I've had a credit history of a year and a half I went from around 535 to now 714 I think that's pretty good

@SillylNico

8 ай бұрын

How did your credit start so low? When I first got my score after six months it was 680 and within the first year it got to 760

@RobertBeedle

3 ай бұрын

​@SillylNico usually a late payment for things like a cell phone

@Brianpeckin

3 ай бұрын

@@RobertBeedle nope100% on time. It's 750 now

@mariettadashcam6857

3 ай бұрын

@@RobertBeedleyep I had that issue but I am so close to low 700

Hello, 27 yrs. old Wow I wish I would have known this back then. I'm 49 now and actually got my score up to a modest 705. Thanks to you and the others on KZread. Thank you for the video and your time.

Every high school senior in America should be made to watch this video and pass a test on it. Tons of solid info in this one Daniel, well done 💵💥

@stormb28

8 ай бұрын

Every high school senior is required to take physical education. Why are there so many fat adults? Stop passing the buck to high school, humans are going to human

@kimberlymartin459

7 ай бұрын

​@@jdelarunzI agree. I only understand him because I have credit cards. For a child who doesn't have one is like WTF it's he talking about?!?

@Brandoneatsfoodadventures

6 күн бұрын

That’s the point school don’t wanna teach life skills or about how to manage money or credit to busy learning what happen in the past

The timing of this! I was JUST thinking about this for my own credit score taking a nose dive after some high utilization after my month long trip. A great reminder to always be aware of things that affect your credit, and what we can do about it! Awesome video Daniel

Thank you for bringing this up Daniel ! It’s something that often goes unchecked and unnoticed by many people. I really thank you for this valuable information! Great video!

Funny enough, I just requested credit limit increases on 4 of my cards to raise my total credit limit and decrease my overall utilization just like you talked about here today. So many good tips in this one as always Daniel. Keep up the great work! 👊🏼

@Bubbles99718

4 ай бұрын

On cards that don't do a hard pull for that, Chase and Discover don't for example, do it once a month on rotation

I pay my credit card off EVERY week. Helps keep my utilization low, and I’m paying the same amount per month.

@Rhaegar7504

8 ай бұрын

I did that for 20 years and never had any issues and a great score. However, I’d rather have the money sitting in a high yield savings account the other three weeks now with rates the way they are.

@armandoangeljr4464

8 ай бұрын

I only pay off essentials every week (bills and groceries). Everything else, I wait until the day before my cycle closes and then pay it off in full to keep my utilization low. Right now I’m around 2% utilization and I intend to keep it around that all the time.

@bmxrider925

8 ай бұрын

@@Rhaegar7504 for me it’s about the peace of mind. It would rather go week by week knowing I have absolutely 0 debt than wait to pay it off at the end of the month.

I’m pretty experienced with credit at my age. I respect your transparency regarding your own and fiancés credit. It helps people a lot. Using your experiences are so much more helpful to others than just spouting the basic rules (so to speak) of how credit works and how to increase it. I watch your shows to learn about how points and travel work. I really appreciate your videos. Thank you

@JazzyMarineVet

7 ай бұрын

Now that is the truth. I think many of us on this journey want to see the pitfalls others have fallen into, so either we won't fall into the same hole or we've already been in the hole in the climbing our way out and we know we're not the only person. Always good information sir thanks

I love your credit content. Informative, innovative, and useful

Love that LED KZread sign behind ya. Love your videos!!!

Funnily enough I feel like certain banks will only approve you for certain cards if you have 10% or more. Having to low utilization with high CL may appear unprofitable to the banks.

@parkeranderson1172

8 ай бұрын

Amex? Haha that’s the only one I feel I’ve had this type of experience with.

@lorettaknoelk3475

4 ай бұрын

That's what I am hearing. I have watched 50 hours of this type of content. One guy said he kept on asking to have his limit raises but kept spending the same. After the 3rd ask he got denied.

Age of accounts is very tricky. Regardless of the type of account that is was (Credit card, mortgage, auto loan, PLOC, HELOC, etc), when the accounts close our credit reports will continue to show that WE HAD IT even if it's now closed. Since each of the 3 bureaus treats them differently, how long it shows that's going to vary (7 to 10 years if it was closed in good standing). That we had it & it's still visible ALSO factors into the Age of Accounts.

A good tip is I was younger, I opened a Target card. I got 5% off all my purchases and now have free delivery. I've had it for over 20 years and pay it off or down monthly. It helps with my history of credit.

Similar thing happened to me a couple months ago because I had big expenses due to moving. Bounced right back up the next month after I paid the charges off.

Recently, my score took a dive by 30 points and couldn't figure out why. It came back, re-stabilizing to my median score in a few months, but it was very frustrating to try to figure out what may have happened. Sometimes, because I make multiple payments per month, my statement balance can actually fall

@michaelbrumley4450

8 ай бұрын

I was at 728 for years and never carried a balance. I carried a small balance on all 3 cards I have for 3 months. I paid them off, as soon as, the bill came in. Now over 800. Paid all off and carried no balance for 2 months my score went down 30 points. I now put something on them every month.

@77Joseph777

8 ай бұрын

Place a recurring bill on one card, like internet bill and pay the card off every month like you’d normally pay the internet.

@krissy35

4 ай бұрын

Yes. My credit card company lets me know why my score goes down. When you pay a card off, it’s assumed that you closed the account. Which, to me, is punishing me for being responsible. So I just overpaid by 2 cents on a card I rarely use. That way the creditors see that there is a negative balance which shows that the account is still open.

I got a hard ding on my credit score, my credit card and PayPal had a deal where they would give me 5% back on purchased for three months up to $1,500. I decided to pay my homeowner insurance, other bills and pay for stuff i had planned to buy to take advantage of the 5% I paid it off even before my statement closed but it took me down 28 point. Even though I only utilized about 10% of that accounts limit even though it wasn’t through the entire statement or on the statement at the end it hit my credit hard.

I could’ve sworn I subbed to you like a year ago, I realized I’m on a new account now so I subbed again :)

@Daniel_Braun

3 ай бұрын

Haha I appreciate the double sub! Thank you!

The one that gets me the most is my Credit card usage. I always forget to pay it before the statement closing state.

@cs.8821

8 ай бұрын

Are you setting up autopay as well?

@Brianpeckin

8 ай бұрын

How lol I checked my credit cards like every week. Maybe just a habit I don't know

@Brianpeckin

8 ай бұрын

​@@cs.8821You know I don't like auto pay myself I guess cuz I always pay most of it before the settlement

@IndexInvestingWithCole

8 ай бұрын

I mean it doesn’t matter. Not a big deal

@Jowersman

8 ай бұрын

Auto pay for the win! Only statement balance if you want to avoid interest payments

Solid tips

Great video 📹 👍 ❤

I started with the Opensky secured in july 2022, then Nov 2022 I got approved for the Mission Lane cash back card with no annual fee. Before the year was up I canceled my open sky card and got the deposit back. Nov couldn’t have come any sooner this year.

@Prosperous8532

4 ай бұрын

Those creditors are predatory with high interest rates and fees. Luckily that specific Mission didn't have annual fees, but your best bet it to open a credit union account and get 1 of their secured cards. If you build a relationship for 3-6 months, you should be able to get an unsecured in that time.

24 points!! Been there after I paid off a car loan.

@hanchardjo

8 ай бұрын

score dropped 32 point after paying off my personal loan but it rebounded after three months

@mattball2700

8 ай бұрын

@@hanchardjo Yeah - how crazy is that? Our scores went down when we paid of our car loan, and when we paid off our mortgage.

I wouldn’t worry too much about utilization unless you’re about to apply for another credit card or loan. In that case 1% is good for a few months. Since you theoretically wouldn’t care about utilization, It’ll help you with credit limit increases in the future and as mentioned in the video it has no memory

Hey daniel, were you ever thinking of making a community discord or some other form of community chat. Would love to have a space with likeminded people to discuss these topics.

Really informative video, as always, Daniel. What’s your opinion on carrying a 0% utilization rate (paying all balances in full by the closing date) versus a 1-2% utilization rate? Thanks.

@anthonygardner400

8 ай бұрын

@@Shawn.creditThanks

@roger1624

7 ай бұрын

Having 0% reporting regularly does cause marginal points decline. Bit if you have a lot of cards and loans, a long credit history profile, 0 late payments etc, carrying 0% utilization ultimately isn't that bad. What is the marginal cost between 0% and carrying balances is paying unnecessary interest just to artificially keep your score higher.

@newagain9964

3 ай бұрын

@@roger1624not completely. True. There is a difference between 0% utilization and not having any spend on an account.

Hello great video. Curiosity is it more advisable if you have several cards to only use one to help score? This would have a 0 usage on some cards but a higher usage on one you are using. I get notes on report saying I have too many accounts with balances even if balance has been paid off.

Great tips and experienced this before it’s trash 😂

Hi Daniel, thank you so much for your guidance and help. I am quite new to this system and your videos help a lot. I would just like to add that it would be interesting to highlight whether using 10% of your credit limit usage and then reimbursing it instantly to later spend it again damages your credit score. In fact, I first received a $500 limit card and I tend to spend over $1000 but by small increments that I always reimburse at $150. I have not received my credit score yet but would like to know whether it impacts it. Should we wait before spending again or can it be done instantly or should we switch to a debit card when the limit is reached?

@Prosperous8532

4 ай бұрын

You can spend and reload as much as you want as long as you have it paid BEFORE statement close. I usually make my extra payment the day before. Works like a charm for several years now!

😮😮I cannot seem to get my score above 835. 5 years left on my mortgage, paid off vehicles, decent investment income, and 7 credit cards older than 5 years running with about 3% utilization.

@barjer54

3 ай бұрын

My SO paid off a $54k mortgage balance 1.5-yrs ago, pays off CC balances every month and his score stayed at 825. He even had an 850 very briefly several years ago. Go figure!

Didn't realize till a few years ago that not paying accounts as agreed upon doesn't just mean late payments. It also affects your score negatively when you pay loans off early. Annoying but makes sense. If we pay a 5yr loan off in 1yr then the bank doesn't receive the expected interest. Didn't used to think of it that way. Not terrible though. The gain is more than the loss and the loss comes back in a couple months.

Long time lending officer here. I always advise people to limit new credit apps to 1 per 12 month window of time & not more than 2 per rolling 12 month window of time. And please weigh in whether or not it makes sense to have a car dealer arrange the financing for you or not. If you do, every single indirect auto lender in that dealer's stable of lenders will individually run your credit, resulting in many hard inquiries for that single purchase. Your credit will be massively impacted due to the number of hard inquiries in such a short period of time. On the other hand, if you have long enough history & 800+ score, it might make sense in that you are quickly gathering solid quotes from multiple lenders to save money by obtaining the lowest possible APR.

@newagain9964

3 ай бұрын

2 issues. New credit apps affect u depending on what type of credit u plan to apply for in future. And they don’t count after a year and fall off after 2 years (fico). Also, applying for a car and mortgage loans have a period b4 they negative consequences.

i went from 0 credit to 771 i got a secured credit card with a low $500 limit and my utilization was about $25 (i would use it more for cash back but would pay it off instantly) and i left my statement balance mostly at zero but sometimes at $25 ish dollars

I saw a dive of 40 points by paying off a car loan, personal loan, and all cards within 2 months, and also opening a solar loan. Didnt really matter since i started at 843, and it's taken 6 months to get 25 points back.

How does credit utilization work with cards like the Amex Gold/Platinum? It doesn’t have a present limit, but when I don’t pay it off before the end of the billing cycle (not holding a balance) it drops my score.

People stress credit way to much and often don’t there’s no need. Keep your bills paid sensible and the rest follows

Also, may I add, when you do get new credit, please don’t close the old credit line. Payment history is the biggest factor

Living in Thailand, income requirement is a lot lower than Mexico which is S25, 000 per yea, or $2,000/mo.

I just paid off my car loan and personal loan. How much do you think my score could drop due to those accounts being closed. They aren’t my oldest accounts.

Deffo think UK scores are calculated differently. Last month i had a hard search on my Experian file and it tanked my score my 46 points. Was first hard search in a year and my score up until then either was stable or increased

I got my first card 1.5yr ago the quicksilver but didn’t get the sign up bonus and got the savor card .5yr ago no bonus should I cancel and reapply for bonus or keep open reapply get bonus and close? They said I can have 2 of the same

I understand that similar inquiries with in a short amount of time, like 14 days, count as one. then I see conflicting reports that too many within a short time are extra bad. so which is it? I went for a credit card, Amazon, got it, but my score instantly dropped from 820 to 780. I'd like another card specialized for travel miles. I'm still within 14 days of the Amazon card. can I apply for the travel one with no further risk to my credit score?

heys guys , i just got approved for a chase flex like 2 weeks ago after having the unlimited , i wanted to try to get the captial one savor just cause that spend 500 get 200 back is clutch , how long should i wait to apply or should i go ahead & do it this week ?

How long does a late payment stay on your records? 6years ago I realized I never received my monthly invoice on 1 of my cards and wound up paying 1 day late. Late payment still showing

As far as age of accounts…how does that work when you are studying Ann’s every semester you have to apply for student loans? Also, I am on the verge of paying off my car next month, but would like to get a new one. How bad will that affect my overall score?

But any chance do you have a pay class online? I been doing milles for the last 10 years and flying for free but I close my cards after 2 yeas to get the new welcome. There is so many questions and I am willing to pay for an individual class. 13:20

It just sounds like you can spend whatever much of your credit you want as long as it doesn't land on your statement close date

@Prosperous8532

4 ай бұрын

That's correct

@Daniel Braun Fico 10 does have a utilization memory for history. Please spread this information.

If I use my card more then once a month and pay it right away before the payment comes will the utilization be 0%?

For clarification. Is it statement balance or total credit balance? Searching online it usually just says credit balance but it makes more sense to be statement balance like you said.

I have a question for you. I know that I have a number of hospital bills and student loans that have gone into default over the years and the last few months I decided to start taking my credit seriously so I started an experian account. I don’t have bad credit. I have absolutely no credit. But I know that I owe a bunch of money so how is this possible that there’s nothing that shows up on either of my three credit reports?

How do you regularly check my credit score without getting gigged (credit score drop) for regularly checking your credit score?

I pay my balance as soon as it posts. I check all my accounts every night, to pay them and to make sure someone else isn't using them illegally even with getting notifications. This keeps my utilization at zero and with the oldest card being 35 years old, my three FICO scores average 832.

@roger1624

7 ай бұрын

You sound like myself. All my Ficos average from 830-843.

Does the utilization have more impact per card basis or the overall utilization across all your cards and available credit? Cheers

@randomaccount9212

8 ай бұрын

He prob wont respond

@2saucyutubervlogs846

8 ай бұрын

From what ive noticed with my own cards, they calculate the utilization as an average of all your cards. But they also tell you the usage per card incase you want to know if you use one more than the other.

@roger1624

7 ай бұрын

It is both. The 35% that is utilization is impacted by the utilization of each card and the aggregate for all cards. I mentioned in another reply how utilization has an algorithm built into Fico. It has graduated steps. 0-9, 10-29, 30-50, 50+. Is this true? Yes. You will notice in finer detail you are told to keep your utilization below 30% and sometimes below 10%. Why b/c there are steps built into the formula. If ypu pay a card down from 32 to 29 or 12 to 9 %, all things remaining the same you will see a pints increase.

So quick question if I have a $600 credit limit and I spend $12 a month for 2% for utilization how do I pay my minimum balance if it’s $35

Why is it that I pay balance in full every month on time and my credit score drops, should I always pay less and leave a balance?

So I am a fairly new Credit Card user myself, since I recently moved to the US. Two months ago I was able to get my own regular CC, with it not being a secured one or a rebuilding one. What I don’t understand is: there is no fixed spending limit and with that it doesn’t show off in my credit score. How can this be used to my advantage or be changed so that it helps raising my Score?

@roger1624

7 ай бұрын

Is your card a credit card or charge card? Credit cards always have a credit limit. Charge cards have an opaque limit though you can figure it out on a company's website.

"less" credit history. "fewer" years of credit. One word is for when the object is a number. (Fewer)

I think I kill my credit score. I pay off all my cards in full before the closing date. I get confused about the closing vs payment date no matter how many videos i watch because of how it looks on my accounts specifically

@roger1624

7 ай бұрын

Keep it simple. Pay the required minimum by the due date or the entire balance. Then between the due date and closing balance date, DO NOT use the card. What ypu want to do is put whatever spending you're doing on other cards which do not have a due or closing date at the same time. It is good to have cards closing at the start, middle and near the end of the month. Why? Having different card due or closing dates allow you to float your spending across different cards, with no impact on those cards with an approaching closing date. It may sound a bit complicated, but it is not. The benefit of multiple cards is you can do what you want or need to and you can leverage the cards with a budget in mind. This method imposes some discipline on you.

The fundamental requirement for a "good" FICO score is a substantial history of debt repayment. Your FICO score will also take a hit if you discharge all your debt. The folks who want you to have a good score want to consistently be using debt and at least satisfactorily be paying the interest on that debt.

What u didn't mention us how making a very big onetime payment can affect your rating adversely.

Question: Is "Credit Utilization" calculated for each individual card, or is it a total of all the credit limits minus the total of all the card balances? In other words, Would I be hurting my Credit Score if I max out one card and carry no balances on all my other cards?

@Prosperous8532

4 ай бұрын

It's an average of all cards.

anything over 720 is great. I dont see any value trying to gamify this or do unnatural things to push it higher. Just keeping paying your credit card on time and it will naturally increase.

If I’m opening a card to grab the welcome bonus does it negatively impact my credit if I close that card? Might be good to close a new card so it doesn’t average into age of history?

@roger1624

7 ай бұрын

It's a very dumb move to open for a sign up bonus then close it immediately upon satisfying the spend requirement. Why? You effect your score with a hard pull AND the average age of your account is immediately impacted when the new card reports in 1-2 months even if ypu close the account. That new account remains on your file and impacts it for 10 years even after it was closed. And where you potentially are settling yourself up unfortunately for future trouble with some credit card companies, particularly Amex, is you may violate their terms of agreement, that real fine print no one reads. They see that practice as abusive if it become readily apparent that you are opening and closing just for the bonus. The benefit from their standpoint is that you gained the bonus and they did not gain a real customer and saw no benefit or bonus from your financial relationship with them. If you open the account for a bonus at least wait until 1 year to cancel it.

Yepper, 7 years of punishment is the penalty if the creditor reports your account as 30 days late.

My oldest thing on my credit profile is my student loan. I could pay it off at any time. Even though I know it's good to show you paid off a loan in full but I'm just afraid of the negative impact. Since it's my oldest. Would it make sense to just pay it off? Or try to stretch it?

@dylanattix2765

8 ай бұрын

Depends on whether or not it's putting a lot of pressure on your monthly budget. If it is, then just kill it. Paid off accounts stay on your report for six years, plenty of time to replace it with something like a car loan, personal loan or mortgage, and shows lenders that even if you have no active installment accounts, you had them in the past and paid them off responsibly. You'll also save money on interest. On the other hand, if your budget is reasonably balanced with the loan, then it makes more sense to keep pace with payments and put the excess money to use by investing it for retirement or a home purchase.

@bitterswtmocha149

8 ай бұрын

also depends on the interest rate

@roger1624

7 ай бұрын

Pay it off and be done with the hassle. Also, if the Pandemic taught us anything, it is great to have your financial house in order to deal with life's whatever. Be free and save the money or invest it.

@thomasmccollum4124

6 ай бұрын

Carrying any kind of debt, when you have the means to pay it off, is not wise. Peace of mind is worth more than losing a few points on your credit score. I doubt it would even affect it. Dave Ramsey would ask you, if you’re crazy.

Do you guys think I should open 2 credit cards at once? I want the chase freedom unlimited with the bonus currently, but I also want to apply for a chase sapphire preferred and put my Christmas shopping on it. I feel if I open a CSP and wait, I’ll miss out on the CFU bonus.

@stdesy

8 ай бұрын

Freedom + Sapphire combo is a classic one

@roger1624

7 ай бұрын

Make sure you go and look up the Chase 5/24 rule. I have the CSP and Chase Amazon card. Chase is great, but know their 5/24 rule.

I don't check anymore, it's only there to sell you stuff. Mine actually dropped when I paid my mortgage off, surely a good thing?

my credit score is above 825 and i don't even need a good one because i do not use any debt.

I am 42 getting my first 💳 credit card at 42 because everything except law is about to be paid off . Put 🥇 if you also are over 30 getting your first credit card 💳.

What about charge cards?

stuff this im just paying off my debt and never going into debt again. its too complicating

I frequently have a balance that is paid of monthly - of $2000 on a 12,000 card - my credit score is over 820. Really hard to believe a 1600 balance on a 20,000 card is causing a 25 point drop. Like. Seriously.

Mine is 835 right now. I thought 900 was top, but I heard 850 is max these days.

I have a credit score of 755 and I have 3 late payments... FML I cant figure out a way to get them off.

@barjer54

3 ай бұрын

I recently heard late payments will drastically sink your credit score and will be reported for 7-10 years. Not a good position to be in!

Overkill. Remember guys - a high score may not benefit you but a low score will definitely hurt you. I won’t sweat about 25-50 points. Not worth it. Just don’t go too low and you’re fine (unless you’re borrowing a shit load of money like homeloan) - a guy with 25 cards and 180k credit limit.

I pay my credit cards off every month. I’m 35 and my credit score is 805

I’m here so that means I’m FIRST 😃

I'm at a 717. I have one card with a $3750 limit. I spend less than $200 a month.

@roger1624

7 ай бұрын

Decent score. Typical people should have 3 active cards.

Credit utilization is such a stupid metric. I have huge credit lines (enough to easily buy several cars) and some of them have zero interest and I get cash back, so I keep the balance high as I'm earning 10-15% on investments - as it gets closer to the zero interest ending, I'll just pay it down. They should really take cash on hand & income into account.

hey daniel any chance you are hiring new video editor, we can do demo work first if you want

How often should someone check their credit score? I feel like checking it daily or even weekly brings too much stress & anxiety.

@dylanattix2765

8 ай бұрын

They're updated about once a month, so a once a month interval is fine.

@barjer54

3 ай бұрын

I have a Chase FUL card and my credit score is listed under their Credit Journey tab online. They even tell you when the next update will be. I was constantly checking mine but stopped because I'd get a 2 pt drop and get pissed because I'm well over 800. On the contrary, my Discover score will be several points higher. PfffffffT

We paid off our truck, score drops 35pts.

@roger1624

7 ай бұрын

It will rebound.

Credit score shouldn’t be the end all be all. What’s in your report matters much more than simply the score. People with young credit and high scores think they can do whatever but you can have a 720 a couple months into being 18 and it isn’t worth squat. The whole improvement your score in 30 days thing is misleading in my opinion. Sure the number goes up, but outside of delinquency’s which have an immediate impact, good things take a lot of gardening to see long term benefits. Also when you get into the weeds when applying for new credit, you should know which agency they pull from in your area and how that report looks compared to the other agencies. Are they pulling FICO4? FICO8 etc

Well I think credit scores are a load of bs. I applied for a mortgage it was 5.2 percent 880k (approved for) monthly payments was 2200. Said income per month was 1500...how does that make any sense.

? Always had high 7 and 8. Now that all debt is paid credit score 6. Why

@lwxflowxwl

4 ай бұрын

They want to keep you in debt

Hey!

Daniel I have a question? I need some guidance please

25 pts for going to around 8%? Imagine hitting 30 or 40. That's a wallop

Don't do this? Don't pay my credit card?

Why do people care so much about credit score? It's not at all a measure of financial fitness. It's simply a measure of how profitable you are for lenders.

@Anu-po5ml

8 ай бұрын

True

@roger1624

7 ай бұрын

Sounds like a Dave Ramsey follower. Your score also reflects your reliability and if you pay your bills on time and know how to use financial instruments like cards and loans.

@jh26pt2

7 ай бұрын

@@roger1624 Sounds like a broke person.

@thomasmccollum4124

6 ай бұрын

It can affect what you pay, for things like car and home insurance, and other things that would surprise you.

@roger1624

6 ай бұрын

We live in a credit based system. It's like asking why do people care about your GPA or SAT scores since it doesn't measure your intelligence. All that is true, but systems have measurements for various reasons. You need to know how to use the systems as much as they use you by knowing how it operates and what the data signifies or impacts.

I'm stuck at 836. How can I get it to 850?

@mattball2700

8 ай бұрын

I can't remember where, but I saw an article by a banker saying a credit score of over 810 makes no difference. PS: I'm from Toledo and my grandfather's name was Robert.

@RobertJToledo

8 ай бұрын

I agree that it makes no difference after 750 and above. I just wanna see it once for bragging rights. 😂😂😂 And that's cool. I wanna visit Toledo one day, but I've seen video's on Toledo, and it looks ruff.

@me-cd3lq

8 ай бұрын

Anything over 750 gets you the best rates. To get to an 850 you have to have a combination of: 3-4 high limit cards and keep the utilization under 10%, have a paid off mortgage and a current open mortgage, have paid off installment and car loans, an open car loan.. average age of account has to be 20 years or older. Must have zero inquiries... usually only older people can hit 850 and stay there.. it's not an exact science, and FICO keeps their formula a secret and constantly changes their algorithm.. to try to keep people from gaming the system.

@dylanattix2765

8 ай бұрын

I think you're high enough that it doesn't really matter. Not only is 850 extremely hard to get, but most lenders only care if your score is over 800 for the best rates and deals; the exact score doesn't matter.

@stdesy

8 ай бұрын

Have a bunch of mortgages that are 95% paid off

If you pay in cash all the time you have no credit score Fico score is just a debt score

Pay it before the due date, common sense guys, common sense, it's really simple

@thomasmccollum4124

6 ай бұрын

Actually, it’s best to pay it off before statement closing date.

Did he just say he has 17 credit cards 😳

@stdesy

8 ай бұрын

That’s not that much for someone who has a whole channel about credit. I have 16 and I don’t have a show about it 😂

Why are you mixing your credit with your fiancé? You should NEVER add somebody to your credit card! You, of all people, should know that!😲Wow! You aren’t even married, but even if you should marry, you both should keep your own credit cards.

@roger1624

7 ай бұрын

Agree with this. Never mix until you ate married and even then keep somethings separate.

none of these things mattered btw, just pay your card off every time it has a balance, simple as that, there’s no hacks.

@roger1624

7 ай бұрын

Not entirely true when you have a narrow or young credit profile. We live in a credit economy, so it is best for everyone to understand our credit based system.

What do you need a credit score for? A person can go their whole life without a single credit card. Cars can be bought in cash. Cars can be rented with debit cards. Homes can be purchased with manual underwriting. I know it because I’ve done it. Please, don’t fall for the credit score lie.

@neilr1492

4 ай бұрын

Not worth responding to…

Credit scores are scams

Pay cash u don't need a credit card

Credit score is a scam lol

@mikelockwood1148

Ай бұрын

But reality in today's world.