How To Increase Your Credit Limit DRAMATICALLY
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- Опубликовано: 16 фев 2022
- In this video, we go over how to increase your credit limit for your credit cards. The process for a credit limit increase is pretty simple and there are a few things that we can do with either a new credit card or an old credit card. Click "Show More" to see Ad Disclosure.
If you are wondering “how to get huge credit limit increases”, then this video should be helpful for you!
Credit card companies want to be able to extend you additional credit, but they also want to make sure that you will use that credit responsibly. That’s why patience and practicing good credit habits with credit cards are two of the most important things that you can do for a credit limit increase.
In this video, I talk about why people want to get increases to their credit card limit in the first place to help with the credit utilization, credit score, and spending power. After that, I talk about the ways to go about getting an increase to a credit limit. Some important things to keep in mind are hard inquiries, the time since you have opened a card, whether you should get a new credit card instead, and much more!
Hopefully this video is helpful for learning how to increase credit limits. Feel free to check out some of my other videos as well for more information on credit cards, credit scores, and similar topics.
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The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Daniel Braun is not a financial advisor. This video is for entertainment and educational purposes only, it is not financial advice.
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Awesome tips, 833 credit score here with $170,000 credit limit. Age 32
damn!
I will save you some time, because I lost mine, and you don't have to. The actual "explanation" starts at 4:35.
1) Wait
2) Pay your card on time
3) Update your income information frequently
You’re the real MVP. I can’t believe it took this long.
You missed : Ask for credit increase (either on website or call customer care)
🙏
Thanks! Had him on 2x and still was taking forever for the main point
Also a huge issue is the cards have to be used
Good video. I have over $540,000 in available credit on about 40+ credit cards but I have been at this for a long time. I have also never had a bank just increase my credit limit. I think the important thing is to treat your credit cards as a debit card, if the money isn't there to pay for that purchase then you don't need it.
Whats your income?
You have 40 different accounts to follow? That seems a bit much
Anna Delvy?
Big cap
Jesus, where the hell do you get your financial advice from? Having 40 credit cards is borderline insane.
Dude thank you so much, I had a $600 limit for like 2 years, I requested an increase and it went up to $5,000 immediately my other one was $1,200 and went up to $3,600 immediately, it makes it look so much better on my report
Love to hear that! Yeah the higher limits really help with utilization!
@@Daniel_Braun hello friend i have a question i have like a 730 credit score and have 4 cards should i get a credit increase with same bank i been over a decade or get a credit increase with bank less than 1 year same thing should i get a new card with another bank or same bank i been over a decade ?
As a 20 year old, I went from having $300 available in credit to me on me 18th birthday as a secured card to having $22,250 available in only 2 and a half years. Paying my balances in full every month and it has paid off big time.
Question for you since I just got my first credit card, I see in lots of tips that having a low credit utilization is good, but if my credit limit is $500 should I only spend around $50 a month to keep my utilization around 10%? Will such a small amount of spending really benefit me because it means low utilization?
@@joseorenday3964 Yes, it will help if you keep utilization low and pay on time every month. I started in the same boat as you and was able to get my 2nd card with a higher limit within 12 months. Just remember it’s not a race; move at your own pace when it comes to getting more cards or increasing credit.
@@joseorenday3964 Yes, keep it low. Anything above 10% starts to make your score drop and anything above 30% will significantly drop your score. I’d recommend just put gas on it once a month or if you want the rewards use the card and the moment the purchase posts, pay off the card. I was paying off my card 5-10 times a month to get my cash back.
@@joseorenday3964 Also once you have about 3-6 months of on time payments start looking at other issuers that will pre approve. Those inquiries generally don’t have an impact until after you apply and get approved. The pre approval won’t effect the score and it’ll tell you whether or not that issuer is willing to give you that card.
@@calcioAficionado thanks for the advice!
Got into credit two and a half years ago watching you and other credit channels while reading articles on the subject has helped immensely
Very useful and complete video! I’m just building my credit history since 3 years, from an overall credit limit of $500 to almost $30k. Patience, reporting less than 10% only in one card, and making on-time payments is the key.🙏🏼
The hard vs. soft inquiry is crucial. One of my issuers approved with only a soft inquiry, but the other wanted to do a hard inquiry per card, which of course I passed on. Excellent job.
You Sir are on a roll. Every video provides value, specifics and is concise, but detailed. Terrific!
Haha thanks so much Scott, I love to hear that! Always trying to provide value if I can. Plenty of more content on the way!
Wow I knew Credit Utilization was a huge factor affecting credit score, but 30% really just speaks to how integral this is! Great video Daniel!
Yeah for sure! Crazy how much of an impact utilization has but just goes to show how useful having higher credit limits and be for a credit score. Thanks Matt, appreciate it man!
I appreciate these videos. Teaching me quite a lot keep them coming
This was an excellent breakdown! Thank you 👊🏾
Solid insights as always Daniel! When I went in to the bank and was talking with the guy, he said that he wouldn't recommend applying online (I forget exactly what he said), but basically said it's much better and easier to just come in and ask. Obviously you can't do this with credit card companies, but what yo said about calling them vs. just applying online would probably be better.
Same initial WF card I opened. I think my limit was around the same, too. I set up one monthly charge to go there just to keep it running since it’s the oldest card I have by far. Great video, Daniel.
Yeah that was a pretty common one back in the day it seems like, I don't even think they offer that card anymore. But that's basically what I do too, I just use it every now and then as my oldest account and I'm good to go! Thanks so much Adam, appreciate it man!
I have (I think) the same first card. I haven't made a purchase on it in like 4 years now but the account is still open. Is it beneficial to make purchases on the card? It seems like a myth to me, as it doesn't seem to be necessary🤷♂️
Very helpful. I was always afraid of credit cards, but I just bought my first place and started investing and decided that I wanted to start using credit cards for rewards. I opened up 2 credit cards, and started with a 1200 dollar limit on Chase in February/March, and just received a credit increase to 7200 dollars out of nowhere. I was afraid that someone else requested an increase, but was pleased to find out it was just from Chase. Looking forward to exploring new cards and being financially responsible with what I've been provided.
Never comment on videos but I wanted to give a big thank you. All I did so far was last night I updated my personal information and income in my online account and this morning I received an credit limit increase of over double what i originally had so thank you for your advice.
I just more than doubled my overall limit with the sapphire preferred card. Definitely a great tip to open a new account instead of getting a limit increase!
Great video as always Daniel! Such amazing tips for not only those who are just starting to build their credit but also those who are experienced. I love how you intertwine your own experiences/data points to make it just that much more interesting! Keep it up friend!
Thanks so much Jacob, appreciate it man! Yeah I love being able to work in some things about my own life and my own journey with credit cards into my videos!
Good points all around on how to increase your limit as well as the benefits of doing it. I've found the charge cards from AMEX are super helpful for extremely flexible effective credit limits after you establish a sound payment history.
Thanks guys, I really appreciate it! Yeah that's a great point there, my charge cards from Amex have been very useful for spending without the need to even think about credit utilization.
do they do financial reviews??
Not to correct anyone here but amex no longer does charge cards that information is out dated by at least 25 years... amex cards now days are full fledged credit cards. Now they do offer different payment plans based upon your use of the card, regardless of those differnt payment methods, you should always pay your card off in full anyways wich in turn is similar to a charge card payment terms.
@@Element_115_ While the majority of cards that AMEX offers are now credit cards, the Gold and Platinum card are still considered charge cards (although they can function similar to credit cards with the optional pay over time feature)
@@APennyPinchersGuide again not to correct you but the gold and the all the platinum cards above are all full blown credit cards. I have 3 buisness platinums 2 varients of the personal platinum and 1 of the gold. All of the varients offer the different payment methods and are even deemed credit cards not charge cards in the terms and conditions of the cards. Again not faulting you for not knowing this information but the correct information given/provuded to your subscribers can benefit your channel. Alot of the general public have a bad tast in their mouths from the 80's, 90's when charge cards were the "luxury shopping experience". Amex is 100% full fledged credit cards. They now even have checking accounts for customers older than 3 months.
You are correct. It is good advice. Just have a plan dealing with your credit.
Absolutely! Always good to have a plan and higher credit limits are only part of it 👍
Great advice Dan!
Thanks so much Matthew! Appreciate you watching and supporting the channel as always man 👍
Absolutely love it. Awesome advice. Big thank you
Great tips Daniel on how to increase the credit card limit and its benefits too.
Fantastic video as always, Daniel! 🏆😊💙
Coming from someone with just over 30k of credit card debt... you DO NOT want your limits upped. Thats how you get to where i am. It started at $500... and now I'm drowning.
This isn’t good advice? You got there because you were spending money you didn’t have? I think what you should say is if you don’t have the money to pay off the credit limit you DO have, then you shouldn’t increase your credit limit.
No, YOU don’t want your limits upped. 😂It sounds to me like you are problem
My Credit is So Great, I received increases on 3 of My 5 Credit Cards without Requesting those increases!
Greetings From British🇨🇦 Columbia! 👍🤔
Hey Daniel! Your tip about applying for new cards is definitely the way to go to both increase your limit and build additional credit history! This is especially true with Chase since they hard pull both your CLIs and for all new applications, so it's definitely better to just go for the new card!
I have received multiple limit increases over a 10 year relationship with chase and have never been hard pulled for them. Is this something you read or a personal experience?
@@jonathanlosa399 Personal experience. Not sure if your CLIs have been auto-CLIs or ones where you called it in, but over my 10+ year relationship with Chase, I've called in to request multiple CLIs on multiple cards and they've always resulted in a hard pull on Experian.
Thanks so much! Yeah Chase is a great example of that because they do hard pulls on requests like you said. I'd much rather get a new card!
But yeah Jonathan that's what I've heard that Chase does hard pulls for requests, but they won't do a hard pull if you don't request it and they just automatically increase your limit. That's why updating income over time can be a good thing because they might just give you more credit without asking.
I had asked for one that got denied, they didn’t hard pull at all.
@@Daniel_Braun new accounts reduce your average age of credit history 🤷🏽♂
Wow thank you for the information! I have 7 credit cards right now and have 43000 in available credit. I guess I'm doing pretty good at age 22
Hi! Truly enjoy your channel! Extremely informative. Glad to see you’re growing rapidly!
Thank you so much for saying that @CariJayy ! Really means a lot! Yeah the growth has been very cool to see lately and I'm glad that people are liking the videos 👍
Took me 2 hours on the phone with chase to increase my credit limit from 5K to 11K
Great video, you always find a way to create excellent content and information in a way nobody else can. I also enjoyed the podcast you did recently!
Thanks so much Matthew, I really appreciate hearing that man! And that's awesome, thanks for listening to the podcast! I really enjoyed being a guest on there
...
My goodness. If RUclips existed in the early 2000s when I was in high school, my Economics teacher could have pulled up one of your videos.
Would have saved me a lot of headaches learning by fire.
...
And 30 is NOT old.
Haha I wish that personal finance videos were more popular when I was in high school too! Glad to hear that my videos are helpful, thanks so much for watching!
Love the videos bro. Keep it up.
Where do you get your shirts at?
Thanks so much Carlos! And I get my shirts from a bunch of random places, usually pretty cheap. I think the one in this video was just some random brand that I found at Marshall's haha - that's usually where I've found nice stuff for cheap
You're killing it dude WOW... Keep up the great work! 🙏🏽🚀
Thanks so much Dayana, I really appreciate the support!!
Great information... I have capital One and every 6month a request my credit line without a hard inquiry
Thanks so much José! Yeah that's the way to do it whenever there's not going to be a hard inquiry done!
Short version: practice great credit/spending habits and your credit score and credit limit will increase overtime, or request an increase and get a hard inquiry on your report temporarily, or get a new credit card with a higher limit
Ok, so nothing new at all. Thanks.
A hard inquiry listed for 2 years is a little more than temporary. Research what banks offer soft pull credit increases. Apply for those first. Use a card with a $1000 limit before one with $300. A $100 purchase is 10% utilization on one versus 33% on the other. Particularly if you don't pay full amount at end of the month.
nohowtoplz1 it’s stays on your credit for 2 years but the points you lose for having it on your report last for a few months at best and starts to go back up. The only disadvantage for it being on your report or having multiple isn’t the temporary score decrease but how other lenders will perceive the inquiries
@@Homentertainement2Exactly. That is the response you should have given. The effect on your credit is not temporary.
nohowtoplz1 you clearly missed the point of my post and that’s ok.
Yo credit to you this is a really high quality video I thought this was a huge channel. Appreciate the help man. No pun intended.
Haha thanks for the "credit" Christopher! I really appreciate hearing that! Just a newer channel here so hoping to continue growing it 👍
@@Daniel_Braun happy I found this channel - nice to hear from a young fellow who knows how finances work. I appreciate the content. Thank you!
Thanks Patrick, I appreciate it and glad you like the content! Plenty more to come!
So awesome great information.
Thanks so much Dwight, glad you liked it!
Another banger :) Have a great weekend, Daniel! :)
Love to hear it! Have a great weekend as well @sonictonic ! Thanks for the support as always here 👍
Great information for a newbie, unfortunately for me, my credit is beyond this advice. But I'll share it anyway since someone I know would benefit from this video. Cheers!
Yeah there is definitely a lot of beginner info here. But great to hear that your credit is already above this, I'm hoping to make some more videos for those with more experience with credit in the future too. And awesome, thanks for sharing it! Hopefully can be useful for anyone that needs it 👍
@@Daniel_Braun i think what he is saying its beyond what this advice can do, beyond repair lol
@@crownvicmusiccvm904 No, he got it right the first time. I'm at 772, no debt, 7 cards, 100% payment history, 0% credit utilization, 0 derogatory marks, and $47k credit limit.
@@erskinhansen1715 ahh okay my bad lol
Great topics man. Thanks for sharing all the useful insights! I’m currently on my journey to get to a score of over 760.
Thanks Alan! Appreciate you watching and great to hear that you’re getting that credit score up to 760 and above! 👍
@Dorothy S. Chung Where are you trucking?
Well I have a interesting story I started with a 480 credit score and a low limit card over the course of two years I paid off my credit every month and today my score is 750 which is a great increase so I got a credit increase and applied for another card. My balances at Billing cycle are always 0 but I use near maximum of limit and pay it off before 25 days. My credit is now in the good range and the amount of available credit is 3x as I started at
Thank you you're very helpful. I have a question when part of your income is cash what did you do
Great video as always! Is there a recommended credit limit per income bracket or the bank will just assess on their end when I ask for a credit limit increase?
Hi Daniel, love your channel! Can you make some videos about strategies/cc set up for couples/spouses/partners?
Thanks so much for watching my videos! Yeah that's a great idea, I can definitely make some videos like that because working together with someone can obviously double your credit card rewards!
You’ve been putting out fire content bro. Binged watched all of your videos. Quick question. I got the CFU as my first unsecured card with $500 CL. So if I make let’s say $300 purchase, pay it off in full before billing cycle (or just leave $2 balance by the end of billing cycle), will I be charged with 60% credit utilization or 0%?. Thanks Daniel.
Credit utilization will be reported as 0 but they will still be able to see u used the 60% because It will say Highest credit used 300.
Thanks so much Kevin, love to hear that you've been binge watching my videos! Yeah I agree with Jason, utilization would get reported as whatever the balance is on the statement closing date at the end of the billing cycle for most issuers. So a $0 balance that you pay down from $300 before the billing cycle closes would be 0% utilization!
i wish in the video there is sector indicator so i know at which timeline in the video what you are talking about
Got a question for you bro
How often you think should you apply for a new credit card?
right, never understood why some do a HP for a CLI when you can just take the HP on a new credit card
What happens when you get all of the existing chase cards and Amex cards? Do those companies keep coming out with new cards? The reason I ask is mainly focused around getting those sign-up bonuses.
Is there a better time during the billing cycle to pay the bill? … is it bad if u only utilize 10% but then I pay it to zero BEFORE the billing cycle?
I am having issues product changing from the college cash back card to the Active Cash. Ive called twice and been told that it “can’t be product changed” Any advice? I graduated in 2020
Hey guys lots of great information. The Statement Balance should be paid in full on the day of closing cycle or on my payment due date?
Which is better?
Outta all 10 credit cards I have the only company I can’t get to give me a increase is Capital one I hate em lol
Just save the max for a secured card and make on time payments until it graduates and you get your deposit back. Fastest way to higher credit line if you’re just starting out.
I do want to ask for more credit but not sure if I would get it, I have the freedom flex, unlimited and sapphire reserve with 10k credit limit each.
does amex do financial reviews if u ask for limit increase on charge cards??
You can max out your cards every month just pay it back in full before the billing cycle i find to be the fastest way. Manufacture spend for credit limit increases since why would they give you a higher limit when you are not using the one you have.
So at the moment major credit companies are dissolving,treasury department itself quoted ''The Nation is in serious Debt'' as of The U.S. national debt crested $30 trillion in early 2022.So by increasing the Credit limit or by having higher score does not mean you will have higher chances of getting the loan and not paying debt back which will lead to higher interest rate which cause tax payers to pay more tax to resolve national debt issues
If you upgrade an old card to another from the same bank does that reset the account age?
Any tips on getting a credit limit increase I have CSP with 22k limit and want 80-100k credit line I have used and pay account in full and use 15k+ per month in purchase.
I've had my credit card for two years making on time payments having a credit load organization of under 10% I started off at $500 credit limit and I got a increase to 850 dollars and then I applied for another credit card and got a credit limit of $500 so can you explain how to get at least five thousand dollars
Thanks Declan Rice
Avoiding to credit karma with my cards combined I have 155k in credit.
At 18 I had a 500$ credit card limit not I’m 20 and have 9,500$ in credit cards limit and I don’t spend no more then 30% of my credit limit every month and when I pay my credit card of 98% of the time it’s at 10% or less by time the billing cycle is over
great video Daniel!
You didn’t mention how opening a new line of credit brings the age of credit down and how that affects your credit score
There’s a RUclipsr that said put 30k and they’ll counter offer with an amount at the highest they can give you. Is that true?
I went from 1100 to 40k plus in four years 18-22
WILL YOU ANSWER 1 SIMPLE QUESTION... IF I OPEN 4 CREDIT CARDS AT THE SAME BSNK IS THAT FINE... OR DO I NEED 2 open at several places. If you could please answer this I'd be thankful.
Thank you very much for the information. I just randomly got a credit limit increase to $1300 up from $500 on my Discover It Secured.
That's awesome! Yeah Discover is good for getting some nice credit limit increases over time since the limit is probably small to start
Question for anyone that can help....does credit utilization go by per card or overall? For example you use 27% on one card, only 3% on another, and
Overall. It’s total balances/total credit limits.
@@angelochoa2750 oh cool thanks
Daniel - need CITI CUSTOM CASH Data Points video...
As a blue collar worker Was hoping for a good tip to boost my avalible credit but looks like no magic bullet to push my 130k limit past the 200k mark
There isn’t , credit is a foolproof system lol
Got Dame 130k bro really?
Hey Daniel and RUclips community. I was pre approved for the Chase Freedom Flex, Freedom Unlimited, as well as Sapphire Preferred and Sapphire Reserve credit cards. I’ve never owned a credit card before and was wondering if I should go with one of the Freedom cards, or a Sapphire. Thank you!
I have the CSR and I love it. However the Annual Fee is very high. Unless you travel a few times a year I wouldn't do it. Chase Freedom and Chase Preferred are 2 great cards to use together to maximize points and still travel.
I got the freedom unlimited, hopefully get it at the end of the week
I think the answer is go with the freedom unlimited to start. Great way to get in the habit of earning points and understanding the chase system. Then once you get a feel for it, add the CSP or CSR.
How long was the credit history when you went for the third card Daniel?
So the credit history on my first Wells Fargo card would have been about 3.5 years and my second card (the original Chase Freedom) would have been about 14 months I believe when I got approved for my third card the CSP!
Just call and ask!!!
hello friend i have a question i have like a 730 credit score and have 4 cards should i get a credit increase with same bank i been over a decade or get a credit increase with bank less than 1 year same thing should i get a new card with another bank or same bank i been over a decade ?
Question:
If I have a $2k limit, and I'm only supposed to be below a 10 percent utilization rate, and I make a purchase for $200, what if I pay it back the very next day and my limit is back to $2k, and I make another $200 purchase, does that still count as 10 percent utilization or would it instead be considered 20 pecent? Like can I still buy other stuff if I just pay it back instantly? (without going under $1800 of course)Sorry I tried my best explaining it the best.
As long as the statement balance is paid in full.
this should be corrected to say "reported credit utilization" some people erroneously believe is they use more than a certain percentage of their available credit that it will impact them negative/y and this is completely and patently false. I spend 4-8 times my credit limits on most of my cards in a rotation but always have a zero balance reported.
What does it do to your credit limit if you have a card that doesnt have a set limit? My gold card amex doesnt have a limit so its cool but i guess it doesnt really help my total limit at all? Lol
Hey anyone who wants to respond ! Almost no one talks about taking advantage of 0% apy on a new card with the intent to have a large balance which you will pay off before the 12-15 month period but…. I’m aware this will hurt havibg a large bonus only on the new card but monthly payments drastically reducing it should help your score totally bounce back no?! Asking :)
is this still applicable or is it totally diff now???
I had a credit score of 792 with just one credit card but it has gone down about 30 points since I opened 2 more cards.
Yeah that can happen in the short term but ultimately long term its better to have more lines of credit on your report as it looks better to lenders! Don't worry it'll climb back up as you continue to make payments on time and keep utilization low
Question. I received a chase card recently and was approved for a huge credit limit. Should I wait to apply for another chase card? It’s been about 1 week since I was approved. Otherwise I’ll wait until next year.
Its definitely best to wait with Chase before applying again too quickly in my opinion. Some people say to wait at least 30 days, but I've always liked to play it safe and wait 60-90 days at least. All depends on your situation but the shortest time between me getting approved for the Sapphire Preferred then the Freedom Unlimited was about 1.5 months.
@@Daniel_Braun Sheesh I wanted 2 years between applying for new cards lol
Haha I definitely recommend waiting and playing it safe no matter what! In my opinion it’s just best to bet patient with getting new cards so that’s good that you waited like that Jeff!
This channel is better than Sebby IMO👀
Haha thanks Cory! Sebby is the greatest though, I love his channel!
I had a hotel branded credit card with Citi with a $7500 credit limit. Then one year Citi lost the account with the hotel chain and it was bought by American Express. When we were autochanged from Citi to Amex, my CL was dropped to $5000 with no explanation given. That was 4 years ago. No matter what I've tried, no matter how many times I've requested, Amex has never increased my CL. I still have the card because of the credit history. But I'm not very happy about it :(
They probably want u to spend close to the limit and pay off completely every cycle a few times to show u need a higher limit and that u have no prob paying it down completely. Not sure but they prob saw u weren’t using it all so they lowered ot
@@sneakerhead4770 no, I definitely made use of the card at close to the limit but also always paid it down to 3% utilization every month while it was on Citi, and after it was on Amex.
jalabi99 then that’s odd. I would say 3-6 months after doing that they should raise ur limit again. I would request another increase after 3-6 months. Hope u get it
Sounds like you’ve been bucketed. Might need to close it & open a new one
jalabi99 try to cycle twice in 1 month. Max out and pay it 2 weeks in and max out and pay it again. That way they see u do 10k a month if that’s possible
Does chase do a hard inquiry for limit increase requests?
Yes.
If I have a 5000 credit card limit and I use 2500 of that that’s 50% right but what if I pay that off before due date utilization doesn’t matter at that point right
Gotta pay it down before your statement date
Does it look bad to get a loan to pay off credit cards? Can thus be done and still keep the credit cards open?
Basically just more debt , but it can consolidate your debt and get you better interest rates but there’s always drawbacks to something
Why does my credit score go down when I have nothing owed
WF is my first credit card (secured card) and it is worst card ever. I have waited for three years to change it for regular credit card with 1000$ limit. Three times I requested to increase my limit but WF refuse it. On 5th year finally they increase my limit to….. 1500$. This is crazy I already have had more then 10 credit cards with average limit 10000-15000$. More even first two years I had checking account and saving account in WF. So I close everything except credit card just because it is first credit card.
I clicked so fast with my $500 CFU + CFF 🥴🥴
Anyone has tips on increasing a credit score at 760 I know I’m at Prime level I just wanna get to the 800s I know it’s not a big of a difference interest wise but just want to get a better score and seems like it’s getting harder the more my score increase
I've had a few comments similar to yours so I'm going to make a video on a topic like this soon! I think there's some things that you might be able to do but at a certain level it does become a little more challenging to keep increasing as quickly as before
I think to get past that point u need to get financed cars and homes paid off
You have to have serious longevity in the game. Like 25 years
@@sneakerhead4770 maybe 🤔. I’m 25 my main transportation is my motorcycle which I bought straight up cash cuz it really wasn’t worth it to finance as for housing I just rent right now so maybe as @Federal6 says I might need to be in it longer. Doesn’t affect me much though just an ambition for me to get to for a 800 score
Jose Mendoza no I’ve known younger people who were like 850+ but they had mad real estate paid off. They buy lots of properties and rent out. U don’t need 25 years of credit history. But just credit cards isn’t enough. Cars paid off through financing and properties
Mine increased from 2000 to 10000 lol i was shocked
TWICE I have told credit card companies to NOT raise my limit. If I keep a low balance (and I do), then MORE available credit counts against you in your credit score. Sure..your percent utilization is lower, due to a higher limit, but it is MORE than offset by the magnitude of your available credit. I keep one card. Only.
I dont think so. More credit is better. Only when you first receive new credit it can count against you a little, because the bureaus assume t you requested more credit because you need money...
Im excited I finally got approved for a credit card thx to a coworker of mine helping me on where to go and look. Found Capital One
Hey mannnn, so I recently very ignorantly applied for two student credit cards back to back. I didn't know they would do hard inquiries. Every video I've seen says that, to apply for another credit card, we should wait 3 to 6 months. If I do that, I would have 2 more hard inquiries, 4 in total before 24 months. Why does everyone recommend that if it gives us hard inquiries? Is this ok?
In my opnion the more credit card you get when you're younger the better because it will keep your age of credit history higher as you apply for new credit cards as you get older. The hard inquiries don't really matter too much when you're barely starting to build your credit because they generally disappear after two years. However, I also don't advise you to apply for new credit cards back to back becauase you will most likely get denied. So just wait 3-6 months in between credit applications and you should be fine. At the age of 18 i got 2 credit cards and I'm now 20 with 8 credit cards and a 42,000 credit limit. As long as you pay in full every month your credit will increase. Good luck!
@@marioaguilar8436 Damn, man. That's impossible. Best of wishes to you and thank you!
unless its Capital One. They just put you into a bucket forever
What if credit went down