It's actually better to apply and get 5 cards in 5 months than your method. Average age of account would be 5 years in 5 years. With your "wait for a year" thing, in 5 years, your average age of accounts would be 3. Credit score to the top is a long term game. It's fine to lose short term.
Melissa Bornbach I’ve got 7 accounts in 3 months with different lenders. It’s possible but everyones situation is different so it’s not for everyone. Understanding it’s a short term hit, I am expanding my available credit which helps utilization but also if you have ever missed a payment on your accounts having more on time payments will give you more data points to improve on time payments faster.
@@melissabornbach2188 You gotta start somewhere. If you can't get a regular credit card, get a secured one that will more likely approve you but you gotta pay a certain amount upfront. Over time, use that card strategically and build good credit. One you are at least I think close to mid-500's. you will look good to creditors and be able to apply for more cards easily. But of course, don't do it all at once you know? I know this is a late comment but might help someone else.
Nah, I wouldn't apply for a card every year or two because then you'd accumulate inquiries which will stay on your account for at least two years each time. That means you will probably have multiple inquiries on your credit file for years and years. It's better to open a few cards or apply for a few forms of credit all around the same time, because the credit cards (and credit) you get will all age at the same time. And more long-term credit with multiple accounts is better than one or two cards of long-term credit. You will keep those inquiries down and show that other companies trust you with credit. Just don't go crazy or get slack when it comes to managing your credit and finances. Remain steadfast and responsible. On a side note, if a person starts with a secured card as their first form of credit, do all you can to keep it. Longevity is the key. And, for many people it will be your oldest form of credit. Eventually, you can get that card account unsecured, increased, and have your money back. But, don't get rid of it. It will hurt your score if you cancel it.
My score is getting higher with the six cards I have now. All were opened within the last 14months. Every time I add a card my score dings a little at first because of inquiries, but then about a month later they take the new credit limit average among all cards into acct. Then my score jumps about 12-15 points.
Inquiries are not a bad thing. I have like 10 this year from mortgages, loans, new cards. My score is 853. It goes up because I pay my bills on time and in full. You get a better score by opening new cards and by keeping them open. The best scores tend to have the most experience with credit. Not just credit cards. You may turn some banks away if you opened too many cards though as they might think you are churning (thats if you close too many of your cards that you recently opened) . But your score will be very positive.
This is true. Inquiries can hurt your credit. But did you know that we can delete inquiries from your credit? This is what i usually advise my clients to do.
Hi Missbehelpful 😁! This is crystal crawford. thank you so much for answering my question. P.s. I'm glad I only have 2 credit cards only for now! I also went back and rewatched and reviewed the video you mentioned. Thanks so much for your help.
Hey Crystal! If you do not carry a balance your utilization does not matter. Credit cards are designed to be paid off each month and in full. If you maxed out your card and missed your payment you are very profitable to the bank but also a major liability as you might default. Say you have a limit of 10k and you spent 9k but paid it off at the end of the month. Your utilization is 0% because you carried no balance.
I think most people that get multiple cards are simply trying to chase benefits/rewards and getting more available credit. Increasing your available credit allows you to use more credit while keeping utilization low. It's not how much money your putting on cards that matters as much as the percentage of credit utilization. If I have a total of $1000 credit I can use up to $100 and be at %10 or less utilization, but if I get two more cards that both have $1000 limits, I can use up to $300 each month and still be at %10 utilization. None of that really matters tho if you are paying it off before it reports on your credit, because they will only show what's on your account at the time of reporting...
True! Chasing rewards is not to be pushed aside though! Someone who lives an average everyday life and cannot afford to take vacations could use rewards to rack up a free vacation, which at the end of the day is worth it if all you did was pay the same bills you would normally pay but using a credit card instead. Thanks for commenting!
5 to 10 cards that u manage well shows that you're trustworthy and Responsible on managing your finances. I usually pay mines off or half or the balance each month. Creditors want your utilization to be up then see how you'll handle your debt quickly with on time payments and I never eva pay the minimum due.
Got a question. $2000 credit limit on my Discover card, spent it down over course of 9 months from $0.00 ballance to $1860.00 ballance, but have been paying it back up every week bringing ballance to $1370.00 now, with plans to zero ballance. Should I just keep paying till it's paid off? Or should I spend a little to show it's being used? I put $100.00 a week on it, but could spend $8.00 a week if it's a good idea.
Only reason I opened many cards is my to raise my limit if I need it that’s awesome I’d love to be able to use my 10% 30% too pay my bills each month and reap the rewards screw a good score I want a dope limit and all the rewards but also my score has never dropped below 745 but let’s be real here a good score isn’t paying you anything. Especially when you are like me and the only thing you are leasing is a house everything else is paid in full new cars trips purchases all put on my cards and next day paid off very rewarding. And my limit just keeps growing with a high limit utilization management is way easier. I want that 10k limit then I can pay that mortgage wash month via cards get rewarded just adding up and adding up you blow 20$ on a new shirt I don’t they buy it for me. My gf wants a new pair of shoes I don’t have to pay for it my credit does. My mortgage is only 800 a month with a 4% rate. I’m getting 1 dollar back every what every five dollars I spend. Plus with the Roth my rate is almost nonexistent. After everything’s said and done. Screw a score HUSTLE and don’t settle for anything less then what you deserve including blowjobs.
I think it varies from person to person depends your credit goals. You can have a lot of cards what’s important is how you use them. What’s good about my 6 cards all closing dates are the same.
Not true in my opinion you have to take a step back to take 2 steps forward. You should have atleast 5 credit accounts and you should open them as fast as you can to start building your foundation of credit history. If you already have a average score and nothing to lose, apply for as many credit accounts as you can in a day and ride out the inquiry hit to your score as its removed after 2 years and use what your approved for over that time. I applied for 12 credit accounts and got approved for 4 more accounts in 1 day the inquiries and new accounts hurt my score but the inquiries come off in 2 years and now I have accounts I can work with to age and improve my score in the long run.
I opened up about 4 cc and 5 loans this year. I've paid off 2 loans and have under 5% cc utilization right now. I am aiming to pay off 3rd loan by June 2023. My score has increased despite my opening of new accounts.
How are you this is Andrew Garcia contacting you from California I’m new to all this however my credit was not the best so I opened an account for 200 credit with open sky it’s a secured credit card about 7 months ago so far so good and I do see my credit rising pretty good however I applied for a discover card and put in 400 for my credit line starting off small my question is will my 2nd credit card double my credit when paying on time 2nd question is the higher the credit limit the better I really want to build my credit to buy my parents a home since they lost not to long ago
I too don't use a card because it takes so long to add up rewards worth anything. So I just use one other card for everything and it helps toward payments.
I was good with not having many credit cards and my FICO score was 807. However, I applied for a credit card to shop at the company I work for and was turned down for having an insufficient credit file. I had 3 credit cards at the time (1 for 11 yrs. 4 mo., another for 8 yrs. 5 mo., and the third for 2 mo.). No installment loans left on report. I read online that less than 5 credit accounts on the report can be considered a thin file. So, now I have 4 credit cards and a small personal loan.
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That’s why my credit is going up fast with 21 point each month with the age credit I have for 7 year
What if I open a ton of credit cards because I want to benefit from that 10% cash back promotion that they each offer? That is not being desperate for credit. That is being smart and maximizing my retruns.
I have seven cards. Hopefully be like the people you talked about with high credit scores. My score is a little lower, but i am just too young for the age of credit. Oldest accounts are seven years.
I've had 3 cards at one time. In my whole life I've had 5. Now I have 1 and my credit score is 844 I think that has to do with my house and car payment. Took me 15 months to lay off my car and well my house helos as well but I'm looking forward to paying it off in 10 years. I'm 31 by the way
which credit cards would you recommend for someone who is trying to start and build credit? I know a secured credit card would be a better option for me but I am not sure which companies to go with. I don't want any annual fees..I just want something simple to increase my credit score. Any help, please?
Priscilla Hardrick Capital One Platinum... you can do a pre approval on their site and find out if you may be eligible for it. I pondered over applying for several months. I started with Self (self lender) for 3 months and on the 3rd month of Self I just took a chance on the Cap One. Did the pre approval, applied and was approved in minutes. Waiting and watching the tracking of arrival of the card in the mail as we speak. Give it a shot you may be just as surprised as I was. Good Luck my friend
the biggest part of your credit score is payment history 35%. Would it not be better to get a bunch of cards and pay them on time to get good credit history?
The percentage of payments that were made on time is what matters not the exact number. So more cards doesn't really help here. Thanks for watching and commenting!
I have a question. Lets say i have a $1000 credit limit. And i charge $900 for example on the 10th of the month and then pay it off or pay like $890 on the 17th. *So 7 days later.* will that be bad for my credit cause i charged a lot? Or will it be okay because i pay it before it shows a $900 state ment and only shows $10 or $0
you can always request a payment date on all of your cards. all my cards are due 22-24 of the month...I have 7 credit cards 4 of them I applied for at once....its better to apply for multiple cards because i was trying to get a citi card they claim i didnt have enough history (i opened my first citi card 5 years prior to applying for a new one) they complained i didnt have enough history! I was so pissed i took $320,000 ( i was a citi gold client too) out of my citibank checking and deposited a chase account. chase offered me the CSR with a 20k line. I also had a MCU card with 5k credit line also...
My question on usage of credit card. If the credit limit is 500, can I spend 10 percent every 10 days...and pay off each purchase within 4 days. So that I can use almost 150 dollars a month. This would help building a good credit score?
How much you spend does not help you build good credit. All that matters is that you spend something even a small amount and then pay it off in full each month to avoid interest. Those monthly payments get reported to the credit bureaus and that creates credit history of on time payments that builds up your credit. Keep at 10% if possible but if you go over that amount then just pay it off right away and it won't show up on your bill as long as you pay it before the statement closing balance.
My Score is 853. My oldest card is 10 years old. I don't use it. I just keep it open because it's my oldest card. The amount of cards you have does not matter as long as you pay them all off on time. I have 9 cards and I tend to open a new one every year. I have 1 card for every category of purchase I have to maximize my points. If a new card comes out thats better that one I use. I'll close the old one (Except my oldest) to use the new one. WORSE THING about opening a new card is a 4point dip. But once you payoff the card at the end of the month you get those 4 points back. If you apply to too many cards at once you may cause a red flag. Try not to apply to 4 or more at once. It's easy.
I have seen people with a dozen or more active cards. They put a small purchase on them each month to keep them active and set them up to autopay the minimum payment which will cover the small amount. I put a morning coffee or a lunch on mine once or twice a month. This is what I'm doing, and seems a lot of people do this. You should pay off everything every month, preferably before it's due and before it reports to the credit bureaus. Carrying a balance is only going to lose you money in interest, and run a risk of getting in a bind. Credit cards only have three uses: Building (or destroying) credit, spending money you don't have, and rewards that aren't really worth the effort or risk (in my humble opinion)..
If you can keep track of that method and it works for you - then good! I personally choose one card that I use for everything I need monthly, then with the others I put one bill on automatic pay every month on each card so that they all have some activity even though it is very small.
You're on the right path. I usually advise my clients to get at least 4 cards and to make sure that their utilization is not more than 10% on each card.
Hi Missbehelpful I was just wonder how helpful would a balance transfer be if you needed to use one.Btw your videos are really great and your doing a great job 😀😀
Hi, I'm trying to watch this but the only subtitles available are auto-generated Dutch?? Is there any way to start adding captions in English, would be helpful to me and other people who need captions. Thank you
In my opinion, I think most people that get multiple cards are simply trying to chase benefits/rewards and getting more available credit. Increasing your available credit allows you to use more credit while keeping utilization low. It's not how much money your putting on cards that matters as much as the percentage of credit utilization. Your credit utilization, which is the amount of your credit card balance compared to the credit limit, plays a major role in your credit score. Making up 30 percent of your credit score, credit utilization is the second biggest factor that influences your credit score - second only to your payment history. I got a perfect 800 score when I did my repair with spirassp. Bankruptcy was wiped off my report within week. Google to spirassp to know how I went from bankruptcy to the 800 club. A mind blowing experience.
Been rebuilding since Jan 2018. I have actually just got my 8th and 9th credit cards this Jan 2020. It only made my score drop about 4 points. I'm more focused on the total available credit that I have. All of my cards are low limit but they add up to $5500. Good for small emergencies... I keep my revolving balance at 10% and under. I always pay in full!!
My situation is I am at 800 Fico Less than 3% utilization, My problem is a goes up 2 points goes back down to point why doesn't it just keep on rising if I'm paying everything on time and if I use a credit card I paid back within a week let me know how to get my credit score to maintain growth instead of Plateauing. You're very clear when you explain things and you're doing a great job God-bless
I like how you talked about habit. I think habit is very important when it comes to money and responsible use of credit and debt. Saving and what i spend money on. I worked on my habits with money and saw huge results this year.
I think it's better to open accounts closer to each other like in 3 years so they'll age together rather than waiting so so long like 25 years and opening new one wich will lower your average credit age by 12 years!
Am a new immigrant and I intend to use cash to open a secured credit card . 1. How do I transcend fyom a secured card to an unsecured one and howvsoon/how many trnsctns 2. I intend to open a current account and a savings together on request for this card.Is this optimal? 3. I also intend to request a credit from a credit union symultanrously. Is this apt?
I have one specific card I use for daily use. My limit use to be 2k but I decided to call and drop that limit to 1500. You think that hurts my credit ?
Nice video - good advice! Personally, I have 8 cards presently, and am looking to acquire about 8-12 more. 3 of my present cards I don't use anymore, I may close 2, but one of them is my oldest card. I am trying to optimize my cash back by covering as many categories as I can with 5% cards as possible. Here's what I use: Chase Freedom 5% rotating categories Nusenda Platinum Cash Rewards Visa 5% rotating categories (same schedule every year) US Bank Cash+ Pick 2 5% categories from a list Chase Freedom Unlimited 1.5% all purchases Amex Blue Cash Everyday 3% grocery (fallback when not 5%) Here's what I'm getting: Chase Ink Business Cash 5% on tv/internet/phone/office supplies, 2% gas/dining Chase Sapphire Preferred 2% travel/dining. lets you transfer UR points to travel partners Vantage West Connect Rewards Visa: 5% on category of your choice (I'll pick utilities) DuPage CU Platinum Rewards Visa or 2nd VWC Visa 5% back on charity Amazon Prime Visa 5% back on amazon Discover It ***I'm getting my dad to add me to his. Age would be 10-30 years depending on which particular Discover he product changes to the It*** 5% rotating categories Citi Dividend ***Same as Discover It*** 5% rotating categories IHG Rewards MC 1 free night at any IHG hotel in the world awarded on every anniversary date, other nice perks. Discover It I'd open my own of these for 10% CB in the first year Now we're getting to the cards I still want but I won't be too disappointed if I don't get them Sears MasterCard (my dad might have this one) This card has targeted offers where people get 10% off on categories in a quarter. I saw gas/groceries/restaurant on the same quarter. There's also a 5% on gas promo but I don't remember the conditions. These promos are awesome, but it is targeted so it seems unclear if everyone get sit or not. If I knew I'd get it for 1 quarter of every year, then yeah I'd for sure want this card. As is, I still want it, but the ambiguity as to whether I'll actually get the offer is a bit of a turn off. Amex Hilton Hhonors (no fee) this seems like a great card to complement the IHG Rewards MC, allowing me more options to earn hotel rewards than the IHG card alone with a generous sign up bonus. Uber Visa 4% dining (fallback when not 5%) this is nice, but the Nusenda has restaurants at 5% for q2 and q4 every year, and I get 2% in UR on that already, so the Uber Visa would be nice but I wouldn't too disappointed if I didn't get it. Lastly, I'd consider getting another VWC Visa as a 'wildcard' 5% category of my choice
Ahh yes, nice to see someone who appreciates good credit and financial health as I do. I can always dig that. However, I subscribed because I think you’re absolutely adorable and I like the hint of accent you have. :) have a great day! 👍
Excellentcreditsolutions actually helped me and my husband repair our credit by pulling off all our negative items( including inquiries and collections) and getting our score up by 200 and 155 points
Well why when you have a card and you go on your fico credit score to look at things they are recommending some cards for you then when you apply they may deny you or do deny you, so why do they offer or say cards that you may want to apply for anyway!
I think you should get as many as you can handle as soon as possible so that over 25 years or so you will have multiple cards that have a lot of age. Most of them should be no annual fee cards. Then you can apply and cancel new cards Willy nilly because it won't affect your average age of credit all that much. You can reap all the rewards.
The algorithms look at the utilization on each account and the overall utilization. Overall under 10 is great, one card over 40 is room for improvement on that card. I have an overall utilization and 15% and one card around 50% A credit score app like Creditwise is still likely to show me " your utilization is too high on one or more of your revolving accounts" If you can't bring the 40% down out right you could take advantage of balance transfer offers to spread the debt around. I would, but not all banks offer them. And those that do don't offer all the time even on "empty cards" Just be sure that if you're going to go that route the offer actually saves you money. There's no point moving a portion of the debt over lower the utilization if it's going over to a higher interest rate. It would be rare to see such an offer, but it's not impossible I'm aware of a Capital One account that offers balance transfers but only at the cards 22% purchase APR, for the card holder. you don't necessarily have to do anything, a big chunk of your credit report is a waiting game anyway. It's worth remembering that utilization is calculated every month and has no relationship to previous months, no memory. At least under current models. I read that a newer score model might include trends. I took it to mean something like if I had 52% utilization in June 48 in July 46 August 38 in September, a clear downward trend, it might help me. But whichever version of FICO or Vantsgescore it was, it's not the one in any of my reports are giving me. my final point is, it doesn't matter if you "fix" your utilization now and keep it down for 6 months until you need to apply for something, or if you fix it the statement cycle before you apply.
Hi MissBeHelpful , I have used 70% of the limit of my CC multiple times in past but i have paid all dues within given time duration. Will my score go in danger zone? You are amazing and one of best financial Gurus on UA-cam with practical explanation. Thanks for all helpful videos..
I'll answer this question using 70% of your limit is ok it doesn't affect your credit score. But owing 70% of your limit on your next statement is not ok. When your next bill statement shows amount due it should be no more than 10% of your limit owed and then it will say pay by due date. I have had credit card for 8 years or longer feel free to ask me anything.
You have to find out your statement closing date and make sure you pay it down to 10% or less by that date or sooner so that the amount you owe on your billing statement is not larger than 10% of your total limit. Hope that helps!
Am I one of those 50 million ? I have a score around 835. your very smart about credit cards. just like me. I have a question if somebody opens let's say a zales charge card or kay's jewelery store charge card and let's say they opened up the cards about 2 years ago let's say they have a Macy's store card (Not the American Express card) let's say they opened it 13 months ago let's say they opened up the Citi Double cash card 6 months ago. this person makes good money let's say they don't live in Beverly Hills or Saddle River New Jersey they make great money. let's say they bring home 5,000 a month. let's say there about 25 years old they purchased some jewelry from those to stores. But there not going to buying any more there middle class not rich do you think they should close those 2 cards out? now let's say since they have the Macy's store they really only use it around the holidays and birth day shopping so about 3 times a year outside of Macys you can't use this card anywhere what do you think should they close out this card? and just use the Citi double cash card?
If there's no annual fee I wouldn't close them, especially with the cards being as old as they are in your examples. Store cards are funny. My oldest card is a Firestone. I really don't see myself using this card much in the future since it doesn't give me any cash back like most of my other cards. But being my oldest card, I want the credit history/age that comes with it being my oldest card. I just don't know CFNA/Firestone's policy on closing cards. They might close it tomorrow or they might keep it open for years. Regardless, if the card closes it's going to be their decision NOT mine, since I'm not paying an annual fee but the credit history/age and credit limit benefit me as long as it shows up positively on my credit report.
here's the reason why you close Jewelry store charge cards out. unless your very wealthy where you shop at those stores 1 time a month and you use those cards kays or zales. if you live in Beverly Hills or Saddle River that I understand. but for the average person if you have those cards for 2 years and your not using them it would be better to close them out so they fall off your credit report faster. Now as far as Macys goes Lord & Taylor, Norstroms goes for store cards if your only using them around the holidays and a couple gifts for Birthdays and you got the card 13 months ago should you close out the card or cards? I don't think there is a right answer for number 2 unlike number1 you would close out. As far as the citi double cash goes being it's your newest card would you close out this card if you were going to cancel a card either a jewelry store charge card question 1 , question 2 close out a department store card or from 3. a major bank card the example we used is citi double cash which card would you close out? since you told me that your oldest is your Firestone I will tell you mine is Exxon Mobil. does your Firestone have a Visa, Master card or American express logo or is yours the charge card that you can only use at Fire Stone?
Mark Santucci I'm joking about all the "let's say" you said. I think it would it would have been easier to understand without them. I'm not trying to troll though I mean it in a light hearted way.
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Hi Missbehelpful I been waiting on you to answer my question
Hi, I’m new in credit and I have no credit score. What would you recommend to a person with no credit score as me, to start credit applying to one (about 2,500$) secured card or two (2,500$ split in boths) secured card? (if two cards is the answer, should I apply for them at the same time or with a period of time between ? ). Of course I’m going to be responsable with my payments on time and the utilization rate. I would appreciate your answer. Thanks
There's a lot of factors that affect your score when you open a new card. For them to process your application for a new card they will pull a credit check (will lower score a few points 1-5 pts usually) however if you get accepted the new credit available should lower your current Utilization % which should increase your credit by a few pts 5-10 to possibly 25+ depending on how much it lowers your utilization %. The last thing that will be affected is your average age of credit, it will take a decent hit if you have a fairly long credit history (will affect you much less if you are new to credit or have zero credit history). By opening a new account your average age will drop lowering your credit score. So overall will your credit score drop? that really depends how these 3 different factors will affect your specific situation.
The thing here is that a new line of credit comes with no credit age. Your average age of credit will drop and lower your score, but it will recover in time. Like she talks about in the video, the big thing is age of credit. I opened a card and dropped about 50 points, but its already back where it was after a few months..
Credit Cards have made many people rich. If they are used correctly. It's called credit card leveraging. Why use your money, when you could use other people's money?!
It's actually better to apply and get 5 cards in 5 months than your method. Average age of account would be 5 years in 5 years. With your "wait for a year" thing, in 5 years, your average age of accounts would be 3. Credit score to the top is a long term game. It's fine to lose short term.
Good point!!
But that's the thing,we not losers we not trying to lose anything,we wanna win!!
How did you get 5 cards in 5 months? I've discovered that credit card companies can reject you simply for having too many recent inquiries.
Melissa Bornbach I’ve got 7 accounts in 3 months with different lenders. It’s possible but everyones situation is different so it’s not for everyone. Understanding it’s a short term hit, I am expanding my available credit which helps utilization but also if you have ever missed a payment on your accounts having more on time payments will give you more data points to improve on time payments faster.
@@melissabornbach2188 You gotta start somewhere. If you can't get a regular credit card, get a secured one that will more likely approve you but you gotta pay a certain amount upfront. Over time, use that card strategically and build good credit. One you are at least I think close to mid-500's. you will look good to creditors and be able to apply for more cards easily. But of course, don't do it all at once you know?
I know this is a late comment but might help someone else.
I have 2 credit cards my FICO score is 785...I pay on time and keep my utilization under 30 %
How long have you had your cards?
Nice, you're playing the game right
Utilization only matters if you carry a balance. Which you should never do.
@@dj69 I totally agree. I usually advise my clients to get at least four cards and not use them or have a utilization of max 10%.
@@R.R.R.712 I would normally recommend usage of 10% and at least four cards to help with their credit score.
Nah, I wouldn't apply for a card every year or two because then you'd accumulate inquiries which will stay on your account for at least two years each time. That means you will probably have multiple inquiries on your credit file for years and years. It's better to open a few cards or apply for a few forms of credit all around the same time, because the credit cards (and credit) you get will all age at the same time. And more long-term credit with multiple accounts is better than one or two cards of long-term credit. You will keep those inquiries down and show that other companies trust you with credit. Just don't go crazy or get slack when it comes to managing your credit and finances. Remain steadfast and responsible. On a side note, if a person starts with a secured card as their first form of credit, do all you can to keep it. Longevity is the key. And, for many people it will be your oldest form of credit. Eventually, you can get that card account unsecured, increased, and have your money back. But, don't get rid of it. It will hurt your score if you cancel it.
My score is getting higher with the six cards I have now. All were opened within the last 14months. Every time I add a card my score dings a little at first because of inquiries, but then about a month later they take the new credit limit average among all cards into acct. Then my score jumps about 12-15 points.
Inquiries are not a bad thing. I have like 10 this year from mortgages, loans, new cards. My score is 853. It goes up because I pay my bills on time and in full. You get a better score by opening new cards and by keeping them open. The best scores tend to have the most experience with credit. Not just credit cards. You may turn some banks away if you opened too many cards though as they might think you are churning (thats if you close too many of your cards that you recently opened) . But your score will be very positive.
This is true. Inquiries can hurt your credit. But did you know that we can delete inquiries from your credit? This is what i usually advise my clients to do.
Inquiries only stay for 2 years but in one year they pretty much have no effect....
Love you’re videos!! After watching I raised my credit score from being inactive to a 710 in six months!!
Wow! Austin that's amazing! Nice going!
Hi Missbehelpful 😁! This is crystal crawford. thank you so much for answering my question. P.s. I'm glad I only have 2 credit cards only for now! I also went back and rewatched and reviewed the video you mentioned. Thanks so much for your help.
You're welcome Crystal!!! Thanks for writing this question to me - glad it was helpful for you!
What a great advice you got Crystal - I'm jealous that she gives you a shout out lol
Hey Crystal! If you do not carry a balance your utilization does not matter. Credit cards are designed to be paid off each month and in full. If you maxed out your card and missed your payment you are very profitable to the bank but also a major liability as you might default. Say you have a limit of 10k and you spent 9k but paid it off at the end of the month. Your utilization is 0% because you carried no balance.
I don’t use 3 of my credit cards. What should I do? Wait for them to close or close them myself?
Leave them open and spend on them once in a blue moon then pay it off if you close it it will decrease ur credit score
I think most people that get multiple cards are simply trying to chase benefits/rewards and getting more available credit. Increasing your available credit allows you to use more credit while keeping utilization low. It's not how much money your putting on cards that matters as much as the percentage of credit utilization. If I have a total of $1000 credit I can use up to $100 and be at %10 or less utilization, but if I get two more cards that both have $1000 limits, I can use up to $300 each month and still be at %10 utilization. None of that really matters tho if you are paying it off before it reports on your credit, because they will only show what's on your account at the time of reporting...
True! Chasing rewards is not to be pushed aside though! Someone who lives an average everyday life and cannot afford to take vacations could use rewards to rack up a free vacation, which at the end of the day is worth it if all you did was pay the same bills you would normally pay but using a credit card instead. Thanks for commenting!
This is the only reason I want more cards. If I can replace my everyday spending with credit, building it would be so much easier.
I have 24 credit cards and I’m my fico is over 760. Treat your credit cards as debit card and pay it off everyday or asap .
5 to 10 cards that u manage well shows that you're trustworthy and Responsible on managing your finances. I usually pay mines off or half or the balance each month. Creditors want your utilization to be up then see how you'll handle your debt quickly with on time payments and I never eva pay the minimum due.
How come u dont never pay the minimum or do u pay a tad bit higher
I have 7 I’m working lowering the usage trust me it works!
That's great. Work on getting your usage to below 10% and it will work its magic.
Got a question. $2000 credit limit on my Discover card, spent it down over course of 9 months from $0.00 ballance to $1860.00 ballance, but have been paying it back up every week bringing ballance to $1370.00 now, with plans to zero ballance. Should I just keep paying till it's paid off? Or should I spend a little to show it's being used? I put $100.00 a week on it, but could spend $8.00 a week if it's a good idea.
It depends on your strategy. If you open a lot of credit cards early on it can help you build a long age of credit later on.
True! It's constantly opening lots of cards that would hurt! Good point!
Only reason I opened many cards is my to raise my limit if I need it that’s awesome I’d love to be able to use my 10% 30% too pay my bills each month and reap the rewards screw a good score I want a dope limit and all the rewards but also my score has never dropped below 745 but let’s be real here a good score isn’t paying you anything. Especially when you are like me and the only thing you are leasing is a house everything else is paid in full new cars trips purchases all put on my cards and next day paid off very rewarding. And my limit just keeps growing with a high limit utilization management is way easier. I want that 10k limit then I can pay that mortgage wash month via cards get rewarded just adding up and adding up you blow 20$ on a new shirt I don’t they buy it for me. My gf wants a new pair of shoes I don’t have to pay for it my credit does. My mortgage is only 800 a month with a 4% rate. I’m getting 1 dollar back every what every five dollars I spend. Plus with the Roth my rate is almost nonexistent. After everything’s said and done. Screw a score HUSTLE and don’t settle for anything less then what you deserve including blowjobs.
I think it varies from person to person depends your credit goals. You can have a lot of cards what’s important is how you use them. What’s good about my 6 cards all closing dates are the same.
Not true in my opinion you have to take a step back to take 2 steps forward. You should have atleast 5 credit accounts and you should open them as fast as you can to start building your foundation of credit history. If you already have a average score and nothing to lose, apply for as many credit accounts as you can in a day and ride out the inquiry hit to your score as its removed after 2 years and use what your approved for over that time. I applied for 12 credit accounts and got approved for 4 more accounts in 1 day the inquiries and new accounts hurt my score but the inquiries come off in 2 years and now I have accounts I can work with to age and improve my score in the long run.
I opened up about 4 cc and 5 loans this year. I've paid off 2 loans and have under 5% cc utilization right now. I am aiming to pay off 3rd loan by June 2023. My score has increased despite my opening of new accounts.
How are you this is Andrew Garcia contacting you from California I’m new to all this however my credit was not the best so I opened an account for 200 credit with open sky it’s a secured credit card about 7 months ago so far so good and I do see my credit rising pretty good however I applied for a discover card and put in 400 for my credit line starting off small my question is will my 2nd credit card double my credit when paying on time 2nd question is the higher the credit limit the better I really want to build my credit to buy my parents a home since they lost not to long ago
Seven is probably optimum.
Just like a cross-country team: 5 scorers and 2 displacers.
It so rare to find a women whose gorgeous and financially responsible.....I really hope you know your self worth
It's good to know :) I have a credit card from the early 1990s that I haven't been using because I didn't want the rewards for. GM automobile.
Thanks for watching and commenting!
I too don't use a card because it takes so long to add up rewards worth anything. So I just use one other card for everything and it helps toward payments.
I was good with not having many credit cards and my FICO score was 807. However, I applied for a credit card to shop at the company I work for and was turned down for having an insufficient credit file. I had 3 credit cards at the time (1 for 11 yrs. 4 mo., another for 8 yrs. 5 mo., and the third for 2 mo.). No installment loans left on report. I read online that less than 5 credit accounts on the report can be considered a thin file. So, now I have 4 credit cards and a small personal loan.
That’s why my credit is going up fast with 21 point each month with the age credit I have for 7 year
What if I open a ton of credit cards because I want to benefit from that 10% cash back promotion that they each offer? That is not being desperate for credit. That is being smart and maximizing my retruns.
You are stunningly beautiful ! God bless you 🙏🏼
I have seven cards. Hopefully be like the people you talked about with high credit scores. My score is a little lower, but i am just too young for the age of credit. Oldest accounts are seven years.
Soon you'll see the bump!
I've had 3 cards at one time. In my whole life I've had 5. Now I have 1 and my credit score is 844 I think that has to do with my house and car payment. Took me 15 months to lay off my car and well my house helos as well but I'm looking forward to paying it off in 10 years. I'm 31 by the way
👍🏽🤑🥂
which credit cards would you recommend for someone who is trying to start and build credit? I know a secured credit card would be a better option for me but I am not sure which companies to go with. I don't want any annual fees..I just want something simple to increase my credit score. Any help, please?
Priscilla Hardrick Capital One Platinum... you can do a pre approval on their site and find out if you may be eligible for it. I pondered over applying for several months. I started with Self (self lender) for 3 months and on the 3rd month of Self I just took a chance on the Cap One. Did the pre approval, applied and was approved in minutes. Waiting and watching the tracking of arrival of the card in the mail as we speak. Give it a shot you may be just as surprised as I was. Good Luck my friend
the biggest part of your credit score is payment history 35%. Would it not be better to get a bunch of cards and pay them on time to get good credit history?
The percentage of payments that were made on time is what matters not the exact number. So more cards doesn't really help here. Thanks for watching and commenting!
Ur absolutely breathtaking ☺💓💓
I paid off everything and my credit dropped 30 points .
I have a question. Lets say i have a $1000 credit limit. And i charge $900 for example on the 10th of the month and then pay it off or pay like $890 on the 17th. *So 7 days later.* will that be bad for my credit cause i charged a lot? Or will it be okay because i pay it before it shows a $900 state ment and only shows $10 or $0
I trust you.
Showing these videos to my wife right away!
Great job on the information, thank you!
you can always request a payment date on all of your cards. all my cards are due 22-24 of the month...I have 7 credit cards 4 of them I applied for at once....its better to apply for multiple cards because i was trying to get a citi card they claim i didnt have enough history (i opened my first citi card 5 years prior to applying for a new one) they complained i didnt have enough history! I was so pissed i took $320,000 ( i was a citi gold client too) out of my citibank checking and deposited a chase account. chase offered me the CSR with a 20k line. I also had a MCU card with 5k credit line also...
YUR BEAUTIFUL
My question on usage of credit card. If the credit limit is 500, can I spend 10 percent every 10 days...and pay off each purchase within 4 days. So that I can use almost 150 dollars a month. This would help building a good credit score?
How much you spend does not help you build good credit. All that matters is that you spend something even a small amount and then pay it off in full each month to avoid interest. Those monthly payments get reported to the credit bureaus and that creates credit history of on time payments that builds up your credit. Keep at 10% if possible but if you go over that amount then just pay it off right away and it won't show up on your bill as long as you pay it before the statement closing balance.
@@missbehelpful thank you dear
Missbehelpful... thank you so much for all the great advice, I really appreciate your help.. keep up the great work!
You're welcome! Thank you for watching and supporting!
Wow you're so gorgeous!
My Score is 853. My oldest card is 10 years old. I don't use it. I just keep it open because it's my oldest card. The amount of cards you have does not matter as long as you pay them all off on time. I have 9 cards and I tend to open a new one every year. I have 1 card for every category of purchase I have to maximize my points. If a new card comes out thats better that one I use. I'll close the old one (Except my oldest) to use the new one. WORSE THING about opening a new card is a 4point dip. But once you payoff the card at the end of the month you get those 4 points back. If you apply to too many cards at once you may cause a red flag. Try not to apply to 4 or more at once. It's easy.
You can't have a 853 credit score.it only goes to 850.
Thank you for this information. Age if credit definitely matters
whats your opinion on maybe using 2 cards at a time for a couple months..pay them off and then use a different one just to put some activity on it!??
I have seen people with a dozen or more active cards. They put a small purchase on them each month to keep them active and set them up to autopay the minimum payment which will cover the small amount. I put a morning coffee or a lunch on mine once or twice a month. This is what I'm doing, and seems a lot of people do this. You should pay off everything every month, preferably before it's due and before it reports to the credit bureaus. Carrying a balance is only going to lose you money in interest, and run a risk of getting in a bind.
Credit cards only have three uses: Building (or destroying) credit, spending money you don't have, and rewards that aren't really worth the effort or risk (in my humble opinion)..
If you can keep track of that method and it works for you - then good! I personally choose one card that I use for everything I need monthly, then with the others I put one bill on automatic pay every month on each card so that they all have some activity even though it is very small.
is it 9% or below for each individual card or for the overall total of all cards?? hit me back.
Rhyan Anderson each one!
@@missbehelpful thanks
Thanks for making this soon to be adult a smarter one! I'll be sure to use everything I learned. Awesome video.
So having 2 or 3 credit cards is fine?
Yup, don't max them tho and pay on time and you good
My advise if to get to at least 4 and maintain them at below 10% utilization
I disagree. I'm raising my credit score and getting new cards every 3 months. I keep my utilization under 5% and pay on time.
You're on the right path. I usually advise my clients to get at least 4 cards and to make sure that their utilization is not more than 10% on each card.
Can you make a video on what happens when you pay off a card like does it say open or close
Also what happens if you don’t use it
Hi Missbehelpful I was just wonder how helpful would a balance transfer be if you needed to use one.Btw your videos are really great and your doing a great job 😀😀
Really it depends on the math. If you'll save money in the long run then it would be worth it. Thanks for watching and commenting!
Hi, I'm trying to watch this but the only subtitles available are auto-generated Dutch?? Is there any way to start adding captions in English, would be helpful to me and other people who need captions. Thank you
Sure! Great suggestion! I'll add in English this weekend :)
she said unfollow me on facebook LOL 0:32
Help me. I have 16 cards. Many opened in the last two years. Yikes. What should I do???????
Do you owe money on any of them?
That's fine just Bring all down to a 0 balance and don't apply for anymore for a while let the ones you have age
In my opinion, I think most people that get multiple cards are simply trying to chase benefits/rewards and getting more available credit. Increasing your available credit allows you to use more credit while keeping utilization low. It's not how much money your putting on cards that matters as much as the percentage of credit utilization. Your credit utilization, which is the amount of your credit card balance compared to the credit limit, plays a major role in your credit score. Making up 30 percent of your credit score, credit utilization is the second biggest factor that influences your credit score - second only to your payment history. I got a perfect 800 score when I did my repair with spirassp. Bankruptcy was wiped off my report within week. Google to spirassp to know how I went from bankruptcy to the 800 club. A mind blowing experience.
You cute
Been rebuilding since Jan 2018. I have actually just got my 8th and 9th credit cards this Jan 2020. It only made my score drop about 4 points. I'm more focused on the total available credit that I have. All of my cards are low limit but they add up to $5500. Good for small emergencies... I keep my revolving balance at 10% and under. I always pay in full!!
I only have 3
Thank you. I really needed to know this.
10% is still only good. You want 5 to 9% The more cards you have the better but never let it spend money you do not have...
Wow I m in love after watching ur three videos
helpful insight
My situation is I am at 800 Fico Less than 3% utilization, My problem is a goes up 2 points goes back down to point why doesn't it just keep on rising if I'm paying everything on time and if I use a credit card I paid back within a week let me know how to get my credit score to maintain growth instead of Plateauing. You're very clear when you explain things and you're doing a great job God-bless
i opened like 6 cards this year but whats better? 1 card with 10 years of history , or 6 cards with 10 years of history?
Thank you . I think you just kept me from making a mistake.
you also need longevity in credit for a good score. Don't be opening and closing credit cards, that won't help you. Also run your 3 credit reports!
It's Amy Santiago !
Just subscribed (:
I like how you talked about habit. I think habit is very important when it comes to money and responsible use of credit and debt. Saving and what i spend money on. I worked on my habits with money and saw huge results this year.
True!! All about habits!
I think it's better to open accounts closer to each other like in 3 years so they'll age together rather than waiting so so long like 25 years and opening new one wich will lower your average credit age by 12 years!
Am a new immigrant and I intend to use cash to open a secured credit card .
1. How do I transcend fyom a secured card to an unsecured one and howvsoon/how many trnsctns
2. I intend to open a current account and a savings together on request for this card.Is this optimal?
3. I also intend to request a credit from a credit union symultanrously. Is this apt?
I have one specific card I use for daily use. My limit use to be 2k but I decided to call and drop that limit to 1500. You think that hurts my credit ?
Very helpful!
Nice video - good advice!
Personally, I have 8 cards presently, and am looking to acquire about 8-12 more. 3 of my present cards I don't use anymore, I may close 2, but one of them is my oldest card. I am trying to optimize my cash back by covering as many categories as I can with 5% cards as possible.
Here's what I use:
Chase Freedom 5% rotating categories
Nusenda Platinum Cash Rewards Visa 5% rotating categories (same schedule every year)
US Bank Cash+ Pick 2 5% categories from a list
Chase Freedom Unlimited 1.5% all purchases
Amex Blue Cash Everyday 3% grocery (fallback when not 5%)
Here's what I'm getting:
Chase Ink Business Cash 5% on tv/internet/phone/office supplies, 2% gas/dining
Chase Sapphire Preferred 2% travel/dining. lets you transfer UR points to travel partners
Vantage West Connect Rewards Visa: 5% on category of your choice (I'll pick utilities)
DuPage CU Platinum Rewards Visa or 2nd VWC Visa 5% back on charity
Amazon Prime Visa 5% back on amazon
Discover It ***I'm getting my dad to add me to his. Age would be 10-30 years depending on which particular Discover he product changes to the It*** 5% rotating categories
Citi Dividend ***Same as Discover It*** 5% rotating categories
IHG Rewards MC 1 free night at any IHG hotel in the world awarded on every anniversary date, other nice perks.
Discover It I'd open my own of these for 10% CB in the first year
Now we're getting to the cards I still want but I won't be too disappointed if I don't get them
Sears MasterCard (my dad might have this one) This card has targeted offers where people get 10% off on categories in a quarter. I saw gas/groceries/restaurant on the same quarter. There's also a 5% on gas promo but I don't remember the conditions. These promos are awesome, but it is targeted so it seems unclear if everyone get sit or not. If I knew I'd get it for 1 quarter of every year, then yeah I'd for sure want this card. As is, I still want it, but the ambiguity as to whether I'll actually get the offer is a bit of a turn off.
Amex Hilton Hhonors (no fee) this seems like a great card to complement the IHG Rewards MC, allowing me more options to earn hotel rewards than the IHG card alone with a generous sign up bonus.
Uber Visa 4% dining (fallback when not 5%) this is nice, but the Nusenda has restaurants at 5% for q2 and q4 every year, and I get 2% in UR on that already, so the Uber Visa would be nice but I wouldn't too disappointed if I didn't get it.
Lastly, I'd consider getting another VWC Visa as a 'wildcard' 5% category of my choice
Why all the cards
Ahh yes, nice to see someone who appreciates good credit and financial health as I do. I can always dig that. However, I subscribed because I think you’re absolutely adorable and I like the hint of accent you have. :) have a great day! 👍
Excellentcreditsolutions actually helped me and my husband repair our credit by pulling off all our negative items( including inquiries and collections) and getting our score up by 200 and 155 points
Well why when you have a card and you go on your fico credit score to look at things they are recommending some cards for you then when you apply they may deny you or do deny you, so why do they offer or say cards that you may want to apply for anyway!
Its called advertisement and i would not listen to this women dm if you want an opinion you don’t like but will be true.
the main issue of having the cards is the utilization. get balances down.
My score dropped 50 points. They reported way before the closing date.
Thank you for the great job Learning so much
Happy I could help! Thanks!
One question. What's your current Credit Score?
You look like Michelle Rodriguez
Should I pay off my balance every month I always do but my minimum is 25 what is the best to do will my score drop in If pay on time
You can just open alot of cards asap then just hold them and build age! The sooner the better
FLX SUKI what exactly does hold them mean ?
Great content !!!!
Thanks Jordan!
I've had my card for 1 year
That's a good start. Make sure to get at least 4 cards and have them on less than 10% utilization and you're good to go.
Hi, missbehelpful,
I want to ask you about Statement closing date and Due date so what is the different?
Piseth Leng on the due date you pay what the statement balance is. The statement balance is calculated on statement closing date.
I think you should get as many as you can handle as soon as possible so that over 25 years or so you will have multiple cards that have a lot of age. Most of them should be no annual fee cards. Then you can apply and cancel new cards Willy nilly because it won't affect your average age of credit all that much. You can reap all the rewards.
That's def one strategy that works but only if you won't go use them all!!!
First!
Tell you secret you are beautiful
If I have a card at 40% but two others at 5% and my overall utilization is under 10%, is that good
The algorithms look at the utilization on each account and the overall utilization.
Overall under 10 is great, one card over 40 is room for improvement on that card.
I have an overall utilization and 15% and one card around 50%
A credit score app like Creditwise is still likely to show me " your utilization is too high on one or more of your revolving accounts"
If you can't bring the 40% down out right you could take advantage of balance transfer offers to spread the debt around.
I would, but not all banks offer them. And those that do don't offer all the time even on "empty cards"
Just be sure that if you're going to go that route the offer actually saves you money. There's no point moving a portion of the debt over lower the utilization if it's going over to a higher interest rate.
It would be rare to see such an offer, but it's not impossible I'm aware of a Capital One account that offers balance transfers but only at the cards 22% purchase APR, for the card holder.
you don't necessarily have to do anything, a big chunk of your credit report is a waiting game anyway. It's worth remembering that utilization is calculated every month and has no relationship to previous months, no memory.
At least under current models. I read that a newer score model might include trends. I took it to mean something like if I had 52% utilization in June 48 in July 46 August 38 in September, a clear downward trend, it might help me. But whichever version of FICO or Vantsgescore it was, it's not the one in any of my reports are giving me.
my final point is, it doesn't matter if you "fix" your utilization now and keep it down for 6 months until you need to apply for something, or if you fix it the statement cycle before you apply.
Hi MissBeHelpful , I have used 70% of the limit of my CC multiple times in past but i have paid all dues within given time duration.
Will my score go in danger zone?
You are amazing and one of best financial Gurus on UA-cam with practical explanation. Thanks for all helpful videos..
I'll answer this question using 70% of your limit is ok it doesn't affect your credit score. But owing 70% of your limit on your next statement is not ok. When your next bill statement shows amount due it should be no more than 10% of your limit owed and then it will say pay by due date. I have had credit card for 8 years or longer feel free to ask me anything.
You have to find out your statement closing date and make sure you pay it down to 10% or less by that date or sooner so that the amount you owe on your billing statement is not larger than 10% of your total limit. Hope that helps!
Confusing
Crystal no escucha
Am I one of those 50 million ? I have a score around 835. your very smart about credit cards. just like me.
I have a question if somebody opens let's say a zales charge card or kay's jewelery store charge card and let's say they opened up the cards about 2 years ago let's say they have a Macy's store card (Not the American Express card) let's say they opened it 13 months ago let's say they opened up the Citi Double cash card 6 months ago. this person makes good money let's say they don't live in Beverly Hills or Saddle River New Jersey they make great money. let's say they bring home 5,000 a month.
let's say there about 25 years old they purchased some jewelry from those to stores. But there not going to buying any more there middle class not rich do you think they should close those 2 cards out? now let's say since they have the Macy's store they really only use it around the holidays and birth day shopping so about 3 times a year outside of Macys you can't use this card anywhere what do you think should they close out this card? and just use the Citi double cash card?
If there's no annual fee I wouldn't close them, especially with the cards being as old as they are in your examples.
Store cards are funny. My oldest card is a Firestone. I really don't see myself using this card much in the future since it doesn't give me any cash back like most of my other cards. But being my oldest card, I want the credit history/age that comes with it being my oldest card. I just don't know CFNA/Firestone's policy on closing cards. They might close it tomorrow or they might keep it open for years. Regardless, if the card closes it's going to be their decision NOT mine, since I'm not paying an annual fee but the credit history/age and credit limit benefit me as long as it shows up positively on my credit report.
here's the reason why you close Jewelry store charge cards out. unless your very wealthy where you shop at those stores 1 time a month and you use those cards kays or zales. if you live in Beverly Hills or Saddle River that I understand. but for the average person if you have those cards for 2 years and your not using them it would be better to close them out so they fall off your credit report faster.
Now as far as Macys goes Lord & Taylor, Norstroms goes for store cards if your only using them around the holidays and a couple gifts for Birthdays and you got the card 13 months ago should you close out the card or cards? I don't think there is a right answer for number 2 unlike number1 you would close out.
As far as the citi double cash goes being it's your newest card would you close out this card if you were going to cancel a card either a jewelry store charge card question 1 , question 2 close out a department store card or from 3. a major bank card the example we used is citi double cash which card would you close out?
since you told me that your oldest is your Firestone I will tell you mine is Exxon Mobil. does your Firestone have a Visa, Master card or American express logo or is yours the charge card that you can only use at Fire Stone?
Mark Santucci you're saying a lot. It's simple if there is no annual fee keep them open.
well we need to say a lot so people understand the question.
Mark Santucci I'm joking about all the "let's say" you said. I think it would it would have been easier to understand without them. I'm not trying to troll though I mean it in a light hearted way.
Hi Missbehelpful I been waiting on you to answer my question
Did you email me?
Miss Be Helpful. You are so smart and pretty. Please marry me. I love your tips and everything.
Big help!!
Wrong
Thanks 👍
Goiter?
Hi, I’m new in credit and I have no credit score. What would you recommend to a person with no credit score as me, to start credit applying to one (about 2,500$) secured card or two (2,500$ split in boths) secured card? (if two cards is the answer, should I apply for them at the same time or with a period of time between ? ).
Of course I’m going to be responsable with my payments on time and the utilization rate.
I would appreciate your answer. Thanks
Cristhofer Jr. Cruz I would say you only need to apply for one. Every application is a hard inquiry and you don’t want too many of those! Good luck!
I dont care about my credit score as it only benefits the lender...not yourself!
Is it true that opening a new credit card brings down your score?
There's a lot of factors that affect your score when you open a new card. For them to process your application for a new card they will pull a credit check (will lower score a few points 1-5 pts usually) however if you get accepted the new credit available should lower your current Utilization % which should increase your credit by a few pts 5-10 to possibly 25+ depending on how much it lowers your utilization %.
The last thing that will be affected is your average age of credit, it will take a decent hit if you have a fairly long credit history (will affect you much less if you are new to credit or have zero credit history). By opening a new account your average age will drop lowering your credit score.
So overall will your credit score drop? that really depends how these 3 different factors will affect your specific situation.
emarin2006ftw thank you for your help!!!
The thing here is that a new line of credit comes with no credit age. Your average age of credit will drop and lower your score, but it will recover in time. Like she talks about in the video, the big thing is age of credit. I opened a card and dropped about 50 points, but its already back where it was after a few months..
Only for the next 2 years and only by a little. Opening doesn't hurt so much it's the closing of accounts when you funny have much credit age.
1 to 7 points per application
I know this is about credit. But I can't but to notice your beautiful skin.
No offense but using a credit card is really stupid. I would agree more with Dave Ramsey
Credit Cards have made many people rich. If they are used correctly. It's called credit card leveraging. Why use your money, when you could use other people's money?!