It seemingly works. Somewhere between 2010 when I last bothered to look at my credit score, to just a week ago. I somehow went from my score being in the 100s to now 600s & 700s. Granted, that was due to both 7 years resetting my credit back to zero and my mom adding me unbeknownst to me 1.5 yrs ago as an authorized user under her card. Not sure how I went from 100s all the way up to 600s and 700s but I tell you there was magic there lol! I'm still being told I "don't have enough credit history" ugh
Dan the way you talk and explain these things are really attractive to me I personally watch almost all of yours videos which lead me to start my journey which I'm working on as u can see in my channel
Good job getting started! UA-cam can be a highly profitable platform, but 99% don't know how to make it their full-time lifestyle. If you want to know Dan's secrets to building a successful and profitable UA-cam career, I encourage you to attend his free masterclass -- beapaidyoutuber.danlok.link
Everything this guy is saying is true. But he did forget to mention 1 thing. Before being added as an authorized user to a primary creditcard account. Make sure your credit report is all cleaned up first. Meaning no negatives items, or inquiries. If your added as a user before that, the effect won't be as good until you clean up your credit report. It won't have the full boost. You can do a credit sweep in a couple ways. 1. Dispute the negatives and inquiries yourself. Their's videos you can watch and books you can read that will tell you how. 2. Or if you don't have the time, find a credit repair service, (a good one, their are many) and they'll remove them for you in a short period of time. Depends which service you go with. Credit Scores typically go up by 50 to 250 points just by doing a credit sweep. And then being added as an authorized user to boost my score will only make it sweeter.
My score is 830. My understanding is, anything above about 780 is excellent and bringing it up higher really won't change anything in terms of credit offered or interest rates.
What was your biggest takeaway from my video? Comment below. Also, you can comment any questions you have for me. I might feature your question in one of my next videos. Subscribe to VIPFiancialEd: ua-cam.com/users/VIPFinances
Starting off with bad credit can definitely hinder you in life, but once you learn how to budget, and stay on top of your bills, your credit builds very fast. My credit hasn't dropped below 800 in over a year so I can tell you that these tips do work.
Dan, thank you and your team for putting so much effort in these videos. They are helpful, the quality of recording and especially the editing with the key statements popping up makes me feel how much you care about the people who watch. You turn learning into an experience, I feel like I am sitting in a nice restaurant, having a relaxing conversation with an old friend. Thank you for your time my friend.
I never did the piggy back but I’ve done the pay everything in full each month before the statement closing date and I recently checked my score after a year of doing this I have a 770 FICO and a 740 Vantage 3.0 score.
Other than the autorized user ive done that and went from 540 to 790 in a couple of years and was able to buy my first home. You also have to restrain yourself from spending on unnecessary things and pay all your bills. It just takes a lot of discipline, anyone can do it.
Chase Credit Cards recognizes the authorized user and benefits their credit. I added my 16 year old younger brother and he had a 730 score before he was 18 years old and without any other form of credit. Just an authorized user.
When I was 24 I was $30,000 in debt credit score of 300 (default/collections/student loans). It was that time I took my finances seriously and 10 months later paid off ALL my debts credit score shot up to a 775 (I couldn't believe it) on my birthday (sweetest present) and moved away to start a new career and life in 2013. Best decision I ever made!
I love my Discover card haha. There are a lot of good ones out there but building credit is easier than we think. I even got an 800 score at 25. Nice collab 😃
Wow! The authorized user technique sounds super cool. It’s something I’ve never heard of before. Now I just have to find someone with good long standing credit lol! 😂
This is awesome! Thank you Dan and Matt for this invaluable information. It's really "dark" how credit bureaus evaluate ones' credit. Before this clip, I totally thought the opposite way. Thank you so much guys!
I was doing this without even realizing. I treat my cc like a debit card. Now that everything can be paid via mobile, there is no excuse to wait once a month to pay off my personal debt. Helps me keep track of my finances as well.
I'm just getting my credit score up past 600. I finally paid off my credit cards and other debts . Now I need to learn how to use my credit to help me make money. I'm very financially ignorant . In the last two years I have changed what I care about. I used to be very care free and didn't think much about debt and credit scores now I have a family and shit I have to pay for. I need a mentor like Dan lok or Dan pena. Both are amazing
Yeah, this helped me understand a lot as I have yet to access learning about Velocity Banking ... I cannot pay to access that yet, the irony lol ::: sigh ::: so I'll learn from free content until I am able to pay. Thanks so so much!!!
What a great & very helpful video. Thank-you to you both. Quick question : Just like you can raise your score by being added to an acct, is the opposite also true? Can your low score, lower someone else's higher score, should they choose to add you? Thanks.
Hey Mr.Dan lok i just turned out 16 and I’ve watched your videos since we was like 300k subscribers.Also i try to watch the most of your videos but I don’t use some advices because i’m too young to enter this domain. What i wanna say, i love you and i really respect you please which me the best in my life because I’m afraid of the future.
Simple & actionable steps to take here. I recognize that hotel! I was just there in Nashville at that hotel - The Gaylord Opryland Resort & Spa for a week just 3-4 weeks ago! Amazing place.
My solution is just to not have credit in genral I don't do debt if.I want something it's either save and buy or buy second had and save. Great video Dan.
Good tips! Also, contact the credit bureaus to dispute anything that is not suppose to be on credit report like medical bills, debts paid off, mistakes, etc.
Great info! I'm curious about one thing. You made it clear that this is not a permanent strategy and is better utilized for somebody to open up their own line of credit. I'd imagine that this is not a good idea for somebody to boost their score to finance a home or a car right away, as they look at your entire credit profile. When a loan officer runs the credit report of somebody who does this, would it tell them that it's "piggybacking" off of another person's account, or would it pop up as if it's their own account?
For major credit such as an auto loan, having credit as an "Authorized User" only won't help. The credit score will be good, but you're correct, the loan officer would see that it's not truly the applicant's earned credit. The boost in credit score would help more for revolving lines of credit (traditional credit cards and retail store credit cards)
I have a 5k credit card with about 3.5k being used(hospital bills). I'm about to completely pay it off. Should I pay in full, or pay like 2500 and do the rest in early payments?
Your credit card company should tell you. It usually states something like.... "Next statement due 1st March 2019" just for an example. Thats the due date.
Great vídeo again, Dan! I am working at an International Investment Holding (present in 4 continents - with business in China as well). I was watching your videos and thinking: I want to do business with Dan. How can I make this make me money? Answer: I have to show the partners of this Holding that this Will make them money. Do you have an specific video or argument you recommend for this particular case? Remembering that they are also millionaires, entrepreneurs and protect their time very well. Thank’s a lot. Love your videos. Abraço!
love this topic. so if the expenses are being reported on or around the statement date, why not just pay everything before that? isn't it easier and time saving than paying daily?
Cherry Opalla as stated in the video that certainly works, paying daily is a more advanced technique to managing your budget more closely. It’s an accountability measure. Good question and thanks for checking out the vid!
@@backfive6231 got it. Thanks for enlightening me. But to be honest, paying daily for me is eaiser since I always check my accounts regulary every night. Paying before the statement date could work to those who doesnt have time to do it daily.
Hey @Dan Lok, I know you’re into martial arts. Make a video on the Wim Hof method. Fascinating experience I had with this specific breathing exercise, just UA-cam Wim Hof if you are not already familiar with his technique. :) keep up the Great work!
Glad you are enjoying Dan's content. I am familiar with Wim Hof and have gotten into cold showers last year. It all comes down to mental state control and consistently improving over time. Dan has fascinating material on mindset getdanondemandnow.danlok.link
1. Will the authorized users bad credit negatively effect the primary account holder even after you clean up the second users report? 2. If you do this and wait a month to see a credit score increase, and then immediately remove the second user from the account, will the benefits for the second score reverse/be nullified?
Thanks, didn't know any of this at all. But I just found out a week ago that I had been an authorized user under my mom for 1.5 years now, and though my points have rocketed upward the credit is still showing as too new. My past years of a 7 year reset, shows everything on my report as "closed". I have a pending issue regarding my medical from a misunderstanding with my insurance, but other than that nothing is there. Thus, when I apply I'm being turned down for only having a 1.5 year worth of history through my mom's credit. It is as if I have Zero Credit again. How do I fix that?
Anyone else working on building their credit early in life?💯
Me!
Get after it Casper!
Me!
Im 19 and starting
I'm too young to have a score, but i don't want to make mistakes in the future
Time to blow up my credit score anyone else?
Whoop Whoop!!!
It seemingly works. Somewhere between 2010 when I last bothered to look at my credit score, to just a week ago. I somehow went from my score being in the 100s to now 600s & 700s. Granted, that was due to both 7 years resetting my credit back to zero and my mom adding me unbeknownst to me 1.5 yrs ago as an authorized user under her card. Not sure how I went from 100s all the way up to 600s and 700s but I tell you there was magic there lol! I'm still being told I "don't have enough credit history" ugh
Dan the way you talk and explain these things are really attractive to me I personally watch almost all of yours videos which lead me to start my journey which I'm working on as u can see in my channel
Good job getting started! UA-cam can be a highly profitable platform, but 99% don't know how to make it their full-time lifestyle.
If you want to know Dan's secrets to building a successful and profitable UA-cam career, I encourage you to attend his free masterclass -- beapaidyoutuber.danlok.link
I spoke with an investment banker who told me these tips, credit is a very important topic! Everyone must know!!
DCProPho most definitely! 🙌🏼
As an immigrant that never had to deal with the concept of credit before, this video helped tremendously! Thank you.
In Dec I had a score of 640, now I have a score of 740. Going for 800 in the next few months.
Good.
Everything this guy is saying is true. But he did forget to mention 1 thing. Before being added as an authorized user to a primary creditcard account. Make sure your credit report is all cleaned up first. Meaning no negatives items, or inquiries. If your added as a user before that, the effect won't be as good until you clean up your credit report. It won't have the full boost. You can do a credit sweep in a couple ways.
1. Dispute the negatives and inquiries yourself. Their's videos you can watch and books you can read that will tell you how.
2. Or if you don't have the time, find a credit repair service, (a good one, their are many) and they'll remove them for you in a short period of time. Depends which service you go with.
Credit Scores typically go up by 50 to 250 points just by doing a credit sweep. And then being added as an authorized user to boost my score will only make it sweeter.
Great points. Thanks for adding and look out for more vids from Dan and me!
My score is 830. My understanding is, anything above about 780 is excellent and bringing it up higher really won't change anything in terms of credit offered or interest rates.
Loving the versatility of content
Brian Tobias thanks for checking it out. Tune into our channel for more of this. Dan and I will be doing more soon.
What was your biggest takeaway from
my video? Comment below.
Also, you can comment any questions
you have for me.
I might feature your question
in one of my next videos.
Subscribe to VIPFiancialEd:
ua-cam.com/users/VIPFinances
Starting off with bad credit can definitely hinder you in life, but once you learn how to budget, and stay on top of your bills, your credit builds very fast. My credit hasn't dropped below 800 in over a year so I can tell you that these tips do work.
Life without Boundaries - Achieve Financial Freedom nice work brother! Thanks for the comment and tuning in for our vid!
What’s your best tip that works for you ?
What's up TEAM DAN ?
Hey wassup bud
Who dislike this video? Wtf. First I have use this technique of the authorized user and it works. Need to try the second and it makes sense.
Im telling my teacher that, the bank is looking at my financial paper report, not my grade school report.
Zeb Moua 👊🏼
👊
Did you pass?
greencase the teacher say, “im not interested, i like my job”
TRUTH!
Dan, thank you and your team for putting so much effort in these videos. They are helpful, the quality of recording and especially the editing with the key statements popping up makes me feel how much you care about the people who watch. You turn learning into an experience, I feel like I am sitting in a nice restaurant, having a relaxing conversation with an old friend. Thank you for your time my friend.
I never did the piggy back but I’ve done the pay everything in full each month before the statement closing date and I recently checked my score after a year of doing this I have a 770 FICO and a 740 Vantage 3.0 score.
Thank you for this so how many days exactly is "before the statement closing date"
been following this guy for awhile and hope to be able to articulate myself like @DanLok one day. Maybe in 6 months. Good Content!
You are awesome !!! You inspire me everyday !! Thank You Dan 😊
Other than the autorized user ive done that and went from 540 to 790 in a couple of years and was able to buy my first home. You also have to restrain yourself from spending on unnecessary things and pay all your bills.
It just takes a lot of discipline, anyone can do it.
Chase Credit Cards recognizes the authorized user and benefits their credit. I added my 16 year old younger brother and he had a 730 score before he was 18 years old and without any other form of credit. Just an authorized user.
I'm so fucken proud of myself. I completely understood what he said. A lot of trial and errors and especially tears. I'm learning dad, I'm learning 😂
So if i am a authorized user and say they miss payment how can i remove myself from being an authorized user
You can't, only the account owner can add or remove authorized users ( I think, I'm not a credit expert) 😅
I would like the answer to that question too that you posed here
When I was 24 I was $30,000 in debt credit score of 300 (default/collections/student loans). It was that time I took my finances seriously and 10 months later paid off ALL my debts credit score shot up to a 775 (I couldn't believe it) on my birthday (sweetest present) and moved away to start a new career and life in 2013. Best decision I ever made!
Dan- love your videos. Very informative!! Thank you!
Awesome I Love It! Thanks Dan
Great video Dan. Very helpful.
I love my Discover card haha. There are a lot of good ones out there but building credit is easier than we think. I even got an 800 score at 25. Nice collab 😃
What an informative video. Thank you Sifu and Matthew! That second tip; priceless, and one I didn't know. :)
Wow! The authorized user technique sounds super cool. It’s something I’ve never heard of before.
Now I just have to find someone with good long standing credit lol! 😂
GREAT INFO !!!! THANK YOU THANK YOU
I was just researching this last week! Thank you Sifu. A very important aspect often overlooked.
Thank you Sifu and Mathew for the credit insights!
Jak Lau happy to share. Dan and I are both very passionate teachers.
Thanks dan for this wonderful video. Love to be an entrepreneur like you
So what about those in the UK?
This is awesome! Thank you Dan and Matt for this invaluable information. It's really "dark" how credit bureaus evaluate ones' credit. Before this clip, I totally thought the opposite way. Thank you so much guys!
Wow! I never knew this. This is great information. Thank you for the video.
Thank you, Sifu 🙏
Very true. Love it
Thanks Dan!
I was literally talking about getting my credit up and this vid drop. Thanks!
Wow! Honestly can't tell you how helpful this video was! Thanks 😀✨
I was doing this without even realizing. I treat my cc like a debit card. Now that everything can be paid via mobile, there is no excuse to wait once a month to pay off my personal debt. Helps me keep track of my finances as well.
I'm just getting my credit score up past 600. I finally paid off my credit cards and other debts . Now I need to learn how to use my credit to help me make money. I'm very financially ignorant . In the last two years I have changed what I care about. I used to be very care free and didn't think much about debt and credit scores now I have a family and shit I have to pay for. I need a mentor like Dan lok or Dan pena. Both are amazing
You actually can take Dan Lok on as a mentor... check out the Pro level of Dan on Demand. --danondemandfreetrial.danlok.link
Loved this collab
Matthew always drops huge knowledge bombs! 🚀🚀🚀🚀
Thanks for this videos sir
This is a really nice video Dan, it helps and explains a LOT regarding credit scores
Matthew knows a lot about credit.
@@DanLok These tips will hopefully help me get that score up to where it needs to be, thanks Dan and Matthew!
Thanks for the feedback Killaboi 🙏🏼
@@backfive6231 I've subbed to your channel, can't wait for more tips!
Yeah, this helped me understand a lot as I have yet to access learning about Velocity Banking ... I cannot pay to access that yet, the irony lol ::: sigh ::: so I'll learn from free content until I am able to pay. Thanks so so much!!!
Great video !
amazing, wonderful,fantastic,smart,genuine,brilliant you in the world.
Definitely looking forward to implementing this.
This is so valuable, thankyou
great content! cheers dan
Build credit to leverage big real estate deals.
Thank you
Many thanks.
What a great & very helpful video. Thank-you to you both. Quick question : Just like you can raise your score by being added to an acct, is the opposite also true? Can your low score, lower someone else's higher score, should they choose to add you? Thanks.
I've just read your life story, Dan. It's fascinating. Respect.
How?
Thanks
Love you sifu Dan
Love it
I've been needing something like this! :)
Arturo Cabello UA-cam is better than school! Haha 😂
Arturo Cabello so glad it helped friend.
Thanks for the tips! Great collaboration.
Jasper Stojanovski thanks brother! 👊🏼
great video
I love these crossover videos
Hey Mr.Dan lok i just turned out 16 and I’ve watched your videos since we was like 300k subscribers.Also i try to watch the most of your videos but I don’t use some advices because i’m too young to enter this domain. What i wanna say, i love you and i really respect you please which me the best in my life because I’m afraid of the future.
Don't let your age keep you from starting on anything. We just had a 13 year old join the HTC program last month. :)
Now that's some grade A knowledge!
Hard to deal with cheap clients...
Eastern countries have to deal with them a lot..
Most of them would want to see it
Awesome Collab!
Simple & actionable steps to take here.
I recognize that hotel! I was just there in Nashville at that hotel - The Gaylord Opryland Resort & Spa for a week just 3-4 weeks ago! Amazing place.
Tony Pearl thanks for the feedback, friend. And yes sir, an amazing place.
Credit history length, paying on time, and AUs will help. Also just time. No super secret to it.....
Very simple.
Some gems in this one 👌💎
Dan really crushing it with the collabs these days
My solution is just to not have credit in genral I don't do debt if.I want something it's either save and buy or buy second had and save. Great video Dan.
Which credit cards report authorized users in Canada?
Good tips! Also, contact the credit bureaus to dispute anything that is not suppose to be on credit report like medical bills, debts paid off, mistakes, etc.
Good video😏
Wow great video!
Glad you enjoyed. I’m a fan of your work as well! :)
Great info! I'm curious about one thing. You made it clear that this is not a permanent strategy and is better utilized for somebody to open up their own line of credit. I'd imagine that this is not a good idea for somebody to boost their score to finance a home or a car right away, as they look at your entire credit profile. When a loan officer runs the credit report of somebody who does this, would it tell them that it's "piggybacking" off of another person's account, or would it pop up as if it's their own account?
For major credit such as an auto loan, having credit as an "Authorized User" only won't help. The credit score will be good, but you're correct, the loan officer would see that it's not truly the applicant's earned credit. The boost in credit score would help more for revolving lines of credit (traditional credit cards and retail store credit cards)
Striving for the perfect credit score 👍
SUBSCRIBED. YOU'RE THE MAN.
I with this worked in South Africa
Your tips have changed my life forever.
That's wonderful.
You can find more tips from Dan on building a millionaire mindset getdanondemandnow.danlok.link
Dave Ramsey is frothing right now xD
Matt Pillmore is the GOAT!!
Brix Fitness 🔥🔥🔥🔥🔥🔥
Have a low credit utilization percentage. Build your length of credit to huge 🔑🔑🔑
Drake Miller very true! One of the largest factors
Absolutely brother. Thanks for checking out the vid!
Get 2 or 3 cards. Use less than $20 on each. Pay them off the next day.
I have a 5k credit card with about 3.5k being used(hospital bills). I'm about to completely pay it off.
Should I pay in full, or pay like 2500 and do the rest in early payments?
Pay it all off each day is what's recommended.
@@DanLok Nice. I went and paid 2k of it earlier just to lower my payment a bit, and will pay the rest off in small payments weekly/daily
how do you know when the statement closing deadline is?
Your credit card company should tell you. It usually states something like.... "Next statement due 1st March 2019" just for an example. Thats the due date.
Great question. It will show you on your statement.
Dan !! How often do you cut ur hair? And what pomade or clay did u apply? I'm really interested in your hairstyle.
So is it better not to use the card at all ($0 balance). Or do you need to post activity?
Great vídeo again, Dan! I am working at an International Investment Holding (present in 4 continents - with business in China as well). I was watching your videos and thinking: I want to do business with Dan. How can I make this make me money? Answer: I have to show the partners of this Holding that this Will make them money. Do you have an specific video or argument you recommend for this particular case? Remembering that they are also millionaires, entrepreneurs and protect their time very well. Thank’s a lot. Love your videos. Abraço!
Keep up the hard work Betto.
Join Dan here to understand how millionaires think getdanondemandnow.danlok.link
Hey Dan, what's the name of your clip microphone?
love this topic. so if the expenses are being reported on or around the statement date, why not just pay everything before that? isn't it easier and time saving than paying daily?
Cherry Opalla as stated in the video that certainly works, paying daily is a more advanced technique to managing your budget more closely. It’s an accountability measure. Good question and thanks for checking out the vid!
@@backfive6231 got it. Thanks for enlightening me. But to be honest, paying daily for me is eaiser since I always check my accounts regulary every night. Paying before the statement date could work to those who doesnt have time to do it daily.
Every morning i am lost i cant archive my dream everyday.Then i watch your video then i can fucking get my ass off to fucking reality.Thank You!
Hey dan lok . Im your fans from indonesia ....
*_I don't have any card , so can I watch this video??_*
Hey @Dan Lok, I know you’re into martial arts. Make a video on the Wim Hof method. Fascinating experience I had with this specific breathing exercise, just UA-cam Wim Hof if you are not already familiar with his technique. :) keep up the Great work!
Glad you are enjoying Dan's content. I am familiar with Wim Hof and have gotten into cold showers last year. It all comes down to mental state control and consistently improving over time.
Dan has fascinating material on mindset getdanondemandnow.danlok.link
So is the credit closing is always due before the due date
1. Will the authorized users bad credit negatively effect the primary account holder even after you clean up the second users report?
2. If you do this and wait a month to see a credit score increase, and then immediately remove the second user from the account, will the benefits for the second score reverse/be nullified?
Thanks, didn't know any of this at all. But I just found out a week ago that I had been an authorized user under my mom for 1.5 years now, and though my points have rocketed upward the credit is still showing as too new. My past years of a 7 year reset, shows everything on my report as "closed". I have a pending issue regarding my medical from a misunderstanding with my insurance, but other than that nothing is there. Thus, when I apply I'm being turned down for only having a 1.5 year worth of history through my mom's credit. It is as if I have Zero Credit again. How do I fix that?
does this work for the UK credit scores?
thanks for any info
Big Dan would've some interesting things to say about this 🤔