to boost your score :pay balance BEFORE end of billing cycle, increase amount of limit, keep oldest accounts open cancel any less than a year, also other form of credit than CC debt like car or student loan. A big factor is time - so keep going good things and you'll get there
ExRussian86 Thanks for you comment but I want to softly point out that generalizing any one nationality to having a bad or even a good trait is slightly racist.
Jacob Ashuri You have posted a link to a website I do not endorse. I have removed that comment since the site charges $20/month for something that you can get for free. I would not recommend such things to my subscribers when you can pull your credit score from all three (Equifax, Transunion, Experian) for free once a year. www.AnnualCreditReport.com is a government mandated site that will not ask for a credit card.
Jacob Ashuri Providing more incorrect information in rebuttal to supposed incorrect information is also not what RUclips is for. A consumer can obtain actual FICO scores through www.myfico.com. They even offer various versions as some company don't use the most current one. In addition, some credit cards like Discover offer free FICO scores.
BeatTheBush thank you this was very helpful I just got my first credit card to start working on my credit, I figured I would buy thing's I already needed and just pay it off every month, did not realize there is away to get credit that actually pays you in the long run. thanks for removing the comment and the link you gave as well
+odorf aculep Really appreciate your feedback. I will change the title and thumbnail to something that reflects the content more. I think making a new video from the comments is an excellent idea. I'll be putting one together in the near future.
Ionita Heinze Thanks! I appreciate the feedback. I'm trying to put together another video on how to improve your score since there was a lot of interest in that.
Very informative video. CongratuIations on that 800+ score. I'm giving up so much in order to become debt free by the end of the year. I cant wait! If I had known this much about credit I wouldnt have any debt. I never touched credit cards in the past because I didnt know much about them. They would've helped me tremendously. Saving anything and everything is what kept me afloat. Well you live and learn. I will work on getting a better card as well...5% great.
Ann Sullins Thanks! And thanks for the comment. Lets say a person spends half of what they earn through credit cards and managed to get 5% on everything they buy. Then it's like 2.5% salary raise!
I checked my credit score a few days ago and it was 821, but im not planning to take out a house or a car loan anytime soon so i don't care about the score. I do have a 2015 Honda accord thats paid off 😃😂💋💋🌴🌴⛅☁
+Paul OregonUSA Sounds like you're in pretty good shape. So you appear to be in the position to do some credit card churning for the reaping of the points!
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I work in Finance and i've have personally seen max points for on all different scoring systems its extremely uncommon but 850's and 900's on different models do exist. That being said congrats on your 848 keep up the hard work!
Rob M What do you think the perfect rate is? 1 in 1 million? Or perhaps your clients are on the affluent/good credit side so you might have a better chance of coming across the perfect scores.
Rob M's original comment "Perfect score would be 850 or 900 depending on the scoring system bureau. My best advice to anyone is sign up with I work at a car dealer and am no way affiliated with them but the knowlage you pick up from there will drastically improve your score "
BeatTheBush Sorry Rob M, I re-posted your comment but with the link removed. The monitoring system required a preposterous $24.95 a month and it even renews automatically! Even if you are not affiliated, I don't want to propagate a service I cannot highly recommend.
BeatTheBush Understandable! May I ask why you don't feel comfortable recommending their service? I have found it to be the most accurate monitoring system so far! I've used www.AnnualCreditReport.com but being able to constantly monitor any changes month by month is worth the 25$ fee. That's just my opinion I would love to hear your thoughts!
Rob M Only because it costs money. It is nice to see it month to month from all three but I do not think people need to go to that level of precision. These days I can get month to month credit score from various credit cards such as Discover right on the statement. How much is that? Free. People go around paying $80/mon for cell phone service claiming that it is an inelastic service you must have. Well... I use freedompop ... an equivalent with a little less quality yes but free. ruclips.net/video/W7CKRKiZx4I/видео.html
Also, regarding the Fidelity card: you can direct the rewards to a "Cash Management" account to receive the 2% reward, and then either use the debit card they provide you for that account, or transfer it to another bank account. So you can definitely use it as "cold hard cash" if you're willing to take an additional step. :)
Xianghui Chen There is no quick way other than time. Focus on using it to $300-400ish (safely away from limit) and do auto pay every month for a year or two and they will eventually ask to raise your credit limit. You can also request a limit increase by calling as well. I don't know this for sure but that is what I will do. If you really try to push it I guess you can lower your utilization a month or two before you apply for another card. For me, I just applied to all those cards they try to get you to have on campus and snag a freebie while doing it. Also, when I had a low limit and spent to near the limit, they would notice and raise my limit pretty quickly.
Nice video! We have almost the exact same card lineup (replace Target with Discover It). One thing to note: Cash+ used to have no limits on the 5% categories. Now you receive 5% up to only $2000 a quarter. It's still a great card, but they've definitely made it less desirable as of late.
profesortambores Thanks for that too. I'm looking into it and it seems like you can get 5% on 2 categories (I pick restaurants mostly). $2000 limit on those two combined in a quarter. So $660 ish a month on restaurants.
I do not cancel the card once the fee is due. I had a score of 460 two years ago and now have 658. I have three cards totaling little under 4k so not much. However, when I pay my bill, I pay before the report date. I know paying when its due or before is good, but my report date is like 1 week before my due date. So when I buy 800 with my card and even if I pay 800 on due date, my report date a week prior is going to report that im at 80% on that card (of 1k limit) which hurts. A lot of people forget that the report date is just as important as your due date. My plan is to have good enough credit to get the lowest home loan I can within the next year.
In this case of having a low limit, paying right before report date is a good idea. I would pull my hair out at all the fuss required tho since I prefer the hands off method. I just spend whatever and the auto pay take cares of it.
BeatTheBush I wish I could do that but my income is not guaranteed such as a salary and since I am the only one working full time, I have to be aware of what I spend and what I can pay. I would use auto pay in the future, but I don't need to buy something I cant pay in full. And if that is the case that I buy something large, the auto pay would wipe my account. (checking that is) So with a currently low yearly income I need to be aware of what bills get drawn at what time.
+pinky1933 Sounds like your method works for you just fine. I don't keep too much in my checking and if I have a large expenditure, I would have to transfer money into it as well. My method is to turn on auto pay at all times and know what the monthly burn rate is roughly and keep that amount as buffer in the checking.
BeatTheBush true, I strive to make my score better because more doors are open to those with great credit. Nice video and looking forward to bettering my financial score.
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UsBank cash plus card offers cash back from three self selected categories. Two at 5% and one at 2%. You choose from a wide variety of retailers and other category options. Categories vary from car rental, groceries, cell phone bill payments to movie theater purchases. Five percent rebate is maximized at $2,000 worth of spending; any spending after that only gets 1% rebate.
+Roger Smith Yeah but the possible 5% categories are somewhat limited to me. They have movies, fast food which you would not spend that much in. BUT try do have electronic stores that tends to have huge mark ups and furniture which you would not normally get all the time.
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Haha i work with people's credit everyday as a car dealer and what you said the highest you can get is 850 is totally wrong the highest I've seen is 906 credit score
Credit repair has become my number one goal. After moving and switching jobs my credit score has dropped to low 5's. With bad credit I have learned that im really restricted. Wow thanks for the credit card tips. I just hired a credit repair company and im researching my best options for secured credit cards.
+Dave vonAnderseck Wait... the act of moving and switching jobs does not lower your credit. Something else must have happened but it really doesn't matter what actually caused it right? You may be interested in my other video no how to build credit: ruclips.net/video/dEZLZQXRBjQ/видео.html Not sure what exactly the repair company does for you but you can do a lot yourself if you have the time to write letters and call every creditor.
you need to owe 1% to 7% of your credit card limit on your upcoming bill statement.One day after the upcoming bill statement is printed then pay your balance 100% in full asap or before the due date.If you pay that in full you won't have to worry about interest on the next bill statement.Rinse and repeat every month.people that just pay the minimum payment and people that don't owe anything on there upcoming bill statement usually make it harder on themselves to get the most highest possible credit score.
For one credit card i do this.Wow 10 credit cards that's a lot of cards.But this tip was for those that look at your comment section that might not want to use your methods to a near perfect credit score.If they use my tips or your tips as long as they end up with a higher credit score then i'm happy!
+wise man I think doing that early pay off will only get you only a slightly better short term score and that being only temporary as well. All its doing is trying to lower the utilization. If you know when you'll need the score, you could just do it for that particular month and maybe the month before since doing it all year long is way too much hassle.
+wise man Slight conflict of interest there if you ask the Credit Card company. If you owe a little bit, you will not longer get the grace period for new charges and pay interest.
think your misunderstanding what i'm saying!! no big deal i guess.Need to use as much of the credit card limit as possible but only what you can afford.Instead of paying it in full right away.Almost pay it in full.you want to owe 1% to 7% of your credit card limit on your upcoming bill statement.Then one day after the bill statement is printed then pay that balance 100% in full asap or before the due date.Rinse and repeat every month.
I work for BofA and you CAN pay automatically, but you have to set it up over the mail. You call Cust Svc and ask for a Direct Debit form mailed to you. You fill it out, and select if you want to auto pay the min due, or the whole amnt. Simple.
redmatrix Wow, thanks for chiming in. Since I made this video, they have changed the auto pay some time ago. You can now setup the auto pay right on the website to pay in full every month, skipping even the snail mail.
QADAM RAWCHAA The core of it yes. You also have to try to increase the credit limit in various ways and not keep on applying when the application is rejected.
Good video dude, but I lost interest on the video as soon you start talking about points and that was more than half of the video, I taught this video was about improving your score not about points. Your comments in here were more informative than the video. Can you do a video with all the comments that you post it in here and answer in the video more questions? Thank you.
Growing up with Asians and knowing the stereotype about Asians, it would be an Asian with a 848 credit score lol. Thank you for the tips. Hopefully I can get my credit score close to what you have.
Great video! I have two credit cards now where I never spend over 30% of the limit on them. Lower if possible. Are you saying you pay the mininum on auto pay every month or you auto pay the entire balance off monthly and carry over a $0 balance?
Stefan James Auto pay the full balance of course. Paying the 18%APR finance charges is just ridiculous. Paying the minimum will mean you carry a balance and also lower your credit score slightly.
Stefan James You're welcome. =D I think what helped me is get over 800 was getting rid of the bad marks that weren't mine to begin with in my credit report. My other video explains this. ruclips.net/video/dEZLZQXRBjQ/видео.html
BeatTheBush I'm going through that process now of getting rid of bad marks. Sent letters to some of my creditors. In the meantime, I have two credits cards and an installment loan I just got to increase my score. 800+ is the goal. I didn't even know 848 was possible. LOL
Stefan James For me, I just called them. It's an option if you want it to go faster. Two cards only? I have 10+ cards. My thinking is that you need more cards from different banks to increase your total credit limit across all cards.
Thank you so much for the advice to utilize less than 30% of you credit card's available credit. I was using more than that each month for my rent payment and even though I was paying it off within the month it could have been affecting my credit. Just requested a credit line increase and was approved so that my rent payment is now less then 30% of the available credit so I can continue getting rewards cash back and also doing the best thing for my credit score. Trying to get it above 750! Thanks again!!
+Lventuro07 Yeah, keeping the utilization low will help for the immediate term. I explain this more in detail in "How to Boost your credit score". Asking for an increase doesn't occur to many people, so glad you are able to get an increase with this method.
I disagree with you on signing up for a card for the bonus then cancelling it before the annual fee is due. This shortens your AAoA (average age of account) and will be detrimental to your credit score in the long run.
+BeatTheBush I just got a citi thankyou premier strictly to get the 50K thankyou points and once I meet the minimum spend I intend to cancel it since from what I understand, one must wait 18 months before one can do that scam again (i.e. get another thankyou premier along with whatever signup bonus they have going on at that time.) In your opinion, how soon can one cancel the card once the 50K points are obtained, so as to re-start that 18 month clock as soon as possible? In other words, will it piss citi off if one cancels immediately after cashing-out their 50K point signup bonus?
Lol, I wouldn't call it a scam because scamming would mean you are cheating someone. Doing this is all within the rules set by the credit card company. Yes, it is about 18 months but generally I don't time it that perfectly. Yes, it will make them mad. But think about how much interest they earn off the American public every year? Think about how much they charge you if you are late 1 hour on your payment. My recommendation is to cancel it as soon as you have "Money In Hand". As in, you should wait until the cash or points is spent (flown already if they are airline tickets) or gift card is in your hand from the mail and NOT right after you order it. Then cancel away.
+BeatTheBush AAoA means the average age of all accounts....not just active. For example, if you have a PG&E account (yes, this is one utility that is reported to credit reporting agencies) for 15 years, then you marry and your spouse takes it over in their name and you close your account, you still have a 15 year account to contribute to the length of your credit history. It shows longevity, and often can offset shorter account's. But if you have too many new accounts or accounts that are closed after too short a period of time, it shortens the overall length of your credit history...which accounts for something like 30% of your score.
+BeatTheBush You seem to have misunderstood my concerns when I talked about possibly angering Citibank. LOL I do not see it in moral terms at all. Citi can go out of business for all I care. All their executives can choke to death on their caviar. LOL What I fear by possibly angering Citibank (and other credit card companies) by churning their cards in order to get multiple signup bonuses is two things: 1) Let's say I redeem the 50K signup-bonus points for gift cards. If I cancel the Citi Premier card after I receive the gift cards but BEFORE I actually spend them, I am afraid that Citi could somehow disable those gift cards when I go to spend them. The reason I fear this is because when my friend did exactly this type of thing, the gift cards took an awful long time to process at the cash register. It was almost as if they were being checked or something. 2) I fear that when I re-apply for the Citi Premier card (after waiting the mandatory 18 months, per their policy) that Citi will say "Ah-ha! You again! You are one of those evil credit card signup-bonus scammers. You are therefore DENIED!" May I know your thoughts on those two issues?
Great video. QUESTION: If I get Chase Sapphire card and then after one year cancel before they charge me annual fee, this thing make say credit score go down as it does when I cancel any credit card???? no???? i don't get how you just go and cancel? thanks
+Gin Amber It will go down. Mine goes down but only about 20 points. It doesn't matter to me because 1. I don't need to use the score for anything and 2. My score still remains above 800 even if it drops a little bit. Have a large total credit limit allows you to cancel cards without reducing your total credit limit which is a factor in determining your credit score. Hope that helps, let me know if you need clarification.
I love your Card Collection. But now please tell me. Does it have negative effect on my Creditscore to have let's say 10 Credit Cards ? or is it even something Positive ?
GamePlayRaja Thanks! It's not Magic or Pokemon card collection. lol. Having 10 Cards is better than 3. It's not just the number that counts. Its the overall credit limit total from all the cards that counts. One issuer will limit the total credit they want to give you (to limit their liability to one single client) so it's good to get them from different issuers.
BeatTheBush Well i hope i will improve my score high enough to get the Saphire Chase. Just looks too unique to not have it. I bet it makes you smile to use it. I will check some more cards and start making a list that i might need for my personal life.
GamePlayRaja Lol, sadly I cancelled it after 1 year because they charge a yearly fee. Everyone has all these nice looking cards including the Sapphire but my cards are darn right ugly. Question is, how much do you want to impress people by using a fancy looking card? Or do you use ordinary looking ones that gives better cash back?
I will aim for cards that make pay me for having a good credit of course. Let's see how well my hunt will go. It's hard for me to understand those Reward point cards. like u.s. bank or usaa. Would love a follow up on credit cards reward vs credit card cash back.
GamePlayRaja Rewards vs. Cash depends on your personal preference. I like cash rather than points that make me use it on airlines or hotels because cash can be applied to anything while points are a bit more restrictive. BUT if you know you will use the rewards then it's not a bad way to go.
I have been doing the same credit card thing for well over 10 years. I started with airline credit cards to get the bonus miles and then I expanded to the cash back cards. What I do to flag me to the correct cash card to use is I print out on a piece of paper, in a small font, what the card is for and I tape it on the front of the card with clear packaging tape. I started doing this when my wife got confused on which one to use.
J. Hinmich Sounds like a great method. I hand write it and 'laminate' it with the packing tape as a separate cheat sheet. The quarterly thing makes it so that you need redo this once every three months so I may try to put two quarter of info on the card. Just hand writing though since it's faster. I thought about using a permanent marker but the level of aesthetics is really up to the person.
nexttvmarketing Check your personal information area on the website. It's usually located where you put your billing address and/or where you say if you have checking/savings accounts. You just type in a number and save it.
Oddly, Experian says their score ranges from 300-850. www.experian.com/blogs/ask-experian/2015/04/23/infographic-what-are-the-different-scoring-ranges/
Experian has more than one system, I assume its all marketing since the only one that matters is FICO all of its a moot point money.cnn.com/2013/01/24/pf/credit-score/
Thank you! I’ve heard a lot of people discussing Capital One 360. Can you let me know your thoughts on this card? I appreciate you sharing your wisdom. I’m learning so much from you. I wish you many blessings!!
Banks want you to carry a balance because that's one of the ways they make money.if they don't make money then they aren't happy and the next thing you know they dropped your credit limit or straight out canceled your account.
+tweed187187 They never cancel mine and I very rarely pay finance charges. They still make money from the merchants that processed the transactions so they should be happy still.
I'm 19 years old and just applied for the Chase Sapphire preferred and got instantly approved. Can't wait to use it! Unfortunately i have to spend $4k within the first 3 months to get the 40,000 points.
Andrey V Wow really? To get that card at 19 is a great accomplishment. If you have a hard time spending the $4k, you could try to defer the spending via buying Visa or Amazon gift cards.
Yeah! I used a Wells Fargo one for the past year to build up my credit although it had like 1% cash back so it was horrible, lol. Now my score is about 740 so i was approved for this. Looking forward to applying to some hotel cards after i get the 40,000 from this one because i would like to travel in the near future.
nttwashere It's true, Andrey will likely have a hard time spending that much and deferring that much might not be feasible. The way to do it would be to spend it on things you would be buying anyway and not going out there finding things to buy. That would be somewhat comical if someone goes around spending like a crazy person just to meet the quota. Certainly should not do that. Thanks for the reply on that since the replies by themselves makes it seem like he should just spend like richie rich to get points. I think using Credit Cards by optimizing the points you get by itself will not get you rich. However, being able to do it means you are pretty organized and have good financial discipline. Using Credit Cards responsibly ultimately nets you all the points I estimate around $2000 a year if you spend average effort. Having a good credit score from this will net you much more from having the lowest interest rate loans where that can translate to 0 to $10k a year savings depending who you are comparing to.
My point is, if you never have to borrow money from anyone than a credit score means nothing. I don't think millionaires are bragging about a high credit score. If you can't afford to buy the thing, might as well don't buy it.
It's true but who never needs to borrow? It's hardly feasible to save up enough to purchase a car or home with cash. Employers can do hiring based on your credit score.
Buying a home can be done without a credit score. All you need a solid down payment, proof of steady job with income in last 2 years and that is usually sufficient. There is no excuse to EVER get a car loan. If you can't pay cash for the car you are too broke to buy the car. If the sticker price for the car is more than 20% of your annual income then it's too expensive for you. If you want to always stay broke and never get wealthy, by all means keep getting car loans and paying ridiculous interest rates on a depreciated asset. Pay cash for everything and you will spend at least 30% less on impulse as well. Credit cards are like a cancer in our society. As far as employers doing a credit check, mine didn't at all. I torn up my credit card 5 years ago and was the best decision I ever made.
Credit cards are more often used incorrectly and usually keeps people in debt. However, I can see lot of difficultly in getting the best rates in a home loan if you go in with the credentials you mentioned and no credit score. I would be interested in what kind of rates one would get in that situation. Do you have a rate you can share? Your employer didn't but there are some that check. Something to be aware of in the future. Using the cards correctly can give you awesome cash back. I only pay $0.95 on the dollar for most things.
Also, you can get the Fidelity back in cold hard cash if you have it linked to your brokerage account, you can transfer that money to your cash account. You may even be able to have it so it goes to your cash account.
I honestly have 1 card.You need a lot of disipline to have those cards.Interest can accumulate pretty fast.Rewards is there leverage to get people to spend more money and get more cards.Its easier to get in debt and get a low score for non use.
You are 100% correct about all that. How well it works on you depends on how much discipline you have. To do this successfully, you just have to not go crazy charging stuff on your card like it's free and pay it off every month. Easy to say but most people do not do this. I've made a video describing just this here: ruclips.net/video/J0ZRgBIG39Q/видео.html
I had 350 credit score because I was young and dumb. Now 31 I’m still working twice is hard to get it back up. So I did a joint account with my fiance and that has helped me a lot I starter paying my collections little by little and now I’m at 627. I now have couple credit card and a new car. In this country if you don’t have good credit you ain’t going very far.
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If you are a first time credit card user and want to get Great credit, I suggest to get the AMEX with no annual fee and wont close due to inactivity. Use it once and cut it up or stuff it in your underwear drawer and sit on it. Then you can go about your life gaining points with other cards for stuff and always pay on time. I say this because years of Open Credit has an affect on your Credit Score. I had a card with Zero balance for 19 years and closed it because I wasn't using it and was a huge mistake for my credit. Credit defaulted to my next to last oldest credit card which is 11 years. It's my AMEX that I havent used for over 9 years with no annual fee.
Not sure if never closing due to inactivity is across all AMEX but you could be right. I just make activity across all my cards these days via a very low charge. Check out "Low Balance Cancellation" video here: ruclips.net/video/2DJjfvcMCcg/видео.html So I do agree, one should not go around cancelling your oldest credit card nor the second or third oldest because the credit score is calculated based on AVERAGE credit age and not oldest credit age.
I currently have an AMEX that I haven't used for about 9 years, but is still active. But to keep active with a small amount every months or so is a good idea.
Actually, BoA does have a way to auto-pay, have been doing it on my card for over a year now. It's not called auto-pay, and it's not the most intuitive (maybe on purpose, I don't know) but it works.
celtosaxon I did notice that recently as well. Something changed that turned this feature on. I started using it perhaps 4-5 months ago. So it's not so bad to get BofA cards now, it's all game.
I just keep thinking, don't let the card number show, ppl can zoom and sharpen it. EEK. Lol, but really man you are a master of credit and the number proves it so gratz. And thank you for sharing your knowledge. I am actually using my Galaxy Note 4 to take real notes. HAHA! Blessing to you man!
Ash Underwood I really hope you cannot see, I remember being very careful about that. Can you make out anything? O_o Wow notes!? I'm just glad I can help. =D
BeattheBush, It was a very thorough video you got here. May I make a comment? You mentioned "cancelling" all the cards with annual fees. Perhaps with your almost perfect credit wouldn't hurt too much, but for those that are trying to improve their credits, this is a very bad advice as closing any card(s) will hurt their credit score...
+Paris Luong You are correct. I really should have made it more clear who should actually do this. I plan to update the video so I'll add it into a new video soon. Thanks for your comment.
Ive had a Discover card for a year. Recently got a Best Buy store card and a Chase Freedom card. Tried to get the US Bank Cash + card and the Bank of America Better Balance Rewards card and got denied due. So I will wait for those inquiries to fall off and hopefully raise my credit scores in the meantime.
asha taft Yep, sounds like you applied for too many too fast. Just use all the ones you've got and 'revolve' them. Like you said, when those inquiries fall off, you can try again.
CANCELLING CARDS, especially depending on the card, will typically LOWER YOUR SCORE significantly, fyi... For most people, CANCELLING a credit card is a BIG NO-NO. Unless you REALLY know what you're doing and how it's going to effect your score, which most people don't understand the credit reporting algorithm good enough to have this clear understanding, then you should NEVER CLOSE A CREDIT CARD. If they have annual fees, just don't get them from the beginning is probably the best way to go.
Correct. When you mean "really know what you're doing" it just means that you have a high enough credits core that cancelling a card isn't a big deal. It varies a lot on what a particular person should do.
How many cards do you have at any given point and how many did it take over what time period to get to that 848 score? Also is the score a reflection of you paying them off totally every month? Thanks so much. Very helpful.
At least 10+ cards over 10 years each with no missed payments. The score is a reflection of so many factors where paying them off is one major part of it. You need to build it up to have a huge credit limit so you can always have a very low usage ratio.
If you are looking for a loan(house,car etc) doesn't really matter whether you have a 760 or 848) The rates you will get is the same. If its a ego battle then go the 820+ score. My 2 cents.
CHINAA718 Yes. Sign up for the store card as needed to make purchases and get whatever discount they offer. Then collect any rewards they send you. If they don't send much after a few months, cancel it. Then reapply whenever you shop there again.
+Cally Longnecker Its not black and white since it depends on what the rest of your credit looks like. If you cancel the relatively young cards then yes its true.
Always treat a zero balance as if it were $1,000 balance that way if you go under that amount then you'll never have to worry about bouncing a check or over withdrawals.
Video suggestion: Can you do a video on Vantage Score 3.0 vs FICO Score 8? 90% of lenders use FICO but Vantage Score has made up a lot of ground over the last 10yrs. It's becoming more popular.
Congratulations on 848, highest I have gotten was 840 and was because "according to credit report I did not use cards enough, I also find they lower credit avail able? Never been late on a on payment since started using in 1982. Great feeling not to owe any thing!
+B C Ahhh just perhaps if you want to raise it in this last tiny bit (not that it matters) is to just use all your cards a little bit each month just to keep up the usage so that they do not lower your credit limit.
This is a great video however you strictly spoke about how to maximize rewards from various credit cards, slightly off topic from what the viewers must be expecting. Achieving a High Credit score has many factors - Credit inquiries, new accounts, various types of credit/loan accounts (car financing/housing loan) and other stuff also play big roles. It would be helpful if you can share what types of other accounts you have (Not just credit cards) which helped you a high score of 848 ish. Achieving that kind of near perfect score only through credit cards is tough.
+Kalyan K. Das (KK) I put together some of the things I did in order to achieve the high score in another video. Its here: Try this video: ruclips.net/video/dEZLZQXRBjQ/видео.html
can you make a video about how to pay off collections & charged off accounts please? Thank you & your videos are great and informative. I'm a new subscriber & I clicked the bell too ❤
Welcome! Thanks much! Not sure if you saw the "How to Pay Off Credit Card Debt" video here: ruclips.net/video/XY8YSPapnF8/видео.html Generally, debt is debt. Those kinds just have a higher interest rate.
Yeah I just watched it. But what if some of the collections or charge offs are installments or you have a judgement/public record. Should I pay off the judgement first then focus on the rest? Thank you in advance
Both sounds equally severe but the judgement sounds a bit more critical. I would pay the installments to keep them current while paying off the judgement first. But really, you need to pay them both off as fast as possible.
Thanks for the excellent video and helpful info.I have a question though.you mentioned you would cancel the Sapphire chase credit card and American express credit card later,won't that affect your credit score? And what will you do after you cancel them,are you going to apply for a different credit cards?
ahmed khalil It does affect it a little bit but it recovers after a few months. After I cancel, I have a bit more wiggle room to apply for more cards. Each brand of cards will limit the total they give you so I'm reducing it on purpose to make room for more cards. =D
The reason why we ask. like you metioned in this video , banks started out with low interest cards, cash back cards and Travel cards. As we all know for the travel card they come in 2 versions 1 with the fee and 1 without. so after somebody has the card for 1 year they like the card, but when the year is up and the annual fee kicks in everybody does something different I was just wondering if you lowered your level to the basic sapphire that's all.
Mark Santucci Its just a way for the credit card company to retain you as a customer without shelling out another sign up bonus. You would be inclined to stay IF you happened to not have spent the bonus rewards already. The free version of course is not as good with less benefits here and there.
Great video, thank you !!!!!!!!! Could you make video about credit card with cash back and ebates website, would it be good idea to use both at the same time ?
Noted your idea. I actually haven't made one about eBates. Yes you can use cash back credit cards with eBates to sort of double dip. It's a few percent more so it's better than nothing. Important thing is to not go too crazy spending money on eBates just to get more points. It's easy to get carried away.
Bryan Smilk Great question. When you cancel the cards, it does negatively affect your score because it reduces your credit limit. My experience is that it'll heal itself after a few months so do this only if you wont be needing your credit score for initiating a new loan.
Can you tell me more about how you cancel the credit cards after recieving the bonuses without getting dinged on your credit score? How does that work? I always was taugh canceling a credit card hurts your credit score
tyler ortiz If you cancel the ones that you just got, then it wont be so bad. It does go down a little but it recovers after a few months. So you keep the cards you have for a really long time, and cancel the new ones to not wipe out your credit history.
I am a stay at home mom, my credit score is about 530- I have charged off several things on my report and have been working At this for years, I literally have 30 pages of a credit report. No matter what I do to pay a bill off it doesn’t improve my score. I have never had a store card or any unsecured credit card. It’s like a right of passage for teens(18 year olds, etc) to get a basic card and I’m sitting here at 55 and I can’t even get anything. I’ve never even been able to get an apartment on my own. I feel like a failure. I can’t travel because I can’t book hotels, rent cars, etc. I just want to be like everyone els
+Jaimie Dee Photography | Atlanta Wedding Photographers Yeah, that's a store card and it requires you to be the primary member of an Amazon Prime Membership.
Ok got it thx for that- what do you think about the DISCOVER IT CARD? Im thinking about getting that or the CAPITAL ONE QUICKSILVER card or the REI MASTER CARD. What do you think?
I have - amex - chase (visa) - discover - ing (mastercard debit) all 0 balance and i'm gold. Don't need anything else. I'd rather have a high limit on those 3 rather than 10 cards with a low limit.
+BeatTheBush to me it's all numbers, if they're going to give me 10 cards at 6000 each, I'll just say give me the 3 i have at $20000 each. So i can be as minimal as possible. the 3 credit cards, 1 bank card and drivers lic all fit in my machine era wallet. keeping track of many cards, risking id theft or anything else that can go wrong actually going wrong, isn't for me. isn't one card at $100,000 limit being used at x percent, and paid at going to be better for credit than 20 cards at $1000 each?
+TENNSUMITSUMA In theory that works if you can specify your credit limit. But the credit limit is dependent on your current credit score, income, and the place you get your credit card from. So if you qualify for 3 - $20k cards, you probably would qualify for more $20k cards from other companies. Having more of them will allow you to increase your total credit limit and further increasing your credit score.
So you don't want to think about the freedom cards rotating categories because it's too much to think about but you would rather shuffle through 5 or 6 different cards because that's suppose to be easier.....?
***** I argue it's easier because when the category doesn't change, you remember which to use. But if it keeps on rotating, you have to switch your habits. It's also not 1 card vs. 6 because the single card usually would not cover everything you would buy but rather just the category it is in.
The Alaska Airlines Visa from Bank of America has a 30,000 award for signing up - That's a round-trip to most anywhere they fly for $95 first year fee. You also get a $99 companion fare annually and at at least one mile per dollar spent. No problem setting up Auto Pay.
I sort of consider those types of cards pre-paying for your airline ticket. If you have somewhere in mind you want to go within their airline then getting it will save you money. But if you have no where in mind and end up going somewhere just to 'use it up' then it wont save you money. So timing on this is critical to get the most value from it.
I fly at least once a month on Alaska so I see value from their programs. I use them like a savings account as their miles never expire, so I'll apply for (and cancel a prior card) annually as I'm cheap =D
I've had as many as four of their cards at once. Sometimes they offer extra bonuses in-flight and I feel obligated to apply as they have cute flight attendants =D
I read this week on USA TODAY. That credit card companies are craking down on people that get a credit card, use the sign in bonus and then cancel it after a couple of months in order to move to another high initial rewards card. Even if you have a perfect credit score.
+BeatTheBush They basically notice the pattern and even if you have a shining credit score they can give you the cold shoulder and deny your application.
Questions: 1. I heard when you cancel CC your credit score goes down. I guess they were wrong? So my credit score wont be affected if i close a cc line i got about 3 months ago? 2. How do you know when to pay your balance off so you won't get charged for interest? (is it the "Due date"?) It's stupid question, I know. I tend to overthink, so i need clarification. 3. How many CC do you recommend to have? I'm improving my credit score, currently good. Thank you!
+ExpertShooter Answers: 1. Your score does go down. If you have a large credit limit, it doesn't go down too much. 2. If your cc was at 0 balance and you charge something, then you wont be charged interest if you pay it off in full before the due date. This is called a grace period. However, if you pay less than full, you will be charged interest. You will no longer have a grace period after this and anything you buy will accrue interest immediately thereafter. 3. As many as you can in order to maximize credit limit. Generally good to get them from different banks because a single bank may limit the total credit they issue you. Hope all that helps, have a nice day! =D
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Could adding a card like your Target card to my wallet help my credit score, as it might be considered a different "type of credit" (retail account)? Great video by the way.
Charles Urias Thanks! Glad you liked it and hope it was useful to you. It can because store cards will still make it into your credit report if it is a credit type card as opposed to Target's other card that is debit based.
A few questions for you: Did you end up canceling the Chase Sapphire Preferred to avoid the annual fee? Are the 50,000 points for the Amex Gold Premier really redeemable for $500? It seems like points to cash is not a 1:1 ratio, and it's better to redeem for gift cards or something...or am I wrong? (I got an invitation for this one in the mail). And how about the Citi ThankYou Premier points? -same question on redeeming (saw your newer video with this card)
+jeaok For the gold, I don't think you can cash out in cash. I got a gift card to a retailer I always use and displaced my spending with the gift card. Took a long time though. Yes I cancelled Sapphire long ago and still got the bonus in cash. I could have gotten 25% more if I spent it on plane tickets but it just didn't fit with my needs at the time. The TY Premier, same thing, travel is 25% better so I'm going to try to use it on plane tickets. If not then the best ratio is to transfer to some other airline miles thing.
Inaccurate number as of now. Cash+ restaurant is 2% fast food 5%. Ink gives 5X on office supply stores not 3%. BankofAmerica does have auto pay service.
+Mohammad Moghimi True true, its an older video. Agree on Cash+. And true, BofA does have auto pay now. Ink rewards to me are not as good. Before is 3% gas, restaurants, office supply, hardware, and home improvement. After is 2% gas, restaurants and 5% office supply, cell, landline, internet, cable tv. The grandfathered 3% still works and the new ink terms to me are not as good. 3% on gas/restaurants and hardware and home improvement is pretty darn useful.
BeatTheBush I had autopay on my BofA since I got my first BofA card in 2012. I don't remember correctly but I believe in Aug 2014 Ink was 5x. In general, at least as of now, your statement is not correct. You cannot get 5x everywhere or almost everywhere. 2-3% is more accurate. BTW, your explanation of transaction fees is not accurate either. Banks lose money when they give you 5%. They can make up for it in other ways for sure if you regularly use your card.
+Mohammad Moghimi You can pool together multiple cards to cover 5% on many categories like gas/groceries/department stores/fast food and even restaurants sometimes. I've done this for the past 5 years at least.
Good video. I have many of these cards. I would like to get the 5% restaurant card. The American Express Business card is even better. It's a 5% bonus on office supplies and 5% on cell service. And comes with a bonus when you apply. You also don't have to cancel cards with fees. You can just convert them to non-fee cards. I also don't like auto-pay because I want to have more sense of control, so I just changed all of my due dates to the same day and just make all the payments at the same time once a month. Practically all cards allow you to change your due date to anything you want.
kalashnik3 Even better is if you don't pay for cell service at all. ruclips.net/video/W7CKRKiZx4I/видео.html, But I want to cancel the cards with fees because I want to apply for them years later for another round of rewards. As long as you get 5% on all the things you personally buy then it's optimal. How much will one spend on office supplies a year right? I spend much more on restaurants and gas.
love your video, you know anything about travel hacking by chance? i just got the sapphire card, and got my 40,000 miles... hoping to learn more about travel hacking if u know how to use those points well :) thanks again
cherieann You could go to great lengths in getting credit card sign up bonuses but that's a little beyond my own personal work/benefit threshold. For the sapphire card you of course want to get the airfare through their rewards program since it gets you 25% more value. The scheduling tool inside Chase is pretty good and gets fares comparable to the airfare comparison sites. Of course, you can check for yourself as well.
The only other thing i do outside of what you do is i have balance transfer cards used. I own a handful of rental properties, so what i do is i signup for the 0% balance transfer cards with 0 fee for first 30/60/90 days, then i transfer the full amount and apply it toward one of my rental properties mortgage to pay it down quicker, usually based off my income and credit i get balances as high as 16k, but i limit my transfer to the amount of rental income im expected to receive that year. Example last year i had the remaining 15.3K left on one of my Colorado Rentals @6.2% interest, i payed it off with the balance transfer card saving myself the 5.2%, paying the card off before the payoff period via autopay setup. saving about $950 for the year.
Nice one. But what about not paying it off until the very end of the term and just do minimum? It wont net you that much more but it's something. The risk here is if someone ends their lease early or if they cannot pay then you will not have enough to cover it. Then you may hit the high interest when the 0% apr expires.
KaiWolfy Doing all this has lots of benefits but its certainly not for everyone. You still should use a credit card to build your credit because it'll get you lower rates for buying a car or house. I say this UNLESS you have millions of dollars in the bank and can buy everything you ever need with cash, never have to work while the money just keeps rolling in via investments or Chaebol parents. Then you would never need credit.
BeatTheBush no I definitely don't have millions. lol. the reason i don't own credit cards is because i don't want to spend money i don't have. but your video was informative and i definitely need to get that target card. :)
KaiWolfy It does take some will power to not use the credit card like it's free money. Consider this: By the time a person with low credit score pays off a car, it would cost them 25k. For a person with high credit score will only cost them 20k for the same exact car. (2% Interest for awesome credit and 13% Interest for no credit for 4 year loan). BUT you wont have this problem if you can save up enough to buy the car with cash.
BeatTheBush It's true! I really appreciate you responding! A LOT. Despite having no credit (well bad credit actually, because I have multiple sclerosis which has caused 40K in medical debt), I still got an auto loan with a 7.9% rate. I am able to refinance at 1 year.
KaiWolfy That's a tough position to be in and sounds like quite a financial burden. Important thing is to just set up your financial situation so that you pay the least total cost via paying the high interest rates loans first while paying minimum on the others. On top of that, there's actually so much waste with spending patterns of a typical person that I believe you can still live well and healthy on minimum wage. I say this because you can minimize spending like a crazy person while keeping a good quality of life and use the savings to really knock down your debts. For example: I pay nothing for cellphone bills. ruclips.net/video/W7CKRKiZx4I/видео.html
![How To Build Credit with Bad Credit or NO Credit [w/ Self-Lender]](http://i.ytimg.com/vi/RNXutBGAnlM/mqdefault.jpg)
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my credit scores in the low 800's how I got it ? Pay your damn bills !
+Bob Bobbalina Lol, that pretty much summed up my video. Except i elaborated on it.
lol so thrue tho
+Bob Bobbalina yet, many people do just that and cannot break even 750
Latin Lover Interesting observation. Are you one of people who cannot break 750?
to boost your score :pay balance BEFORE end of billing cycle, increase amount of limit, keep oldest accounts open cancel any less than a year, also other form of credit than CC debt like car or student loan. A big factor is time - so keep going good things and you'll get there
See This why I listen to Asian when it comes to money subscribed.
Thanks for the sub!
Listen to the Jew, and he'll tell you same things along the loopholes to go along with cards.
ExRussian86 Thanks for you comment but I want to softly point out that generalizing any one nationality to having a bad or even a good trait is slightly racist.
I think you meant "ethnicity" not "nationality". But ya.
Lol America is prejudice weather we like it or not
Jacob Ashuri You have posted a link to a website I do not endorse. I have removed that comment since the site charges $20/month for something that you can get for free. I would not recommend such things to my subscribers when you can pull your credit score from all three (Equifax, Transunion, Experian) for free once a year. www.AnnualCreditReport.com is a government mandated site that will not ask for a credit card.
Jacob Ashuri
Providing more incorrect information in rebuttal to supposed incorrect information is also not what RUclips is for. A consumer can obtain actual FICO scores through www.myfico.com. They even offer various versions as some company don't use the most current one. In addition, some credit cards like Discover offer free FICO scores.
Geralynn Prince and what do you know? Everyone knows you have bad credit! Go back to using government money! !!
shankar3950 How do you know Geralynn Prince has bad credit? Perhaps you know them in person.
BeatTheBush He wishes. Just an internet troll with nothing better to do. Ignore them and they typically go away...
BeatTheBush thank you this was very helpful I just got my first credit card to start working on my credit, I figured I would buy thing's I already needed and just pay it off every month, did not realize there is away to get credit that actually pays you in the long run. thanks for removing the comment and the link you gave as well
+odorf aculep Really appreciate your feedback. I will change the title and thumbnail to something that reflects the content more. I think making a new video from the comments is an excellent idea. I'll be putting one together in the near future.
Ionita Heinze Thanks! I appreciate the feedback. I'm trying to put together another video on how to improve your score since there was a lot of interest in that.
thanks plz. send me your links
ruclips.net/p/PLAffnc1joZvaVAUewyWIustcKgh5coR8o
+Top Trends ok we get the advertising NEXT
Sean Rideau Thanks for the note, I flagged their comment so others will not see it.
If you cancel the fee - do they downgrade the card to something with less rewards or cancel your card?
Daniel McMeekin I cannot withdraw the $200 because I only have $182.71. If you will send me $17.29 first I am more than happy to send you the $200
Very informative video. CongratuIations on that 800+ score. I'm giving up so much in order to become debt free by the end of the year. I cant wait! If I had known this much about credit I wouldnt have any debt. I never touched credit cards in the past because I didnt know much about them. They would've helped me tremendously. Saving anything and everything is what kept me afloat. Well you live and learn. I will work on getting a better card as well...5% great.
Ann Sullins Thanks! And thanks for the comment. Lets say a person spends half of what they earn through credit cards and managed to get 5% on everything they buy. Then it's like 2.5% salary raise!
I checked my credit score a few days ago and it was 821, but im not planning to take out a house or a car loan anytime soon so i don't care about the score. I do have a 2015 Honda accord thats paid off 😃😂💋💋🌴🌴⛅☁
+Paul OregonUSA Sounds like you're in pretty good shape. So you appear to be in the position to do some credit card churning for the reaping of the points!
Great video, I got fast credit improvement with creditmasterfix.com_ after I came across great reviews about their services. I now have an excellent credit score of 800+ across all bureaus and all negative items have been wiped off as well. PERFECT TEAM , just let them know I referred you and they would respond swiftly. (Roy @creditmasterfix. com) You can also google Credit MasterFix LLC for more positive reviews
I work in Finance and i've have personally seen max points for on all different scoring systems its extremely uncommon but 850's and 900's on different models do exist. That being said congrats on your 848 keep up the hard work!
Rob M What do you think the perfect rate is? 1 in 1 million? Or perhaps your clients are on the affluent/good credit side so you might have a better chance of coming across the perfect scores.
Rob M's original comment "Perfect score would be 850 or 900 depending on the scoring system bureau. My best advice to anyone is sign up with I work at a car dealer and am no way affiliated with them but the knowlage you pick up from there will drastically improve your score "
BeatTheBush Sorry Rob M, I re-posted your comment but with the link removed. The monitoring system required a preposterous $24.95 a month and it even renews automatically! Even if you are not affiliated, I don't want to propagate a service I cannot highly recommend.
BeatTheBush Understandable! May I ask why you don't feel comfortable recommending their service? I have found it to be the most accurate monitoring system so far! I've used www.AnnualCreditReport.com but being able to constantly monitor any changes month by month is worth the 25$ fee. That's just my opinion I would love to hear your thoughts!
Rob M Only because it costs money. It is nice to see it month to month from all three but I do not think people need to go to that level of precision. These days I can get month to month credit score from various credit cards such as Discover right on the statement. How much is that? Free. People go around paying $80/mon for cell phone service claiming that it is an inelastic service you must have. Well... I use freedompop ... an equivalent with a little less quality yes but free. ruclips.net/video/W7CKRKiZx4I/видео.html
Also, regarding the Fidelity card: you can direct the rewards to a "Cash Management" account to receive the 2% reward, and then either use the debit card they provide you for that account, or transfer it to another bank account. So you can definitely use it as "cold hard cash" if you're willing to take an additional step. :)
profesortambores Wow, I didn't know. Thanks for that. I'll keep that in mind when I actually want to take it out.
Xianghui Chen There is no quick way other than time. Focus on using it to $300-400ish (safely away from limit) and do auto pay every month for a year or two and they will eventually ask to raise your credit limit. You can also request a limit increase by calling as well. I don't know this for sure but that is what I will do. If you really try to push it I guess you can lower your utilization a month or two before you apply for another card. For me, I just applied to all those cards they try to get you to have on campus and snag a freebie while doing it. Also, when I had a low limit and spent to near the limit, they would notice and raise my limit pretty quickly.
Nice video! We have almost the exact same card lineup (replace Target with Discover It).
One thing to note: Cash+ used to have no limits on the 5% categories. Now you receive 5% up to only $2000 a quarter. It's still a great card, but they've definitely made it less desirable as of late.
profesortambores Thanks for that too. I'm looking into it and it seems like you can get 5% on 2 categories (I pick restaurants mostly). $2000 limit on those two combined in a quarter. So $660 ish a month on restaurants.
It's even worse now, US Bank Cash+ got rid of their Restaurants 5% category for 2015 Jan-Mar quarter. Game over.
I do not cancel the card once the fee is due. I had a score of 460 two years ago and now have 658. I have three cards totaling little under 4k so not much. However, when I pay my bill, I pay before the report date. I know paying when its due or before is good, but my report date is like 1 week before my due date. So when I buy 800 with my card and even if I pay 800 on due date, my report date a week prior is going to report that im at 80% on that card (of 1k limit) which hurts. A lot of people forget that the report date is just as important as your due date. My plan is to have good enough credit to get the lowest home loan I can within the next year.
In this case of having a low limit, paying right before report date is a good idea. I would pull my hair out at all the fuss required tho since I prefer the hands off method. I just spend whatever and the auto pay take cares of it.
BeatTheBush I wish I could do that but my income is not guaranteed such as a salary and since I am the only one working full time, I have to be aware of what I spend and what I can pay. I would use auto pay in the future, but I don't need to buy something I cant pay in full. And if that is the case that I buy something large, the auto pay would wipe my account. (checking that is) So with a currently low yearly income I need to be aware of what bills get drawn at what time.
+pinky1933 Sounds like your method works for you just fine. I don't keep too much in my checking and if I have a large expenditure, I would have to transfer money into it as well. My method is to turn on auto pay at all times and know what the monthly burn rate is roughly and keep that amount as buffer in the checking.
BeatTheBush true, I strive to make my score better because more doors are open to those with great credit. Nice video and looking forward to bettering my financial score.
Yeah, tell that to the guy that only uses cash and no credit cards.
Honestly man I appreciate you taking the time to do this video and teach us this
I'm confused, after you cancel the credit card so you dont have to pay the Annual fee, do you reapply again? Or just get a whole different card
You have to get different card 🤷🏼♂️
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UsBank cash plus card offers cash back from three self selected categories. Two at 5% and one at 2%. You choose from a wide variety of retailers and other category options. Categories vary from car rental, groceries, cell phone bill payments to movie theater purchases. Five percent rebate is maximized at $2,000 worth of spending; any spending after that only gets 1% rebate.
+Roger Smith Yeah but the possible 5% categories are somewhat limited to me. They have movies, fast food which you would not spend that much in. BUT try do have electronic stores that tends to have huge mark ups and furniture which you would not normally get all the time.
Title should be renamed, "how to maximize credit card points"
Still don't know how to attain the 848 score
I got feedback on that and made a video just to explain the step to get that score here: ruclips.net/video/dEZLZQXRBjQ/видео.html
Thanks Boss ..I appreciate it..and I'm glad your results where Stellar! Good luck with whatever direction you choose in your relationship too..when the Kings castle is order the rest will follow.. Live Life..
Alpha Wolf.
Voodoo8648 well said.
you should contact this computer geek who can alter any changes on your report, i now score a 790+ and all my negatives have been wiped off. (Roy@creditmasterfix.com) Let him know i referred you .
Haha i work with people's credit everyday as a car dealer and what you said the highest you can get is 850 is totally wrong the highest I've seen is 906 credit score
Credit repair has become my number one goal. After moving and switching jobs my credit score has dropped to low 5's. With bad credit I have learned that im really restricted. Wow thanks for the credit card tips. I just hired a credit repair company and im researching my best options for secured credit cards.
+Dave vonAnderseck Wait... the act of moving and switching jobs does not lower your credit. Something else must have happened but it really doesn't matter what actually caused it right? You may be interested in my other video no how to build credit: ruclips.net/video/dEZLZQXRBjQ/видео.html Not sure what exactly the repair company does for you but you can do a lot yourself if you have the time to write letters and call every creditor.
you need to owe 1% to 7% of your credit card limit on your upcoming bill statement.One day after the upcoming bill statement is printed then pay your balance 100% in full asap or before the due date.If you pay that in full you won't have to worry about interest on the next bill statement.Rinse and repeat every month.people that just pay the minimum payment and people that don't owe anything on there upcoming bill statement usually make it harder on themselves to get the most highest possible credit score.
+wise man I've heard of that one before but I'm way too lazy to attempt that with 10+ credit cards. Do you do it manually and for how many cards?
For one credit card i do this.Wow 10 credit cards that's a lot of cards.But this tip was for those that look at your comment section that might not want to use your methods to a near perfect credit score.If they use my tips or your tips as long as they end up with a higher credit score then i'm happy!
+wise man I think doing that early pay off will only get you only a slightly better short term score and that being only temporary as well. All its doing is trying to lower the utilization. If you know when you'll need the score, you could just do it for that particular month and maybe the month before since doing it all year long is way too much hassle.
+wise man Slight conflict of interest there if you ask the Credit Card company. If you owe a little bit, you will not longer get the grace period for new charges and pay interest.
think your misunderstanding what i'm saying!! no big deal i guess.Need to use as much of the credit card limit as possible but only what you can afford.Instead of paying it in full right away.Almost pay it in full.you want to owe 1% to 7% of your credit card limit on your upcoming bill statement.Then one day after the bill statement is printed then pay that balance 100% in full asap or before the due date.Rinse and repeat every month.
I work for BofA and you CAN pay automatically, but you have to set it up over the mail. You call Cust Svc and ask for a Direct Debit form mailed to you. You fill it out, and select if you want to auto pay the min due, or the whole amnt. Simple.
redmatrix Wow, thanks for chiming in. Since I made this video, they have changed the auto pay some time ago. You can now setup the auto pay right on the website to pay in full every month, skipping even the snail mail.
So basically thats it? Just get a lot of cards and overall pay them on time and thats all you did?
QADAM RAWCHAA The core of it yes. You also have to try to increase the credit limit in various ways and not keep on applying when the application is rejected.
I'm following your footsteps and I'm liking it. Thanks.
Glad you liked it. It's like getting everything for 5% off.
BeatTheBush true
Good video dude, but I lost interest on the video as soon you start talking about points and that was more than half of the video, I taught this video was about improving your score not about points. Your comments in here were more informative than the video. Can you do a video with all the comments that you post it in here and answer in the video more questions? Thank you.
Growing up with Asians and knowing the stereotype about Asians, it would be an Asian with a 848 credit score lol. Thank you for the tips. Hopefully I can get my credit score close to what you have.
Ha! You wish! Your kingdom is deep in debt to the Lanisters. Btw, don't go hunting next week. Danger awaits!
Great video! I have two credit cards now where I never spend over 30% of the limit on them. Lower if possible. Are you saying you pay the mininum on auto pay every month or you auto pay the entire balance off monthly and carry over a $0 balance?
Stefan James Auto pay the full balance of course. Paying the 18%APR finance charges is just ridiculous. Paying the minimum will mean you carry a balance and also lower your credit score slightly.
BeatTheBush Gotcha! I want to build my score to over 800 too. Thanks for the video.
Stefan James You're welcome. =D I think what helped me is get over 800 was getting rid of the bad marks that weren't mine to begin with in my credit report. My other video explains this. ruclips.net/video/dEZLZQXRBjQ/видео.html
BeatTheBush I'm going through that process now of getting rid of bad marks. Sent letters to some of my creditors. In the meantime, I have two credits cards and an installment loan I just got to increase my score. 800+ is the goal. I didn't even know 848 was possible. LOL
Stefan James For me, I just called them. It's an option if you want it to go faster. Two cards only? I have 10+ cards. My thinking is that you need more cards from different banks to increase your total credit limit across all cards.
Thank you so much for the advice to utilize less than 30% of you credit card's available credit. I was using more than that each month for my rent payment and even though I was paying it off within the month it could have been affecting my credit. Just requested a credit line increase and was approved so that my rent payment is now less then 30% of the available credit so I can continue getting rewards cash back and also doing the best thing for my credit score. Trying to get it above 750! Thanks again!!
+Lventuro07 Yeah, keeping the utilization low will help for the immediate term. I explain this more in detail in "How to Boost your credit score". Asking for an increase doesn't occur to many people, so glad you are able to get an increase with this method.
I disagree with you on signing up for a card for the bonus then cancelling it before the annual fee is due. This shortens your AAoA (average age of account) and will be detrimental to your credit score in the long run.
Cally Longnecker I agree that we disagree. =D But does AAAA mean Average Age of All Accounts or Average Age of Active Accounts?
+BeatTheBush I just got a citi thankyou premier strictly to get the 50K thankyou points and once I meet the minimum spend I intend to cancel it since from what I understand, one must wait 18 months before one can do that scam again (i.e. get another thankyou premier along with whatever signup bonus they have going on at that time.)
In your opinion, how soon can one cancel the card once the 50K points are obtained, so as to re-start that 18 month clock as soon as possible? In other words, will it piss citi off if one cancels immediately after cashing-out their 50K point signup bonus?
Lol, I wouldn't call it a scam because scamming would mean you are cheating someone. Doing this is all within the rules set by the credit card company. Yes, it is about 18 months but generally I don't time it that perfectly.
Yes, it will make them mad. But think about how much interest they earn off the American public every year? Think about how much they charge you if you are late 1 hour on your payment. My recommendation is to cancel it as soon as you have "Money In Hand". As in, you should wait until the cash or points is spent (flown already if they are airline tickets) or gift card is in your hand from the mail and NOT right after you order it. Then cancel away.
+BeatTheBush AAoA means the average age of all accounts....not just active. For example, if you have a PG&E account (yes, this is one utility that is reported to credit reporting agencies) for 15 years, then you marry and your spouse takes it over in their name and you close your account, you still have a 15 year account to contribute to the length of your credit history. It shows longevity, and often can offset shorter account's. But if you have too many new accounts or accounts that are closed after too short a period of time, it shortens the overall length of your credit history...which accounts for something like 30% of your score.
+BeatTheBush You seem to have misunderstood my concerns when I talked about possibly angering Citibank. LOL
I do not see it in moral terms at all. Citi can go out of business for all I care. All their executives can choke to death on their caviar. LOL
What I fear by possibly angering Citibank (and other credit card companies) by churning their cards in order to get multiple signup bonuses is two things:
1) Let's say I redeem the 50K signup-bonus points for gift cards. If I cancel the Citi Premier card after I receive the gift cards but BEFORE I actually spend them, I am afraid that Citi could somehow disable those gift cards when I go to spend them.
The reason I fear this is because when my friend did exactly this type of thing, the gift cards took an awful long time to process at the cash register. It was almost as if they were being checked or something.
2) I fear that when I re-apply for the Citi Premier card (after waiting the mandatory 18 months, per their policy) that Citi will say "Ah-ha! You again! You are one of those evil credit card signup-bonus scammers. You are therefore DENIED!" May I know your thoughts on those two issues?
Great video.
QUESTION: If I get Chase Sapphire card and then after one year cancel before they charge me annual fee, this thing make say credit score go down as it does when I cancel any credit card???? no???? i don't get how you just go and cancel?
thanks
+Gin Amber It will go down. Mine goes down but only about 20 points. It doesn't matter to me because 1. I don't need to use the score for anything and 2. My score still remains above 800 even if it drops a little bit. Have a large total credit limit allows you to cancel cards without reducing your total credit limit which is a factor in determining your credit score. Hope that helps, let me know if you need clarification.
I love your Card Collection. But now please tell me. Does it have negative effect on my Creditscore to have let's say 10 Credit Cards ? or is it even something Positive ?
GamePlayRaja Thanks! It's not Magic or Pokemon card collection. lol. Having 10 Cards is better than 3. It's not just the number that counts. Its the overall credit limit total from all the cards that counts. One issuer will limit the total credit they want to give you (to limit their liability to one single client) so it's good to get them from different issuers.
BeatTheBush Well i hope i will improve my score high enough to get the Saphire Chase. Just looks too unique to not have it. I bet it makes you smile to use it. I will check some more cards and start making a list that i might need for my personal life.
GamePlayRaja Lol, sadly I cancelled it after 1 year because they charge a yearly fee. Everyone has all these nice looking cards including the Sapphire but my cards are darn right ugly. Question is, how much do you want to impress people by using a fancy looking card? Or do you use ordinary looking ones that gives better cash back?
I will aim for cards that make pay me for having a good credit of course. Let's see how well my hunt will go. It's hard for me to understand those Reward point cards. like u.s. bank or usaa. Would love a follow up on credit cards reward vs credit card cash back.
GamePlayRaja Rewards vs. Cash depends on your personal preference. I like cash rather than points that make me use it on airlines or hotels because cash can be applied to anything while points are a bit more restrictive. BUT if you know you will use the rewards then it's not a bad way to go.
I have been doing the same credit card thing for well over 10 years. I started with airline credit cards to get the bonus miles and then I expanded to the cash back cards. What I do to flag me to the correct cash card to use is I print out on a piece of paper, in a small font, what the card is for and I tape it on the front of the card with clear packaging tape. I started doing this when my wife got confused on which one to use.
J. Hinmich Sounds like a great method. I hand write it and 'laminate' it with the packing tape as a separate cheat sheet. The quarterly thing makes it so that you need redo this once every three months so I may try to put two quarter of info on the card. Just hand writing though since it's faster. I thought about using a permanent marker but the level of aesthetics is really up to the person.
Im currently at 768 want to raise this and get in the 800 club
That's pretty good already. Just keep on doing what you're doing. Don't forget to update your income to include EVERYTHING on each card.
+BeatTheBush thanx for the advise.
I dont understand this concept? How do you update your income on each card?
nexttvmarketing Check your personal information area on the website. It's usually located where you put your billing address and/or where you say if you have checking/savings accounts. You just type in a number and save it.
Thanks, however just to clarify you mean my credit card website correct?
I'm not looking forward to $20 at the end of the year for spending $1000. Or $5 for $250. But the Chase Sapphire with the 40k points is a great deal.
Helios77711 I don't get it.
thank you,plz. send me your link,trying to build my credit,so any suggestions /advice definitely helpful
ruclips.net/video/dEZLZQXRBjQ/видео.html and ruclips.net/video/Y6-SB35C7Pc/видео.html
+BeatTheBush Credit is not FICO score.. Credit scores can get to 990, Experian Credit ranges from 330-830 money.cnn.com/2013/01/24/pf/credit-score/
Oddly, Experian says their score ranges from 300-850. www.experian.com/blogs/ask-experian/2015/04/23/infographic-what-are-the-different-scoring-ranges/
Experian has more than one system, I assume its all marketing since the only one that matters is FICO all of its a moot point
money.cnn.com/2013/01/24/pf/credit-score/
Thank you! I’ve heard a lot of people discussing Capital One 360. Can you let me know your thoughts on this card? I appreciate you sharing your wisdom. I’m learning so much from you. I wish you many blessings!!
They have lots of products but I do not immediately see a credit card product.
Banks want you to carry a balance because that's one of the ways they make money.if they don't make money then they aren't happy and the next thing you know they dropped your credit limit or straight out canceled your account.
+tweed187187 They never cancel mine and I very rarely pay finance charges. They still make money from the merchants that processed the transactions so they should be happy still.
I'm 19 years old and just applied for the Chase Sapphire preferred and got instantly approved. Can't wait to use it! Unfortunately i have to spend $4k within the first 3 months to get the 40,000 points.
Andrey V Wow really? To get that card at 19 is a great accomplishment. If you have a hard time spending the $4k, you could try to defer the spending via buying Visa or Amazon gift cards.
Yeah! I used a Wells Fargo one for the past year to build up my credit although it had like 1% cash back so it was horrible, lol. Now my score is about 740 so i was approved for this. Looking forward to applying to some hotel cards after i get the 40,000 from this one because i would like to travel in the near future.
Andrey V The way you are using your cards, you are going to be rich!
BeatTheBush Haha thats the goal! Glad i came across your video. Was very informative, +1 from me.
nttwashere It's true, Andrey will likely have a hard time spending that much and deferring that much might not be feasible. The way to do it would be to spend it on things you would be buying anyway and not going out there finding things to buy. That would be somewhat comical if someone goes around spending like a crazy person just to meet the quota. Certainly should not do that. Thanks for the reply on that since the replies by themselves makes it seem like he should just spend like richie rich to get points.
I think using Credit Cards by optimizing the points you get by itself will not get you rich. However, being able to do it means you are pretty organized and have good financial discipline. Using Credit Cards responsibly ultimately nets you all the points I estimate around $2000 a year if you spend average effort. Having a good credit score from this will net you much more from having the lowest interest rate loans where that can translate to 0 to $10k a year savings depending who you are comparing to.
Credit cards are the scum of the world. Credit score can also be described as the "I love Debt" score.
+westener83 I have a high "I love Debt" score but I don't love debt and do not carry any credit card debt.
My point is, if you never have to borrow money from anyone than a credit score means nothing. I don't think millionaires are bragging about a high credit score. If you can't afford to buy the thing, might as well don't buy it.
It's true but who never needs to borrow? It's hardly feasible to save up enough to purchase a car or home with cash. Employers can do hiring based on your credit score.
Buying a home can be done without a credit score. All you need a solid down payment, proof of steady job with income in last 2 years and that is usually sufficient. There is no excuse to EVER get a car loan. If you can't pay cash for the car you are too broke to buy the car. If the sticker price for the car is more than 20% of your annual income then it's too expensive for you. If you want to always stay broke and never get wealthy, by all means keep getting car loans and paying ridiculous interest rates on a depreciated asset. Pay cash for everything and you will spend at least 30% less on impulse as well. Credit cards are like a cancer in our society.
As far as employers doing a credit check, mine didn't at all. I torn up my credit card 5 years ago and was the best decision I ever made.
Credit cards are more often used incorrectly and usually keeps people in debt. However, I can see lot of difficultly in getting the best rates in a home loan if you go in with the credentials you mentioned and no credit score. I would be interested in what kind of rates one would get in that situation. Do you have a rate you can share?
Your employer didn't but there are some that check. Something to be aware of in the future.
Using the cards correctly can give you awesome cash back. I only pay $0.95 on the dollar for most things.
You’re like a life expert! As someone who grew up in poverty and never was exposed to this kind of information, you’ve shown me a lot
You're welcome! Free information for all!
848? Jeez, that's how you get any loan you want. XD
But I actively stay away from any kind of loans because I prefer to not pay interest to anyone. The more credit you have, the less you need it.
Also, you can get the Fidelity back in cold hard cash if you have it linked to your brokerage account, you can transfer that money to your cash account. You may even be able to have it so it goes to your cash account.
debt is a lie and fraud
+robert charlton sure, like usury? But debt also accelerates economic growth.
search for How Loans and Credit Cards Really Work
+robert charlton There's no youtube video by that name.
+robert charlton Dang, sorry, couldn't watch the video you linked. It's 55 minutes long!
it's well worth the 55 minutes, very educational
I honestly have 1 card.You need a lot of disipline to have those cards.Interest can accumulate pretty fast.Rewards is there leverage to get people to spend more money and get more cards.Its easier to get in debt and get a low score for non use.
You are 100% correct about all that. How well it works on you depends on how much discipline you have. To do this successfully, you just have to not go crazy charging stuff on your card like it's free and pay it off every month. Easy to say but most people do not do this. I've made a video describing just this here: ruclips.net/video/J0ZRgBIG39Q/видео.html
I had 350 credit score because I was young and dumb. Now 31 I’m still working twice is hard to get it back up. So I did a joint account with my fiance and that has helped me a lot I starter paying my collections little by little and now I’m at 627. I now have couple credit card and a new car. In this country if you don’t have good credit you ain’t going very far.
Thanks a lot.You give a great and easy to understand explanation. The tips you give are very helpful.
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If you are a first time credit card user and want to get Great credit, I suggest to get the AMEX with no annual fee and wont close due to inactivity. Use it once and cut it up or stuff it in your underwear drawer and sit on it. Then you can go about your life gaining points with other cards for stuff and always pay on time. I say this because years of Open Credit has an affect on your Credit Score. I had a card with Zero balance for 19 years and closed it because I wasn't using it and was a huge mistake for my credit. Credit defaulted to my next to last oldest credit card which is 11 years. It's my AMEX that I havent used for over 9 years with no annual fee.
Not sure if never closing due to inactivity is across all AMEX but you could be right. I just make activity across all my cards these days via a very low charge. Check out "Low Balance Cancellation" video here: ruclips.net/video/2DJjfvcMCcg/видео.html So I do agree, one should not go around cancelling your oldest credit card nor the second or third oldest because the credit score is calculated based on AVERAGE credit age and not oldest credit age.
I currently have an AMEX that I haven't used for about 9 years, but is still active. But to keep active with a small amount every months or so is a good idea.
To keep you from whipping it out of your wallet or carrying the card, just buy $0.50 of amazon gift card.
That makes sense! A big thanks for your rapid response!!
Actually, BoA does have a way to auto-pay, have been doing it on my card for over a year now. It's not called auto-pay, and it's not the most intuitive (maybe on purpose, I don't know) but it works.
celtosaxon I did notice that recently as well. Something changed that turned this feature on. I started using it perhaps 4-5 months ago. So it's not so bad to get BofA cards now, it's all game.
I just checked and the proper item to select to do full balance auto pay is "Always pay the account balance as indicated on the e-Bill"
Wow! I didn't even know 848 was possible... Awesome advice here, I don't have a credit card so I hardly understand this :/
Latpip It surprised me too since I wasn't really aiming for it. Better credit means the interest they charge you on loans will be cheaper too.
i love your videos!! they really speak to me
=D Glad you like them. I'll speak to you too if you have any questions. =D
I just keep thinking, don't let the card number show, ppl can zoom and sharpen it. EEK. Lol, but really man you are a master of credit and the number proves it so gratz. And thank you for sharing your knowledge. I am actually using my Galaxy Note 4 to take real notes. HAHA! Blessing to you man!
Ash Underwood I really hope you cannot see, I remember being very careful about that. Can you make out anything? O_o Wow notes!? I'm just glad I can help. =D
My favorite card for travel rewards is Barclaycard, hands down. I combine it with Jet Blue and AAdvantage for some nice travel rewards
Barclaycard which one? They have a lot of them.
Arrival+
The rewards are awesome for travelers. You can easily end up with free plane tickets anywhere, with no blackout dates ever.
@BeatTheBush the Amazon store card has an automatic 5% on Amazon.
Yup! But it requires an Amazon Prime membership so great if you have that already but if not, it's $99 a year.
good stuff! quick question. Do you pay off the balance of all your cards every month?
+Jaime V Thanks. Yes, I pay it all off. I refuse to pay interest at 22%
Thank you again for another tip, I have been learning from it. A knowledge that you share to everyone.
You're welcome!
More videos like this. I subscribed already. I really need to know more about finance
Daniel Jimenez Thanks for the sub! I'm already on it. Got a good finance once coming mid week.
BeattheBush,
It was a very thorough video you got here. May I make a comment? You mentioned "cancelling" all the cards with annual fees. Perhaps with your almost perfect credit wouldn't hurt too much, but for those that are trying to improve their credits, this is a very bad advice as closing any card(s) will hurt their credit score...
+Paris Luong You are correct. I really should have made it more clear who should actually do this. I plan to update the video so I'll add it into a new video soon. Thanks for your comment.
=)
An amazing amount of info in 1 video thanx alot!! You r da man
anthony aspro You are very welcome. I shall retreat to my RUclips hole and make more vids!
:0 Nice thanx again been working on my credit can't wait to see my score next time!!
Thanks for the video. Loved your tips. Going to go for Sallie Mae card next year!
asha taft That card is awesome. $250 on gas and $250 on groceries = $25/month cash back. Why not get it now?
Ive had a Discover card for a year. Recently got a Best Buy store card and a Chase Freedom card. Tried to get the US Bank Cash + card and the Bank of America Better Balance Rewards card and got denied due. So I will wait for those inquiries to fall off and hopefully raise my credit scores in the meantime.
Due to not enough revolving accounts and too many inquiries*
asha taft Yep, sounds like you applied for too many too fast. Just use all the ones you've got and 'revolve' them. Like you said, when those inquiries fall off, you can try again.
What is the best card for a absolutely beginner with no credit and what should I know before getting one
CANCELLING CARDS, especially depending on the card, will typically LOWER YOUR SCORE significantly, fyi... For most people, CANCELLING a credit card is a BIG NO-NO. Unless you REALLY know what you're doing and how it's going to effect your score, which most people don't understand the credit reporting algorithm good enough to have this clear understanding, then you should NEVER CLOSE A CREDIT CARD. If they have annual fees, just don't get them from the beginning is probably the best way to go.
Correct. When you mean "really know what you're doing" it just means that you have a high enough credits core that cancelling a card isn't a big deal. It varies a lot on what a particular person should do.
How many cards do you have at any given point and how many did it take over what time period to get to that 848 score? Also is the score a reflection of you paying them off totally every month? Thanks so much. Very helpful.
At least 10+ cards over 10 years each with no missed payments. The score is a reflection of so many factors where paying them off is one major part of it. You need to build it up to have a huge credit limit so you can always have a very low usage ratio.
If you are looking for a loan(house,car etc) doesn't really matter whether you have a 760 or 848) The rates you will get is the same. If its a ego battle then go the 820+ score. My 2 cents.
US Bank Cash Plus is not 5% on gas stations *and* grocery stores. It is 2% on *either* gas stations *or* grocery stories, but not both.
I love your video. Do you have any advise or suggestions about retail store cards?
CHINAA718 Yes. Sign up for the store card as needed to make purchases and get whatever discount they offer. Then collect any rewards they send you. If they don't send much after a few months, cancel it. Then reapply whenever you shop there again.
Hmmm Ok that's good to know. It makes sense. So all you lose points wise is the inquiry which stays on for two years? I realize it's a small loss.
+Cally Longnecker Its not black and white since it depends on what the rest of your credit looks like. If you cancel the relatively young cards then yes its true.
Always treat a zero balance as if it were $1,000 balance that way if you go under that amount then you'll never have to worry about bouncing a check or over withdrawals.
BeatTheBush Thank you for responding. I am looking forward for future videos from you. Your work is valued.
Seems like I do get more views on the credit video so I'll make a finance related one soon.
pay all bills on time, remove any deragatory items, 3 revolving accounts, 1 paid off auto, 1 paid off mortgage or current mortgage
That's a good situation to have.
good advice, its working for me.stay away from credit one, it looks like capital one. 8.31 monthly maintenance fee.
$8.31 you mean? Yeah never pay a fee for these things if you can help it.
Video suggestion: Can you do a video on Vantage Score 3.0 vs FICO Score 8? 90% of lenders use FICO but Vantage Score has made up a lot of ground over the last 10yrs. It's becoming more popular.
Thanks for the suggestions, I've noted it down. =D
BeatTheBush Cool, thanks. Also I just noticed Vantage usually reports a lower score than FICO. Looking forward to the vid.
Attorney96 =D
this was a good video! thanks so much
Thanks for watching my vid! =D
Bank of America does have automatic withdrawal and easy to go to site and pay off or more in addition
Congratulations on 848, highest I have gotten was 840 and was because "according to credit report I did not use cards enough, I also find they lower credit avail able? Never been late on a on payment since started using in 1982. Great feeling not to owe any thing!
+B C Correct, they added that after I made this video. I also use autopay these days on BofA but it requires to be withdrawn from a BofA account.
+B C Ahhh just perhaps if you want to raise it in this last tiny bit (not that it matters) is to just use all your cards a little bit each month just to keep up the usage so that they do not lower your credit limit.
This is a great video however you strictly spoke about how to maximize rewards from various credit cards, slightly off topic from what the viewers must be expecting. Achieving a High Credit score has many factors - Credit inquiries, new accounts, various types of credit/loan accounts (car financing/housing loan) and other stuff also play big roles. It would be helpful if you can share what types of other accounts you have (Not just credit cards) which helped you a high score of 848 ish. Achieving that kind of near perfect score only through credit cards is tough.
+Kalyan K. Das (KK) I put together some of the things I did in order to achieve the high score in another video. Its here: Try this video: ruclips.net/video/dEZLZQXRBjQ/видео.html
can you make a video about how to pay off collections & charged off accounts please? Thank you & your videos are great and informative. I'm a new subscriber & I clicked the bell too ❤
Welcome! Thanks much! Not sure if you saw the "How to Pay Off Credit Card Debt" video here: ruclips.net/video/XY8YSPapnF8/видео.html Generally, debt is debt. Those kinds just have a higher interest rate.
Yeah I just watched it. But what if some of the collections or charge offs are installments or you have a judgement/public record. Should I pay off the judgement first then focus on the rest? Thank you in advance
Both sounds equally severe but the judgement sounds a bit more critical. I would pay the installments to keep them current while paying off the judgement first. But really, you need to pay them both off as fast as possible.
BeatTheBush Thank you so much for your input.
No prob. =D
nice video! you should try making a video on bank account interest rates. like those at ally giving 1% where bank of America only gives around .01%.
+puppetgrimm You mean like this: ruclips.net/video/sDocLslipFM/видео.html ?
OK I didn't see that one. Thanks!
+puppetgrimm No prob! =D
Thank you for the information
You're welcome! =D
Thanks for the excellent video and helpful info.I have a question though.you mentioned you would cancel the Sapphire chase credit card and American express credit card later,won't that affect your credit score? And what will you do after you cancel them,are you going to apply for a different credit cards?
ahmed khalil It does affect it a little bit but it recovers after a few months. After I cancel, I have a bit more wiggle room to apply for more cards. Each brand of cards will limit the total they give you so I'm reducing it on purpose to make room for more cards. =D
K
The reason why we ask. like you metioned in this video , banks started out with low interest cards, cash back cards and Travel cards. As we all know for the travel card they come in 2 versions 1 with the fee and 1 without. so after somebody has the card for 1 year they like the card, but when the year is up and the annual fee kicks in everybody does something different I was just wondering if you lowered your level to the basic sapphire that's all.
Mark Santucci Its just a way for the credit card company to retain you as a customer without shelling out another sign up bonus. You would be inclined to stay IF you happened to not have spent the bonus rewards already. The free version of course is not as good with less benefits here and there.
Must be run completely differently in the UK then. Experian scored me 999 a couple months ago.
+Alex Brown I'm pretty sure it's different as well.
Great video, thank you !!!!!!!!! Could you make video about credit card with cash back and ebates website, would it be good idea to use both at the same time ?
Noted your idea. I actually haven't made one about eBates. Yes you can use cash back credit cards with eBates to sort of double dip. It's a few percent more so it's better than nothing.
Important thing is to not go too crazy spending money on eBates just to get more points. It's easy to get carried away.
Great Video. Question for you.
How is it possible when you are canceling these cards 1 year in it is not negatively affecting your score?
Bryan Smilk Great question. When you cancel the cards, it does negatively affect your score because it reduces your credit limit. My experience is that it'll heal itself after a few months so do this only if you wont be needing your credit score for initiating a new loan.
Can you tell me more about how you cancel the credit cards after recieving the bonuses without getting dinged on your credit score? How does that work? I always was taugh canceling a credit card hurts your credit score
tyler ortiz If you cancel the ones that you just got, then it wont be so bad. It does go down a little but it recovers after a few months. So you keep the cards you have for a really long time, and cancel the new ones to not wipe out your credit history.
I am a stay at home mom, my credit score is about 530- I have charged off several things on my report and have been working At this for years, I literally have 30 pages of a credit report. No matter what I do to pay a bill off it doesn’t improve my score. I have never had a store card or any unsecured credit card. It’s like a right of passage for teens(18 year olds, etc) to get a basic card and I’m sitting here at 55 and I can’t even get anything. I’ve never even been able to get an apartment on my own. I feel like a failure. I can’t travel because I can’t book hotels, rent cars, etc. I just want to be like everyone els
You probably already know this, but Amazon just came out with a 5% rewards card for Amazon purchases!
+Jaimie Dee Photography | Atlanta Wedding Photographers Yeah, that's a store card and it requires you to be the primary member of an Amazon Prime Membership.
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Ok got it thx for that- what do you think about the DISCOVER IT CARD? Im thinking about getting that or the CAPITAL ONE QUICKSILVER card or the REI MASTER CARD. What do you think?
+NORTHWEST LIFE That's a pretty general question. You want them to increase score or for benefits?
I have
- amex
- chase (visa)
- discover
- ing (mastercard debit)
all 0 balance and i'm gold. Don't need anything else. I'd rather have a high limit on those 3 rather than 10 cards with a low limit.
Don't you want 10 cards with a high limit? That will allow you to get an even higher credit score than what you may already have.
+BeatTheBush
to me it's all numbers, if they're going to give me 10 cards at 6000 each, I'll just say give me the 3 i have at $20000 each. So i can be as minimal as possible. the 3 credit cards, 1 bank card and drivers lic all fit in my machine era wallet. keeping track of many cards, risking id theft or anything else that can go wrong actually going wrong, isn't for me. isn't one card at $100,000 limit being used at x percent, and paid at going to be better for credit than 20 cards at $1000 each?
+TENNSUMITSUMA In theory that works if you can specify your credit limit. But the credit limit is dependent on your current credit score, income, and the place you get your credit card from. So if you qualify for 3 - $20k cards, you probably would qualify for more $20k cards from other companies. Having more of them will allow you to increase your total credit limit and further increasing your credit score.
So you don't want to think about the freedom cards rotating categories because it's too much to think about but you would rather shuffle through 5 or 6 different cards because that's suppose to be easier.....?
***** I argue it's easier because when the category doesn't change, you remember which to use. But if it keeps on rotating, you have to switch your habits. It's also not 1 card vs. 6 because the single card usually would not cover everything you would buy but rather just the category it is in.
The Alaska Airlines Visa from Bank of America has a 30,000 award for signing up - That's a round-trip to most anywhere they fly for $95 first year fee. You also get a $99 companion fare annually and at at least one mile per dollar spent. No problem setting up Auto Pay.
I sort of consider those types of cards pre-paying for your airline ticket. If you have somewhere in mind you want to go within their airline then getting it will save you money. But if you have no where in mind and end up going somewhere just to 'use it up' then it wont save you money.
So timing on this is critical to get the most value from it.
I fly at least once a month on Alaska so I see value from their
programs. I use them like a savings account as their miles never expire, so I'll apply for (and cancel a prior card) annually as I'm cheap =D
Lol, sounds reasonable to me and a great way to save some $200-300 a year. =D Since you fly monthly, I wonder if you can get more than one? lol.
I've had as many as four of their cards at once. Sometimes they offer
extra bonuses in-flight and I feel obligated to apply as they have cute
flight attendants =D
Sounds like a great way to get a huge chunk of your flights paid for. =D Nice!
I read this week on USA TODAY. That credit card companies are craking down on people that get a credit card, use the sign in bonus and then cancel it after a couple of months in order to move to another high initial rewards card. Even if you have a perfect credit score.
+Didimo Bautista How are they cracking down on it?
+BeatTheBush They basically notice the pattern and even if you have a shining credit score they can give you the cold shoulder and deny your application.
Ahhh I see. Get it while the getting is good!
Btw, they already restrict canceling and getting the same card within about a 2 year period already so you might be referring to that rule?
that was really helpful, thanks!
Pretty much points on everything.
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Questions:
1. I heard when you cancel CC your credit score goes down. I guess they were wrong? So my credit score wont be affected if i close a cc line i got about 3 months ago?
2. How do you know when to pay your balance off so you won't get charged for interest? (is it the "Due date"?) It's stupid question, I know. I tend to overthink, so i need clarification.
3. How many CC do you recommend to have? I'm improving my credit score, currently good.
Thank you!
+ExpertShooter Answers:
1. Your score does go down. If you have a large credit limit, it doesn't go down too much.
2. If your cc was at 0 balance and you charge something, then you wont be charged interest if you pay it off in full before the due date. This is called a grace period. However, if you pay less than full, you will be charged interest. You will no longer have a grace period after this and anything you buy will accrue interest immediately thereafter.
3. As many as you can in order to maximize credit limit. Generally good to get them from different banks because a single bank may limit the total credit they issue you.
Hope all that helps, have a nice day! =D
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Could adding a card like your Target card to my wallet help my credit score, as it might be considered a different "type of credit" (retail account)?
Great video by the way.
Charles Urias Thanks! Glad you liked it and hope it was useful to you. It can because store cards will still make it into your credit report if it is a credit type card as opposed to Target's other card that is debit based.
A few questions for you:
Did you end up canceling the Chase Sapphire Preferred to avoid the annual fee?
Are the 50,000 points for the Amex Gold Premier really redeemable for $500? It seems like points to cash is not a 1:1 ratio, and it's better to redeem for gift cards or something...or am I wrong? (I got an invitation for this one in the mail).
And how about the Citi ThankYou Premier points? -same question on redeeming (saw your newer video with this card)
+jeaok For the gold, I don't think you can cash out in cash. I got a gift card to a retailer I always use and displaced my spending with the gift card. Took a long time though. Yes I cancelled Sapphire long ago and still got the bonus in cash. I could have gotten 25% more if I spent it on plane tickets but it just didn't fit with my needs at the time. The TY Premier, same thing, travel is 25% better so I'm going to try to use it on plane tickets. If not then the best ratio is to transfer to some other airline miles thing.
Great video!
DaJuanLasVegas Thanks! DJ Vegas!
Inaccurate number as of now. Cash+ restaurant is 2% fast food 5%. Ink gives 5X on office supply stores not 3%. BankofAmerica does have auto pay service.
+Mohammad Moghimi True true, its an older video. Agree on Cash+. And true, BofA does have auto pay now. Ink rewards to me are not as good. Before is 3% gas, restaurants, office supply, hardware, and home improvement. After is 2% gas, restaurants and 5% office supply, cell, landline, internet, cable tv. The grandfathered 3% still works and the new ink terms to me are not as good. 3% on gas/restaurants and hardware and home improvement is pretty darn useful.
BeatTheBush I had autopay on my BofA since I got my first BofA card in 2012. I don't remember correctly but I believe in Aug 2014 Ink was 5x.
In general, at least as of now, your statement is not correct. You cannot get 5x everywhere or almost everywhere. 2-3% is more accurate.
BTW, your explanation of transaction fees is not accurate either. Banks lose money when they give you 5%. They can make up for it in other ways for sure if you regularly use your card.
+Mohammad Moghimi You can pool together multiple cards to cover 5% on many categories like gas/groceries/department stores/fast food and even restaurants sometimes. I've done this for the past 5 years at least.
Good video. I have many of these cards. I would like to get the 5% restaurant card.
The American Express Business card is even better. It's a 5% bonus on office supplies and 5% on cell service. And comes with a bonus when you apply.
You also don't have to cancel cards with fees. You can just convert them to non-fee cards.
I also don't like auto-pay because I want to have more sense of control, so I just changed all of my due dates to the same day and just make all the payments at the same time once a month. Practically all cards allow you to change your due date to anything you want.
kalashnik3 Even better is if you don't pay for cell service at all. ruclips.net/video/W7CKRKiZx4I/видео.html, But I want to cancel the cards with fees because I want to apply for them years later for another round of rewards. As long as you get 5% on all the things you personally buy then it's optimal. How much will one spend on office supplies a year right? I spend much more on restaurants and gas.
love your video, you know anything about travel hacking by chance? i just got the sapphire card, and got my 40,000 miles... hoping to learn more about travel hacking if u know how to use those points well :) thanks again
cherieann You could go to great lengths in getting credit card sign up bonuses but that's a little beyond my own personal work/benefit threshold. For the sapphire card you of course want to get the airfare through their rewards program since it gets you 25% more value. The scheduling tool inside Chase is pretty good and gets fares comparable to the airfare comparison sites. Of course, you can check for yourself as well.
The only other thing i do outside of what you do is i have balance transfer cards used. I own a handful of rental properties, so what i do is i signup for the 0% balance transfer cards with 0 fee for first 30/60/90 days, then i transfer the full amount and apply it toward one of my rental properties mortgage to pay it down quicker, usually based off my income and credit i get balances as high as 16k, but i limit my transfer to the amount of rental income im expected to receive that year. Example last year i had the remaining 15.3K left on one of my Colorado Rentals @6.2% interest, i payed it off with the balance transfer card saving myself the 5.2%, paying the card off before the payoff period via autopay setup. saving about $950 for the year.
Nice one. But what about not paying it off until the very end of the term and just do minimum? It wont net you that much more but it's something.
The risk here is if someone ends their lease early or if they cannot pay then you will not have enough to cover it. Then you may hit the high interest when the 0% apr expires.
BeatTheBush are you referring to not paying off the credit card till the end?
I haven't owned a credit card in 4 years. Keeping track of all that sounds exhausting.
KaiWolfy Doing all this has lots of benefits but its certainly not for everyone. You still should use a credit card to build your credit because it'll get you lower rates for buying a car or house. I say this UNLESS you have millions of dollars in the bank and can buy everything you ever need with cash, never have to work while the money just keeps rolling in via investments or Chaebol parents. Then you would never need credit.
BeatTheBush no I definitely don't have millions. lol. the reason i don't own credit cards is because i don't want to spend money i don't have. but your video was informative and i definitely need to get that target card.
:)
KaiWolfy It does take some will power to not use the credit card like it's free money. Consider this: By the time a person with low credit score pays off a car, it would cost them 25k. For a person with high credit score will only cost them 20k for the same exact car. (2% Interest for awesome credit and 13% Interest for no credit for 4 year loan). BUT you wont have this problem if you can save up enough to buy the car with cash.
BeatTheBush It's true! I really appreciate you responding! A LOT. Despite having no credit (well bad credit actually, because I have multiple sclerosis which has caused 40K in medical debt), I still got an auto loan with a 7.9% rate. I am able to refinance at 1 year.
KaiWolfy That's a tough position to be in and sounds like quite a financial burden. Important thing is to just set up your financial situation so that you pay the least total cost via paying the high interest rates loans first while paying minimum on the others. On top of that, there's actually so much waste with spending patterns of a typical person that I believe you can still live well and healthy on minimum wage. I say this because you can minimize spending like a crazy person while keeping a good quality of life and use the savings to really knock down your debts. For example: I pay nothing for cellphone bills. ruclips.net/video/W7CKRKiZx4I/видео.html
Thanks for your video...very helpful
You're welcome! =D
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