Making those early payments is key!! I personally set a reminder to pay off my credit cards down to 1-2% utilization BEFORE the statement close date and then set up autopay to pay the rest of the statement balance off by the due date. It's worked great for me so far!

Thank you so much John! Because of this advice my credit score jumped up 39 points up to a 751!!!

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The one thing I would say is. As someone who is young, and wanting to try a house young, but wont be able to save up more than 15% or so, wouldn't a credit score give me the best rate. As someone who had a 760 and no debt, meaning it is only rising over time. Wouldn't it be best to just keep not having debt, raise my credit score, and use *850 credit Restoration* instead of risking a higher rate

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You forgot to mention to actually leave a balance of less than 10% of credit line on statement date, so your statement date doesn't show $0 balance. As credit company takes snapshots, that will show low use of c/c which ding you when you request a credit line increase. Happened to me.

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Thank you Jesus for explaining all this - this explains why my score has been dipping and won’t go up - I will pay off before the statement date now, thank you sooooooo much sir!!!

So I just tried this this past billing cycle and it actually worked! I always paid my cards in full on the first of the month but paid this month right before the billing cycle ended for each card. In a week my vantage score went up 6 points. My goal is an 840 credit score.

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The credit utilization explains why when I switched to paying it off twice a month, it raised my credit score a lot (I'm caught up now so I don't carry a balance)

I've been wondering for so long why my score drops so much even though I'm always paying off my statement balances on time! Thank you for the info! And no thanks to the banks who don't want us to know this.

Just an alternative experience. First, processing payments for some cards seems to take place after processing the amount owed. This likely maximizes interest for the banks so I get why they do this. In that case what gets reported is likely your balance. If you really want to show low or zero utilization then paying the day before your statement day is likely safer. Additionally, for many years I have paid the day before my due date so that what’s due is zero across all cards. In effect what this means is it shows up as zero utilization. Which in some scenarios can have a negative impact in your score. When I changed to ensuring payments happen the day before the due date to bring utilization at ten % or less, but still some Balance owed…for me that is the sweet spot for maximizing score if that’s your goal say for bouncing you up a few points to ensure you get the best rate for a potential loan.

It’s important to add to pay AND make sure the payment POSTS before the statement close date. Some accounts will reflect a payment but won’t actually post to the account for several days.

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I'm glad u mentioned closing cards,cause other youtubers keep saying never close them,i close every card i don't use and my score average between 810 and 820 the last 10 yrs,i canceled 5 and applied for 7 in the last 12 months

I drove my first car in my dad's name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well...lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can't get anything with out the full amount of cash. I'm working on my credit to get better with *850 CREDIT RESTORATION* , Love the knowledge keep it up

I've watched countless videos on this and left more confused than before I watched them. You explained this better than anyone i have watched. Utilization has been my downfall. Excited to put this into action! Thank you!!

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Thank you for explaining this in such detail 😊

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Save yourself 8:03 Watch time. He explains you want to pay your CC before the statement close date. This is when your usage is reported, and is different than the DUE date. The other good tip is try to keep your credit usage under 10%.

In a nutshell, if the payment is due the 3rd of each month, and your statement closing date is on the 6th of each month: Turn off AutoPay or modify it, set reminders, pay 99% of your balance on or prior to the 1st, and then pay off the final 1% balance on the 15th so that the 1% is reported to the bureaus. Generally, the statement close is 3 days after the due date, but other companies like Capital One I can have my payment due the 3rd of each month, but the statement close may be on the 8th, or 7th, so that's why I chose to pay it off the 1% on the 15th each month.

You’re the BEST John!!! Thank you so much for your videos

This may have been touched on in the comments. I have always paid my credit and charge cards off before the cycle went through. We had some personal situations that made it so I could not pay some of them before they cycled but rather before they were due. When I checked my credit, it jumped up 10 pts or so (to 836). I played around with my payments and found that if I keep 1,000-2,000 on my cards for the cycle (and still pay off by the time they are due) my credit is at its highest. I also found that it's not due to the credit bureaus thinking the card is inactive, because I can leave $20 on each one and my credit scores are still drops. Why is it that I have to keep a thousand or so dollars on the cards for the end of the cycle?

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You suggest a low utilization, below 10%. Does it mean that you use the card only to 10%, or that you could use the card even at 50% but before the statement closure date you take it down to 10%? Also, would taking it down to 0% instead be better for the credit score?

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I've found the best dates differ depending on statement closing dates. I have one with a closing date of the 3rd or 4th of every month depending on whether it falls on a weekend or holiday, so I just make a payment 1 week before the 3rd of every month now. The card issuer then reports the balance to the credit bureau and I notice the credit bureau doesn't update the new score until close to the 17th. Basically, I make a payment a few days before the 30th of the month, and don 't touch the card until the new score is updated.

Very informative video thank you John!

What if you pay the card off same day. Swipe your card, then go online and pay it off consistently?

Nothing like jumping through hoops for the finance industry. Thanks John for the information.

Interesting. Will try this. I have 802 and just have my autopay set up and have never thought anything more of it

Super helpful video! I'm a bit new to credit cards, but have figured this out myself. All I remembered was that I needed to keep my credit utilization as low as possible, and when I noticed that my current balance was above that, I made sure to pay a good portion of it off so it would be around 10% by the statement date. Nice to see that this video confirms that what I've already been doing is what I should keep doing 😊My credit score has improved around 30 points as well and my credit limit increased a couple hundred bucks.

You did an excellent video! I subscribed and thumbs up

i just pay a day or 2 when the purchases post. been doing this and close 800 now. there is no secret, just pay your bills on time

I got my first credit card in March and I've now been doing this unintentionally for 8 months lmao.

I also got to and what I've noticed is it's best not to use your card about 3 to 4 days before your statement closed date because any of that will be adding to your utilization. This happened to me. Just don't make no charge like it 4 days before. Unless you're really low on your neutralization

I got my first credit card around a month 1/2 ago. My credit has already shot up almost 95 points. I pay my cell bill which used 24% of my credit. $25 payment on the 1st - $23 payment on the 13th before my bill cycles on the 15th 🎉

ONE OF THE BEST VIDEOS OF THE YEAR!!!!! Thanks

So do you make two payments? 1. Prior to statement close date/statement close date AND due date. I have an AMEX so I need to pay the full balance each time.

From a budgeting standpoint, it's much easier for me to pay off my cards bi-weekly timed with my paychecks. Is it possible to pay your cards off too often, where maybe your utilization appears too low?

Hey John, quick question for you. How does my American express gold card which has no preset spending limit affect my credit utilization rate, and my total available credit over the span of multiple cards?

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This was perfectly done! Thank you! This exact thing happened to me last month even though my usage was still well below 30% 🤦‍♀️

I love your videos, they are super helpful! However I’ve heard this concept before and it always confuses me. My closing dates are always 5-6 days after my due date. So if I pay in full on the due date, unless I just happen to have a huge purchase in that couple of days, I don’t usually have much spent in just a few days so I can’t understand how this would really affect my score much to pay again 5 days later. Is this more useful if you just happened to have a big purchase in those few days after your due date or am I missing something else here?

A lot of channels seem to only focus on the FICO 8 scoring model, which is only used by one company, but neglect the Vantage 3.0 scoring system of the other 2. It is similar but the breakdown should be noted.

I have a question. My statement closing date is on the 7th of every month, but my due date is the 4th of every month, and I've always paid my entire balance on the due date. How would I work with that, since I rarely rack up a huge bill within the first 3 days after I've paid my card off?

I have 2 chapter 11’s that are dismissed.The reason I have 2 is bcz I did not use an attorney.I was trying to stop an eviction,but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later,I ended up losing my job.They are scheduled to fall off in January and March 2021.Since I’m looking to purchase a home soon but still there.I am currently enrolled in *850 Credit Restoration* and I must say,I am loving it thus far.I’m doubling it up with your podcast videos and learning A LOT! Thank you.I’m ready to join the millionaire club!!!

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This was an AWESOME explanation of credit monitoring and usage! Thanks for the clear explanation and direction on how to ‘reverse game’ the system. I learned why, even though I do not carry a balance to the next month, my credit score still fluctuates! Looking forward to a 30 point jump soon!

Knowing the statement close date is a game changer idk how i didnt think about it myself thanks man

So if a credit card limit is 10,000 and you use over the recommended 30% utilisation (let’s say 75%) but you pay back 3,500 before the statement close date, will you utilisation be 30% on the due date? Forgive me I’m new to this.

I just pay mine constantly. Transaction goes through: I make a payment.

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Building wealth and achieving financial independence is more achievable than commonly perceived. With access to accurate information, establishing lasting financial stability and prosperity becomes attainable. Engaging in prudent investment remains a primary avenue for generating substantial income and sustaining enduring wealth.

I've made a lot of mistakes and as a result my credit is trashed. I did obtain a secured credit card and plan on using it to pay for gas. I will be using this tip for sure!

Nice video and thank you! One question, my credit limit so far is only $1,000. My statement closing day is coming up, should I pay off and make it $0 in my account? Will it help my credit maximum? Or should I leave it like $10? Which one is better?

Playing with credit cards will keep a person perpetually poor. Nobody i ever heard of, got Rich from credit cards. I learned my lesson long ago. Now, i have money, CASH. Dont use credit cards. Best advice Dave Ramsey ever gave.

By the time you get the statement the statement close date has passed. And while you can guess what day it will be based on last months statement, it often varies by two or three days depending on when weekends and holidays fall.

Let's be even more specific, straight from FICO, their is utilization breakpoints. You really want to let report >29% and lower when your statement closes. But you want to let >9% report for optimal reporting, the best amount is 1%-7%.

I have a question. I generally pay off all my credit cards the day before the statement day and only leave the equivalent of 2% of each credit card's individual credit limit on balance. I wonder if it would be the same to pay all my cards in full the day before the statement day and only leave a balance equal to 2% of my total credit limit on a single card. What advantages or disadvantages could it bring?

Hey, I truly love your content about finances especially credit. Question. So, the starting of my 30 day cycle starts on 3rd every month but ends on the 2nd the following month. & my payment due date is the 27th of each month. How will I leverage these dates to work in my favor when it chimes to boosting my credit score?

I guess this only works for the US. I live in Japan and they barely accept anything but direct bank transfer or whatever the correct term is (you leave enough money in your bank account and on the determined date they will withdraw automatically from it). So I see no way to pay it off early when it's all automated and pre-determined.

But what if your closing statement is after your due date? And you paid off your bill in full and the score still gets dinged?

If I make a charge on the card before the statement close date and also completely pay it off before then, are they going to think I didn’t use card at all that month since from my understanding they would report a 0% utilization then? I want them to still see that I’m using the card.

HOW DID ALL THESE BOTS MAKE IT IN THE COMMENTS AHHHHHHHH

Tell me if I’m right or wrong. I think the credit score is very biased and does not take into effect different life circumstances. I know a friend who was in the 500-550 range for more than 20 years. This friend had personal issues going through his life, and he did the best he could to survive. This friend moves to another state, and endeavor that cost a lot of money. After that move, that friend had to go through the pandemic and losing jobs left and right, suddenly a job opens up and my friend stated paying back massive debts all in big lump sums. Suddenly the score goes 730-750! Over night the score jumped all these points. My friend knew that without the job none of that would be happening. A new car was purchased, and a new attitude to life was obtained and so far so good.

Summary: *BEFORE* Statement Closing Date not due date!

Thank u for a very clear explanation!!! You are my financial go to guy!!! I have subscribed!!!

You can call the company and they can move the close date for you, you can like it up with your pay days

Short, snappy, and to the point !

It makes no sense to get dinged points for usage. If you have a limit of 10000 and you use 7000 you get dinged? Maybe that was a repair bill to use on a house or a medical procedure and you able to make monthly payments with no problem why get dinged? credit scores and the credit system is a scam.

Thanks for the information! Sapphire card charges $95 a year to have by the way.

Thank you for being clear in your explanations. I love that you speak clearly and properly, which allows clear understanding. You explain each point and give clear examples, without saying too much. Sometimes KZfaqrs explain so much that all the fluff causes me to get lost. I appreciate this video :)

As someone who's had a score around 840 for many many years, I can tell you there's an easier way to do this and not worry about paying before the statement date. What will hurt you though is if you no longer have a mortgage or auto loan, but it just makes your total credit much less therefore credit card charges can easily affect your numbers when you make a large purchase, but will flip back when you pay it off the next cycle.

Great video, thank you so much. One question: would bank think about me “negatively” if I close whole credit debt before statement date? Like would they think “he has credit card, but he doesn’t use it, we don’t need him”?

I just pay my credit card balances every Monday.

Definitely important to pay so that your utilization remains low!

Caught your intro mentioning buying your first rental property. Are you still encouraging this despite the current housing market? People buying only with the intention to flip (figuratively or literally) are hurting the overall housing market. It’s one thing to buy a dirt cheap property with a super low interest rate in a decent location. But when those factors become almost nonexistent, it can hurt the buyer, potential renter, and housing for people looking for a home to actually live in. Too many people doing this will cause a supply shortage that will lead to individual buyers priced out of the market. Then corporations (like JP Morgan) will step in when things become unaffordable for everyone and will buy up the properties off those individual investors on top of lots of other real estate, and as a result, become corporate landlords.

Glad to see this video, thank you

John! I haven’t watched your videos in a while but the editing is *chefs kiss*, love it! Super helpful video 👍

Crap, why didn't I thought of this.. this whole time my money's been sitting in my checking waiting for the due bill notice meanwhile I've been wondering why my credit score be rollercoastering up and down thru out the years, I'll put it to use, thank you so much!! Knowing is half the battle!

I currently have 828 credit score. I endorse this video.

Excellent! Explained very well.

Thanks for Info.. the last time I checked my score 830 so still work to do.

This works great however sometimes other things come into play such as special offers from the cc companies. Example: a Plan It offer from Amex or Chase with no interests or fees. If you use this, which can come in handy for purchasing big ticket items and pay items off over 12-24 months with no fees or interest, you have to wait until your statement cuts until the promo goes into effect. If you pay the bill in full before the statement cuts your money will go to the promo first and pay it off and you won't have the promo in effect. By using these promos you will most likely get dinged on your credit utilization even though your plan is zero interest zero fees.

Thanks for your video, it’s really help me boost up my credit score

Hey John, thanks for this video. Question - if you pay on your close date, how do you know how much you really owe, especially when setting up auto payment? Not a brag, but I pay off my balance every month - however, I wouldn't know how much to pay until after my close date. For example, my close date is on the 5th, and my due date is on the 2nd. I would pay off previous month's transactions on the before my close date, but the current statement's full transaction amount wouldn't be known. I'd have to manually check my card and figure my auto payment every month. Wouldn't be bad if I had just 1 card, but maybe I'm missing something?

should i only pay before the close date if i plan on making acquiring a large loan or as a general rule of thumb should i always pay before the close date?