But I don’t understand….if you have to meet a certain percentage or under for yk being more valuable I guess, then how in the heck do you use credit for a car or a house? …..wouldn’t it make more sense to make the percentage more valuable?
The annoying thing about credit is that is its hard to get and easy to lose. The bank does not want to give you a credit card to build credit but expect you to have good credit 🤦🏽♀️🤦🏽♀️ ADULTING IS GHETTO!!!!!
Benefits: Your money grows tax-free. It will be harder for you to dip into the money early. If your employer matches your contribution, that's free money. Disadvantages: You have to fill out some paperwork, you will have to learn a little bit about how they work, your paycheck will be lower because some of it is going into your retirement account. Do it now. Your 70 year old self will thank you.
This is not directed at you but more at the system lol but the whole credit score thing is kinda of a scam. I’ve learned a lot trying to build my credit personally but I also learned it’s ridiculous. I’m assuming they made this way to make it fair to everyone but still 🤕
As an immigrant we always have a disadvantage when comes to credit history but I learned everything I could to help with that. My credit score today is around 760 and 3.5yo (this is the only bad part). You also helped me a lot Vivian. Thank you so much. ❤
Why does one’s credit score take a hit on a hard pull when you apply for a loan, credit card, ect? What is the difference of soft pull vs a hard pull? Could you make videos on that pls ? Thanks
Yes. That would possibly raise the "high balance" amount reported on your credit report (if you never charged that much to that charge before), but the high balance amount is not a factor in your credit score. She doesn't say this in the video, but utilization for a debt is based on current balance (called just "balance" on the credit report) divided by current credit limit. Credit utilization is only a current snapshot of current balance and current credit limit. ("Current" means "in the latest report to the credit reporting agency from the lender.) Payment history is different: if you were late three months ago, that doesn't disappear just because you made your latest payment on time. Please note one more thing: charging money to your card and then not paying it so that you incur interest before you finally pay it off will not help your credit score. Interest paid isn't even reported. Number of times late (30 days, 60 days, 90 days, 120+ days), current balance and current limit are reported and matter. If you don't believe me, or if someone here says I'm wrong, order a free copy of your credit report (use the government site that ends in .gov so that you're not getting one that pretends to be free), and you can see for yourself what is reported and not reported.
I'm 18 and I have no clue on anything about credit cards and scores. So plz could help me understand it and how to use it like in the simplest way possible. And is it good idea for me to take a credit card now. Thank u
They helped raise my credit scores above 800 across all the bureaus and deleted all my inquiries and collections including student loans, late payments and other negative items. Big thanks to Mr x at GlobalFixPro🔴Net , they're very legit and trustworthy,..
Thank you Doll for this Great topic. My daughter and I were just talking about Credit and here you are 🥳🎉👏🏼🥳👏🏼👏🏼I just forwarded your video to her so she can see it too😊
I think I need help with my credit cards and I just found it. Thank you Vivian I didn't know that about credit cards I am going to work on lowering my balances, I always pay on time it's just I have high amount owed. Thank you. Now I can improve my credit score. Luv karyann
A better credit score might help you decrease your interest rate, but your bigger problem is that you're spending more than you can afford. Work on decreasing your spending and increasing your income. Be ruthless with cutting spending, and consider education as a way to increase your income (non-profit schools only, please). Write down everything you spend for a month, and then get ready to cut. It won't be easy, but shuffling your debt only delays the inevitable reckoning with the reality that you're spending more than you can afford. Contact your local community college or state university. You can make long term changes that will get you out of this cycle.
@@tordendar5770 thank you I have never thought I spent to much on my cards I'm going to get ruthless and stop spending on things I don't absolutely need.
You're up against a retail industry that tries to convince you that you need things, and a credit card industry that makes money by convincing you that you can buy things and pay later. If you're running a balance, you're spending more than you can afford. It's very easy to convince yourself that you absolutely need things that you don't really need because you have an entire industry trying to convince you of that. Think of every dollar you spend means that you don't get food that night or heat that night. Reframe what absolutely must have means. Don't listen to the credit card companies who say don't worry about it, you can pay us later. Good luck.
Thanks for the TIPS! I have been stuck around the 795 range and can't seem to break the 800 mark, SO I took a look at the utilization of my "everyday card". I seem to use right around 30% +-3%... SO... I requested an increase and VOILA, I will be down around 20% moving forward. The plan is to ask for an increase every 6mo's until I am down around the 10% mark. Thanks SO much!
What happens if the acct closes on u? I'm in the excellent range generally. During holidays, I'm down to really good bc I spend more but it goes back up since I pay them off
Who closed the account is not calculated in your credit score. Closing an account --whoever closed it-- can affect your utilization ratio and possibly length of credit history.
My credit score is 716 !!! am I doing something wrong? Or am I just not doing enough? LOL . I JUST got my very first credit card last week . I’ve payed many many loans on time and also phone and internet bills. Hmmm 🤔 interesting… do I need more …. Financial things? Like getting a second credit card and only Using it for Netflix ? Cause I was debating getting a second credit card for something small monthly …
Guuuuurl closing your oldest card got you and me both and what’s worse is the Bank of America rep told me it would be okay! That was in my mid twenties. My current score in my early 30s is 807.
My credit score is in the high 700 right now but I need some advice. What advice can you give for "credit card shuffling? " Using a new card for the points and closing that account and opening a new one when the interest is about to kick in. Getting some shady advice from coworkers right now.
Vivian, at 28; I graduated college and couldn't find a decent paying job in graphic design/animation. I took on a minimum wage job as an Amazon driver. After a year, I tore my ligaments and spent 2 years in limbo under terrible workers comp. Now I'm on the verge of being permanently disabled which makes finding a decent job that will accommodate my disability even more limited. (I DID take the time off to get my masters.) But now that I'm graduating, I find my options even more limiting. As a 30+ man, what can you recommend my best options are? What can I put on my resume to get that interview? Or where do I go to find the optimum job opportunities. Should I free lance (with no experience)? Do I find a free internship? Or do I start at corporate in the "mailroom"; as we say; then work my way up? I have my disability settlement to tie me over for a year, if I must. But I do have $90k in student loans awaiting me, after graduation. (My masters is in Accounting btw.) Any tips will be greatly welcomed. Help! Help! Help!
I mean accounting does seem pretty valuable….so wherever you can find a job corp. then you should start there with gaining experience in accounting, on the other hand graphic designers must have experience of some type to work their way up or to truly understand the type of G.D they do. Do the same with G.D and start at an internship through a job corp. maybe. Start as a social media content manager….or what ever you specialize in…..you could get a piece deducted out of your income on online freelancing places like upwork or maybe fiverr. And really get great experience or get your name out there for the type of G.D you do. Not an expert….just a suggestion as a fellow growing graphic designer
I got rid of my credit cards. My credit score dropped about 130 points in one day. Soon it should go to zero. I love it. You don't need a credit card, credit score or FICO score because you never need to borrow money. The only exception is a mortgage. But you can get a mortgage by using manual under writing.
I used my credit card 2 times in one month but paid it back the same day. Do I need to pay the bank statement balance to avoid interest? I'm new to Credit
There is 3 credit bureaus : Experian - FICO 8 Trans union-FICO 8 You can get those too. Equifax will only give you Vantage 3. How do I get the FICO 8 from Equifax???
On Experian's website you can get your Equifax aand TU FICO scores, but you would have to pay for a subscription to see them and your full credit report from them IIRC. Also, depending on what CCs you have you can get your Equifax FICO scores for free. I have a Citi credit card and I can check my Equifax FICO score that way, but YMMV in these cases.
You get one when you apply for a credit card, however, you typically do not get a credit score unless you ask. Some credit card companies have it as a side perk (i.e. American Express), your bank can also check, i.e. Chase or Bank of America. This is not financial advice, but what my parents/uncles/aunts told me when I was a teenager was that If you are young, talk to your bank to see if you can get a low/no interest card. If you have terrible credit there are ways to rehabilitate your credit. Then to build up credit, use it like $50-100 a month and pay it off completely. and DO NOT MISS A PAYMENT. This will act as a soft cushion for the future when you are in 20s and 30s. Also, be careful I think there are soft and hard checks, soft checks don't affect your credit score, while hard checks may affect your credit score. A Hard check usually involves you taking out a loan, opening a new credit card, or mortgage. Soft checks are usually you asking Credit Karma (which pulls information from Transunion and Equifax) or background checks (i.e. when applying for a job) to check what your score is.
Is there any way to bump up your credit score in a very fast way? This is taking into account the factors that you mentioned. I am interested in a shortcut
If you carry a balance on your cards you can always look into a debt reconsolidation personal loan to save money on interest. This allows you to pay off all your cards and bring your utilization to zero by shifting your debt to a non credit provider. This of course doesn't eliminate your debt but it does change how it's reported and will usually boost your score a good amount- especially if high utilization was what was dragging it down. The important thing to consider in that case is a loan that doesn't penalize you for paying it off early, an interest rate that's better than whatever the lowest one you're paying across your cards (ideally Much lower), and a monthly payment that you can afford (ideally choosing the shortest repayment term that saves you the most on interest). If you have high utilization as a result of having a low overall credit limit, opening a new card with a much higher one and then spending on that instead will also help your score as the video eludes to^. Lastly- you can call your credit card providers and check when they do their reporting to credit bureaus. Because your score is a snapshot of whatever each credit company reported that day, sometimes your utilization can look higher than it actually is. If you know roughly when they're doing their reporting you can time your payments to make sure your balance is 0 or low when that snapshot is taken. Hope this helps!
Dear Vivian. I have a credit card that I've used about a decade. This is the longest credit account that I have so far. Although, I cannot justify the $100 annual fee since I no longer use the airplane that has an affiliation with the credit card. I thought about downgrading the credit card to one without an annual fee but they don't have anything like that under this program. What do you recommend?
