Here’s Why You NEED a Good Credit Score
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- Опубликовано: 9 июн 2024
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If we haven’t met before - Hey 👋 I’m Marko, and I’ve been investing since 2006, and I got my finance degree in 2010. My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos reflect my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
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You should do that program for kids on middle school and high schools so I can enroll my daughter
what up bro!
THANKS. Just what I needed to watch. My wife and I got a 400k HELOC from our 780k primary home which we are still paying a mortgage for. I want to only use 200k for this new duplex down payment. I realized that the secret to making millions is making better investments and staying out of debt.
I'm grateful to GOD for the internet space, we were able to join the credit repair program, we payed up our debt and now we are back to being the administrators of our farming business and our own properties, as well as small pensions.
I am almost 56, my wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn using Airbnb and retire comfortably.
This is exactly how I wish to get my finances coordinated ahead of retirement.
You talked about a "credit repair program" how do I join? I took out a 200k heloc from my primary home 2 years ago which I'm still paying....I find it challenging to invest elsewhere because I'm still paying the mortgage and I got bills. to pay.
"Laura Gilbert CFA " is the licensed fiduciary 1 use. She lead me to join the program, Just research the name you'd find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.
Why no one talked about this program when I was in debt
Building steady income is quite difficult for newbies...
John Desmond Heppolette has been a significant step in my financial life journey, providing valuable knowledge actionable advice and motivational content. His supportive community has boosted my confidence, work engagement and and has inspired me to strive for excellence
I just discovered his exceptional resume when I searched his name online, I consider it a blessing that I discovered this comment area
Next video : "How Having a Good 94 Celica Can Save You from a Stupid Car Payment" Scotty Kilmer
Spot on!
Yep. Paid off my '04 Honda - then threw that 'car payment money' towards the principle on my mortgage. It doesn't exactly make me a hit with the ladies .....but that saves me money too. 😉
😂😂 yup
@DrProgNerd so you doubled-up, huh. Win Win.....all in perspective Sir Watson
And get a Smooooth haircut like Marko did for this specific video. In addition to a Top-Level credit score he also has street-cred with the local Cholos/Homies of da barrio, not to mention attracting all the honies.
Perhaps you can do a video of current credit cards rewards, and what the best/worst options are? I think you did one a few years back but i don't recall. Thanks for all that you do i love this channel !
Noted!
Thanks for being so honest with giving us great information in all of your videos Marko!
My pleasure!
Love when you say "I don't advise you to get a credit card and pay 17% to 25% interest , that's on you"
Aruba babyy
Hace fun in Aruba Marko, that has been the best trip in my life. Pretty beautiful beaches, people and a lot of things to do. Greetings from Colombia!
Thanks! 😃
Marko najbolji si! odlican kanal, gledam iz Majamija , imigrant iz Novog Sada. Mnogo korisne informacije, fenomenalan sadrzaj. Ziv bio :)
Markoooo still waiting on that video about pensions
Now try to convince the folks at the Ramsey show about the usefulness of a credit score! 😅
I like ur point about overuse of the credit card .. I had a friend tell me they wanted to buy a car to improve their credit - my comment was that a $10k car does that just as well as a $60k truck
Marko,
Thank you so much for all of your content-I've learned so much over the years. I was wondering if you would be willing to do a video on the tax benefits of business ownership versus being taxed as an employee. It seems like a secret of the wealthy in the USA is they have clearly capitalized on the fact that labor is taxed at a much higher rate than business capital. It would be great to get your analysis on this topic.
Thank you, keep me updated with your contents
great to see this guy is almost up to 1 million subs
Marko- would you ever do a video on best credit cards to get? I'm about to book an international trip and thinking about chase sapphire card for the benefits/welcome bonus.
0 debt, 800 credit score. Wondering if that's my best option or if there is better I don't know about
Best Marko, Would you explain to us the differences between buying real estate with cash money and a mortgage loan from the bank? I haven't found someone on RUclips explaining it efficiently with numbers. I am waiting to see your video. Thank you in advance.
Thx for the advice. What is the minimum age to add your child to a credit card Marko?
Why did you pay off your 2% mortgage when savings account rates are 5% and CDs are closing in on 6?
Co-signer at 5 years old? What is the minimum age you can get to be a co-signer.
Keep up the good videos!!
I'll try!
Hi, great video. You mentioned 8:16 that you paid zero interest on your credit cards. How you do that? By paying it off completely before the due date?
Yes
Some credit cards have promotions where there is a 0% interest rate for X-# of months and some also give you cash back of your spending X-$ in the first few months. I got a 0% APR card that gave me $250 if I spent $3,000 in the first 6 months. I took it and aside from getting the $250, I spread out a $7,000 single purchase (It was a Need, Not a want) into monthly payments of $467 over 15 months (the promotional period of the 0% APR). It's a win-win.
Again, I stress the importance of being financially responsible. Do not buy something just because you want to say: get a $250 cash back. If you can't fairly easily handle a spread out payment of $450 per month for 12 months, then rethink the purchase in front of you. Is it a transmission for your 10-15 year old car OR a whole new living room furniture set and new bedroom set to replace 10 years old ones you have? Although the vehicle can be somewhat debatable in that you Might be better off trading it in for a newer used car or replacing the transmission outright, the furniture sets can wait. Hope this helps.
hey MARKO i heard that credit companies give a month of zero interest rate and then charge according to their terms , so can i somehow invest the money during the zero interest period and make profit @ the end of the month , care to guide this newbie
I remember when my credit score dropped like 85 points for missing a $30 payment on a credit card i didnt even know i had. I was livid
I only had one 30 day overdue payment in my life for that same reason, I just forgot I had a balance on the card. This was early in my credit history. I was only like 20 years old. Thankfully after 7 years it fell off, by the time I was ready to look into houses. But by then I was so anti-credit/loans that I worked hard to save up enough cash for a fixer upper. At the same time I just kept paying my cards on time in full and made sure I never missed a payment, and never bought more than I would if I were buying with cash. That one missed payment kinda gave me discipline. To the point my credit score at its highest was 827. I qualified for 0% interest loans that I took advantage of and paid off over time for things like a roof and fence. I hate how much credit is used to determine what you can and can’t do but I try to use it to my advantage
My dad and Dave Ramsey have traumatized me enough to know better than to get into debt… credit score is over 800 since I don’t carry a balance but mortgage interest rates are still 💩 these days so what’s even the point 😭
Question if you no longer want a credit card, is it true that when you cancel it you loose also part of your points score?
Or if they aprove 10,000 but you call to lower it to 3,000 do you also loose point score?
Even if you cancel, it’ll stay on your credit report for up to 10 years I believe which is a good thing if the card was closed in good standing. BUT, it’s best to NOT cancel any credit cards. Just use that card once every 6 months or a year to keep it active. Keeping that card and the credit limit it has will help your utilization ratio stay lower which is what you want because that will help your credit score. Also, there’s no good reason for calling the credit card company to lower your credit limit. That will hurt your utilization ratio and hurt your credit score. Just make and practice disciplined spending habits and make your payments on time.
Marko, I still can’t get over you shaving off that luscious hair. It’ll grow back though I know.
Thanks Marko everyone that uses a credit card is paying for your Aruba trip so be sure to send them a thank you note 😂
It’s actually the transaction fees to the merchants but I’ll also thank the people paying interest as well 🙏😂
Ayyy yo Marko…why’d you cut your luscious hair 😂
thank you white boy finance
Hey Marko, I thought medical bills don't affect your score?
If you dont pay , they will eventually send it to a credit agency . Medical Facilities just give you more time to pay .
I paid off the 10k CC debt I had last month and finally got into the 800s by selling the crypto/stocks I had
I feel so weird because I no longer have the stress of having the lingering debt lol.
Congratulations! What are you planning on doing with your “extra” money?
Is there any reason why I'm being charged interest on purchases when I've been paying my balance off in full every month?
What Credit Card do you have ? ? 🙄
@@beanbean321 Credit One Platinum.
Are you paying current balance or last statement balance? Check your contract for your interest free period.
What if you want to live off grid
Then you will have no credit at all and no Social Security benefits when you retire .
@@beanbean321 ok I guess my point was I have met people who work and have a social security number. They pay into SS. But their goal is to go off grid. Therefore they don't get any credit or credit cards. I want them to raise their credit but they're scared to because they want to go off grid. What do I say to them? Am I wrong for wanting them to have a credit score above 0?
Finally using credit cards. I pay off the balance every 2-3 days like a psycho 😂
Exactly. Same here.
Same. I treat them like cash
7:32 "From birth to your social security number...you are plugged into the matrix" --Marko 2023
Very good video you mentioned your mom made you a cosigner on a credit card when you are 5 years old how exactly do you go about doing that in today's day and age is that still possible?
It looks like 21 years old is the minimum age. But who knows Marko is always ahead of the game 😊
But Uncle Dave tells us if you have a decent credit score you had to go into huge debt and then pay it all off to get that credit score. I have amassed a very nice credit score just by using one credit card and paying it off each month.
That is not true at all! Idk where this came about but I was also told this however I’ve never paid interest bc I don’t carry a balance and have an 800+ score. I’m sure that rumor was made up to benefit the cc companies.
Yeah I just pay for things I already needed, like groceries, clothes, home supplies, etc but using a card instead of cash. Then I pay it off each month in full. I get so many rewards from my card that it’s literally free money in my hand every year. I know not everyone is that disciplined, but for me it has been perfect. I ended up with over 800 credit score and now qualify for a lot of 0% interest loans/cards that I used to spread out payment but still paid off before interest kicked in. I love taking advantage of the credit system 🤷🏾♀️
@@lucyrocha8403 Mine is over 800 as well
Wait how did you pay off your house in a year and a half? Don't just drop a bomb like that and leave us hanging man 😂
I made a lot of money and then went into psycho defensive dad mode and paid it off as fast as possible. Probably one of my biggest financial mistakes but the peace of mind is priceless with a family.
In this economy???
in any economy.
Hey Marko ! What about how to build good credit score aside from the very obvious paying your bills on time , you left out that part from the video ?
Marko, love your videos man but you gotta go back to the longer hair! haha
Working on it!
How do you get past 800 score? I am at 780.
It takes 30 to 40 years of paying bills on time . I'm at 834 score .
Sorry to be the bearer of bad news but time is the answer. I’m 10 years in and just hit 800 early this year. Good things take time, hang in there.
@@beanbean321 not 30. I did it in less than 15 years of consistency. I started a little older with credit cards, didn’t have any credit history until about 21. By 33 my score was over 800. Just missed one payment that whole time on accident and that missed payment fell off my history after 7 years. Key was also to not get rid of my older credit cards so my credit history wasn’t too low. So my first credit card only had a limit of 500 dollars but I still have that account open just for the history on it.
@@lucyrocha8403 so if I start now ,I'll have it when I'm 35, is it worth it?
I use to think my credit score mattered, then 2020 happened and proved that it didn’t when I got approved for my first home loan at 7.25% with excellent credit. I could’ve had terrible credit in 2019 and I still would’ve gotten a better rate. (Yes, I’m bitter)
Of course it matters. What would you rate have been in 2019 with terrible credit?
@@WhiteBoardFinance Better than the 7.25% I got last year.
@giancarlog8653 That may be true, but that's not due to your credit score, rather the changing interest rates. In comparable interest rate environments, a better score should yield a better rate.
Haha love it, from birth with your social security number, you're plugged into the matrix. True
Step one... Pay credit loans on time.
Step two... take out more loans and erode credit.
Love How Dave Ramsey totally agree with you when it comes on having a good credit score 🤣
Hi Are you looking for a professional youtube thumbnail designer?
Nice haircut.
Thanks!
I began investing at the age of 34, primarily utilizing my hard work and dedication. Now at the age of 42, I am delighted to share that my passive income exceeded $100k for the first time in a single month. This advice is truly valuable, so don't hesitate to take action. Remember, it's not about achieving wealth quickly, but rather about building wealth consistently and persistently.
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The adviser I'm in touch with is *CAROLINA MELINA PHERSON* she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me she strategy works hence my result. She provides entry and exit point for the securities I focus on.
My credit score has dropped because I pay my credit card off every month and have two paid off cars. Only have mortgage. Oh well, I'm not looking at borrowing right now.
You don't want to pay it off fast. You want to make minimum payments or slightly above the minimum. I know it's dumb
I’m a 250.00 payment on a 0% card away from no longer having credit card balances, but I still use cards for savings they offer like cash back and other perks depending on what I’m trying to save doing. Then it’ll just be my mortgage.
@@Daisy-fairy I disagree, their score will go back up over time as they pay off their mortgage. I pay my card off in full and paid my only car loan off in 1 1/2 years. My credit score was 827 just by having a consistent history off paying off my cards. Don’t pay the minimum, you’re just paying extra interest for no reason.
Bro, are you shadow banned?
No clue. Super frustrating to be honest.
Credit scores only matter for the average person. What good is a credit score if you are wealthy and dont borrow money
Yeah but Dave Ramsey says… 😂
First
It isn't important unless you're interested in a gauge of how good a slave you are.
imagine needing credit
Some of us aren't that lucky to not need it
@@Daisy-fairy nothing to do with luck. work and live below your means, time will take care of the rest
@@00deadmoney41 I have done exactly that. I have worked since I was 14. Lived with people when I could. Never bought anything nice for myself
Did you even watch the video??
That’s right people should be able to buy a house that costs 8x the median income salary in cash lol
Not under Biden the administration
Medical bill is inaccurate. Now you don’t have to pay any bills below $500 because they won’t show up in your report.