Credit Score 101: The Basics, Misconceptions, and How To Build Credit
Вставка
- Опубліковано 1 чер 2024
- Join my financial advice facebook group! / 1893217157392665
Want to support me directly? You can support my videos and get extra content here: / munchkym
/ 1893217157392665
I have a website! Check it out here! You can even purchase my board game called Keeper! www.munchkym.com
Want to be a Lyft driver? Use this link before you sign up for both of us to get bonuses! www.lyft.com/drivers/MUNCHKYM
Want to be an Uber driver? Use this link before you sign up for both of us to get bonuses! partners.uber.com/i/kymc181ue
Want a free rider credit for Lyft? Follow this link (no survey or scams, just benefits me and you!) www.lyft.com/invite/munchkym
Want a free rider credit for Uber? Follow this link: uber.com/i/kymc181ue
Having trouble with a referral code? Just want to say hi? Email me at Kym@munchkym.com
Feel free to ask questions in the comments and I'll answer them in future videos!
My links!
Website: www.munchkym.com
Patreon: / munchkym
Twitter: / themunchkym
Facebook: / themunchkymvids
Instagram: / themunchkym
Outro Music By: / myketaylor11
This is excellent and more importantly, accurate advice.
Thank youu! I'm very passionate about personal finance!
825 here.. I'm good to go...lol. I'm going to watch your video anyway just because I love how you put them together. 😁
Thank you so much, you're so kind!
Hey munchkyn, just want to say thanks for your videos on Uber when I first started 1.5 years. I was nervous as but your videos prepared me for drive mentally. Specifically the video about items to have for your car to prepare for a night of driving. As a second job, it has funded my family with extra income, money into projects like buying my first investment property and looking to buy another property in the near future and also I was able to buy a cheaper end sports car. Yours was one of the first vids I watched that convinced me to get into Ubering with your positive attitude. Thanks!
I am so glad you were able to make it work for you, I'm so happy for you!!
Good to see you back lovely one!
Thankss
Great and very useful information, thank you.
Thank youuu!
Good to see you back, like seeing an old friend
Aww, thank you! Yeah, I've been super MIA because of my PhD classes and traveling.
@@munchkym awesome! PhD is tough!
Excellent content as usual . I am not one to use credit much anymore but the advice and education you have given was significantly better than what was given to me long ago.
Thank you so much, I'm glad it was good!
Credit is for people who really do not need it. A good credit score is a goal for everyone. Good advice -Thanks for posting !
I mean, that's not exactly true. Having a good credit score is very helpful for many things, from renting to jobs to even getting a deal on your cell phone bill! I'm glad it's been helpful! :D
Wow , your presentation skill is awesome 👏 Good information
Thank youu!
Great video! I just have to say it just because it caught my eye and I found it a little humorous. Around the 1:20 mark, you spelt revolving as revovling. Always try to have revovling credit, but only as little as necessary, lol.
Hahah damn typos!
I did not need to watch as I have maintained great credit my entire life; skills learned while growing up. I do find your videos very entertaining and always watch when you post something new. Thank you!
I'm so glad you're doing so well! Thank you! :D
An offbeat comment, but I really missed you and your great videos!! Keep posting many more! I'll be watching and enjoying your ideas and insights on whatever you love to post, my friend!!
Thank you so much, what an absolutely lovely comment! :D
Thank you.... Moe in canada
Happy to help!
CASH IS KING!! Key being to Live Within Your Means.. Great to see a Video Promoting Responsibility when there is already Too-much Entitlement Mentality. 👍
I do enjoy being able to use credit, but it's very very important for it to not get out of hand! :D
It does involve financial responsibility. I'm living proof of this from years ago. I now have a bill that I've not been the one paying and I have an education loan from my '04 to '06 course I took. My education loan has only a few(ish) payments on it and deferments for several years and now for the past couple or so years I've had to use another option. I use Credit Karma which currently shows a good rating and improving.
It's... 300-579, 588-639, 640 is the minimum fair rating and 750+ is excellent. (It'd be nice, quite possibly better, if they used a percentage instead of a number. Especially a number starting at anything over 0. It simply makes more sense.)
Applying for credit several times close together can actually be good. One way to improve credit rating is to take out a small loan, pay it off and take out another and pay it off - this is to be repeated a certain number of times.
Paying off a cc to avoid interest is actually not smart.
Just getting a cc isn't smart. Some can't just get a cc. They need to start with secured cc, meaning they have to send in a deposit which usually becomes their credit limit. Some companies will double it or maybe triple. You then use the cc to borrow from yourself, although interest paid goes to the company. Additional money can be sent to raise the credit limit of a secured cc. By getting a secured cc and using it, you build credit.
Collection agencies are a rip off scam.
Getting a new vehicle, as opposed to a used, can be a good thing. If one is able to, as per credit and income, as well as other expenses, then there's no reason to not go for that new vehicle. Some do need two vehicles and some need more. Those deciding to purchase a Tesla, for example... it's (currently) best to get a new one. Especially as a new owner of an all electric vehicle. EVs is the future - it's estimated that by 2030 all new vehicles sold will be EVs and by 2050 ICE vehicles will be illegal. It's not too early to become familiar with EVs.
I didn't say it doesn't involve financial responsibility, I said it is not a measure of it.
I know what you said.
What you said is invalid.
What you said implies it doesn't involve financial responsibility.
I've been working on rebuilding my credit for a while now. When I was finally able to get a lender for a car loan, I made sure to get that car paid off within a year. It gave a huge boost to my score, and I got a credit card which I use for Uber-related expenses just so it's easier to keep track when it comes time to file taxes, and I pay off the balance ASAP. My credit score isn't where I'd like for it to be, but it sure looks better now than it did a couple of years ago.
As always, thanks for the amazing content.
Fantastic, I'm so proud of you!
Credit card companies pay fees to the credit reporting services. That is how they make money. It is better to have a CC with capital one then with kolhs. Capital One checks scores more often, pay more fee and is viewed as the better card to have. Sometimes it's okay to pay a yearly fee just to get the better card/score. Nothing good is free. But after 1 year they will waive the fee is asked. American Express always has a fee.
Good to know! But I definitely avoid cards with fees, it's way better for me to not have those.
"lost"
CC companies do not MAKE money by PAYING fees to credit reporting services.
One way they DO make money is from the interest they charge their cardholders, which is why it's not smart to pay off any cc account in full.
Oh shit!!! You cut your hair.. Kool. :-)
I did! I love my hair short!
none of this info is useful to me right now but understanding it can be helpful when i (hopefully) move to the us in the future!
I'm glad it might be valuable! Either way, I appreciate you watching. :)
So if you get a secured credit card where you have to put money up front. And you decide to cancel the card do they give you back the money you put up front to get the card?
This is a great question and I'm gladd KoldPizzza had an answer for you cause I wasn't sure. That's the kind of question we discuss in my financial facebook group!
Actually, no. That money is a deposit and becomes your credit limit. Thus, as it's used, you still have to pay it back. You're 'securing' your account to be able to have a secured cc. So that money basically becomes a service fee. The purpose of a secured cc is to build credit, so it's ridiculous to get it and not use it.
6:53 Damn that's fucked up. Kind of insult to injury! Someone should change
that policy!!!!
Yeah, it's a really terrible system!
Please add new videos
I've been super busy with my PhD classes, but I am trying!
Insert 'shameless plug' here! Lmao! You are a sly one, Ms. Kymmy!
That's meee :P
Very good Video, I hope, I can only hope others will see this and learn. I wonder what Trumps credit score is. lol
Thank you! Hahaha that's a great question!
Please. A new video. It's been 1 month
Sorry, I have been super busy with my PhD. I put up a new one, though!
Credit karma doesn't give the true scores, my FICO is the only 1 that provides the true scores
Yeah, but it's helpful for getting close!
Just checked mines 2 days ago and its 802😁
Fantastic!
You look so diff.
Yup! :D
Ong why did you cut ur hair??! 😭😭
I made a whole video about why I cut my hair! Feel free to watch it! ua-cam.com/video/IyVNEguHDzA/v-deo.html
You get high sore on your hair
High score? Thank you! :D