And I don't listen to Dave Ramsey, using credit cards helps build your credit for car loans and mortgages, not to mention a bank is more willing to fight a reported fraudulent charge when their money is involved as opposed to your own money
This!!!! It is insane how easy and straight forward it is to dispute a charge on a credit card. With the debit, it is like a freaking nightmare lol I will always prefer a credit card.
My oldest card is my OG Discover card, which I got back when Discover was a division of Sears Roebuck. Back when nobody, but Sears and a handful of merchants, accepted Discover. I only use it for the 5% rotating categories to keep it alive and not be forcibly closed due to inactivity. I have closed cards in the past because I believed that reducing my credit line would look better to lenders to limit my potential indebtedness. I have had two cards closed recently. One because the company went bankrupt. One because of inactivity. Yeah, I don't miss either card.
Been using credit card for 17 years. Saved thousands and thousands. Was getting 2% on gas when everyone else was only getting 1%.. Now getting 5% back on gas without needing to rotate categories - just straight 5% I'm more or cashback is king unless I know for certain that I'm getting positives expected value (IHG club and Hyatt for example)
I think a lot of people confuse carrying a balance with letting a balance report to the bureaus. Carrying a balance is obviously bad unless necessary or if you're in a 0% interest promotion. But letting the credit card company report a balance to the reporting agencies will help build your score as long as you pay them off or are utilizing a 0% interest promo.
Warning to everyone here: Some credit card companies WILL close your old credit cards for inactivity!! So read about that before just never using it again and risk losing on average credit age
Closing my oldest account was my mistake due to inactivity with Citi cards opened back in 2000 when I was 20. it got close to off in 2015 due to inactivity. I need to put a small charge every now and then on my Chase freedom unlimited at 41 about 2 years ago which is now my oldest account just to keep it open. I had a 639 credit score with my bank. Now I am almost at 760.
Another lie is that ‘having too many cards is bad.’ The opposite is true (with a few caveats.) Having multiple cards is great for your credit and in general more is better. But when you open those cards there is a short term affect to your score.
Good video. This year alone, I have saved about 3500 in points and or cash back using just credit cards and rakuten/honey. On stuff I would have bought or done anyway. Just started my journey Dec 2021. In the right hands and the right mindset. Anything is a tool. Planning a trip next year already now and other that gas and some food everything is going to be off points and hotel certificates.
Spending a lot and paying it on time increases your credit score while maintaining balance below credit utilization and spending less maintains your current score. Trust me
I have the Chase Trifecta, Amex Gold and the Venture X. What are your thoughts on getting the Citi Premier? Too many eco systems? Perhaps getting a hotel or Savor one card would be better?
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And I don't listen to Dave Ramsey, using credit cards helps build your credit for car loans and mortgages, not to mention a bank is more willing to fight a reported fraudulent charge when their money is involved as opposed to your own money
This!!!! It is insane how easy and straight forward it is to dispute a charge on a credit card. With the debit, it is like a freaking nightmare lol I will always prefer a credit card.
My oldest card is my OG Discover card, which I got back when Discover was a division of Sears Roebuck. Back when nobody, but Sears and a handful of merchants, accepted Discover. I only use it for the 5% rotating categories to keep it alive and not be forcibly closed due to inactivity. I have closed cards in the past because I believed that reducing my credit line would look better to lenders to limit my potential indebtedness.
I have had two cards closed recently. One because the company went bankrupt. One because of inactivity. Yeah, I don't miss either card.
Make a Sofi vs Suvi review
Been using credit card for 17 years. Saved thousands and thousands. Was getting 2% on gas when everyone else was only getting 1%..
Now getting 5% back on gas without needing to rotate categories - just straight 5%
I'm more or cashback is king unless I know for certain that I'm getting positives expected value (IHG club and Hyatt for example)
I think a lot of people confuse carrying a balance with letting a balance report to the bureaus. Carrying a balance is obviously bad unless necessary or if you're in a 0% interest promotion. But letting the credit card company report a balance to the reporting agencies will help build your score as long as you pay them off or are utilizing a 0% interest promo.
Warning to everyone here:
Some credit card companies WILL close your old credit cards for inactivity!! So read about that before just never using it again and risk losing on average credit age
Closing my oldest account was my mistake due to inactivity with Citi cards opened back in 2000 when I was 20. it got close to off in 2015 due to inactivity. I need to put a small charge every now and then on my Chase freedom unlimited at 41 about 2 years ago which is now my oldest account just to keep it open.
I had a 639 credit score with my bank. Now I am almost at 760.
Another lie is that ‘having too many cards is bad.’ The opposite is true (with a few caveats.) Having multiple cards is great for your credit and in general more is better. But when you open those cards there is a short term affect to your score.
Is it worth getting the Savor One/Venture X combination if I have Chase Trifecta (CSP) and Amex Plat/Gold duo?
Please comment on the credit card company’s perspective for long periods of inactivity on a card, such as your Discover card you mentioned?
Good video. This year alone, I have saved about 3500 in points and or cash back using just credit cards and rakuten/honey. On stuff I would have bought or done anyway. Just started my journey Dec 2021. In the right hands and the right mindset. Anything is a tool. Planning a trip next year already now and other that gas and some food everything is going to be off points and hotel certificates.
Spending a lot and paying it on time increases your credit score while maintaining balance below credit utilization and spending less maintains your current score. Trust me
I have the Chase Trifecta, Amex Gold and the Venture X. What are your thoughts on getting the Citi Premier? Too many eco systems? Perhaps getting a hotel or Savor one card would be better?
Awesome video!
Good Video
Dave Ramsey uses Debit cards. Studies show Debit card users spend more than either cash, check, or credit card users.
Really? That’s interesting if true.
Can I get a source on that? I can't see why one kind of plastic would result in more spending than another.
Bro, you need to hire a better proofreader to catch those typos in the video titles and captions. 🥸