THIS Is The Best Day To Pay Your Credit Card (To Boost Your Credit)

Рет қаралды 47,832

4 жыл бұрын

How to Abuse Credit Cards: • How To Get Approved Fo...
Credit 101: danieliles.teachable.com/p/cr...
Today we are once again talking about the few things that I never learned in school about credit and the EXACT BEST SINGLE day to pay your credit card to maximize your credit. Because there is one day of the month, depending on your card and when you signed up for it that if paid on that exact day will maximize the benefit you get from your credit card.
But before we get to that you need to have a thorough understanding of a few terms. Once you really understand these you won't be afraid of credit cards or credit card debt and you should be able to use them to to really maximize the benefits of boosting your credit.
These are:
Statement date
Statement balance
Due date
Current balance
Utilization rate
The first one the Statement Date is the date that the credit card COMPANY has chosen as the day to END your statement.
Statement balance is what your balance is on your credit card is when the statement date happens.
Due date is the day that your bill is due. Usually it’s about a month after the statement date. This is the day you HAVE to make your payment in full if you want to avoid interest charges or late fee penalties.
The “current balance” is always changing, it is the balance on any given day. Compared to the statement balance which is just one point on this one on one particular day.
The last term is the one that will allow us to hack credit and that is UTILIZATION RATE. This is a credit term that banks use to look at HOW MUCH of your credit you are utilizing every month.
If the bank sees you are only using 1% or 5% or even 8% of the total available credit they will likely reach out to you after a few months and increase your credit limit.
Honestly you can be out here hustling these banks by paying your current balance down ONE DAY before the statement date and they will never know any better.
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Credit 101: bit.ly/credit101course
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Пікірлер: 415

@DanielIles 4 жыл бұрын

Too long didn't watch: 1:57

@psdaengr911 3 жыл бұрын

Also mostly jabber nonsense that ignores the truth about credit cards - they are not credits (assets), but debt. You want to look good for loans, then don't need them. If you need a good credit rating then you need to use credit carefully, borrow regularly and pay it back quicker than necessary.

@johnkira2095 3 жыл бұрын

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@Ian_MacGregor 3 жыл бұрын

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@Manu-gq5ke 4 жыл бұрын

So it’s really simple don’t make it sound like rocket science. Here’s an example: statement date- from June 22 to July 23 due date- August 18 Credit limit- $300 Credit used- $290 *I would pay about $280 before the statement closing date which is on July 23rd. Pay off $280 a week before July 23rd so, the payment clears. *As you pay off the $280 before your statement closing date you’ve left with exactly $10 as your credit used. Which is still needed to be paid off. *Pay the remaining $10 on or before the due date which is August 18. **This way your credit utilization rate will be under 8% and your credit score will go up tremendously.

@DanielIles 4 жыл бұрын

This is a great explanation and example! For the people just getting into credit cards it’s still a bit complex. I got A LOT of questions even after making 2 videos and even in this one people just starting with credit are getting confused.

@Manu-gq5ke 4 жыл бұрын

Daniel Iles thank you, I was kind of confused too. But, as soon as I watched this video it cleared up all the confusion.

@Manu-gq5ke 3 жыл бұрын

Danielle Sullivan yep your statement date closes on the 25th and than, you have 20$ left to pay it off before august 20th.

@daniellesully86 3 жыл бұрын

@@Manu-gq5ke Thank you so much

@akinoawong5003 3 жыл бұрын

Simply by using the words opening and closing clears all misunderstanding

@LMCEK 3 жыл бұрын

I love how humble and down to earth you are. No prob with doing 3 videos, it's a complicated concept to explain and sometimes understand 👍

@DanielIles 3 жыл бұрын

Thanks for watching!

@sarargurl101 4 жыл бұрын

Spent the last hour watching all three videos. each one made it more clear. Thank you so much for the information !

@DanielIles 4 жыл бұрын

So sorry it took so long to explain but I am so glad it helped :)

@ninamartinez2239 4 жыл бұрын

Im actually binge watching now because im so lost when it comes to credit. I have always thought that cash was the best ? I honestly had absolutely no idea how important credit is today ? i didn't know it effects your insurance ect, it's a must have today.

@lindacarbone9576 4 жыл бұрын

@@DanielIles You are so humble that's awesome 🙂 thank you for giving your time to something that's so important for so many Daniel, i know im new only i really appreciate your work already.

@tashat60 3 жыл бұрын

Finally, someone who can explain this topic to me. I appreciate your video.

@b.rabbit_3133 4 жыл бұрын

Thank you, I’ve watched all 3 videos and took notes. Just got approved for a secured card so I can boost my bad score. I will be utilizing your strategies, hopefully I get it right! Thank you!!

@DanielIles 4 жыл бұрын

That’s awesome! Props to you for getting started and keep me updated on how quickly your score jumps!

@jbanks7576 2 жыл бұрын

@Daniel Iles-appreciate the specific examples, which is super illustrative and helps with us visual learners. Your deets are spot on to what people should be doing to improve their credit scores. Thanks for sharing.

@tiinyt5976 3 жыл бұрын

After watching so many videos on this topic, I finally understand. Thank you so much

@aliciagillus3558 3 жыл бұрын

Awesome sauce.. This was really easy to understand.. definitely sharing the vid..Thank you to this man.

@jackwebb5917 3 жыл бұрын

This is awesome information! When I was your age (young!) I used to have PERFECT credit and would fret about a 5 point drop from perfect. I’ve had bad times and life got in the way and I’ve let my credit slip. You gave me great motivation to get back to that awesome perfect credit. Thank you for the great information. It’s unusual to see a young person such as yourself be so savvy about credit and finances, good job!

@Cashey4949 3 жыл бұрын

I loved this video. After watching hundreds o vids I learned most from yours. Thanks for taking time to explain

@domorebemore8469 4 жыл бұрын

Great video again Daniel. I had understood it pretty well after the second video but this still helps plenty. I try to help people the best way I can, but economics is something I’m still new with. Until I feel comfortable sharing my own knowledge, I feel safe sharing your info with my friends. Thanks again.

@DanielIles 4 жыл бұрын

Glad it helped!

@RC-mz2oe 2 жыл бұрын

This was an AWESOME video. Clear, concise very detailed. Love it. Thank you!!! ❤

@christianandhuman1008 2 жыл бұрын

Makes a lot of sense!! Thanks for the lesson my friend!

@Kingmentality23 3 жыл бұрын

This Guy Daniel extremely solid with information.

@nidalmu1120 4 жыл бұрын

One of the best channels on youtube. Thanks for the clear and concise knowledge, as always.

@DanielIles 4 жыл бұрын

Thanks so much! Glad I could answer your question specifically!

@lindacarbone9576 4 жыл бұрын

I can agree with you here i have been searching an it wasn't until a friend found this channel im seriously excited and very grateful,

@boseo8167 2 жыл бұрын

Awesome video, thank you!!!!

@cynnsantana9973 3 жыл бұрын

I've watched a lot of videos on this subject and was totally lost. Your videos broken down in layman terms are a plus. I totally get it 100% Thanks

@DanielIles 3 жыл бұрын

Thanks for watching!

@teresabuehler4449 3 жыл бұрын

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@Djrmc868Blogspot 3 жыл бұрын

Great information

@jessicawademusicJ19 4 жыл бұрын

@Daniel Iles. You did indeed answer my commented question from your previous video. I am going to try this. I have a secured credit card that I am going to use this on. This is very strategic and smart. Thank you for sharing to help the community. I personally think if no one within the economic field helps us do finances right, we can help each other. So thank you for your tips!

@DanielIles 4 жыл бұрын

Thanks so much! It means a lot to me that you found this helpful!

@Loveisalloneneeds 3 жыл бұрын

Great Explanation. Thank You Very Much

@bernardedwards5604 3 жыл бұрын

Was oblivious to this thx!!

@woozy9112 3 жыл бұрын

Haven’t seen the other videos barely turned 18 and learning about credit cards, opening my bank account etc… and this shit is fortunately making a lot of sense

@Jstielo 3 жыл бұрын

Nice bro. This was prob the most confusing thing in the beginning of my credit journey. Nice clean video

@mdali5114 3 жыл бұрын

Good work!

@c_rob1 3 жыл бұрын

Best statement date vs due date explanation I've seen 👍🏾

@ItsSaulGood_ 3 жыл бұрын

Thanks for sharing, good stuff!!👍👍👍

@benesp908 3 жыл бұрын

Thank you!!! For explaining the terms 👏🏼

@DanielIles 3 жыл бұрын

You're so welcome!

@supremeking9016 4 жыл бұрын

Finally! I get it now!!! I recently got approved for a secured credit card. And Ive been doing my research on when to pay off a credit card. You made it so much easier to understand by using examples. Thanx alot Daniel. Liked and Subscribed bro

@DanielIles 4 жыл бұрын

So glad I could help man!

@oscargodinez1233 3 жыл бұрын

Thanks, excellent video.

@skisquam009 3 жыл бұрын

Hey man great video. You definitely should de-list the first and second videos that you made for this as they are super ambiguous and misleading at points. I do think that this video really does a good job explaining the topic. Thanks for your help!

@franklinthomas1697 3 жыл бұрын

Thank You...very informative .....u r d best..

@MaroonGoone 4 жыл бұрын

Thanks man, you really helping us out a lot

@DanielIles 4 жыл бұрын

Glad I could help!!

@mariaserra7799 3 жыл бұрын

Wow this is great! Thanks!

@DreSignificant 3 жыл бұрын

Great video Daniel! 🙏🏽

@DondadaChief 4 жыл бұрын

this channel is so slept on, this video is awesome 👏

@DanielIles 4 жыл бұрын

Thanks! I actually haven't slept in over 40 hours though.

@clark3555 3 жыл бұрын

Thank you that was very very helpful information

@cdub8000 3 жыл бұрын

this the one that finally makes it clear to me. Thanks for the tip

@stanleywarren640 3 жыл бұрын

I recommend a very good specialist Michael Gibbs [Gibbs@creditpatchup.com] who helped me so much to improve my credit score and removed all negative items that I didn’t want. My score was 510 and after 13 days it was boosted to 790. I was very pleased and desire to share this with the world. I was not sure he would actually do it because I have been scammed twice. He told me all I need to do which I humbly did without hesitating in less than a week I saw the miraculous job, I couldn’t believe it. And I got a mail from credit bureau confirming the good job he did. Contact email [Gibbs@creditpatchup.com] Cheers.

@godisjusticegodisjustice8594 3 жыл бұрын

You totally explain it to detail. I wish, I had watched this before my bad credit. Thank you for your amazing advice.

@DanielIles 3 жыл бұрын

Glad it was helpful!

@teresabuehler4449 3 жыл бұрын

@joshuabaylor3217 3 жыл бұрын

Thank you this was very helpful

@gregburgess6884 3 жыл бұрын

Thank you Daniel 👍

@wilh.7485 2 жыл бұрын

Dry helpful

@jackiejohnson6973 4 жыл бұрын

This has been awesome!!! I have watched other videos and yours makes sense to me!!! I have been doing it the way you spoke about with like a 2% utilization and I have an A on my credit report! Thank you! I'm rebuilding and my credit score is jumping and jumping! I have 2 Secured CC right now and a Fingerhut account. When I started, I was at a 508 and now, I'm at 639 in 4 months. My goal is to graduate my cards and keep going to be able to get an unsecured card. I want a car and a house!

@DanielIles 4 жыл бұрын

You are so welcome! Glad I was able to help!

@lindacarbone9576 4 жыл бұрын

Yes i just found out about this channel today from a friend an i definitely plan on sharing it because it truly is the greatest ive been able to listen to or find an i was actually searching he seems to not only make the most sense he's awesome at explaining it in ways that i can actually understand it's definitely a rare find so thankful.

@TheVideoWatchr12 4 жыл бұрын

The example with your credit card statement just made the light bulb finally ding, thanks so much!

@DanielIles 4 жыл бұрын

Awesome!! So glad I could help!

@kijafitzpatrick6552 4 жыл бұрын

I truly appreciate you and the info...I am trying to grasp the concept...

@DanielIles 4 жыл бұрын

So glad I can help! Check out my other credit card videos, I think after a few of those you will get up to speed with the ins and outs really quick!

@ProJPSolutions 3 жыл бұрын

Thank you this helped!

@XYz-yx5nq 3 жыл бұрын

You are the best!!👏👏👏👏👏

@starylize 4 жыл бұрын

just got my first credit card and wanna build up a great score. thanks for these videos!!! 🙏🏽🙏🏽🙏🏽

@DanielIles 4 жыл бұрын

Awesome for you getting started! I am sure you will get up there REALLY fast if you are doing all the right things!

@kuyavenztheamericanpromdi2605 3 жыл бұрын

My credit scores are steadily going up! I'm doing great so far but I've learned from you more tips to boost my score faster. Thanks

@DanielIles 3 жыл бұрын

So glad I could help!!

@smashitsteve 3 жыл бұрын

Thanks for the video, pretty clear-cut how to best use credit cards to your advantage. Definitely wasn’t taught this in school

@DanielIles 3 жыл бұрын

Thanks for watching!

@chareskladikm5905 3 жыл бұрын

Thanks man.

@chryslervalencia2371 3 жыл бұрын

💯Helpful Great video!

@ricgillis1280 4 жыл бұрын

Great Informative Video! Cool Shirt!

@DanielIles 4 жыл бұрын

Thanks!

@kahikahi8489 4 жыл бұрын

Awesome man I really needed to know that always pay my cards in full and wonder why my score still at the same place most of the time

@DanielIles 4 жыл бұрын

This should help A LOT if you have always had a $0 statement balance up until now!

@Knowledgesells 3 жыл бұрын

you are awesome man this helps me so much keep making great videos giving great information!!

@DanielIles 3 жыл бұрын

So glad I could help!!

@Ritchie_The_CEO 3 жыл бұрын

Can’t wait for episode 4!

@DanielIles 3 жыл бұрын

😂😂😂😂😭

@valeriezamora4567 3 жыл бұрын

I just came across your video. I wanted to increase my credit score quickly and was looking for the best way without applying for new credit cards. Leaving a small balance of 8% to increase credit score and lower utilization is something I can definitely do. My goal is to increase my credit score and hopefully increase my credit limits which will boost my credit score. Thanks!

@diasydangol8214 3 жыл бұрын

Really helpful ❤️

@teresabuehler4449 3 жыл бұрын

@jacksonjackson7393 3 жыл бұрын

Awesome Video, I will take your advice.

@DanielIles 3 жыл бұрын

Thanks so much!

@DanielIles 4 жыл бұрын

*No one better make fun of my Mario soundtrack again*

@e-daprofit5472 4 жыл бұрын

I love Mario dude, look at my last name lol💯 Great content btw, keep it up!

@e.a.p1773 3 жыл бұрын

😭😂 new subscriber!

@johnkira2095 3 жыл бұрын

Is only hackergold02 on Instagram that can help you out

@BLACKJUDE 3 жыл бұрын

With your help I'm becoming a master at this.

@Poyser68 3 жыл бұрын

Thanks for the information :-)

@Poyser68 3 жыл бұрын

Hi Daniel, watching you for the first time, some great information here. I have noticed that visa etc is now allowing you to pick your statement date. Hmmm Thant could be handy.

@aaronevans8717 3 жыл бұрын

Great Video! Utilization answered the questions i had about how to show lower credit usage to the credit agecies Any suggestion on an app or reminder to monitor all of this actvity, calculate percentages etc? I guess i could make an excel spreadsheet 😭 and create calendar notifications

@johnsamsjr8670 3 жыл бұрын

Awesome video bro 💳💳💳💳🏆🏆🏆🏆

@DanielIles 3 жыл бұрын

Thanks so much!

@funnaturefamily5786 4 жыл бұрын

Awesome content, man. Just subscribed!

@DanielIles 4 жыл бұрын

Thanks so much!

@lindacarbone9576 4 жыл бұрын

This really is a great educational video i absoultey am enjoying listening to this video thank you Daniel, have you ever considered a teaching position ? because i have literally just started listening to you today an again im very impressed with your mannerisms .

@DanielIles 4 жыл бұрын

Wow thanks so much! I think teaching on KZfaq is about as good as it’s going to get. I am going to screenshot and send this to my mom to prove to her that I have succeeded in life. Maybe I’ll print this out onto a 12’x12’ and put it on my wall too.

@lindacarbone9576 4 жыл бұрын

@@DanielIles Im sure that your mom is very proud of the gentleman you are today . She's done a wonderful job raising you anyone can see that . Again thank you for your help. You can do anything you set your mind to as your very intelligent as well keep being you Daniel, an thank your parents for me for raising a wonderful person.

@sabrinajeanbaptiste411 3 жыл бұрын

Thank you

@Xcepticus 3 жыл бұрын

Thanks for sharing banking terms! 🤝 What I've discovered is that when I make a payment before the 16th of the month, I see a credit score change on the first week of the next month. And when I'd carry a high balance to the next month, I'd make a payment before the 16th and a second payment before the due date or end of the month. It's basically the same as making a full payment of the ending balance. Your video has great contents about some of the most dreadful banking terms. 👍 Keep up the excellent reviews! 👏

@DanielIles 3 жыл бұрын

Thanks so much!!

@teresabuehler4449 3 жыл бұрын

@TheMatute85 4 жыл бұрын

you are AWESOME!!!

@DanielIles 4 жыл бұрын

Thanks!!

@ConjureAMillionLLC 3 жыл бұрын

thank you🖤

@DanielIles 3 жыл бұрын

Thanks for watching!

@ZayadFSam 3 жыл бұрын

Ur amazing 👍🏾

@DanielIles 3 жыл бұрын

Thanks man!

@TravelChannelOne 3 жыл бұрын

Yes finallly.Goddamit this man is better at explaining this than the guys at Goldman.

@campaignswill6316 4 жыл бұрын

Good video bro , so a couple of questions. 1st when should i pay my credit cards of and try to get better rates ? Like how long should i have credit card before it’s time to upgrade? Can you please do a video about fico score? Lastly i promise to share your videos to my friends and family if this really works.

@DanielIles 4 жыл бұрын

You should pay your credit cards off in full every month to avoid interest. If you are able to do that the rates won’t matter since you never pay interested. There are other reasons to upgrade though such as rewards and credit limits being better with higher end cards. I will be sure to make a video this coming Friday about what it really takes to get a perfect 850 credit score. I think that will answer all your questions. Thanks bro!

@vettriley675 3 жыл бұрын

Daniel I can follow when you are talking and I looking at the statement. I will review it again using my own statement but you are good. I was wondering to try to get my utilization down with my home equity loan should I spread a small amount on two cards with a zero balance keeping in mine not to go over 30% Utilization and making sure I keep the home equity less than 30%.

@akinoawong5003 3 жыл бұрын

Bro the question you read. I believe truely answers most people misunderstanding of this statement date issues. Most people need to hear if is the statement closing to understand. Most videos just say statement date. Thinking you have to pay interest of that 10% utilisation.

@derreckaffor5584 3 жыл бұрын

Hey Daniel, I totally understand your strategy on how to tackle credit and build a successful credit history. I have a quick question, I have a secured credit card from arrowhead credit union, with a line of credit for 400. My credit card statement date is a day after the due date. How would I use your strategy to still build great credit.

@chip_stack 3 жыл бұрын

Qaulity channel and great explanation !

@DanielIles 3 жыл бұрын

Glad you think so!

@alejandrogallego8152 3 жыл бұрын

Daniel thank you for this video, it's very helpful!! Now, can you please help me and others in the situation of having more than 10 credit cards. I personally have 16 with a decent credit score of 777.

@SeeYouUpTheRoad 3 жыл бұрын

I wonder if people would understand this concept better if the dates are on a timeline - left to right - showing statement opening date, statement closing date and the balance due date off in the future - then doing the same timeline but now showing new statement opening date thrown in to show that a new statement period opens up before your balance is due from the previous month. By the way, I was caught off guard on my Capital One QS card this month (Feb 2021). My statement date usually ends on or about the 26th (30-33 day billing cycle). For Feb 2021 it ended on the 23rd. I thought I had 3 more days to pay the card down 🥲 luckily the card is $20K credit limit and $900 (balance on the 23rd) is only 4.5% but I’ve been running at 1%-2% for the last 3 months and getting an uptick of a handful of points every month. Who knows I may drop a few points this month. Just thought I would share with you and your viewers that the statement closing date might change based on the number of days in the month.

@SunshineQ_91Vibe 3 жыл бұрын

Thanks for detailed video..still wondering do I pay ahead of statement date or right on that date? Before due date correct then pay full balance later by due date...

@quickdubbs328 4 жыл бұрын

Daniel, I am paying down from $756 💯. I set $326.85 to be paid on the 1rsr of June 💯. The 7th of June, is my due 📅 payment of $77.85 💯. After that I'm going 2 set the remainder balance either, June 30th or July 1rst 2 avoid interest 💯. Am 👁 good.

@DanielIles 4 жыл бұрын

If on the 7th of June you have a payment due of 77.85, paying 326.85 on June 1st will have you covered. That will keep you out of interest and fees. To maximize credit though the remaining balance would have to be 8% of total available credit.

@caseyarr5274 3 жыл бұрын

He’s so cute plus helping us w our credit??!!!! :)

@Jwacker355 3 жыл бұрын

Unreal how this isn’t taught in school. Also i think it looks bad to the banks if you’re at 90% all the time cause it takes away money from them that they use to invest in giving loans and the stock market. They pretty much just want you spending enough to get caught in the interest trap. It’s all about getting tricked into giving them money. As a reward they give you more money to see if you mess up so they can collect that interest. Messed up if you really think about it lol Anyway, awesome info thanks for the lesson Daniel!

@danielsueros8166 3 жыл бұрын

So everything that’s charged between the opening and closing statements dates would be due on the due date correct? Just pay what was charged during those dates on the due date and not the current balance. It makes sense.

@CesarSanchez-nu3eo 3 жыл бұрын

can you make a video on the difference between a secured credit card and a regular credit card?

@learntolove3327 4 жыл бұрын

Hey I'm slow so I NEED this! 🤣🤣🤣

@DanielIles 4 жыл бұрын

Hahaha glad I could help!

@The1SimLash 4 жыл бұрын

Good video but you can pay the minimum if they really need to by the Due Date [Aug 28th], however, you need to pay the Statement Balance or Current Balance (which would be better) by the Statement Date [Sept 3rd]. The Statement Date is when the banksters calculate all of the numbers for the last billing cycle so your final payments need to be in by then. You can always pull the money back out if needed afterwards.

@DanielIles 4 жыл бұрын

The statement date ALWAYS comes first. This is kind of correct but you have to make sure your utilization is low enough for the statement before the August 28th due date.

@teresabuehler4449 3 жыл бұрын

@psdaengr911 3 жыл бұрын

Don't have a credit line greater than 30% of your earnings. Don't cut the "payment" date to closer than 2 business days from the closing date Keep your balances as close to level from month to month as possible. Keep your total credit utilization under 4%. That will maximize your credit rating(s)

@yrichspirit2350 4 жыл бұрын

We got the same due date and statement date 😂 credit twins 😂😂

@DanielIles 4 жыл бұрын

NO WAY! *CREDIT TWINS!!*

@lindacarbone9576 4 жыл бұрын

Nice.

@Akilahh 3 жыл бұрын

This is the first place I’ve heard the advice of keeping your utilization below 8%. Everyone else has said 30%. Given your 17K credit line, I’ll go with your advice

@DanielIles 3 жыл бұрын

30% is across a single card less than 9% is in total. By using

@monie9335 3 жыл бұрын

So I can spend a lot to get more points and rewards. But I will have to bring the balance down before the statement date to 8% and my credit score will boost up. Because they only focus on the remaining balance by the statement date not the whole cycle.

@lindacarbone9576 4 жыл бұрын

Daniel yes i did get a lot out of this video. I had a financial advisor who wasn't able to explain it anything like you just have so thankful. Now on any secured credit card is it best to use it more often or less often to build your credit for 1st time credit starting ?

@DanielIles 4 жыл бұрын

So glad I could help! You can use a secured card as much as you want as long as your utilization is 8% or less come the statement date and that the statement balance is paid off in full before the due date.

@lindacarbone9576 4 жыл бұрын

@@DanielIles Thank you Daniel,

@Ian_MacGregor 3 жыл бұрын

No matter what my total balance is, I usually leave at least $2-4 on my balance after making each monthly payment, so it shows a very small utilization. Then even if I don’t use that card at all the whole next month, then on the next payment I’m still adding to the percentage of my overall on time payments over the full lifetime of my credit score. I’m definitely no financial pro, but is this a decent strategy for improving my credit over the long run?

@spacetardigrade 3 жыл бұрын

Oh i really thought paying in full means paying what’s on the statement balance (not minimum but the statement amount). I rarely pay current balance in full when the bill comes but always pay more than the statement balance and make small payments within the month if needed to maintain low utilization rate lol.

@rosa4222 3 жыл бұрын

Trying to help my High school son build/start his credit what card or what steps can I start

@DanielIles 3 жыл бұрын

He will need to wait until he is 18 to have his own credit card but if you have good credit you can add him as an authorized user on one of your cards and this will automatically apply the good credit history from that card onto his credit (you don’t actually need to have him use the card ever). On top of that, honestly, have him watch one or two of my videos. There are also a bunch other of financial education channels on KZfaq that he might be able to relate to and enjoy watching. There are a few younger guys on here doing it and it isn’t like a classroom setting where he has to sit and take notes. It’s easy to watch and learn a lot.

@waz1167 4 жыл бұрын

Thanks for sharing your information with us in this great video. This is a strategy that I will implement today. I've always heard people say keep your credit utilization at or under 30% but you say 8%. Clearly 8% will be better but will banks frown on anything above 8%? Can you clear up this confusion for me? Thanks

@DanielIles 4 жыл бұрын

People usually say under 29% per credit card and this is correct. The 8% is for all credit cards in total. I recommend under 8% because this this strategy is it easy to achieve and only leaves you one calculation to do. For example: CC1: 150 used/ 1000 limit = passes 29% rule CC2: 150 used/ 1000 limit = passes 29% rule Total across both 300 used/ 2,000 limit = does NOT pass 8% rule. I just keep it simple and follow 8% across everything because that will always meet the 29% rule.

@waz1167 4 жыл бұрын

@@DanielIles Okay, thanks a lot!

@c_rob1 3 жыл бұрын

If 29% per cc is correct, then that's 29% across all. Which is incorrect? Lol mathematically flawed

@DanielIles 3 жыл бұрын

Under 29% per card. Under 8% total. With one card you have to be under 8% with two card each has to be under 29% both total have to be under 8%

@RajendraSingh-ww2ei 3 жыл бұрын

I’ve been watching your TikToks and subscribed to your KZfaq Page. Really awesome job by the way. You really inspire me. That housing hack video that you made really inspired me to want to do the same which I will, after I graduate college! I have a Discover Credit Card and I wanted to see if I got this hack right. My cycle is July 20th - Aug 19. So Aug 19 is the end of my statement date. My due date is September 14th. My credit limit is 2100. So if I have a balance of 370, I wanna pay off 350 or 355 on Aug 18th. So that it leaves a balance of 15-20$. Then that is what shows up on the statement balance which is then due on the 14th of September. Did I get it right? Also; what credit cards do you think I would be approved for, with a 710 credit score? Thank you so much Daniel. You inspire me!

@DanielIles 3 жыл бұрын

That’s so cool man, That means a lot to me. You definitely got to hack right, this should bring your score up even higher in just a couple of months. It depends on what you wanna use the credit card for. If you’re just interested in cash back I would try to go for the city double cash. If you want to eventually get into travel cards and flying for free I would start with either the Chase freedom or freedom unlimited.

@teresabuehler4449 3 жыл бұрын