6:50 - If you have a good credit score, you should be fine doing both. Get a limit increase and grab a new card if it has nice perks. A lot of your increases won't have a new hard inquiry if you historically pay off your card on time. Hard inquiries are almost irrelevant anyway if you have a high credit score. Banks don't make money by telling very low-risk applicants "no."
My very 1st CC was a discover with 2% cash back on gas and restaurants with $200 limit. As soon as a charge was posted I paid it out, never waited for due date. That way I had more $$ available and I made sure balance is 0 at statement closing date. Never paid a penny in interest. Shortly after got approved for a secured CC and today over 70k limit, utilization ~1% as I pay all of them in full before statement closing. Travel CC is whats confusing to me as to which is better since I dont spent TOO much and seems like they all have requirements for $$ limit in order to get the bonus points or so
Good job paying them off, but shouldn't you let them post a 1~2% utilization by your statement close date and THEN pay the entire balance off before the due date? Paying the entire balance off before statement close (0% utilization) makes it appear as if you don't use the card.
@@samuelm5140 utilization is always around 1%-2% as there's always small pending transactions after I pay. My credit is at 815 currently and I started building it in 2019. Since I pay early my due is always $0 at closing statement
@@samuelm5140 Yeah, i would like to know the answer for this question too. I also alway pay in full before the closing date, but will it be more beneficial to show banks some %% utilization? like 1-5%
I like the Venture X… but having to use the portal (same for CSR) to maximize redemptions is soooooo irksome. Just me I suppose. The Amex charge cards extend credit now and I notice the limit is on my statement.. blurring the lines between charge and credit cards. But it’s served me well tbh. Great video. Thx for sharing with us.
I'm still on the fence about the venture x card...I'd much prefer they go about it like chase reserve where they just apply the credit automatically without using their portal. Are the venture x portal prices similar to booking directly?
I have a visa signature amazon prime with limit of 1000 and chase freedom unlimited visa with 5000 lol , i applied both in last 2 years when i was in school , initial freedom limit was 1500 but they incresed it when i graduated and work full time
I currently have two credit cards and I’m looking to get a new credit card with a higher credit limit. My credit score is excellent. Would you recommend getting the Ventura X credit card or which one should be a good credit card to get?
You could also spend 500/1000$ and pay back 300-400$ before your statement date close so you can actually spend the whole 1000$ if you can put back 900$ before your statement date close I do it all the time and my util % is at 8%
Signing up for a new card could be worse in the sense that it would lower your average age of accounts. Credit age has more of an impact to your score than just an inquiry. I think asking for CLIs could be a good idea in the short term while you’re building credit age and if you’re over 5/24 😅
Very good point, and others should take warning. Especially if you’re not active in using the cards you do have, the account will get deactivated by the bank usually. I find it hard to balance all of them so I stick with 2.
When it comes to credit utilisation.... were you gave the example of have a 1000 limit and spending $500 in a single charge will that still count if you pay it off before the end of the billing cycle? Let's say I pay 400 before the end of the cycle will they still tell the bureau I used 500 of the 1000 on x date?
Don't agree with not asking for a higher credit limit, if you call and ask and they don't require a hard inquiry on your credit report why wouldn't you do it??
Thank you for your full focus on the job instead of focusing on proving yourself to others.You always tried harder to be better Cognitive hacks via web and now your success speaks out louder.Thank you for a hard work.I’m sure it was worth it all.There is no doubt that you are the most deserving of all that should be given a shout out
I have a question. So I have three credit cards all at zero balance. I use them and then once they get posted I paid off. Is that a problem or is that okay or does that bother or what? I heard different things. Heard that you always want to have money on your cards but I heard as all you pay them. Keep them active if you're good And you saying that you have a lot of credit cards. How do you keep up with keeping them active much Easter. Just have a few cards right? Or how do you go around about that? Or you got to worry about them being closed?
I used to have three credit cards, one is actually a joint account, and then 2 others. I really only ever used 1, the other ended up getting deactivated by the bank because I rarely used it. I found it hard to balance the 3. So now I have my joint one; which is giving me my longest credit history/ account. And then my “every day” card. I usually pay off in full within 15 days of the initial purchase (and before payment date) I never carry a balance. Current my credit score is 831. So at least from my experience, I’m doing no harm by paying off the balance as soon as I can.
@@leprechaun3677 Nice! The only thing I've noticed is am I having a hard time balancing two cards mainly because once good for fuel and the other one is good for like everyday purchases but my third card which is my oldest card. I want to get rid of it because it really gives really nothing cuz it was a secured card but since it's my oldest card it's kind of hard to justify getting rid of it. Can you upgrade and unsecured card to a better card that's still have that same history. For example, it's a Capital One secured card and just upgrade it to something higher and still have the same history? Or those cars never upgrade only downgrade
I am under the chase 5/24 rule and I want to apply for the Chase Freedom Flex and Chase Sapphire Preferred. To be within the rule should I apply for those 2 cards first before applying for the Bilt Card or applying for all 3 at the same time okay? Thanks
Start with freedom flex, apply for the bilt card later, wait a few more months before applying for the CSP. After you get the CSP you can transfer the rewards from the flex to the CSP for the added redemption value. If you are at 3/24 and applying for the bilt will put you at 5/24, apply for the bilt anyway because those are free points you wouldn't get otherwise.
CC comapnies tends to make users confused so that they can get paid. When theres a discrepancy youll end up spending time to get things right just to ge your $5. Aint worth it.
lets say you have three cards, one is 4 years old, one is 1 year old, and the last is 1 week old. Credit age is a part of how your credit score is calculated. So if these credit cards are the only form of debt you have, your credit age would be 4 years old. If you closed the 4 year old card, your credit age would now be 1 years old, because that is now your oldest card. Going from 4 years old to 1 years old is a big difference and would decrease your credit score. Removing a card that isn't your oldest would not ding your credit because of age, but lowering your over-all available credit will always make your score weaker.
Closing a card decreases your average age of credit history and decreases your total available credit. Both of these factors play minor roles in calculating your overall credit score (the biggest factors being credit utilization and on time payments).
I have a 1000 usd credit limit for the Amex Blue Cash everyday. If I utilise 2000 usd in 6 months, I can get the additional bonus of 200 usd. How am I supposed to do this, when ideally I should use only upto 200 usd a month, according to this video? Also, you talk about climbing the credit card ladder. Can you please tell me what happens to the old credit card when we get a new one? Won't closing the old one affect the credit score?
So you just want to keep your utilization at 10% or below on your statement. The statement comes once a month, so if you max your credit card out, but pay it down to $200 before the statement date, your utilization will still only be 10%, because that was your balance when the statement closed.
Just keep it. That increase your credit utilization. They eventually closed after years not using it. Don't close unless you really want to, Also increase your credit as well
Bad idea, those old cards show up as longer credit history. Where as if you get a new card you’re reducing your current history and even worse if you close your oldest accounts. This would seriously impact your credit in a negative way.
@@leprechaun3677you have no idea what you're saying. You can close old accounts, as long as it's paid off. This will not impact your credit score, unless your other cars have a balance. That's because only credit utilization will be affected.
I have a question about cards for non-US citizens. I am living in the US but I have Polish citizenship and I have had issues when I tried getting my first card. I don’t have credit history yet, but I want to start building it.
You’ll need a SSN and permanent residence status. Secured credit cards are the easiest if you have no score. I recommend the Discover It secured. Or become an authorized user on one of your friends cards, as long as they are financially healthy. Then wait for your score to establish. At least six months usually to see the first score populate. Still a very thin credit file even then. Still recommend secured credit cards. Stick with the banks so that you can product change those cards later into more mature and useful cards. Another cool trick is if you have an Amex card back home, you can call them up and tell them that you moved to the states and they will issue you a card here or transfer you card account. It’s a relationship thing. 👍
I use my credit cards for everything. My debit card is only used to pay my credit card bills. I dont even carry a debit card anymore. If you are insctive they may close your cards. Care Credit closed out a $12,000 card because im healthu and dont need medical attention 😅
im tring to learn how to decrease it lol i literally typed how to lower your credit limit and its all videos about increasing it lmao my highest credit limit is on a card i dont use anymore lol
So am I using my card wrong for using 100% of my limit and then paying it off in full 6 days before my closing date? I tend to use it fully then pay it off days before my closing date so I'm that the payment isn't late, also I pay it all off in full so by closing statement I'm at a balance of 0 so would that be viewed as 0% credit utilization?
I used to max out my cards and pay it off once a year, only making the minimum payments. My credit limit was always automatically increased along with my credit score 🤷♂ I'm better at managing money now and my credit limit is too uncomfortably high to do that again. Paying it before you're charged interest is definitely the way to go, but you should get a bigger limit.
Use your card how you like, but change the way you pay. You want SOME utilization to report when your cycle closes- 10% or less- so pay your balance down to that before your closing date & pay the remaining balance after.
Ideally you have the balance paid down to a low utilization right before STATEMENT close date, and then pay the rest off before BALANCE due date (so you're not charged Interest). Paying off the entire balance before statement close date ensures no interest is charged, but is also reported as if you're not using the card.
@@samuelm5140 I don't have a minumum payment due date? After my first payment I don't see my dates I just get my closing statement date so I just pay everything off before closing statement date
I was just wondering about credit limit. I currently have an 810+ fico score in all of the 3 credit bureaus. Ten inquiries will be removed by 04/2024. I am using below 9% credit utilization. However, I do have a high debt ratio income. It's high only b/c of my student loans. I never carry balances for credit cards. Will having a high debt ratio income d/t student loans be a factor in credit increases? Most of my CCs have a limit of $15k - 25k but there is 1 card I have that has $12k but is my favorite card that I am trying to get an increase up to at least $20k. Please comment. Thanks!
I have 12 credit cards, all basically maxed out. 100% payment history. Never late a day in my life. Anyone want to lend me 30k (with decent interest) to pay off my credit cards! 😂
Try getting a personal loan at your local credit union. That would be your best bet of getting out of that hole. Or if you own a home pull out a little bit of equity to pay them off.
Why does anybody care about a credit limit? Are you really going to spend that much? I have many cards and around 150k in credit between them. I rarely spend over 2,500 a month and only once spent over 7K. If you're rich great, but I doubt you're wondering about increasing your credit limit if you are
I see you didn't even watch two minutes of the video, otherwise you wouldn't have made a comment asking a question that's literally answered at the beginning of the video. Hint: take a look at the chapter called, if you can believe it, "Why."
