Sign up for Notion for free today: ntn.so/asksebby ✨ Free template: ntn.so/creditbooster-free 📈 Credit Builder Pro template: ntn.so/creditbuilder-dashboard 💳 Sebby's Card Picks: www.asksebby.com/credit-cards

@rowenascruz7129

Жыл бұрын

How long does it take to change my score if I missed a payment due to the annual fee balance.

About your oldest card - be careful to make sure the issuer doesn't spontaneously close the account because you stopped using it. I got my first card at 18 and because I stopped using it for a few years they closed the account one day and 5 years just vanished from my credit age. 🙃

Figuring out how to increase your credit score is crucial for future endeavors. I'd say one of the most important methods in getting and maintaining a good credit score is to keep total credit utilization as low as possible!

@AskSebby

Жыл бұрын

Agree!

@tigerrx7

Жыл бұрын

Dave Ramsey would scream at you for saying this 😅

@justfelix30

Жыл бұрын

The best way to increase your credit score is Pay on time before the Due date, only spend 30 to 35 Percent of that credit limit, use it responsibly and your score would go up high!

@Peanutdenver

Жыл бұрын

@@justfelix30 You nailed it friend and let me add one caveat...keep your credit usage below 30% as that's the universal number for Equifax, Transunion, FICO, etc.

@roozavelt

Жыл бұрын

​@anthonyrarcher spend $23 a month and pay it in full every month

I brought my score (credit karma) from 659 to 771 in 5 months. Getting your utilization below 10% is a crucial factor here. And I’m only 22. It can be done.

@danielleduncan3548

Жыл бұрын

Same here! It’s so easy to fix things when you know the rules of the game

@rodrigog1493

Жыл бұрын

Credit karma is just a vantage 3.0 score which no lender uses, check your Fico 8 or 9 scores, those are your real credit scores that lender use

@deborahblount8571

Жыл бұрын

Credit Karma is not a credit reporting agency they usually are 2-3 months behind with what you see in Credit Reports Equifax Experian TransUnion

📝 Awesome Sebby! You’ve helped me a lot and this video has some SUPER cool reminders and new ways of looking at things. I learned early in life that credit is a stupid game. But I learned way too late that sometimes you have to play stupid games when they’re bigger than us! Might as well play so you can benefit and might as well kick butt and have fun along the way! 😊

Great stuff as always, Sebby. A couple comments in FICO scoring: Technically, inquiries aren’t the only thing factored into the new credit category. FICO looks at multiple factors related to new accounts that have been opened. Also, the overall credit utilization ratio isn’t the only factor considered in the amount owed category. Individual card credit utilization is factored into this category, and number of accounts with balances is also factored in.

Hey Sebby thanks for the great credit info over the years! I've learned a lot from you, and my credit score is now over 800. Thanks again! Blessings!

📝 You're a huge help Sebby, thanks for doing what you do. I'll be checking out that Notion template as well... you had me at organized.

📝 100% accurate. My overall credit utilization is the main factor holding my credit score down. I would like to purchase our first home by June 2023. I look forward to incorporating your template. Thank you 🙏

📝 thank you for the information sebby

🗒Great video! I started watching your videos about 3 years and have managed to raise my score quite a bit! I'm in the upper 700's and my goal is to crack 800 this upcoming year! I made a lot of dumb mistakes in college and even after, but you live and learn!

Great info Sebby. 👍🏾😀 I need to have you at my film festival in Vegas.

I started credit in 2021, I’m at the point where the only thing I have to do is wait for credit age to increase before I hit 760. Thanks to sebby and all of credit KZread for helping me start out decently.

@DGSpartan92

Жыл бұрын

Ask Family/Friends if they will allow you to be an Authorized User for 3 months- not have access to their card (or the account) but just to adopt their 5 or higher credit aged card. This will help you gain (age weight) on your credit, and once the 3 months passes after they're credit reports, they can then remove you from their credit card risk-free.

📝Thank you so much for your videos!

📝 thank you for these helpful tips !

I’ve learned a lot watching you, thanks! 📝

Did you go in my head and create my dream template Lmaoo thank for this 💪🏾💯

📝 thanks, good info!

Love the strategy. Sure that this is helping out tons of peeps.

Excellent information Sebby. A+

Very informative video as usual! 📝

📝I think I’ve Been preserving my credit score after dealing with auto dealer hitting my score so hard (after applying for three cars in one year - I know long story :( ) but now after watching creators like you I’ve realized I’m being responsible with my credit cards and paying down my Student and auto loans at a good pace that once my inquiries fall off next year I shouldn’t stress too much about credit card application hits

📝 Thanks for all the great videos, very binge worthy!! I had a question re Travel booking with partner airlines: it was very difficult for me to find eligible flights . could you walk us through a booking with ANA points and booking a partner airline ticket using points? Also how do i buy you coffee? I'm on brannan street!!

Sebby, well done, well done in every respect ! Very informative….

@AskSebby

Жыл бұрын

Thank you :)

If you have not downloaded the template yet, it is brilliant. I did this exercise on paper the morning before Sebby released this video and his content is 100% on point!

@AskSebby

Жыл бұрын

Thank you! Glad it was helpful :)

Thank you 📝

📝 this is great info good reminders

Excellent info!

Love the vid. 📝

Thanks for the vid. My 2nd oldest card has an annual fee with no downgrade path lol. It has been useful but this gives me some new ideas for how to help mitigate that 📝

@AskSebby

Жыл бұрын

Glad it was helpful! :)

Man, I am SO glad I found your channel and on top of what, what a happy coincidence that you're sponsored by Notion and have a Credit Builder template. I almost left watching this video for later today or during the week lol. So glad I stayed! (definitely checking that template) 🙏

@edgardosantana

Жыл бұрын

PS. 📝😁

Thanks for the updated way to increase credit score, need to apply it this time. Great bumping into you awhile back at the Apple store (2nd time bumping into you lol), was able to buy the phone a week later 🤣

@AskSebby

Жыл бұрын

Nice meeting you! Be sure to check out the templates if you want to track utilization easily :)

📝 Hey Sebby! It was great to meet you at Chris' cocktail party yesterday! Love the videos keep it up! 📝

@AskSebby

Жыл бұрын

Hi Ali! Great meeting you as well :)

I wish I would’ve known this video when I actually had a credit card. But I’m glad I know it now going forward. I would’ve never closed my last card. And that statement payment heck, is huge. I would always be 0% utilization or like 60% utilization lol I could never manage the one to 10%. I really appreciate this video. Thank you very much.

📝 Thanks again for all your time!, just purchased pro.

@AskSebby

Жыл бұрын

Thank you for your support! :)

I already knew all of what you said but figured I would watch in case I found out something new…you never know, right? But I do have a question. My total CC utilization is less than 30% ( right now higher than normal due to house repairs, usually about 5%). But one card is about 75% - it has a 0 interest feature for over a year so I put the repair costs on it. Is having one card balance very high what has severely impacted my credit score? I would have thought since my total utilization is still below 30% and the amount isn’t that large overall that the impact would be as severe. Thanks

📝Great job Sebby...Nice explanations. I think your tool just may help a lot of people become more fiscally aware of their financial situation - especially as it relates to cc usage.

I use my credit as a tool to get things done like side hustle business etcetera!

📝nice video sebby. I appreciate all your deep dives on Amex especially. Great work.

I have AMEX Platinum, Blue Cash preferred and cash everyday. I have 3 Capitol one cards, 2 Discover, BoA, Credit One, Target, Sinclair, Valero, ect.

📝 great video @AskSebby. This might be a silly question, but if I have a credit card that has a close/statement date for the 3rd, but a due date on the 28th, would I still have to pay by the due date if I make a payment a day before the close/statement date? Also, will definitely check out the Notion template. Looks awesome!

@Sebby But sebby what about if you have a good credit score but a few collections?? Want those collections still affect you when purchasing something??

How long do you think collections affect you if you had a collection for 5 years.

📝 Your videos are great!

@AskSebby

Жыл бұрын

Thanks! :)

Good information thanks

@AskSebby

Жыл бұрын

Thanks for watching!

Luckily when I closed my oldest card, it didn't have too much of an effect. I had to close it. It was from crappy Credit One, when I was first establishing credit. Now that I have much better cards, it had to go!

Great content as always got a question the Amx gold gives you an option to pay a min balance does the Amx plat give users the same option or w/the plat do you pay in full, I hate to pay interest unless I have to Thanks again keep the content coming

@stefaniaolivier7489

Жыл бұрын

I have a platinum card. Yes, you can. However, you don’t want to make a habit of it. It may trigger a lower available credit if they think you’ve become a bigger risk.

Eh, I have pretty much given up trying to get under the chase 5/24 rule. There are so many other cards that I want and can get without worrying about inquiries. I usually get my cards in batches of 4 or 5 at a time. Its getting time to prune my total cards back again. Ive finally gotten back into the Amex and Discover ecosystem recently so my credit future is looking bright. Now Im looking to grow my limits while Im in the credit garden phase.

📝New subscriber love your channel!

@AskSebby

Жыл бұрын

Thank you! :)

I’ve hovered between 750-760 for about a year now. Worst factor for me is my 1.8yr of AAOC. I was stuck at 740 for about 9 months before that, so hoping I break the 760 ceiling soon!

Is 0% at statement close date good?

Do you have an Excel/Numbers version of the free Notion template? I find it difficult to navigate on my iPad.

Sebby if a big factor impacting one's FICO score is credit utilization, then would increasing the credit limits on the main cards one uses lower credit utilization quickly (< 10%)? Essentially you would increasing the denominator of the utilization equation.

do dormant accounts affect your credit in a negative way?

📝I try to stress to people that hard inquiries are really not that big of a deal in the grand scheme of things. Oddly enough, I've seen people more scared about hard inquiries than any other credit score factors that are much more important. While it can be important to focus on them if you're applying for a mortgage (like you mentioned) or are trying to stay under Chase's 5/24 rule, it really isn't a big deal in any other scenario. Thank you for pointing this myth out! Great video all around.

@BronxY2k2

Жыл бұрын

Same thing now I'm trying to explain to three different people.

@SpencerJohnsonOfficial

Жыл бұрын

@@BronxY2k2 It can be hard to really get your point across on this, but once it clicks, it clicks!!

@ml9316

Жыл бұрын

I think the hard inquiries are scary because the lender can say “no” and no one likes rejection in the first place. Paying interest to a faceless bank on a credit card balance is somehow more palatable than dealing with a rejected card application.

@SpencerJohnsonOfficial

Жыл бұрын

@@ml9316 That may have some truth to it Michael!

@Adiscretefirm

Жыл бұрын

That is correct as far as FICO goes, but some issuers are more sensitive to lots of inquiries than others and can get you a denial.

📝 Great video 💯

@AskSebby

Жыл бұрын

Thank you :)

Can you downgrade from an Amex platinum to Amex Gold after a year?

Why do you pay all except $1?

“Absolutely Magnificent insight, Quite Informative

I filed bankruptcy in 2018. It’s now 2023 which is 5 year later. What is the impact once the bankruptcy clears off my record? I have to wait 7-10 years?

Is it good to owe $2500 and let it show to the credit bureau on one credit card, then pay it in full for and repeat for a few months will this help with getting a expensive car loan BESIDES great Credit utiliziton and all that other good stuff basicly showing you pay off big balences no problem and have had other auto loans in the past all paid on time as well.

Post it note emoji. Appears I don’t have one in my I pad.

How about a video on Amex platinum no preset spending limit. I feel like it’s a set up. 😅

@AskSebby

Жыл бұрын

Yes, it's a trap. Video here: kzread.info/dash/bejne/d6Zl1sWMkt2pYto.html

Very informative video. I have one question. Say we're using your scenario. I have a credit card with a $1000 balance. I use $900 every month and pay it down to $1 before the balance is reported to the credit bureaus. Will your credit score actually go up even though your credit utilization stays the exact same every month or will you have to change it up like pay it down to $1 one month, then $2 the next and so on.?

@duokid360

Жыл бұрын

As long as it’s consistently below 10%, you’re good! No need to change the minuscule things, you’re doing perfect!

@YouAREyoubeYou

Жыл бұрын

It will only go up if you balance utilization was higher the previous month. If this scenario holds true every month, you will simply maintain your score. Now, if you do nothing else you may see a slight increase because of AAoA(average age of accounts) increases.

I recently applied for a Wright Patterson Credit card. I am a 1099 at my current job. Denied! The official denial letter states denied due to low income. They requested last 2 years income tax returns then said my income is $3000 a year because I itemized. However, my gross is $62,000. What should I do? I have been working on my credit score for 3 years trying to be in a position to buy a house.

You are awesome

I have a 300 credit limit but i pay 299 leaving the 1 but when do i pay the 1 ???

Does the Bank of America student travel card require you to have employment to get it? I know it’s not required, but to like to have a good chance at getting approved. I’m in school and not employed so I was wondering if I should risk it and apply?

@jaypoon6655

Жыл бұрын

I was in your shoes when I was in college, so I can give you advice. You can get a Bank of America student credit card without being employed as a student, but it would help if you had a checking and/or savings account with the bank before applying. You can try right now, but the chances of being approved by Bank of America are really low. Even if you are rejected, you can open a bank account. I don't remember the exact details, but the minimum maintained balance for student checking and savings is either zero, in which case you can keep a zero balance, or it is 100 or 1000, in which case you will need to ask them, using financial aid, grants, and/or even money from your parents to deposit into your account, then wait between 6 and 12 months and apply for a credit card. After you get your first card approved, you can basically apply for a different student credit card 7-12 months(but I would recommend 12 months) later. After that, your credit score will slowly grow, but it will probably be around 660-690 since the age of your accounts is low. You also want to keep your first credit card open for the rest of your life, even if you throw it in the drawer and never use it again, because it will be your foundation card. I hope this helps.

Thanks for the video. I had a 417 credit score in August. I'm up to 566 with no debt left. I have 2 charge offs. I settled 1 and the other is paid in full. I have 1 credit card and 1 credit builder loan. Unfortunately 19 inquiries most about a year a ago. Only 2 within the last couple months

@ChrisBred4s

Жыл бұрын

19 inquiries? Holy 🌚

@mattferencevich7549

Жыл бұрын

@christianramos2063 last Feb I went to a car dealer for a loan. They said they would check for best rate and and than I ended up with around 13 inquiries.

@ChrisBred4s

Жыл бұрын

That’s why you pre qualify before you go so that doesn’t happen

I'm only 850 at 2 out 3 companies but even then it doesn't stay at 850, it goes up and down all the time.

On the topic of optionality and downgrade paths, I really want to open the Amex Gold but there is none here. I wish Amex gave you the option to change it to a $0 annual fee card

@cathyvroom458

Жыл бұрын

You’re in good company and the green card downgrade is 120 ? It used to be $30 😢

Hi sebby. Why do you leave one dollar as a balance. I make several payments a month to make sure I’m at zero . Am I working too hard . Im trying to get to 800 before i finance a car in a couple months

📝 Do you do private consulting?

I asksebby this is Jesus from Orlando Florida believe it or not your video that you did like this one about 4 years ago is will help me with my credit score and my credit card journey. I got hooked on your channel after that video.

@AskSebby

Жыл бұрын

Awesome! Thank you for watching :)

@koreypaul6698

Жыл бұрын

I feel like I remember your comment on that video from 4 years ago Jesus 😁

📝 do you think it’s better to apply for all the cards you want in one year versus spreading them out over consecutive years? i already have a mortagage and my car is paid off

@AskSebby

Жыл бұрын

Depends on what your goals are for credit cards. If it's travel, focus on Chase cards first. Also factor in if you can meet min spend to get intro bonuses. I wouldn't get more cards without a strategy in mind.

@kenlee2923

Жыл бұрын

Sebby is right. It is based on your spending habits and your plans. Don't open more than you can afford to spend to hit intro, and Chase has one of the most stringent requirements for opening accounts, so start with Chase, then move on to the others. If you plan to open more Chase cards, then you will need to restrain yourself from opening accounts until you go below 5/24.

@davidj5183

Жыл бұрын

@@kenlee2923 i already have freedom and csp. acquired those between march and october of this year. was thinking about getting amex so all my inquires fall off during the same year

@kenlee2923

Жыл бұрын

@@davidj5183 Nice. Go for the gold one via Resy partner offer but if you want the plat or the blue cash preffered then is better on their official site. resy->amex offers and you will get the Receive 20% back as a statement credit on purchases made at restaurants worldwide up to $250 back in the first 12 months

ahhh man i dont know why all this sounds so confusing. I'm trying to get my first credit card but the way people explain it doesn't make a whole lot of sense to me lol. I'll probably get it soon so ill save this for the future 😅

A bit of an advanced FICO score strategy, but don't carry balances even if it's a 0% APR. The reason is for people who regularly get credit cards the new FICO 10 algorithm punishes people that get increasing balances over time. To keep the highest score, paying in full every month is more important than with FICO 8.

@kenlee2923

Жыл бұрын

Yeah. FICO 8 is just for Flex. As long as you have around 760 or more, you are good.

@ret4kind

Жыл бұрын

@@kenlee2923 It's actually 761 for car loans and 741 with mortgages for best rates. It gets even more complicated because each credit scoring company has its own version of FICO for different credit types, and banks have their own internal algorithms for determining risk for credit card applications. Wells Fargo for instance has one of the strictest algorithms and only offers credit if you have a credit history with the bank itself. (Citi is very similar). Chase and BOA are much more liberal with its credit limit. What you need to do is make sure your individual card limit never goes over 29%, and overall limit for all cards is never over 9%. Then make sure less than 40% of cards carry a balance. And THIS is only applies for FICO 8. Credit scoring systems are very complicated but they only calculate one thing: your risk to the bank in repaying the loan. It's a catch 22: you need lower usage to get better credit, and once you get that better credit, you still need to keep your usage as low as possible to minimize bank risk. Then you have banks like Capital One that only want revolvers and limit people who pay in full from joining.

@ban_tik_tok

Жыл бұрын

How do you know when a 🆕 algorithm is in effect?

Hi Sebby

@AskSebby

Жыл бұрын

Hi! 🥇

Been trying to get my score up to 800 for 2 years now, took a major hit in 2021 after a medical bill went to collections but I was able to pay it back and now I’m back to where I initially started. These last 50 points seems impossible😮‍💨

@brslove2557

Жыл бұрын

So when you got hit with the medical collection and paid it off did it revert all the lost points back or did it only give some back? ie if you were at 700 and went to 600 did you go back to 700 or some other number

@jasonmccann257

Жыл бұрын

​@@brslove2557 I had a card get sent to collections in August 2022. Before that happened my score was around 678. When that bill got reported it knocked my score down 38 points. I worked my arse off and as of today, FICO score is 705 with that collections on my credit reports. If you pay a collections bill off, make sure you pay them with a certified bank check, that is not attached to your bank accounts. Also have it in writing from the company, that they agree to report to the credit bureau's that the account was "paid in full." Last but not least, get it in writing from that company that they will remove the account from your credit report within 14 buisness days of cashing the certified check, do not take their word for it over the phone.

I'm confused to why I got dropped 13 points after paying off a credit card to 7% utilization from 33% 📝

SEBBYYY💜💚💜💚

@AskSebby

Жыл бұрын

:)

SEBBY… can you please do a tier list for the top tier non annual fee cards? Thx

@ban_tik_tok

Жыл бұрын

I agree, Sebby should put that on his to-do list of videos (if he hasn't done it already). In the meantime you can check The Points Guy, Nerdwallet, or Credit Karma 👍

Great video. What do I do if I have a secured card but have 2 other unsecured cards? Is has no benefit anymore because 0 rewards. I want to close it because sadly my bank doesn't want to upgrade it after a yr and 0 late payments. What should I do? I can reinvest the secured card money and get money back through the market. They are wasting my time. Advice please if you can. Thanks.

📝- Between buying a house and opening a bunch of new credit cards my credit score tanked. Plus no current auto loan while previous auto loans are closed with good standings. I am not looking to get a new car or anything. The only reason I was preserving my score was to buy the house. I always thought fewer cards would look better to a mortgage lender. With the house purchase out of the way now I am getting into credit cards cash back for the intro bonuses. The intro bonuses have been helping me get setup in the new house. Long term is to travel.

I actually thought that when I barrow money I have the length of the term to pay it back. Because of the financial situation I do not have enough time. So, it seems at least that I am doing fine, it is the system that is failing. Brother James Kendall Moore OSB OFS OSC

I messed up by paying off my collection debt. Now it's on my account for another 7 years. 😔

📝 I focus on keeping my score stable but I never hesitate to obtain new accounts if I’m going to benefit from doing so. I like to have the best score possible because I prefer to purchase cars with no fee, no interest, loans.

Wow!

I have a few missed payments. I know it will take 7 years to drop off. Let’s say from now on I am 100% on time payments. Will I still be able to get my score to 700+ or I need to wait 7 years?

@danielberry5910

Жыл бұрын

I’m above 700 and I’ve had a late payment every month for the last 2 years. Didn’t monitor my credit, just looked at it for interest sake. Found a forgotten account with a $250 balance that has dinged me monthly for 2 years. Stupid, I know. But answer is, yes, you can get above 700 despite this.

In what universe is your score actually reported/reflective at the closing of your statement? My Credit Score consistently reflects the actual picture 2-3 months previous and there's no rhyme or reason to how long it takes to actually show correct info on reports. Even when it does catch up for one CC account, by that point 2-3 other items on the report are 1-2 months behind. Maddening.

These videos always do numbers but all you gotta do is pay your bills in full monthly & it'll turn out pretty good.

@kenlee2923

Жыл бұрын

Yes but he is right about utilization which is a hidden trick on your credit score.

@prettyacct

Жыл бұрын

Exactly! All of these date gymnastics are unnecessary. It will take time like everything else.

Thanks for the video!! My wife’s student loan just showed up on her credit report and her score dramatically dropped from 821 to 760. Are they going back up soon? or her score lock up aroud 760 till she pays off?

@unbornG4

Жыл бұрын

That's because she has more debt on her credit report than she did previously. Once she pays them off that should adjust.

As a 21 yo with a Auto loan and 5 CCs the only thing I can do is wait.😂, i mean my score is already decent 750, but my history is short.

inquiri ding 2-4 points more available credit +29 points def worth an inquiri

Is this real in the US? Coming from Europe, this sounds dystopian.

📝 My Credit History is new, since 2019, I currently only have two credit cards. I’ve been paying bills on time nothing is late, I’ve stayed below 10% utilization mostly, and I’ve held off getting new cards because I would wait until an inquiry was completely off, I just applied to my second card last October 2021. I’m building credit for the reasons everyone needs good credit, to apply for specific mortgages and loans and more that require excellent credit and I especially want credit cards that have useful rewards.

📝 I have a tip! Get secured credit cards to offset high utilization. If credit is at 90% on 10k credit line, add 1k to a Bank of America secured card, instant freed 10% credit utilization.

Yea.....my credit score dropped by 186 points by being 30days late 1x in 6 years. Guess im waiting another 7 years to get back into the upper 700's.

Sebby -I'm so hesitant to get those nasty Hard Inquiries as it took me years to reach 762 EX 807 TU 804 EQ

Sebby…you do realize it’s December of 2022?? Lets try this in prep for 2023.

@AskSebby

Жыл бұрын

Doesn't hurt to start early :)