🤣, Follow him he definitely thought me something I didn't know with my discover card.

I was going to like the video until he said that tbh

Because the rest of the balance is interest free until the next cycle. It’s not necessarily the money you don’t have. You have it but you will pay it later. The main reason to do this in West is to create credit history for yourself and show to financial institutions that you are credit worthy. Hope this helps :)

Cuz no interest so there's no need to pay it

Actually in order to get a perfect credit score you need to do this because you need some debt. Weird system but that’s how it works

@@coach2779 for sure, you are right. This shows that you are credit worthy, if you have never ever borrowed money how can companies know your record? Spot on 👏🏻

The point is to have debt. If you pay it back right away you will not have debt. You cannot farm a credit score without debt.

They do, just take the personal finance class if your school offers it, most do and many states require one to be offered, though keep in mind the **last** person you want to take financial advice from is a highschool teacher

Just think about it, if they taught everyone about credit, then credit would be obsolete because everyone would have a perfect credit score 😅 .. but I agree it’s F’d up, most of us had to learn the hard way

@@wavy2134 no you could teach everyone everything there is to know about credit and it wouldnt change a damn thing bc people are lazy and stupid

@@vitsadelhole depends on the person honestly

@@wavy2134 dude you gotta wake up and realize the average person, hell even the person 1 standard deviation above average is still pretty dumb, you seem like your on the right path to “getting it” but you really gotta realize you live in a world full of lemmings

Same. I laughed when he said do you want a credit score like this? Naw I’ll take my 816. If I am in the 700s I f-d up.

I hear mixed reviews on this all the time I just pay mine off I'm at a 756 so I. Don't think I'm doing to bad

@@lamontgray6015 as long as you don't have negative items (like non payment or a bad record) you're good. That's normal score if you have newer credit accounts or many inquiries. If you're accounts are all older that a year with no recent inquiries, you're utilization might be too high. In which case it could help paying some of you're cards balance before the statement date. I recommend keeping every card below 5% and the total below 2%, but above 0 (0 will lower your score). Get credit karma if you don't have it already. They show all the states that you need.

​@@lamontgray6015 you ain't, I paid mine off un full for a yr and got mine to 700

​@@lamontgray6015 when do you pay it all off?

Which one you should pay it daily?

Well I bet he’s making that 6 figures with more free time and less stress then a nine to five

Current balance is total what you spent in real time...statement balance will only include what needs to be paid for that month. Example: $130 is Current balance but $100 is statement because the $30 is technically part of next month payment. I hope that helped and didn't add confusion 😄

@@indigobeauty1 what if my current total balance right now is 300 but my statement balance that just ended is 270. If I pay the total 300 balance will the 270 go away ?

Yes

If you spent 450 by your statement closing date and you don't spend anything more, your statement balance and current balance will be the same number. You most likely just paid twice, meaning you'll have a negative $450 balance on your card, which just means you can spend $450 and not owe anything until you spend more.

Idk y but this made me laugh so hard

Stop the Cap

I do😁

Yep!

Dude Fr lmao I liked the video until he said that😂

Probably bc he does this which increases credit utilization

Right and he said he quit his multi 6 figure job to teach and he not even at a 800😂😂

@@vitsadelhole so it’s better to pay current balance?

@@canadianaviator the most practical thing todo is, unless you need a high credit score right then and there, pay what you can afford at the end of the month or whatever time makes the most sense according to your budget (always pay in full), if you are planning to apply for more credit or a loan or something that requires a higher score, starting paying off the current balance continuously for maybe 2-3 months prior to temporarily boost your score by appearing to have lower credit utilization at the time (will take more than a month to see full benefits), bc the reality is the best strategy is whatever allows you to most reliably make the full payments and that will vary from person to person, you only need a high credit score maybe once or twice a year so dont sacrifice financial health just to inflate your score, sustainability is key

Yes you need to keep utilization under 30% but probably the bigger problem is age of credit which unfortunately you can't do anything about.

@@edwinortiz1262 Definitely

Don’t pay when it’s interest free. When it’s free why would you pay it now??

That mean that you already paid some of it or got some refund. Always make sure to pay at least the remaining statement balance to avoid interest (banks usually show you that number if it's less that the statement balance).

Mortgage banker here. Below 800 is not bad. You only need a 620 to qualify for a mortgage. 800+ is pretty rare

@@jhuem10 thanks for letting me know, I got confused

This is bad advice.

Your knowledge is not correct

😂

100000 is a 6 figure number and it's not that much to tell about it))

GO SPEND ;))

First that video only applies to the usa. Anything that's also true in you're country is a coincidence (probably due to country learning from each others). The statement shows the statement balance and minimum payment only. The minimum payment is the amount that the bank wants you to pay to consider that you're in good standing. The remaining you are free to borrow it and pay interest on it. The overall balance is something you see when you go online or call the bank or visit a branch. It takes into account the activity after the last statement. That number is dynamic and changes with every transaction. It's the same as when you look at you're bank account to see how much money you have available right now (but the opposite, it's how much you already spent and not paid it yet for a credit card)

If you have any running balance then your score will just increase. But if you pay pass the statement then that money never shows up in your credit history

Niggas be hating how is that funny

I would keep utilization below 30%

🤣