I do it this way, I was at 505 in the Spring of 2020. Today I’m at 632, have paid off about 50k in bad debt, and refused to file bankruptcy. My plan is working just fine. I’ll be back in the 700’s sooner than later. There is no quick fix!
The whole idea of “fix your credit” is extremely misleading. It’s not like fixing the internet or fixing a leaking pipe. Folks need to to understand that it can’t be fixed to instantly work for you. But it definitely can slowly be improved over time.
I paid my cards off every month and my credit score went no were. When I keep a balance it goes up by 20/ 30 points say I have a 500 limit I spend 300 and pay it off score goes no we’re. Take that same card and spend 200 and pay it down your score will go up. I noticed this as I was playing around with my credit card. Seems too me keeping a balance paying it off works better.
Thanks for this awesome information!!! I’m trying to become a “credit card person” (in my Caleb Hammer voice) I’ve been building my credit score over this past year from 550 to 730. I call it the “post and pay”! Once it post I’m paying it!!!!
When I let an overall zero balance report, it hurts my score about 20 points. When I let $30 report (total among all cards), my score is optimized, and I have 76000 of credit limits and right at 780 credit score.
It’s just habit for me to pay off cards as soon as purchases post. My scores are very good now, so I don’t worry how long it takes to have my scores increased. I play the long game. It works best for me. Always good information Naam. 👍🏾
You always have the best videos. Personally, I pay of all my balances every two weeks or more frequently. Also, I make sure to keep my balance under 10%. If it gets close to 10%, I pay it off.
I was at 550 October 2022. I disputed 90% of what was listed under each credit bureau. Now I’m at 733 and can buy whatever I want… PLOT TWIST: the 2023 interest rates make me feel like I still have a 550. When winning doesn’t feel like winning…
I use my credit card just like a debit card . I don’t spend money I don’t have . And I transfer the money after every single purchase through my credit union app. Yes is it annoying at times? But it helps me not forget. And it’s a beautiful thing when u have 40k limit cards with 0% utilization . Takes Serious discipline
I started to do that because ive been using a debit card all my life and i dont want to spend money i dont have, bad experience from ex wife paying and paying not saving anything
Hey Naam, So im new to building my credit. Currently have a small $200 secured credit card. In your opinion, when is the best day to pay the balance, and do you think only using $20 a month is a good idea to build credit ?
I Pay right away. I put a 500$ deposit. I stay at 10%, which is 50$. I’ve had my credit card for about 2 months. What is the sweet spot for an increase in credit limit?
Naan I just found your channel. Wanting to buy a house so we've been paying everything down or off to get a good rate. But our scrore goes down too. I'm just sick about this
Here's by goal/understanding/plan: So let's say I have a card with a $1,000 limit... 26% ("below 30% utilization" as recommended by most) is $260. With all this in mind regardless of how much my balance hits was over that 30 day period - as long as I return the balance to $260 AT MOST - before the end of that 30 day period... I should be not only be perfectly fine but because of usage and payment(s); I am (revolving credit?) also improving my credit? Actually aiming to return to $0 or at best below $100 every (10%) 20-25 days (a week or more before) prior to the end of the 30 day cycle. All the above considered... set up an auto payment for the 23 day (7 days prior to the end of the cycle to be safe) in a 30 day cycle to pay the minimum, but track account often to ensure the balance between 10%-26% or lower?
I thought you could spend and payoff as much as you want as long as you’re showing a low utilization by the statement date. For instants, would it be ok to spend 75% as long as I have it paid down before they report?
Bureau doesnt care about how many times you pay prior statement date? Or it matters? The Important is at statement date you have low utilization for the bank to report is a good move?
@@me_rap27 Agree with the second item. Frequent payments is one way to do that, but I just pay down once before the report (usually statement closing date) and be done with it. I am around 780 consistently for FICO 8.
So I"m trying to do a credit limit increase on my Amex Delta SkyMiles Reserve -- is it better to max out and pay all of it down or have at least a little utilization? If latter, how much utilization?
Pay early, Pay often, Pay in full. That's how you keep your utilization low and get good looks from the credit companies. As far as how low utilization affects your chances of getting higher limits that all comes down to self advocacy. You should be aggressively asking for higher limits every 3-4 mos at minimum. Call the companies and talk to a human being! Advocate for yourself! Tell them about your direct deposits. Your low utilization or even your ability to pay off max utilization for your card. If you have anything that you can count as extra income tell them about it. Companies that do soft pulls or auto increases are the best to do this with. There is ONE exception. Chase. Chase doesn't give a f"ck about you lol. The best thing to do with Chase is ask them to match your other limits, wait for an auto increase or just open a new card b/c they simply could care less. If you can use 30% of a card or max it out and pay it off normal companies will have no problem extending you a higher limit.
I do it this way, I was at 505 in the Spring of 2020. Today I’m at 632, have paid off about 50k in bad debt, and refused to file bankruptcy. My plan is working just fine. I’ll be back in the 700’s sooner than later. There is no quick fix!
We are going to get there brother I believe in you
The whole idea of “fix your credit” is extremely misleading. It’s not like fixing the internet or fixing a leaking pipe. Folks need to to understand that it can’t be fixed to instantly work for you. But it definitely can slowly be improved over time.
Same i was 485 , now at 659
@@jamesmceachern2451 pay what you owe get yourself some secure cards (3 max) wait a year to get close to where you want to be
I paid my cards off every month and my credit score went no were. When I keep a balance it goes up by 20/ 30 points say I have a 500 limit I spend 300 and pay it off score goes no we’re. Take that same card and spend 200 and pay it down your score will go up. I noticed this as I was playing around with my credit card. Seems too me keeping a balance paying it off works better.
Thanks for this awesome information!!! I’m trying to become a “credit card person” (in my Caleb Hammer voice) I’ve been building my credit score over this past year from 550 to 730. I call it the “post and pay”! Once it post I’m paying it!!!!
Thanks appreciate it for the credit wisdom I've watched several of your videos and put them to work
When I let an overall zero balance report, it hurts my score about 20 points. When I let $30 report (total among all cards), my score is optimized, and I have 76000 of credit limits and right at 780 credit score.
thanks for the input
It’s just habit for me to pay off cards as soon as purchases post. My scores are very good now, so I don’t worry how long it takes to have my scores increased. I play the long game. It works best for me. Always good information Naam. 👍🏾
Awesome!
Nothing wrong with that!
This video answered many questions I had since I’m new to building credit , thank u for your video🤙
Glad it help!
You always have the best videos. Personally, I pay of all my balances every two weeks or more frequently. Also, I make sure to keep my balance under 10%. If it gets close to 10%, I pay it off.
I was at 550 October 2022. I disputed 90% of what was listed under each credit bureau. Now I’m at 733 and can buy whatever I want… PLOT TWIST: the 2023 interest rates make me feel like I still have a 550.
When winning doesn’t feel like winning…
I fell you! lol
I use my credit card just like a debit card . I don’t spend money I don’t have . And I transfer the money after every single purchase through my credit union app. Yes is it annoying at times? But it helps me not forget. And it’s a beautiful thing when u have 40k limit cards with 0% utilization . Takes Serious discipline
Excellent!
I started to do that because ive been using a debit card all my life and i dont want to spend money i dont have, bad experience from ex wife paying and paying not saving anything
@@Fox9582 yeah debit cards are pointless. We’re going to spend the money anyway, so why not get some type of perks or rewards along with it.
Hey Naam, So im new to building my credit. Currently have a small $200 secured credit card. In your opinion, when is the best day to pay the balance, and do you think only using $20 a month is a good idea to build credit ?
I Pay right away. I put a 500$ deposit. I stay at 10%, which is 50$. I’ve had my credit card for about 2 months. What is the sweet spot for an increase in credit limit?
I say three months of high usage and paying off quick.
Naan I just found your channel. Wanting to buy a house so we've been paying everything down or off to get a good rate. But our scrore goes down too. I'm just sick about this
Here's by goal/understanding/plan: So let's say I have a card with a $1,000 limit... 26% ("below 30% utilization" as recommended by most) is $260. With all this in mind regardless of how much my balance hits was over that 30 day period - as long as I return the balance to $260 AT MOST - before the end of that 30 day period... I should be not only be perfectly fine but because of usage and payment(s); I am (revolving credit?) also improving my credit? Actually aiming to return to $0 or at best below $100 every (10%) 20-25 days (a week or more before) prior to the end of the 30 day cycle.
All the above considered... set up an auto payment for the 23 day (7 days prior to the end of the cycle to be safe) in a 30 day cycle to pay the minimum, but track account often to ensure the balance between 10%-26% or lower?
Kindly fwd to my emaiI I no longer take queries on here
Naamwynn65
GmaiI
I pay once it post, just for peace of mind
I thought you could spend and payoff as much as you want as long as you’re showing a low utilization by the statement date. For instants, would it be ok to spend 75% as long as I have it paid down before they report?
Correct. The lower the balance by the statement due is what matters!
You are correct! That’s how you play the rewards game.
Bureau doesnt care about how many times you pay prior statement date? Or it matters?
The Important is at statement date you have low utilization for the bank to report is a good move?
@@me_rap27 Agree with the second item. Frequent payments is one way to do that, but I just pay down once before the report (usually statement closing date) and be done with it. I am around 780 consistently for FICO 8.
Hey Naam, Can you do a video on SECU Credit Union & Credit Cards? Thanks
Will do!
I pay right away!
Edit: cause I know I’ll push it off if I wait… happened before and it went to collections, smh.
So I"m trying to do a credit limit increase on my Amex Delta SkyMiles Reserve -- is it better to max out and pay all of it down or have at least a little utilization? If latter, how much utilization?
For credit limit increases it a different strategy for the short term. Paying off or leaving a little shouldn't matter. The issuer can see your usage.
Pay early, Pay often, Pay in full. That's how you keep your utilization low and get good looks from the credit companies. As far as how low utilization affects your chances of getting higher limits that all comes down to self advocacy. You should be aggressively asking for higher limits every 3-4 mos at minimum. Call the companies and talk to a human being! Advocate for yourself! Tell them about your direct deposits. Your low utilization or even your ability to pay off max utilization for your card. If you have anything that you can count as extra income tell them about it. Companies that do soft pulls or auto increases are the best to do this with. There is ONE exception. Chase. Chase doesn't give a f"ck about you lol. The best thing to do with Chase is ask them to match your other limits, wait for an auto increase or just open a new card b/c they simply could care less. If you can use 30% of a card or max it out and pay it off normal companies will have no problem extending you a higher limit.
We are slaves to our credit score
🤣