Common Credit Card Myths - Don't Be Fooled!
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- Опубліковано 15 вер 2024
- Welcome to my MissBeHelpful channel!
In this video, I discuss 5 Common Credit Card Myths that are too often believed to be true.
Credit Card Myths:
1. Only use Credit Cards for emergencies.
2. You should cancel cards you don't use.
3. You have to pay some interest to build up good credit.
4. Paying before my due date boosts my score.
5. Merchants can pick any credit minimum for shoppers.
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’Til next time… PEACE!
bless your soul, woman.
Haha! Thanks :)
My credit score was stuck at 796 trying to get 850, now I see what I was doing wrong, paying too fast on the credit cards payments.....thanks for the advice
Thanks for watching and commenting!
just got a capital one $300 limit quick silver card with a 586 credit score. last month spended $51 dollars and paid it all off 1 day before my due date. trying to rebuild my credit. awsome vid love the advice and humor. keep it up!
tee pablo dude said spended and really thought that it was a word! SMFH it's spent $51 dollars. Maybe if you paid attention in high school you wouldn't have a 586 credit score dummy
They taught you about credit scores in high school? Damn, I wish mine did.
Berdina Nieto--You are just as dumb as she is! No! I said if he (or she I can't tell) paid attention in English class back in high school she'd know "spended" isn't a fucking word! But somebody with a 500 credit score isn't exactly a rocket scientist either.
Your response literally says "Maybe if you paid attention in high school," and did not mention English class specifically. If you want to be a troll, do a better job.
Prince Pablo Your credit is jacked up. Lol
I love your videos!! I am obsessed w/ credit and I'm going back to catch up on all of your videos! Thanks for sharing ❤️
You're welcome!
Me too. Lol
I'm late to her channel, but that's what I'm doing right now.
The way you explain things make it more interesting then it should be. Probably because your so cute😩😍
I've been looking for a solid channel to improve my credit score, by someone who is honest and trustworthy. Look forward to learning and applying your knowledge. Thanks for taking the time and energy to make these videos.
Thank you for the kind words! I'm glad I can help you!
Very important to owe 1% to 9% of your credit card limit on every bill statement. But one day after your first upcoming bill statement is printed pay that amount in 100% in full right away or before the due date.Some bill statements are not printed on the same date every month due to weekends, so make sure your bill statement has been printed before you pay your credit card in full.Rinse and repeat every month.this is a great video she explained things in an easy way to understand.
+wise man Thanks again, wise man!
im new to this credit card thing, gotta say I enjoy your videos they're really helpful , keep em coming 👌💳
Awesome! Thanks :)
She can keep me coming. ;)
really dude really
nice one
lol
Wow you are sooo good! I didn't know about that minimum credit rule! Wooowww...
Thanks for watching and commenting!
You should put up a video for when it's ok to cancel a credit card. The biggest one being is if you have to pay an annual fee for it, if it has a huge APR such as over 20%. Either way great video!
+Eljanny Will plan one on this topic for the new year! Thanks :)
I’m a 24 year old single mommy who didn’t care about my credit until I found out I was pregnant. Honestly I am so grateful to have found you on this channel. I just got approved for a 300$ cc so from my understanding the most I can use is $26-27$ to keep my utilization down. I’m learning so much from you!
Amazing! You got this mama! Thanks for watching and commenting!
I use my credit card daily but I ensure I have a direct debit set up and pay it off monthly. I learned this the hard way. Well Miss you have serious credit card knowledge.
Thanks for watching and commenting!
Problem is the local store isn't making any money because of what they get charged by the credit card companies when you use your credit card for a little 5$ purchase. You're making prices rise in the stores and hurting small businesses. Just use cash for a small purchase!
I hear you, but the law says $10 is the minimum, they shouldn't jack that up to $20. Thanks for posting your comment!
Lerone Williams Oh, it's so sad. That poor store is going to have to jack up prices on that 15.00 fidget spinner they got for .90 cents. Get real, it's more harmful to the store to shun forms of payment potentially angering the customer. I won't even mention how many stores I've been in that tried to tell me a minimum for debit cards, because they don't even understand how debit vs credit works. If a business is providing good customer service and good products, they have nothing to fear from credit cards. I don't want to point fingers but the only places I usually have this problem is stores selling bootleg nikes, next to smolex watches, that sit right next to the rose in a crack pipe and bong selection. This girl is just trying to help folks not to debate you on business ethics and operating costs. If you want to debate though, I'm here, I got you.
Lerone Williams The local store makes money because people spend more when they use credit cards versus paying cash.
Excellent explanation! The banks love seeing balances on accounts while processing closing statements. Make it a great day!
You been on your grind I’m so Happy for You..
Thanks Mike!
Tell me why my credit card company couldn't give me the answer myth 4 for me...lol. Thanks a lot! I've been trying to get the answer to that for a few days now. No one seems to know haha
Educational... Thank you!
+Joseph Neal Thank you for watching!
Fact number 3 is the most interesting.. thanks a bunch!!
Awesome advice really helpful and your bringing genuine value.
Most helpful! Love your vids.
Thanks Ashiya!
This video is very educational.
+Paul Wilson Thanks for watching!
Initially,I just wanted to know about creditcards but after watching all of your videos i'hv gained the confidence and now i got my first credit card...nice work i enjoyed it.if u know how to invest in stocks using credit cards then post it,it will be very helpful ....
Hmm. I don't think there's a way yet to invest using credit cards, but if I find one - I'll post!
I love your non-mainstream mentality/theme
Thanks!
Subscribed... why oh why people think they have to carry a balance to build their credit , I will never know... 0 % interest is the way to go...
Totally agree! Thanks for watching and commenting!
Myth 1. You don't need to use your credit cards all the time for them to remain active. As long as they're used once every 1 or 2 years, you're fine.
Myth 2. Closing a card doesn't hurt the average age of your accounts. Credit cards will continue to report on your credit reports for up to 10 years, meaning by the time they fall off, the rest of your accounts will have aged 10 years as well. Totally true on the utilization part though. =] However, there are ways to use your credit cards right up to the limit, and still maintain low utilization.
Myth 3. Totally true
Myth 4. There's nothing wrong with paying before your statement generates. This will keep your utilization low. Reporting balances isn't required. Ideally you want to report between 1-9% utilization on one card, and 0% utilization on the rest of them.
Myth 5. This can vary by state, as can service charges for using credit cards. You can file a merchant violation with the network (visa, mastercard, Amex, Discover).
Thanks for sharing this!
That's good to know, the $10.00 minimum on credit card purchases.
my cs jumped up to 687 fico. and i got approved for a bank of America rewards card. 3 credit cards in total. all paid on time. thanks for your advice.
Prince Pablo omg from a 586??? In how long??? & how did you do it?
Mirtha Marie took me a month.
Awesome! Thanks for watching and commenting!
thank you so much i saw your older comment and thats in the situation i am in. And i just got approved for the same card, so im just going to buy a 20$ shirt at the mall and then just wait till pay it off
I've used my amex for a $2 grocery purchase at Kroger ha ... another thought would be to perhaps ask the credit card company when they report to the bureaus so that way you'll know when they see what they see in terms of your credit usage - perhaps
+17th WhitePrince Yup, good ideas! Thanks for watching!
Amazing Video. Keep doing your thing. I've learnt alot from this one video x
God Bless
Thanks for watching and commenting!
thanks for the info and thanks for not wearing a ton of makeup like most UA-camrs.
+Wane Frame Thanks for watching!
Love ur intelligence. So helpful and true.
Thanks for watching and commenting!
The 301 number to report works all in the USA... Because is a couple stores by my house..
Question, I'll be getting my first credit card this month... Is there a such thing as auto pay with them? & will that have a negative effect on my credit report?
Auto pay is great! It basically means that when your bill is due the amount of your entire bill will automatically get transferred out of your bank account and into the credit card bill so that you always pay on time and in full. That means no interest and no later fees! The only catch is that you need to always make sure you have that amount of money available to transfer each month on the due date! Thanks for watching and commenting!
Thank you for your credit card knowledge I am not very knowledgeable when it comes to credit cards
Thank you for tip #4!!
Very Informative , thanks.
You're welcome!
Great video thanks for sharing
You make cool informed videos thanks
Wow. Minimum for credit cards that too $20?? ... Well in Japan .. They will take card even for 1 Yen (1 cent) ..
Its kind of weird to set minimum amount.
That's how it should be! But if I put myself in the vendor's shoes I get it because they are charged a fee each time they swipe a credit card, so in order to balance out those fees they need to set a minimum. Thanks for watching and commenting!
great video!
+MzVan21 Thanks hon!!
I pay it down to 3$ to let a statement generate. Then pay the rest.
Your welcome! And thank you for the information its pretty helpful and you seem very knowledgeable on the subject. I'm on credit karma and the information seems accurate but the credit score seem to be off. Do you know by how much points if off relative to the actual credit or fico score?
+Wane Frame Credit Karma can be off up to 20 points because they pull from some credit bureaus but not all of them. Also, they update every 14 days so the information that they get changes constantly!
Thanks for sharing, I find you authentic.
Thanks for watching and commenting!
Awesome.. Thank you for the info.
You're welcome!
funny end.I like !!!!!
+Cristian Martinez Thanks Christian!
Thanks for your video, I am done with credit cards. I always pay my bill as soon as it posts to my account. If that’s not helping my score then I really don’t need the card. I’ll just use my debit card and call my bank and see if they give cash bank. I have Bank of America do they might. Thanks again for the video
You're so welcome! Thanks for commenting!
Great information... Thanks
Thanks Luis!
Could you make a video on your opinion how to pay off the credit card?
I like to pay weekly so that it is more manageable for me. Thanks for watching and commenting!
yes I would like to see a video on how to pay down on credit card debt.
Thank you for this video. It opened up my eyes to something I thought I was right about, but I was wrong about. I'm going to send you an e-mail cuz I do have a question.
Great! Send it!
Soooo helpful!
I'm so glad!
since it's there store they have the right to set a minimum on credit card purchases.
yes it can be 15.00 , 20 whatever they want. just like when you go into a gas station or local drugstore and you see gift card center they have a right to say for those cards it's cash only. I have no problems with a 20.00 minimum or 15.00 either 1 is fine.
Sounds like you're pretty flexible, Mark. But think about people who can only afford to buy what they need. If I only need to buy an item that costs $10 and I want to use my credit card, why should I have to go pick up $20 worth of stuff just so I can meet their minimum? Pretty unfair, no?
Your face is so alive lol. Love it
Haha! I can't help my expressions!
off the topic but i was wondering if you wear makeup when you record? cause it seems like you don't but I think you have really good skin and dont need makeup.Have you ever though about doing skin care videos?
Thanks! I don't wear make up on my face, but I put some mascara on sometimes haha. I don't do much honestly, but when I was young my mother used aloe on my skin a lot and I drink TONS of water daily. Thanks for watching!
If I pay in full before the statement closing date and it shows a 0 balance does that show the lenders that there’s no activity in the account? I know that it will show no activity to the bureaus, but will it affect the way the lenders see it?
The lender will see activity but the lender doesn't matter hahah - the credit bureaus are the ones that create your score so focus on what they think!
So true!
So I have a question i had a maycys card limit 300 I got it about a year ago and I just canceled it about 2 days o and that same day I opened a card also maycys American expres my question is will it hurt my credit if I close the other one
Every time you close a card, your score drops a few points. But if you have other credit accounts like loans or other credit cards that helps. I generally wouldn't close any account - just don't use the card often.
Wow, did you go back to the wine store to see if they changed their sign?
thanks you really helped me out
You're welcome!
if I don't use my credit card for a whole month, is there some kind intrest i have to pay, or intrest will only be added if i don't pay in due time?
Interest only added if you don't pay the full balance on time.
Do you need to make a bigger purchase and pay the minimum amount for a few months until it is paid off? I have been told that this is the way that you build credit. Because it shows that you make your payments on time.
Nope - no bog purchase necessary. The best way to build credit is to make small purchases each month and always pay them off in full on time! Thanks for watching and commenting!
Why does this video appear like a credit card commercial to me?
Hmm - not my intention at all lol
What about the clubs. They be having a $30 minimum sometimes for card. Is that legal?
Hello miss helpful. I have 3 credits, are you suggesting that I use all 3 cards once a month on low cost purchases?
great TIPS
Glad you liked it!
Love her accent and her skin tone
ok if MY credit is $500 how much I Need to expend each month? and how much I need to pay?
+Micro Doulo Good question! The 10% threshold for you would be $50 maximum each month and I strongly suggest you pay it in full each month by your due date unless you have an emergency that does not allow you to afford to pay it back. In which case, you should plan and budget wisely! Thanks for watching!
Watching this as a teenager that never used a credit card,not even his parent’s one
Subscribing as off right now that was truly Helpful.
Thanks so much! I'm so glad it was helpful :)
thanks
Just found your channel! So helpful! Your wonder! Thanks for sharing! Jesus loves you!
You're welcome! Thanks for watching and commenting!
The best 😂😍
By dialing 301 you can report stores?
“Mmhhmm Yeah”” lol
would closing newer accounts if I have older accounts help my credit age. My newer accounts have small limits $200 and $300, I do not think they would affect my utilization much
Sure it would help but the thing is at first it will hurt because closing an account takes a few points off your score immediately, but later you'll see an increase
@@missbehelpful thank you
hello, love you! my question is...Am I liable for credit inquiries that I physically DID NOT SIGN FOR? Example is my wife has applied too many times on-line for credit cards in my name without me knowing about. I'm only now seeing this as I look at my reports. Thanks so much!
Crazy! Def grounds for divorce in my book! Unfortunately you are totally responsible unless you report the debts as fraud and report your wife.
If you are named as the primary account holder, not just an authorized user, you are responsible for the entire debt. The credit card company does not split the debt between two account holders. If you want to report her, here's how.
First, contact one of the major credit bureaus (Equifax, Experian or TransUnion), to put fraud alert in your name. You only have to tell one agency, it will alert the other two.Then, contact the Federal Trade Commission and report that you've been a victim of identity theft. Call the FTC toll free at 877-IDTHEFT or 877-438-4338, or go to the website.If you want to file a police report you can do that too but just know that your wife may be subject to arrest, prosecution and possibly even jail time.Notify the banks and credit card companies that fraud has been committed, that you did not open the accounts if she opened them successfully. If she didn't then focus on the credit bureaus removing the hard pulls from your credit profile. Hope this helps!
You are so smart indeed a sister or a wife like her to help me stay financially stable 💪🏽
thnaks you help alot.
+link zelda Thanks for watching!
Yup ;)
Hi I have a question. I just recently because of my credit which poor/not great I got approved for secured capital one credit card which no anual fee. I then got approved for a quicksilver one capital one credit card with a $300 limit with a $39 anual fee. I confused as to which one to go with.... thank you.
I wouldn't use credit cards..screw it. save money...
I use my credit card for everything, and pay it bi-weekly when I get paid. I always leave a balance owing, but here's the deal I leave my money in my savings account or put it into my mortgage saving me money while using the banks money to buy my weekly shopping, I could pay off my balance right now. if I was stupid. or I could just keep using the banks money to buy stuff and use my money to work for me.
You leave a balance owing? That means they can charge you interest on the remaining balance every month. You don't have to pay interest if you pay the complete balance each month.
Brought to you by the credit card industry.
Haha! Nah - I just know that credit cards are a smart financial tool to use IF you use them correctly! Thanks for watching!
I don't know if you are still active in this channel but I have a question similar to myth 4 I just got my first credit card a discover it card for students and they say that my first statement closes in August 11 and my due date is september 6 im very confused by this do I pay my full balance by august 11 or do I have to pay everything by september 6 before i get charge interest and will it affect my credit score if I pay let say all my fees in September 5th or will it be better to pay early, what would you say would be the best time to pay (date wise).
Question 2 : why do I have to pay so early I have only have had this card since august 2nd less than 10 days why do I have to pay the full balance by august 11th doesn't make sense , card I'm using : discover it chrome
So your closing date is August 11th - that means you want to have your balance down to 10% of your total credit available by the 11th. Then you can pay the rest off by September 6th to avoid interest.
Why do want to have a credit score to be high, isn't it just proof that you are willing to be in debt ?
In fact, why do want to have a credit score ?
+pim1234 I used to wonder the same thing! Actually, it doesn't mean that you want to be in debt - it means that you are trustworthy as a debtor. Think of it as your friends walking around with a number on their forehead that lets you know how trustworthy they are. If you see a low score you will not trust them with anything. Hope this helps! Thanks for watching!
MissBeHelpful
Strange system, and tricky, you see all the people in the USA who are over their head in crdit card dept...
+pim1234 Absolutely! The reason why is because they are buying things that they do not have the money for afford so they don't pay it back in full right away. Then they end up getting charged interest and late fees and owing more than they even spent to begin with. This is why some of the things I talk about in my other videos, like budgeting are SO important!! Thanks for your comments!
+pim1234
Don't you want a house someday? Or a nice car? So unless you have 20-40k laying around for a car and 100k+ for a house...well you need a credit score....
it all a behavior equation
what if I pay the minimum 25 on the due date and the rest a day later because that's when I get my paycheck. what happens then with the interest rate
Then the balance that you paid off a day after it was due will be charged interest. It will come up as an interest charge on your next billing cycle. Thanks for watching!
Pause 0:16
Great video...😍😍😍 i have a question it bothers me a lot hehe.. it says on my statement "payment due date Feb 11.2016" so when exactly should i pay my credit card. thanks it helps me alot.
Good question! I usually pay it a few days before the due date. Another great way to pay is in smaller payments over time. If $100 is due onThursday, the 11th, then I set up payments of $25 every Wednesday for 4 weeks before the due date. That hurts less than losing the hundred all at once. Thanks for watching!!!
+MissBeHelpful thank you so much coz i was confuse coz every time i pay ahead of the due date my husband get mad on me and he will said its not yet due date. as like i don't care if its not due date i want to pay ahead,He will get mad. thank you very much.. i will pay on Wednesday
+Lynalove Palazzolo LOL tell him it only hurts to pay before you get your statement or after your due date! Happy to help :)
she's prettier this way! NO MAKE UP, beautiful baby girl.
What if i move out of state? I plan to move to texas (currently in CA) should i close my bank account/ 401k or transfer it...will the taxes be taken from CA or the state i will be resident in?
Not sure what taxes you mean - but sales taxes are usually taken out of where you currently are making the purchase with your card. I don't suggest closing or transferring accounts unless you found a better offer or a deal with a great company.
because it's there store. let's say you need to buy some food or drugstore medicines
either are essential we'll use your price 10.00 at a local grocery store or local drugstore
correct me if I'm wrong since it's there store don't they have the right to say for credit card purchases there's a 15.00 or 20.00 minimum?
Now I know your saying to yourself I'm the customer I'm paying you that's true but think about how the merchant feels when a customer walks in pays by credit card and they have to pay a 3to5 % swiping fee? for 10.00? what about this idea if your buying something for 10.00 why not use your debit card if it's only 10.00?
I rember growing up grocery stores didn't take credit cards, ice cream places didn't, movie theaters didn't fast food restaurant's also didn't , hair salons too.
Think about it this way if you had a family of 4 back in the 80's and you went to the movies, people got paid less in those days, I think movies cost about 5.50 per person
and then add soda at 4.00 popcorn at 4.00 depending upon the size yes you can share the popcorn but soda at 16.00 add in the movies think about what it was like to pay cash in those days movie theaters didn't take credit cards?
also with ticket master when you walked into certain locations for the longest time if you wanted to see a rock concert or a Hockey summer baseball game think about how much it would cost in those days walk ins you weren't allowed to use a credit card.
if you called on the phone then that was a different story. I know back in 1989 you weren't allowed to use a credit card for walkins.
Now to answer your question if you needed to buy food or drugstore medication and it cost 10.00 you don't have alot of money and you want to use your credit card but the merchant has a sign up saying a 20.00 minimum on credit card purchases Yes it's certainly unfair to you. you could always go to a big chain market like Shoprite krogers, Acme ect for drugstore you could go to a cvs , wallgreens , rite aid , Duane reade ect.
we have a sit down restaurant in my area called Kinchley's they don't take credit cards I have no problem with that, now a days places have atm machines so you could always use your debit card to get the money that you need. Think about how long sit down restaurant's took credit cards a real long time and this place doesn't.
MissBeHelpful yes your 100% correct it's unfair.
I see what you mean, but 5% of $10.00 is only 50 cents. I think the fact that they are a business owner puts them in a better place than many of the customers who may not have $10.00 in their bank accounts until their next paycheck. They're potentially using a credit card because they don't have the cash available to them. I like to think that we make laws that benefit the majority of Americans. Merchants are not the majority of our population, but consumers are. Just a thought. Thanks for sharing your opinion!
i hope my question didnt come off ofensive but it's good to know that there are still women out there who belive in being natural. have you ever thought about making natural skin care videos along with credit. your skin looks about 15 years old.
Not at all, don't worry. I don't know about 15 haha! But thanks!!!
What do you think of merrick bank
Never heard of it!
shes smart
Thanks!
Hola Yanely
#5 what is 301?
311 is a number you can call to make a report of something in NYC. Thanks for watching and commenting!
Cuuuuuute
Great Skin
Please remind me to not mess with you!
there is nothing wrong with having no credit. like 0 credit...you have no debts.
a real genius you are not, 0 score means no access to credit so no mortgage for a house, have a nice life living in rented accommodation for the rest of your life, paying off someones mortgage and having nothing to show for yourself after paying all that money. real smart you are, i bet you went to Harvard
Vic O you know about under writting?
Vic O and yes I do know what I am saying. you have been fooled by the banking system into thinking that debt is ok
I like having credit. You can have credit and be responsible
She is amazing
Thanks for watching and commenting!