capital One Unsecure MasterCard, 2 yrs, 4 months, I always paid my whole balance off every month, Capital One is very strict wth giving Credit Increases I started off 300 CK, After 2 years I only hve 700 CL, It helped my credit by over 150 points increase, I had 2 call them 4 an Upgrade 2 QuickSilver wth No Annual Fee!!!!!
I have one question...what happen if you get the card do you need to pay for the card of what amount per month? Can you pay online? Thank you! Your Awesome...!🙂
Same as old. I have cards that I've upgraded and downgraded such as the Venture card or the Business Gold card where I show people there isn't a hard pull and you keep your credit limit. Be aware that certain cards, such as the Chase Sapphire Reserve, have required credit limits and you can't pull off an upgrade to it unless your card you're upgrading has that requisite credit limit already.
My first ever credit card is from a bank. I pay no interest if I pay it off in a certain amount of time, and I have no annual fee. It is a student credit card even though I don't go to school. I had this card for 2 years before I got my first car. It was my only credit I had at the time, and it got me over a 700 credit score. The bank I got my card through was Wells Fargo, and they have a bad reputation of screwing people over. I was not one of those people.
You might have said this already but is it a good or bad idea to pay off your car right after your purchase? Or is it better to wait until the end of the billing cycle if your card allows you to have a billing cycle.
Nishit Raj I agree, but for the purpose of getting approved for a card with extremely bad credit, it might be a way to take advantage of these otherwise predatory cards
Hi ! I need your help with picking up the best credit card. My scenario : I will have around 5-10 K expense coming soon... ( house improvement ) . Also I'm going to travel in December to Europe. Does it make sense to open Chase Saphire or Chase Freedom Unlimited.
For help picking out the best credit card, consult the Point Guy website for best credit cards. In your situation, you'll want to go with the Chase Sapphire Preferred or Reserve over the Freedom Unlimited. Reason being, if you don't like the annual fee you can downgrade it later to the Unlimited. The Sapphire products have better sign up bonuses as well.
Hellathome its an 18 month contract. I got mine may of 2018 and I recently upgraded to the Citi rewards plus and they told me don’t cancel the secured card yet, when the 18 months is done, they’ll cancel it without affecting your credit score. Hope that helped
1. Fee Harvestor Cards (credit one)
2. Signing up for 5 credit card accounts before a chase card
3. Forgetting to pay (Set up autopsy for minimum payment)
4. Forgetting about product change rules
5. Forgetting to pay attention to interest rates
I don’t think you meant autopsy 😂
Auto payment will save you. I had a card with a $5 cup of coffee that I forgot about. Normally don't use that one. Would have missed it if auto payment was not set up.
Terry Steiner imagine your score dropping a few points because of $5 lol
Symbolic Bass a cup of coffee.... 😂😂😂😂
Where do you live mate? 5 bucks for one cup of coffee is pretty high tbh.
@@theheadguy1212 starschmucks
Not if your bank account can't cover it
Credit one should be shut down
I rank Credit One cards as TRASH cards
Yeah, I agree
Credit one is the definition of plagiarism
I constantly get their offers in the mail lmao
@@samplautz5586 To be fair, Credit One's swirl logo predated that of Capital One (Bloomberg has an article about it). Anyways, it's a trash bank and the fact that they provide the official NASCAR credit card is the biggest insult to this "sport" and its audience lol
I think one you forgot is remembering to keep your utilization low! Under 30% That's one thing I feel like most people starting off with cc's don't know.
It's not relevant to say for this video, because he says at the end to never carry a balance.
30%?! You're supposed to be under 5%.
@@CardHandlers 30% for the purpose of credit scores.
@@multimeter2859 you don't have to carry a balance to get hit with a high utilization rate. Just charge it up and pay it off at the wrong time and lo and behold, the ding on your credit magically appears.
@@multimeter2859 actually, single-card utilization matters because experian actually checks whether you have spent too much money on one card. My credit score was brought down by 7 points because I spent 800 dollars out of my 2000 amex everyday preferred, despite that’s less than 1 percent of my total credit limit.
The Amazon card was my first ever card which is a chase one, then got my freedom after. Its nice seeing them both in the app
paying my credit card off will always be on my mind. losing money when i didn’t have to is not a good feeling
Never pay that APR! Always make sure your balance is $0.00 at the end of the month and you will never regret it
Set up automatic payments and then you don't have to think about it.
I just have all of my credit card due dates on the same day every month. This is just easier and it can be smarter to have your due dates spread out in order to hold your actual money for longer.
If you think you are too good for credit cards, you're the perfect person for them. I should've got one at 18, but i thought they were for losers and poors. So i missed out on nearly a decade of history
lmfao bro this is me!!! hahaha
Financially bad people use credit cards.
Financially good people avoid them.
Financially better people _also_ use credit cards.
cries bc i got my first card at 20 when i could have had 2 years of credit history by now 😭
I use a best buy credit card. Never paid a cent in interest, put everything I can on it monthly, no annual fee and I pay it off every month. To date I've gotten an Arlo pro 2 home security system, Phillips hue lights, Roomba vacuum, and have $400 in freebies to redeem. 😃
The Citi BestBuy card is one of my anchor cards for my credit score. Unfortunately I have to hang on to it, but I wish it was product changeable to the Citi Double Cash. I don't like having a retail card as an anchor card.
Shifu looks like a “financial surgeon” 😂
I was thinking that although I thought he looked more like a patient 😂
I plan on closing both of my Credit One cards
One rookie mistake is using more than 30% of your available credit in a month. I had to buy a computer because my computer died. I ended up using more that 30% of my credit limit and even though I paid it off, I lost 10 points off my credit score.
I've seen it be more than 25%.
The app mentioned it as a negative on my report.
You need to pay it off BEFORE your statement end date, not your statement due date. Do that next time and your 30% won't be reported to the credit bureaus. So say your statement end date is the 24th, and your due date is the 26th of the following month (just as an example), pay it off in full on the 21st (as a cushion) and don't make any charges until the 28th or so.
Did you pay before closing date?
diesel828 I’m confused about this for the American Express point offer for new cardholders I’m hoping you could help me out. you get a good amount of points if you spend £3,000 in the first three months. So I have £1200pm credit and I spend 1000 on it each month, that won’t effect my credit rating in a bad way as long as I pay it off before the due date?
@@TeamBiird You want to pay it before your statement end date, not the due date. So, let's pretend your statement end date is tomorrow, July 29. Your due date is August 28. You want to pay it off today (or better yet, two days ago to allow time to process the payment). When your statement end date passes, that's when your credit and balance are reported to the credit bureaus.
I turned 18 and had no credit so I applied for the Apple Card and got $250 and after a few months I got my first credit score and it was 621
I feel like I’m getting advice on credit cards by Harry Potter lol
You mean Cedrick?
Yaaa as long as my credit gets better.. i couldn't care less.
All facts
Chase said to wait a year after I got my first credit card. Wanted to see how I deal with the credit I was given
I had a Capital One card that has a $34 AF. Totally forgot about it since I never used it and it showed up on my credit report. I paid it off and set up Auto Pay on that card.
You should call them and upgrade it to the Quicksilver from the Quicksilver one card and if it's the Platinum upgrade to the Quicksilver one or the Quicksilver whichever one's available, if they are, and if you only have an option for a quicksilver one then upgrade to that and then wait 6 months to a year and then upgrade it to the Quicksilver
Credit one is a absolute scam I will never use it again,they sent me another card I canceled it they resent me another one
I got lucky my first credit card with no credit was through chase
Do you know what your credit score was?
Mine was as well but my dad gave it to me so idk exactly how it worked. I guess I'm lucky I've never known another card besides Chase.
I wish I knew about Chase's 5/25 rule a year ago 🤦🏾♂️
Credit one is sick omg
Legit always get them confused with capital one...
True I have a card with them unfortunately because I was new to credit a few years ago the reason why I don’t cancel but it’s a old account so it helps the age of my credit. I will dump them in a few years. I don’t use the card only for a pack of gum to keep it open. But they do report to the credit bureau.
@@discoverthepossibles9255 Same here.
@@swordstrafe Think that's one of their strategies to appear legitimate.
No kidding, thank goodness this video shed some light on them
Got denied with chase and venture card even if my credit score is 762 and pays the full amount every month. So I I just opened an Amex Gold card.
I love your videos, they are always so educational. I learn so much on credit cards an have improved my credit score by following your steps and advice.
Awesome! Stay debt free!
Thank you for the knowledge! I really appreciate all of your research, I had no clue about fee harvester cards!
Free harvester cards are great Brandon! Have you researched them further?
I have a credit one card and I can’t cancel it cause I am trying to qualify for a home mortgage. FML. Once I get a home that card is gone!!
I love how ironic that is
It also has an $8 a month charge just to have it! Your videos have really helped me understand credit better. I just don’t want to cancel it now cause it has a $1000 limit and it’s one of my oldest cards so I’m hanging onto it just until I get a mortgage and were moved in, then it’s gone.
Yeah, I have credit one also but since my credit is around 735 now, I'm thinking about canceling it but it is my second oldest card. I have got them to waive the annual fees for about a year now.
Kelly Brown yeah I just spoke to them and they waived the fee for the next six months.
@@Anthonysk9 apply for some cards now if you can take the hard checks. Get that age up and it won't hurt so much once you finally close it.
Opting out of prescreened offers at each credit bureau gets rid of the junk. Most of the offers I got were useless junk cards anyway.
I thought credit one was part of capital one. Like the credit card branch. I almost signed up
Feel lucky, I signed up and had it for 4 months before I realized ...they are terrible
Tip number 5 worked for me I was buying an APU for my semi truck unit would be about $10000.00 they had a finance company that does their financing but after 30 months I would have paid in total $16500+ so I was going back and forth trying to get them to lower it somehow but they would not then I remembered I had gotten a card with a $7000 limit with not much on it had it for 3 months it had a 15 months no interest used it and cash and paid it off in that year except for about 500 thinking .....at the time did not k ow any better...... that I should pay something in interest for my CREDIT to look good but that was nothing compared to how much I saved.
Crazy amount of interest on that 10K. How did you managed a 7k cc with no interest? Sounds fishy
Shifu I thank you so much, been watching these videos since I’ve been 16. Turned 18 in February signed up for a discover It secured $200 and Capital one Secured $200 just applied for a Chase freedom a hour ago and got approved for a $3.4k CL! Means a ton to me how much progress I’ve made in 2 months
Don't do too many apps at a time. Now just wait a half year or so. Should only do 3 or 4 a year and space them out. Good job starting at 18. I wish i had...
MK For sure planning on waiting till December/January and get the Amex platinum
I remember at 19 i applied for citi forward student credit card and i started with 1k CL. Now they changed my card to thankyou preferred card.
Ah to be young & dumb again....NOT #debtisdumb #cashisking
I work for CapitalOne and you guys have no idea how isual this problem happens to Cardholders, specially to secured card users, It is called residual interest and It accrues from the beginning of the cycle until the day that the payment is made, of course this only happens if the pymnt was not made in full and on time on the previous cycle.
First card was the military star card in 2016. I wish I knew opening a new card would hurt the age of credit history lol. I didn't get a 2nd and third card until this year. Got the CFU and then 6 months after got the CSP. Will upgrade to CSR after a year. Also want to get the amazon prime rewards and the flex from chase then I'll probably. e set from them. Also looking at the amex gold.
Yep did it. I have a credit one card. Now I have good credit and multiple high-end cards but im afraid to cancel it because its my longest history card and I don't want to hurt my score
Only thing I would add, even if you set up auto payments, STILL CHECK THE ACCOUNT because sometimes the autopsy doesn't work even though you set it up.
FYI wanted to pitch in that it’s not a Chase rule regarding upgrades but a federal law called the CARD Act which basically stipulates that credit card companies can’t increase your annual fee in the same year (twelve months not calendar year) you get a card. So that’s why there’s a 13 month period for Chase. You can always downgrade and get annual fees prorated but it’s advised not to downgrade after applying for a card and getting the bonus because those points can be and are clawed back. It also explains why you may be locked into paying annual fees for a year even if the credit card company raises fees for new applicants.
Thank you for the videos. They're always so informative and practical, making them highly applicable to the common credit card user/holder. Additionally, you sharing your life with the RUclips community gives those seeking the same life style, and financial standing, the hope that it is achievable if you inform yourself and put your mind to it. Keep up the good work!
When I got a Discover card I had auto pay set up for the minimum plus $5.
I did not pay my cc and it ruin my life. They signed me up when I was in my early twenties and I only borrowed a few thousand dollars to pay for food and gas. I know cc will not make me rich even if I pay them off by the end of the month.
Yes I've made some of these mistakes. Thank you this information is very helpful.
I watched your Korean channel before. Lol...I thought you look familiar when I first saw this video. Found you because Graham mentioned you in his channel. I like the video you made with kids in the classroom and buying snacks as the prize.
You looking for koreanenglishman?
One more tip regarding Chase Cards, you can only get up to 2 cards I cant remember in how long or if it is even for good.
I was so waiting for the fire effect at 0:27 😂
Awesome video as always!
No one should join Credit One.
Really helpful presentation 😊😊
Why would you ever buy more than you can pay on a credit card? Take out a loan if that's the case. If you cant buy it with a checking account you cant afford it with a credit card.
That late payment because of the interest that he spoke of almost damn near happened to me. I only checked my account because I just had a hunch that I should check the account before the next due date rolled by and sure enough there was interest that I had to pay for. Kinda pissed me off really and now I just pay off all my cards immediately to avoid interest.
Canceling a card online instead of calling to see if there is an upgrade path. I canceled my CO platinum then applied for a QS right after. Loss all that history... trying to convince myself the sign up off is worth it...
You can product change to the CSR after 12 months. I was able to upgrade my CSP to a CSR on April 7th, 2019. I opened my CSP on April 6, 2018. The Chase rep told me that you're eligible to upgrade the day after your card anniversary date
Yeah so in your 13th month would be the date. Basically it is because you can’t change the annual fee within the first year is apparently the reason
The Credit Shifu Yes due to Chases' interpretation of the C.A.R.D. Act unfortunately. I thought you were saying that you have to wait 13 full months to upgrade when it's really just 12 months and a day like you clarified
Ron White yeah I kind of botched the explaination
No worries... still a great video with great info
It's thanks to government regulations that say they can't change apy in the first year
Thank you for the information
I love all of these recommendations but I see so little vids out there regarding the Canadian credit card markets
Does a chase business credit count for 5/24?
You can work around the 5/24 if you're getting business credit instead of personal credit
Lol that interest little thing almost caught me once on my SPG card once. “I was like where is this interest coming from” lol. Lucky caught it on time.
And in my case, waited 3 years to upgrade to the Reserve?
i hope more card holders will subscribe to ur chanel so that they have more info about their cards and how to handle it better..
Agreed, so glad I found the channel. Has helped me out so much financially
Question Lourelle, if I already have a unsecured credit card, would it make sence to open a secured card just for another line of credit?
Can u do a video on which cards have the 5/24 rule and what cards you should get coming off repaired credit !
I have 4 individual accounts and 1 AU account. I haven't got any junk mail (but have gotten scam CC calls).
interesting .
So I paid all my collections off. So I got excited and applied for like 4 credit cards and got then all but now I regret it cause 1 it's none of the credit cards I want and I paid all my credit cards off so my balance is 0. So my question is, is it a good idea to close the cards I dont want and just focus on the main ones which is a secured open sky limit 3k and a ibuypower credit I've had for 3 years and always on time with payment. Is it a good idea to close everything else?
If they don’t cost you money (in annual fees) don’t close them. If they do have annual fees, see if you can downgrade them. Then just buy a coffee or something small each month on each of them and set them to autopay. All those on time payments will halo build your credit score
@@TheCreditShifu thank you so much I'll def give them a call and see what I could do. Appreciate it so much for the reply, I def want to get to 750+ and get an AMEX card but that's gonna take a while. Thanks again!!
2 of my 3 cards are chase cards and my 4th in 6 months will probably be one of the chase sapphire cards
is it just me or does he sound like Daniel Radcliffe?
exactly!
Sounds and looks 😁
If you are late those credit card companies will call you every day sometime multiple time per day.
Correct.
Chase has a few restrictions, kind of hesitant on them. Good to know about the thirteen months on product change.
Mitchell. I think their restrictions are very fair
@@maniijuan They are not the worst, just not the best either.
Chase is amazing.
Amex is the same with the 13 month rule, I'm sure its too keep people from down grading cards simply because the already got the sign up bonus (at least not without getting another year of annual fee out of you)
Credit One is really bad...closed mine less than a yr..
Hey Credit Shifu, I’m a college student and I’ve watched a lot of your videos . I started building credit on a Amex Delta Gold Card that my mom signed me up for, My credit score is over 700( in the 760’s) and I’ve had the card for 2 years. But I wanna expand my base should I go back down to the starter like Chase Freedom or Discover It to build up my base the right way ?!
3:37 liked immediately
Does Amazon, Walmart, Target, My Jewelers Club and New Coast direct count as store cards or bank cards in re of Chase's new card rule?
Ebony they fall under the category of store. they are credit cards so they count but there store cards.
Thanks. I'll wait two years so I don't waist a hard inquiry.
Great advice!
Wait how could there be a balance on the card if said person had already paid the full balance off before the closing statement???? That’s what I don’t get cause when I get mine I’m going to buy stuff then pay it right away pls explain
I’d been told that we shouldn’t have any more than 3-4 cards otherwise it could affect you from getting any loans because you’d be seen as a risk. Does anyone know how true this is?
not from experience, but by reading up on credit card research, i found that having good credit history with more credit lines shows the credit ppl that ur more responsible
Thx very informative info thank you ❌❌
How is the credit one logo not illegal? It’s literally a ripoff of capital one. How can they not get sued for that lol?
The last point you made , doesn’t it affect your score if you don’t pay it off in full?
CEO Cajigas if you do a balance transfer from bank A to bank B, that means bank B will make payment to bank A. So the balance will be with new bank B assumably with $0 interest.
0:58 "High fees for late payments, over the limit". You should NEVER get a credit card if you can't keep up with your payments.
Credit cards are only viable if you pay it off in full every single month, and never pay any fees or interest.
If you can only keep up with the minimum payment, you're better off sticking with Debit Cards or/and Cash.
Amen. You are 100% right.
Then why banks want customers who never pay fees or interests?
@@franciscofuentes8916 That's got to be a troll question. 😂 Don't tell me you're honestly this stupid?
Francisco Fuentes A. Cuz shit happens and they make money off it
B. Most people are compulsive and will spend more money with a credit card (this ties in with c)
C. They get that fat 3% transaction fee (to be fair the credit card only makes 1-2.25% of it)
@@franciscofuentes8916 merchant fees
Can you buy alcohol in a shop with your credit card?
I love this man
6:51 more like $1200
Hi, I have a question if i open a secured card in discover, capital one and bank of America, after 6-8 month can i get a credit card in that 3 banks? and it damage my credit score?
Great video
Getting a secured card when you don't have bad credit. Or getting a secured card that can't be upgraded. You waste a year of history. Amazon pretty much gives a card to anyone.
Damn it, I wish I saw this one. I am a rookie, started my credit journey March 2020. I started with the Cap One then Discover, then J. Crew, then Amazon Prime (Chase) and for my dog Care One Credit. I already filled my slots. I now will have to wait the 24 months. Damn it!
Technically, you would have to wait until the first hits 2 years. It would then drop off and put you at 4/24
@@jamescharles6464 Yeah I know, basically I'm gardening until 2022 (Insert eye-roll here).
Credit one..😑😑😑😑😑
what happens if you have 5 credit cards within 2yrs but close one of them before the 2yrs is up can i still get the chase card???
Ben Hedges doing videos about financial education?? Sign me in!
So what should be the next card after the capital one platinum? Should I apply for the chase freedom or the upgraded capital one version
Wait why is it good to have as a first credit card or at least among the first 5?
When you upgrade your card does it keep its credit length and history or hurt your score?
Are you eligible for the sign up bonus on say a Chase freedom unlimited when downgrading from a CSP or Chase reserve?
The best way to avoid any mistake is READ THE FUCKING FINE PRINT. all of it, in detail, twice if you have to. I dont do this with every thing but whenn it comes to bank accounts and credit cards, i sit down with the fine print like its a book
Why Chase cards?
I have a Discover Secured Card, an authorized user card, and a 740 FICO score. I want to get another card this upcoming summer. What should I get? I'm thinking maybe the Capital One SavorOne or the Chase Freedom Unlimited.
Mr. Sharp one thing to think about would be talking to discover about product swapping to a discover IT. I started with a student and after a year, swapped to a regular IT card, no hard pull and they gave me a higher limit right away. Then I applied for the freedom unlimited but had to call to get a reconsideration. Hope that helps a little
@@ryanvonadler they don't allow for a product change for 1 year according to my research online. I want a new one before then
My first card was a Chase Slate card
Contact the credit card masters for your credit card debt payments done legitimately with no risk of bounce backs or negativity Text; 1 3476321778
That was my second one. They transitioned it to a freedom unlimited for some reason.
I’m a year removed from college, the CCs I have are Amex Platinum, Amex Blue, Barclays. I don’t like the Blue card and I’m thinking about upgrading to Amex Gold for the points. Is this a smart move? Also, I’ve never had a Chase card but is there a benefit to having all of my Amex cards and a Chase card?
Hi credit shifu, when i max out credit limit and pay off right away and continue use after balance had pay off is that a risk for chase to shutdown my credit card? Thank you
Is it hard to upgrade from Capitol one regular to platinum ?
Antony Stark I did it in 12 months.
Antony Stark what is capital one regular? The platinum is the most basic capital one card you can get
I had a Capital One Unsecure MasterCard, 2 yrs, 4 months, I always paid my whole balance off every month, Capital One is very strict wth giving Credit Increases I started off 300 CK, After 2 years I only hve 700 CL, It helped my credit by over 150 points increase, I had 2 call them 4 an Upgrade 2 QuickSilver wth No Annual Fee!!!!!
I have one question...what happen if you get the card do you need to pay for the card of what amount per month? Can you pay online? Thank you! Your Awesome...!🙂
chase is not even that good.... I already got 4 in my hand, I ll probably just go ahead and get amex gold, and then go up for amex platinum
If you upgrade is it considered a new line of credit or stays as the old line of credit?
Same as old. I have cards that I've upgraded and downgraded such as the Venture card or the Business Gold card where I show people there isn't a hard pull and you keep your credit limit. Be aware that certain cards, such as the Chase Sapphire Reserve, have required credit limits and you can't pull off an upgrade to it unless your card you're upgrading has that requisite credit limit already.
Noble Credit thank you for the insight!
@@johnnyvilla5624 no problem
Take a shot every time he says the word "credit"
7 sekins n & I'm fhit saced alreadie
Alcohol poisoning
F
It's so lame we allow banks to prey on people so much that we have to play credit games.
My first ever credit card is from a bank. I pay no interest if I pay it off in a certain amount of time, and I have no annual fee. It is a student credit card even though I don't go to school. I had this card for 2 years before I got my first car. It was my only credit I had at the time, and it got me over a 700 credit score. The bank I got my card through was Wells Fargo, and they have a bad reputation of screwing people over. I was not one of those people.
@@ExtinctTrain671 That's great! Which is why we should fix laws to be in the customers favor so this is a much more common story.
You might have said this already but is it a good or bad idea to pay off your car right after your purchase? Or is it better to wait until the end of the billing cycle if your card allows you to have a billing cycle.
your utilization would be zero - wait, besides - defeats purpose of card
Credit one is the devil
could you get around those "immediate interest" cards by pre-paying some money onto the card so you are carrying a negative balance?
Wouldn't that defeat the purpose of being called a credit card. Sounds more like a debit card itself
Nishit Raj I agree, but for the purpose of getting approved for a card with extremely bad credit, it might be a way to take advantage of these otherwise predatory cards
They typically have pre-payment fees
Hi ! I need your help with picking up the best credit card. My scenario : I will have around 5-10 K expense coming soon... ( house improvement ) .
Also I'm going to travel in December to Europe. Does it make sense to open Chase Saphire or Chase Freedom Unlimited.
Saphire minimum 5k they give unlimited is less money they can give you 500 as the minimum
For help picking out the best credit card, consult the Point Guy website for best credit cards. In your situation, you'll want to go with the Chase Sapphire Preferred or Reserve over the Freedom Unlimited.
Reason being, if you don't like the annual fee you can downgrade it later to the Unlimited.
The Sapphire products have better sign up bonuses as well.
How long should I keep the capital one secured card? How much will this affect my credit score or if I close?
Hellathome its an 18 month contract. I got mine may of 2018 and I recently upgraded to the Citi rewards plus and they told me don’t cancel the secured card yet, when the 18 months is done, they’ll cancel it without affecting your credit score.
Hope that helped
Shahid Khan Capital one secured credit card is not an 18 month contract. I have had this card for over five years.
Hellathome I’m just telling you what the banker told me. But if your credit score is high, you should apply to another card that has good benefits