How to Quickly Increase Your Credit Score (Utilization Rate = 250 Points)

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Күн бұрын

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IN THIS VIDEO . . .
In this video, we discuss the timing of your credit card payments. By doing something as simple as slightly altering the timing of your credit card payments, you can quickly and drastically increase your credit score. In this video, we explain how to alter your payment schedule and how and why the alteration can quickly increase your credit score.
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#CreditScore #CreditUtilization #FICO

Пікірлер: 350

@OurRichJourney 11 ай бұрын

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@LongtowerNyc 3 жыл бұрын

Followed this exact strategy and my score jumped 50 points in 30 days! Thank you sooooooo much for this video.

@OurRichJourney 3 жыл бұрын

Fantastic!

@alecflanagan1793 Жыл бұрын

This is great! I have a question for you guys. Is credit card utilization updated each month? Let’s say I owed 25% of my credit one month. But the next I only owed 5%. Would my overall credit score improve based off of 5% utilization moving forward?

@wiseman4160 2 ай бұрын

According to Equafax Canada if your utilization is above 50% any day of the month, it affects your credit score.@@OurRichJourney

@iriatanee386 Жыл бұрын

This was such a comprehensive video! I accidentally maxed out an old CC forgetting the limit was so low, paid it off completely but it sunk my credit score 74 points!!! I will never used so much again

@michaelswami 3 жыл бұрын

Thank you so much. Credit utilization is so easily managed, yet not the focus of many. You can't really control age of accounts, or old missed payments, but you can always control credit utilization.

@essentialeverydayseastar7736 4 жыл бұрын

You guys deserved that thumbs up 👍🏾 Thanks 🙏🏽 Very well illustrated 💫

@yourhighness4746 4 жыл бұрын

THIS IS EPIC, I PASS MY WHOLE DAY WATCHING YOUR VIDEOS, I SINCERELY THINK THAT YOU BOTH HAVE A GREAT MISSION EDUCATING PEOPLE THAT YOU ARE THE ARCHITECT OF YOUR OWN LIFE. THANK YOU 💕 💖 SO MUCH AND GOD BLESS YOU ALLWAYS.

@barbaraleszczynski2214 4 жыл бұрын

Thank You....Your information was simple, clear and concise! Why couldn't I get this simple info from anyone else? You guys helped me understand much! Thanks again!

@johnnytekstar 4 жыл бұрын

I love this channel. You two have a real sweet spirit, and are easy to listen to. Most of these credit channels have a bunch of fast talking used car salesman types, that sound like a scam in their presentation., But this channel sounds like a very down to earth, real people, next door neighbor type approach. Thank you for the info. and I subbed to this channel ,for more insights on how to build better credit. Thank you.

@bethschultz922 5 жыл бұрын

I am absolutely captivated by your videos. I have always had a hard time understanding how credit reporting works for credit cards. Thank you so much for the great explanation!

@OurRichJourney 5 жыл бұрын

Thank you so much. You just made our day. So glad you are enjoying our videos. And let us know if you want us to explore a topic for you in a future video.

@wardencobb7442 3 жыл бұрын

I'm pretty sure the utilization rate is calculated on the actual amount in the transactions regardless of payments made. If you have a limit of $1,000 and you borrow and pay $100 ten times, your utilization is still 100% And if you have multiple cards, I'm pretty sure the utilization algorithm accounts for multiple cards and applies a mean average against your lower limits and then reports negatively if you're accounting only for individual card utilization instead of the mean average which will be less than 10% on each card, meaning it'll report negatively against your score... But it's not enough to worry about for most people... But I grew my credit 134 points in 3 months by considering this in my spending habits, so I think it works. I have 2 cards so I subtract 12.1% from each cards available credit and I stay below that dollar amount and they report extremely well. Just a thought.

@naturallylii 3 жыл бұрын

Wow, one of the best videos about CC utilization out there. I don’t have to search for anymore videos...completely understand

@OurRichJourney 3 жыл бұрын

Wow! Thanks so much Liyah!

@Spacecrust 4 жыл бұрын

This was perfectly clear. You guys rock! Thank you

@paulcarlo2148 2 жыл бұрын

Never has it been so clear. They should teach this to 10-12 graders

@rinnieweston4733 3 ай бұрын

My credit was stuck at 6:16 no matter. I paid on time it stayed there. I did what you said in a short time. My credit is now 670 on my way to the 700s. Thank you

@yasminromero7376 3 жыл бұрын

See so many videos but this one was the only one I was able to understand…..THANk YOU soooo very much.

@denciomanglona8611 3 жыл бұрын

Wow. You guys are amazing--best explanation I've heard. Im gonna follow these tips all the way.

@berlinbooth902 4 жыл бұрын

Thank you so very very much this is so very helpful. I been paying off my accounts did not understand why or how to bring my score up. Thank you. I was never late. This also effect the interest that they charge on your credit cards because my interest is high even though my credit limits are high 15,000,and 16,000 m others are 5,000. I will start this immediately

@yolandaingram7378 3 жыл бұрын

This was excellent and so clearly explained. I didn't realize the significance of the statement closing date until now. Thank you!

@mangoesnbreadfruit01 3 жыл бұрын

Thank you so much for this info! I had never heard of a credit ratio before! I will apply this knowledge. Thank you.

@naseibonsu8120 2 жыл бұрын

This was a great breakdown! Very simple and easy to understand. Great work !

@anaviig 2 жыл бұрын

I LOOOVED how you explained this!! :) Thank you!

@raeneshajackson 5 жыл бұрын

Thankyou so much for this ! It gave so much clarity

@christopherm5958 2 жыл бұрын

Brilliant guys. Many people are under this incorrect impression "as long as I pay it off on time I'm fine". Wrong wrong wrong. Thanks for pointing out utilization!

@Liz21988 4 жыл бұрын

Thank so much for including visual aids with your explanations. This is the best video so far in explaining credit utilization!

@OurRichJourney 4 жыл бұрын

Wow! Thank you for the compliment!!!

@hazaus28269 4 жыл бұрын

mainengv I agree!

@Jasmine-rw2xu 3 жыл бұрын

@@OurRichJourney What if my due date is before my statement closing date???

@diannelockard5384 5 жыл бұрын

OMG I am so glad I stumbled across your videos. I just pulled out my old statements and never noticed the closing dates before or I just didn't understand the concept. Thank you for breaking it down in a simple form. I will definitely start to practice on my next statement. I have been paying off my debt but usually on the due dates. and really have been working hard it increase my credit score and get as much as possible debt free...

@OurRichJourney 5 жыл бұрын

Lovely! So glad you stumbled upon our videos and that you like them. Here's to 2019: Raising your credit score and getting as much debt-free as possible!!! :)

@michaelbatts735 4 жыл бұрын

Thank you so much. Awesome information that i had no idea of...

@BodarkZulu 3 жыл бұрын

Time to binge this channel. Excellent video! I learned quite a bit.

@bigmovez 4 жыл бұрын

Guys thank you so much for explaining... Thank you!!!!!

@stefaniaguaman2742 4 жыл бұрын

This is so helpful! Thanks for making this video. Implementing it right away!

@OurRichJourney 4 жыл бұрын

Our pleasure and congrats on taking action!

@kdholden 5 жыл бұрын

VERY HELPFUL Information! Thank you!

@OurRichJourney 5 жыл бұрын

Thank you! So glad you like it! :)

@calissahalpern8426 5 жыл бұрын

Thank you for this video. I’m 29 and have started my own financial independence journey. I spent the day going through all 3 of my student loans and my credit card account and made a calendar of all the statement closing dates. I’m excited to see the effects on my credit score and it really made me look at how much I’m spending a month on just these alone and how to better allocate my paychecks.

@OurRichJourney 5 жыл бұрын

RIGHT ON! Congrats on taking charge of your finances and starting your journey!

@WhoIs_TK 3 жыл бұрын

Thank you for the clarity!

@ganderson207 3 жыл бұрын

This really works, my score went up 108 points and this is the first time I have used your advice. Thank you guys for this video!!!

@yazmineburton571 3 ай бұрын

Was that during the course of 3 month spand?

@The114214 4 жыл бұрын

Omg! I was $10,000 in debt, I was able to pay off almost all of my debt off but noticed my credit score stayed the same!! Now i know how I can improve it!! Thanm you so much!! You guys are amazing!!

@yvetterivera3039 5 жыл бұрын

Amazing! Did not know this information thank you both for sharing. ❤️🙏🏻

@OurRichJourney 5 жыл бұрын

Thank you! We are so glad you found the info useful :-)

@taybandssss 3 жыл бұрын

Yeah my credit score is definitely stuck in gear it won’t move past 1 point each month 😩 I appreciate you guys for explaining I’m taking notes 📝

@calgoo8102 2 жыл бұрын

Hi Anmad and Christina, to clarify is it good to show a percentage of 1-29 by the due date versus 0? The reason for the question is if it's paid off in full at the close date would it not be looked as inactivity?

@nextlevel7108 5 жыл бұрын

Also remember that building credit is like a monopoly GAME and that the card is not to be relied on to live. If you can’t live off your income then you won’t make quick increases in your scores 😁😁🙌🏽🤘🏾👌🏽

@ParqForrest 4 жыл бұрын

Great video! All of my credit card closing dates are 4 days after the due date.

@Anne-sr2xx 5 жыл бұрын

My husband and I are migrating to the US and this by far is the simplest yet very easy to understand video about credit score that ive watched. It’s such a good start. Thank you!!

@OurRichJourney 5 жыл бұрын

minnette anne Hamtig - So glad you found the video useful!!! Thanks so much for sharing your comment!!!

@neox2656 4 жыл бұрын

I wish KZfaq would allow you to like a video as many times as you want. You guys are a huge inspiration to alot of people, myself included. Keep doing what you do. Thankful for people like you!

@OurRichJourney 4 жыл бұрын

Aw, thank you Nora! You are way too sweet! :)

@michellemcguire6249 4 жыл бұрын

This video is amazing! I never knew.

@nildafaith12 3 жыл бұрын

Thank you SO Much!!!!!!!! It works

@mantalk5024 4 жыл бұрын

The best video I seen when it comes to credit cards! You guys rock!!!

@SundayBlues555 4 жыл бұрын

The closing date of my card is the 4th of every month and my due date is the 1st of every month. When would be the best date to pay my bill? between the 1st and 4th, correct? I appreciate this video. It's very helpful but my dates just seem a bit off.

@alteredillusions100 5 жыл бұрын

I totally agree, once I understood utilization and put it into practice my credit score skyrocketed in 30 days!

@OurRichJourney 5 жыл бұрын

WOW! Thats amazing! As my Mom would say, "knowledge is power"

@edunlap6594 5 жыл бұрын

Really??? I thought it took longer.

@animal.lover291 3 жыл бұрын

Thank you guys

@addis3966 3 жыл бұрын

Credit cards are so complicated, thank you for this helpful information!

@simonewoodberry5053 3 жыл бұрын

Thanks so much. Awesome info

@markconde4 4 жыл бұрын

Made great sense. This is what my wife and I are hitting hard right now. Don’t know if I can reach out to get just a little more detail questions answered. Thank you

@Vision42_ 3 жыл бұрын

Thank you guys so much, this really helps

@OurRichJourney 3 жыл бұрын

Thanks David! So glad it helps!

@tanveerafzal5868 5 жыл бұрын

Aman & Christina, you guys are doing an amazing job of educating everyone. A BIG THANK YOU!

@OurRichJourney 5 жыл бұрын

Thank you so much! Its absolutely our pleasure :-)

@wetclay 3 жыл бұрын

you guys are honestly the best

@AnonZero0 Жыл бұрын

*Thank you.*

@DignifiedBeginnnings 2 жыл бұрын

I love the authenticity, keep up the great work!

@wiseman4160 2 жыл бұрын

Great video! Usually those with very good or excellent credit scores have a good utilization rate.

@SANCHEZ__ 4 жыл бұрын

wow guys thank you so much for those tips and easily explanation 👌👌👌👌👌👌👌👌👌👌

@JMESPARZA05 3 жыл бұрын

This was very helpful thanks!!!!

@studnessgang3986 3 жыл бұрын

Thank you so much

@frankisawesomee 2 жыл бұрын

Love this channel love your personalities

@tabathaspencer2127 3 жыл бұрын

Excellent explanation!!!

@Jasmine-rw2xu 3 жыл бұрын

Love this information!

@isassirius2520 4 жыл бұрын

Thanks for sharing guys !😯😯🤓

@KMAAcademy2020 2 жыл бұрын

My new favorite channel!! I pray you continue to receive health, abundance and prosperity 🙏🏾🙏🏾

@kitakelley1709 5 жыл бұрын

Thanks for this info.

@OurRichJourney 5 жыл бұрын

Thank you! We’re glad it was helpful ;-)

@3hooks781 5 жыл бұрын

Y'all are angels. Thank you.

@OurRichJourney 5 жыл бұрын

Thank you so much!

@jonwagstaff6613 3 жыл бұрын

All tho im from the UK. You can apply these tactics. Fantasticly explained. And thank you

@A.Dotin4K 2 жыл бұрын

Excellent video thank you. You have a new subscriber

@kathreeauguste9391 3 жыл бұрын

You guys are the very best....

@LindaZinn 4 жыл бұрын

I have various credit cards. Does the Credit Utilization Score calculate each credit card for the ratio or just the overall credit one has versus the balance. Please let me know, and thank you so MUCH for this information. I have subscribed!!!!

@TheDivaIsIntheDetails 4 жыл бұрын

This was extremely helpful.

@diegeferenbach8065 3 жыл бұрын

Very helpful thanks

@Rebeca-sh1qv 3 жыл бұрын

Thanks so much for this video! My due date is actually 4 days earlier than my closing date, does that change how I should time my payments? Thanks again

@UKBornin1971 4 жыл бұрын

Great tutorial!!!!

@MissGamble247 3 жыл бұрын

New Subbie! Thank you so much !

@yixatubers9362 5 жыл бұрын

Great information. Thanks for sharing

@OurRichJourney 5 жыл бұрын

Judith Lop - So glad you liked it! Thanks for watching!

@michaeldonley7741 3 жыл бұрын

This video was Amazing👌🏿

@ozdoits 3 жыл бұрын

@ourrichjourney Please will you consider offering another video, or series, which is purely about raising credit score in every way possible? It can be so confusing! Also as you well know, there would be different approaches needed for a variety of card holders in several different common financial situations. Thanks if you'll consider creating and offering this along with your other wonderful beneficial educational content! So many thanks for ALL you so generously provide!!! Grateful 🙏🌼!

@juanseaforth5111 6 жыл бұрын

Excellent Information!!

@OurRichJourney 6 жыл бұрын

Glad you like it! Thanks so much for the comment! :)

@dariapio1502 5 жыл бұрын

You guys rock! I have gained financial knowledge from subscribing to your channel - thank you so much!

@OurRichJourney 5 жыл бұрын

Thank you! We'll keep it coming!

@jakereed8282 4 жыл бұрын

I was told never leave it at 0% if you pay before the statement closing date leave between 1-29% that shows the credit bureau that your using your card but if you wanna boost your score big time pay down between 1-7% then pay your remaining balance before the due date.

@kimberlythompson8489 3 жыл бұрын

I get it now!!!thank you❤️

@OurRichJourney 3 жыл бұрын

Wonderful! Thank you Kimberly!❤️

@thegamingchef3304 3 жыл бұрын

Earlier this year I got a Credit card from my bank. I had to start with a 300 dollar card because I just couldnt get approved for a regular credit card. I had to put down 300 to get it. Its totally worth it...When I loved in Houston Texas I went to get a car...Dude said I wasnt approved, but that I didnt have bad credit, I just didnt have any credit. I paid Cash for everything. But with that card in 8 months I incresed my credit score by 100 points. I make my payments on time, or as they said, before the due date. I had actually been experimenting...I almost maxed out my card then we'll before the due date I paid like 285 of it and my score increased 54 points couple days ago...Thats if course along with the increase throughout the year. Like they said you want to use it here an there. Make small purchases, like a meal at mcdonalds or some gas etc. Then soon as the charge hits your card pay it off.

@scorpion777silvermoon3 5 жыл бұрын

Inactivity they just might cancel it. pay it before statement date. Got it WOW GREAT advice thank you

@OurRichJourney 5 жыл бұрын

Thank you!

@joanieparadis8380 4 жыл бұрын

Thanks for your awesome video. So do you mean that if I don't use a specific card (ex: one that I just signed up), if I don't use this card, it's called inactivity, and it won't help nor hurt my credit score? Thanks

@thomasreedy4751 4 жыл бұрын

I alternate between two different credit cards. They have different due dates, but I always pay them off at the beginning of the month and switch to the other card. This way, I never have a minimum payment, and I don't have to worry about a card being canceled for disuse. What I noticed is that my credit score goes down about 20-30 points when I pay the one off due within 8 days of the due date. When I looked closely at my credit report, I noticed that my credit utilization is typically calculated as N/A during this downturn. In other words it looks like, a 0 utilization may have a slight negative impact on my score. So while I agree that paying off high balances before your due date is a good idea, it may help to leave 1-2% on your card to pay off on your statement closing date.

@reinaldomartinez13 2 жыл бұрын

yeah that's the pitfall i've gotten into, I spent 0% and my score dropped 16 points and when I raised it to 8%, i'm trying to find the sweet spot of where it can be maxed out.

@MrTURFMOBMUSIC 6 жыл бұрын

great job!!!!! I'm excited about this information

@TinyHouseDreaming 6 жыл бұрын

MrTURFMOBMUSIC Hey you. Hope all is well with you.

@MrTURFMOBMUSIC 6 жыл бұрын

MOST DEFF. I SEE YOU. I'LL CHECK YOU OUT NEXT AND SUBSCRIBE!

@OurRichJourney 6 жыл бұрын

Thank you! Knowledge is power!

@beccahealey5363 5 жыл бұрын

I recently started working with Haxedge Credit Repair and I am already SO happy that I did! They are working hard and have already made a positive impact on my credit report. They helped remove negative items from my credit report that shouldn't have been there. This directly caused an increase in my credit score! I called their customer support line the other day and they were easy to talk to, the guy was VERY friendly and easy to understand, and in a country full of terrible customer service, Haxedge's customer service definitely gets an A+! The price they ask for their services is more than fair. I am very pleased with the service that I have received so far and I will definitely recommend them to my friends to everyone. You can always reach them on 323.325.5254 or HAXEDGE@GMAILCOM!

@lzshow 3 жыл бұрын

So u can pay it off in full it just has to be done before the closing date?

@JHawkTV 4 жыл бұрын

Someone just told me to pay it down to 1 or 2% before the statement date because it shows lenders that you like to take a risk but good. Can you comment on this? Also they mentioned to pay on the card twice a month? Lastly, why does the utilization rate report come BEFORE the due date and on the statement date? I’m asking, why is this a trick, shouldn’t it just be a rule for credit card companies to make sure users understand this? Thanks so much. Gave a like.

@Kelly-ts5ek 4 жыл бұрын

Great video ! Can this also be applied to Installment loans example: student loans , Car loans ?

@dwalker6868 3 жыл бұрын

Understood. Thank you.

@OurRichJourney 3 жыл бұрын

Glad it helped!

@pageonederful9479 4 жыл бұрын

This is SO helpful. Now I can understand why the card company would slap the next bill a couple of days after the due date. And it probably lower the interest/increase the principle when you pay it a week early. Does this method work if you use automatic payment?

@boycotthell71 3 жыл бұрын

Hello, I’m a new subscriber. Great info! Question: By following this plan, Is this for a one time dramatic increase in my credit score or do I repeatedly use and pay off my card each month before the statement date for continuous increases in credit score monthly? Thanks

@re9473 4 жыл бұрын

👍i Definitely learned something

@lashun1st 2 жыл бұрын

Thanks guys! I'm usually very nervous about going over the 30% usage of total cards. Are u saying that as long as I pay it OFF TOTAL AMOUNT B4 THE CLOSING DATE it won't show on my report as high? Just seeking clarification any1 can answer.

@tome2648 3 жыл бұрын

Great video 😊

@samir_1144 5 жыл бұрын

Great video!

@OurRichJourney 5 жыл бұрын

Thank you!

@keith9240 2 жыл бұрын

Paying your credit card before the statement due date works great as long as you are paying the balance down to zero. Otherwise, as far as Experian is concerned your score will go down not up.

@rubylady0619 4 жыл бұрын

I absolutely love this video!! My closing date is 21st and my due date is the 18th...so when is the best day to pay? Maybe the 16th???

@tiab11 3 жыл бұрын

16-18

@Tee-sr9yf 3 жыл бұрын

I heard keeping a small balance before closing date helps better because when its reporting 0% utilization it looks like the card isnt being used 🤔

@HawksNestYT 4 жыл бұрын

So I just got a BoA card solely to build my credit. Is the best strategy to put some of my small monthly bills (Netflix and other small subscriptions) on it. Then just pay it off whenever I can? I’m having a tough time finding out how to setup automatic payments to make the process as automated as possible. Do you have any advice?

@kobesn1fan24 3 жыл бұрын

Pay subscriptions with debit card, and keep the other purchases on your credit card 10-30%. If you wanna use Experian boost or a credit booster in the future, it checks your debit accounts and subscriptions which can definitely raise your score 20-50 points easily

@Anthonyjones-pq4ff Жыл бұрын

What I was a AU on someone credit card in They ran their credit card utilization up to 30% would my credit be affected my credit score drop ?? Nice information to know