Exposing credit score myths | Tips to grow your credit score

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I'm documenting my financial life which includes everything from paying off debt to budgeting to buying my first house! If you want to know what I'm up to on a daily basis, follow me on Instagram, Twitter, or TikTok. 😊
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Disclaimer: I don't have any formal financial background or training. I'm just someone who wished someone had taught me about finances when I was younger and I want to share what I've learned along the way. 😊
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Time stamps
00:00 Introduction
00:10 Starting at zero
01:19 Secured credit cards
02:20 Co-signing
05:12 Entry level credit cards
06:33 Diversify your credit
07:43 Build credit young
09:39 Closing credit cards
11:53 Hard inquiries
13:07 Statement vs due date
14:38 Credit utilization
15:53 Late payments

[@E_Moni]

You can pay that credit card bill on the actual credit card website to avoid a fee. But, make sure to note that if it's linked to an account that is not affiliated with the same bank, that the payment may still appear as late!

[@kimberlyaustin6447]

Great video! It was very informative!!!

[@lifeandnumbers]

Glad it was helpful!

[@E_Moni]

Great video. Perhaps I would set a reminder to use that card intermittently...just in case they suddenly stop those reminders.

[@lifeandnumbers]

I agree!

[@Tittybalo]

Thanks for the video. I sure learnt a lot.

[@lifeandnumbers]

Glad to hear it!

[@ritagilmer5389]

Hello, I saw your video the other day. Thank you for sharing. I have a question which involves closing a card. I did a balance transfer some years back, thinking that account would be closed. Once the transfer was complete the receiving provider would not close the account. Needless to say, I’m ticked off. I’m old school. My late Mother only had one credit card. Unfortunately I didn’t follow her lead. It’s all my fault. If I try to do another balance transfer with that same card, will I still be in the same boat? Any recommendations? Thank you for your response.🙏🏾🌹

[@lifeandnumbers]

hi, good question! a balance transfer doesn't close an account.
a balance transfer moves the money you owe from one credit card to another. but the card that no longer has a balance is still open. if you want to close the card, you'll have to call or go online to cancel it.