I am officially saying KZfaq is better than school. I have learned soooo much more than school ever taught me with KZfaq.
@jeanchristophe71592 жыл бұрын
Really liked this video. You don't know how many times I pause/play to understand and write notes. Thanks for the energy you put in it.
@gr0wnup52 жыл бұрын
Whats important is "BEING RESPONSIBILE WITH OUR CREDIT, AND THAT GOES A LONG WAY."
@sweis122 жыл бұрын
Yeah the 30% utilization is kind of a lie. Ive seen it drop to under 700 with 30% utilization. Under 10% is a much better target. Under 5% got it up to a 770. Aveage age of 1.5 years, 15 accounts.
@johnnyede2 жыл бұрын
I love the video. Paying tice a month ins very important, and not just paying twice, you have to pay at a specific time and make sure you always try to pay MORE than your minumum.
@richardn.christensen23942 жыл бұрын
I had an EVICTION JUDGEMENT -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- and quite a number of other negative items on my report with a low 400's CREDIT SCORE. These prevented me from getting a mortgage until I starting looking for help. After he finished working on my REPORT in just 14 days, my CREDIT SCORE increased to 780, all the negative items on my REPORT were deleted permanently and he added good trade-lines to boost my credit mix (Mortgage trade-lines, Installment trade-lines, Revolving credit cards and Auto tradelines) on my report, I got the mortgage and that was phenomenal! ,thanks to Michael Gibbs ---[Gibbs@creditpatchup.com]--
@jarenspeck6448 Жыл бұрын
Paying twice? You only have to pay once. As long as you pay it down before they report to the credit bureaus. Paying more than once does nothing.
@shanellybelly282 жыл бұрын
Heyyyyy Daniel 👋🏽 !!! I appreciate the time and effort you take to create your content. Your videos are always informative and your teaching method is so simple that anyone can learn! Thankkkkk you 😃💛👏🏽
@DanielIles2 жыл бұрын
Thank you so much!
@fredrikkvernen66292 жыл бұрын
Thanks and i love you helping the people out with credit
@imdaniellight6390 Жыл бұрын
Editing is insaneeeee
@harshithneeraj39812 жыл бұрын
very helpful for a teen like me to understand about money
@callmeNeno2 жыл бұрын
Awesome content!!
@richardn.christensen23942 жыл бұрын
I had an EVICTION JUDGEMENT -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- and quite a number of other negative items on my report with a low 400's CREDIT SCORE. These prevented me from getting a mortgage until I starting looking for help. After he finished working on my REPORT in just 14 days, my CREDIT SCORE increased to 780, all the negative items on my REPORT were deleted permanently and he added good trade-lines to boost my credit mix (Mortgage trade-lines, Installment trade-lines, Revolving credit cards and Auto tradelines) on my report, I got the mortgage and that was phenomenal! ,thanks to Michael Gibbs ---[Gibbs@creditpatchup.com]--
@credittrickscredithacks2 жыл бұрын
really great
@JazzysChaos2 жыл бұрын
Hey Daniel how do you feel about the Discover it card as a first credit card to start building your credit?
@DanielIles2 жыл бұрын
I think it is one of the best first credit cards out there! The secured version is almost guaranteed to approve you and it turns into a regular credit card (and gives your deposit back) after a few months of good use!
@dariovictor64097 ай бұрын
I started with a Discover secure $300 credit card. Every month before six months. They kept reminding me to use it properly and after 6 months I would be eligible for a non secure card and refund. Sure enough after 6 month got my $300 back and graduated to a $1800 regular card. Now is were all strategies come into play. They will no longer guarantee a credit increase every 6 months. They may do it periodically but you have to ask for increase. Definitely keep it way below 30% utilization ✌️.
@goldennightmare72852 жыл бұрын
I’m not sure if you made a video about this, but are credit cards good for buying houses/house hacking something I don’t know much about
@selinapena32762 жыл бұрын
Nice
@brandons.60479 ай бұрын
Hey daniel what do you do when youre past the statment date do u just pay the whole thing on the payment due date
@noepinto67402 жыл бұрын
So if you paid almost the money you used before the closing statement and leave let’s say $100 bucks and paying it before the due date to keep it under 7% and start a new statement cycle and then you use your credit card again would be adding that amount on the due date or for the statement cycle?
@fogrunr50755 ай бұрын
0.6% utilization rounds up to 1%.
@ara_now Жыл бұрын
My my due date is 23 and statement date is 25/26. I’ve been paying the current balance in full few days before due date and try not to use the card until the closing day passes. So my balance statement always stays at $0. Have I been doing correctly? My credit score has always been around 720-750. But it never increases to 800! Is it better to have a little more in balance like +2% -9%?
@SummerSunset22072 жыл бұрын
What service allows you to see these changes like you have with dates and changes over time listed as you have🤔
@DanielIles2 жыл бұрын
That was my Chase banking app.
@jarenspeck6448 Жыл бұрын
Not very clear that this only helps people that can afford to pay the majority of their balance off every month. Also, you can call the cc company and just ask what day they report to the credit bureaus and pay it before that day.
@nanduvenu69752 жыл бұрын
Does having multiple credit cards affect credit score?
@DanielIles2 жыл бұрын
Yes! Often more credit cards and more available credit will improve your score. You may see temporary drop in credit score after applying for a credit card due to the average age of account being 0 months and likely a hard pull on your credit. However, after six months the benefits outweigh the short term drop. I have plenty of videos explaining this and way to get around the temporary drops on my channel!
@UserDoesNotExist007 ай бұрын
How many days before the statement date and due date?
@darrenrainey2294 Жыл бұрын
Question ❓⁉️ How Do we look @ Our Points & Scores Every time we purchase like U do!!!!! Each Month!!!!
@tw4943 Жыл бұрын
SO If my Due date is the 28th of every Month, I should Pay it off or pay it down as much as possible AND if my Statement CLOSING date is the 3rd of the following month, I should Pay it OFF or down as much as possible on the 1st of every month because on the 3rd it reports to the (3) credit bureaus and on the 4th starts the NEW period ? Is that correct?
@rpmgaragevlogs66592 ай бұрын
I ran my credit card to 90% the limit on two cards and I payed them in full before the due date and it dropped my credit 120points 😢
@mikeeverett1282Ай бұрын
Did you payment before the statement close date? The statement due date is what is sent to the credit bureau
@Vann712 жыл бұрын
I normally keep my utilization at perfect 0%….. is that a problem? I purchase things normally but pay it off almost immediately… I have not seen my score go up for a good long time now. I did apply for a new card and got approved, after the approval my score did bumped up a tad bit but not much… idk what’s holding back my score. Everything is paid off and I use a few of my cards regularly… I just don’t get what I’m doing wrong? Is too perfect bad? 😑
@justinrivera41932 жыл бұрын
you have to give it some time before paying, if you pay it instantly the credit bureau might not even see you made a transaction and payed it, thus not raising your credit
@trev54345 ай бұрын
Yes that’s a big problem
@Nuttyaf_ Жыл бұрын
So my due date is 11th and closing is 14th month prior…. How would this work?
@GoInGcRz Жыл бұрын
I know this is a month old, but from my understanding, the Opening/Closing Statement covers the previous month's history, because most credit card issuers offer a "Grace Period" on their cards (There are some that don't, so make sure to ask about it with your credit card issuer). Basically, it has nothing to do with your due date, which only covers the current month. This is why the Closing statement is always first, because it covers a specific time period (In this case, its always the previous months worth of transactions). Lets say I have a Discover card, which has a Grace period of 25 days. My Opening/Closing statement on my bill is from Apr 28 - May 27, and my next payment due is on Jun 22. I will be paying for my cards usage during May 28 - Jun 21. *MY TRUE OBJECTIVE* however, is to have my balance in that sweet spot of 9% or so *BEFORE* The closing statement arrives again on Jun 27. This is why Daniel Iles recommends you pay before the closing statement, and then before your due date, because it is the best strategy to avoid Interest charges/missing a payment, AND it keeps you in that 9% threshold for the Credit Bureaus. Of course I am just learning like you are, so I could be mistaken, but this seems to make the most sense to me after looking through my history.
@monkeybingo373 Жыл бұрын
@@GoInGcRz I still don't understand, say if my due date is Nov 25, my Closing Date is 28, my statement balance is 40, and current balance is 90, I would pay 40 bucks before the due date so Nov 24, then I would pay around 45 bucks before the closing date nov 28?
@GoInGcRz Жыл бұрын
@@monkeybingo373 If paying off that amount leaves your Utilization rate at 9% or slightly below, then that is correct. Paying your "due balance" is just to cover the amount owed so you don't get charged interests, but ensuring your Utilization rate is 9% or so is your main priority. Lets say my credit is $2000, the balance $1000, and my monthly payment $50. My $50 dollar payment is only relevant to what i'm supposed to pay every month. After paying, my balance remaining is $950. Since my Credit Line is $2000, I want to ensure that I pay off the remaining balance so that it shows I only used 9% of the Credit Line before my closing statement date. I already know that 10% of $2000 is $200, so that means that my remaining balance needs to be at around $180 so it shows 9% Utilization rate, and 150 so its the 7.5% Iles recommends.
@monkeybingo373 Жыл бұрын
@@GoInGcRzok thanks for the response
@debbiesmith77232 жыл бұрын
After I make my payment before my ending date and then pay off the rest b4 my due date then when do I charge something again??
@jaimeerindy45732 жыл бұрын
I took the most roundabout way of learning this possible 😂 The first credit card I opened was the Amex Gold, which doesn't have a credit limit & I thought "wow that's sweet!" only to learn that because of that it doesn't help improve my credit score. So then I opened a Chase Freedom Unlimited with a $500 credit limit (lol), used the 30% trick and that did absolutely nothing for me. The next statement I was like "OK I'm going to keep utilization under 10%" and after that my credit score jumped 50 points. So ya, the 30% thing is a lie.
@usercreated2 жыл бұрын
Try 9% and under
@emanollucas2553 Жыл бұрын
Okay so I’m really confused my statement was on sept 25 -oct 25 and due date nov 19 meaning My next statement shud come out nov 25 and I have to pay X amount of money before the 25 enough for it to be 9% and then on dec 19 I would just pay the rest of my balance off?
@Rutelier2 жыл бұрын
Just to make sure. All I need to worry about is the new balance total correct?
@DanielIles2 жыл бұрын
Total balance on the statement date, yes
@Cricket2023WorldCup2 жыл бұрын
So my Statement closing date is 23/24 but my due date is 18! So I need to pay before 18th once and then literally within 3 days I need to pay again? 🧐
@DanielIles2 жыл бұрын
They correspond to different months. Statement date 23/24 due next month on the 18th
@TheTeaLounge8 ай бұрын
I have a question lol 😂 it’s about credit
@jd1799-n8n2 жыл бұрын
wow thank you! but my statement date 3/10 and my due date is 3/4. so i’m confused
@dolaward Жыл бұрын
What's the minimum payment if you leave a credit card balance of a penny?
@1230james Жыл бұрын
Probably just the literal 1 cent, then.
@puravida56833 ай бұрын
The Great Credit Card Scam. Debt is the new slavery. Coming soon, your Social Score.