@@ITeachCredithey man so I made the best out of it.. have big payments if I started this credit stuff earlier I would have so much credit but this video alone made me understand it completely.. I started off with 500 and slowly went up now i have 4500 on the credit card.. and it has helped me Soo much on times I needed it.. and well overall I am glad I listened to my gutt.. and ignored the fear my parents had for the credit cards.. now everything seems normal.. and well instead of wasting my money with no real benefits.. credit card is a game changer.
You just helped me figure out why my credit not going up , not going down but staying still . Because it’s 0.00 reporting every month 😭 I usually use it and pay it off every single time lol here we go lol
I am happy that helped you… If you want to join my actual credit classroom, you should check it out as you will learn a ton of other little tips and tricks about credit help! www.700creditclass.com
Flashy power points, big words, man im 21 still tryna start life, no ones teaching me squat but im glad youve taken the time to teach ignorant people like myself, this has helped so much more than any other video, i feel more confident moving forward on my credit, thank you so much #likedandsubscribed
@@ITeachCredit may seem like a dumb question, I fully understand ur video, and everything makes sence. My only question is that by the time u get your bill with due date the statement period is already closed for that past month. How will I know? Just add 30 days to month prior?
best explainer yet. i've always plan AT closing date (reporting). BUT never due date (which is another problem people should never do) It was good so you dont see a large sum and get a real sense of you spending BUT doing it BEFORE it closes, helps so much for the reasons you listed
I used a variation of this for years. I use two cards. Visa due date is the 4th statement date the 7th. Mastercard card due date is on 18 and the statement date is the 21st Simply rotate both cards every two weeks…. One card starts on the 4th, the other card starts on the 18th. Then I follow your method paying them off on the due date then make a small purchase …( utilization rate about 4.5) Most people can’t understand the billing cycle because no one will explain it.. your picture really makes a difference!
My third or fourth time watching this video, this video shows u how to play the credit score game with the card companies. It tells and show how important it is to keep up with ur credit dates.
First and foremost I watch a lot of educational YT videos and you are one of the ONLY influencers/teachers that answer almost ALL comments. Bravo to you! I'm impressed. My question: Almost all my cards report several days after the due date? For example Cap One is due the 27th and the cycle closing date is the following month on the 2nd. This reflects on my bureaus. So If I pay it off on my "Due Date" and don't use it until after the following month on the 2nd, I have a zero balance showing on my report.
First of all, thanks for the kind words. Happy to help people and educate society so we can all live better. Pertaining to your situation, if the bill is due on the 27th and reports on the second, yes, paying on the 27th and not using your card will show zero balance as long as you do not put any spend on until the third of the month. Feel free to reach out with other questions info@iteachcredit.com
This is an excellent video in the moral of the story is pay your bill five days before yourduedate start using your credit card on first pay it all off on the 30th
It is even better to start paying your credit card off to zero every single week or every two weeks… It makes managing the balance is significantly easier but thank you for the support!
Same here I always use 2000 on my 7500 credit card but only 900 is reported every month and i didnt know why and how they did that. I was like I use more why they only report 900 if I used 2000 ? This guy explains everything very good. But I still dont get how he said we get almost 2 months to pay off our monthly balance I never get more than 1 month to pay my balance I only get one month Every single 1st of the month I have to pay my monthly balance.
Im sorry sir your video was great but I still dont get how you said we get almost 2 months to pay off our monthly balance I never get more than 1 month to pay my balance i only get one month Every single 1st of the month i have to pay my monthly balance
@@elvergontemeto714 they report whatever number is left at the “closing statement date” so even though you used more on your card and you paid it down, it’ll only report the number/amount of money you leave on your closing date. Closing and “payment due date” are two different things. If you go online and search “credit utilization calculator” you’ll see that your utilization of $900 balance reported on closing date is 12% utilization which is still good.
@@hellojuneau8917 Another thing is that I always use less than 30% of my credit limit and always pay in full But some months for some reason that i dont know my credit score decreases a few points and the next month my credit score increases a few points and the next month it stays the same and the next month it decreases. It confuses me a lot,It drives me crazy because I've always wanted to have it higher and stronger but it going down for no reason makes me sad and i dont know why it happens
And another thing when you get your bill they will only require you to pay the bare minimum but you have to know that you have to pay the card off in full because you paying the bare minimum keeps you in good standing when they report to the credit bureaus when it comes to overall interest and finances you get into trouble just so you going to get the interest rate on the card
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Thanks for this video, I’ve watched other videos and there was a lot of talk and no one gave a clear answer of when to pay, now it’s clear to me, because I use a lot of my credit cards but I pay all and I see than my credit doesn’t increase much so I know I was doing something wrong
Glad it helped! Anything else I can cover for you? Can you please subscribe and Share? Also, if you want to learn a lot more, check out my Online class with so much organized information on credit and how to build and structure a 750+ score. www.700creditclass.com www.700creditclass.com/
thank you so much, That Means I Don't Have To Pay Off All my Credit At Statement Date. I Have To Show Some Little Credt For Nor To Show 0% Utilization?
You might have four credit cards with different limits so all you have to do is be disciplined and pay the smallest credit card off first pay it all off before the end of the month, then go to the next highest credit card start using it but it all off before the end of the month. Then go to your neck highest credit card start using it and pay it all off before the end of the next month so on and so forth that way every month you will have good standing on all four of your cards now this takes a little bit of discipline on your part and that's all they are doing testing your discipline because if you slip up you will have a balance and you going to pay that interest
You still want to do your research and make sure the reporting date is the end of the statement cycle date, that is not always the case but many times it is.
I just got my credit card and I checked my statement it reads June 16th to July 5th and the due date is August 2. This is my first ever credit card. When am I supposed to make payments?
My credit limit is only $300 and is do every 27 of the month I use all 300 but pay the balance down to ten percent on the 27 every month.I keep getting negative point even when I slash the bill down to 10% by the 27why
The billing cycle, also known as the statement cycle, typically spans 28 to 31 days. Following the statement closing date, there's a period known as the "Grace Period" extending to the due date. This grace period, lasting an average of 20 to 25 days depending on the credit card issuer, provides time for bill payment. Altogether, from the start of the statement to the due date, it spans over a month, allowing ample time to settle the bill. Key terms include: - Statement/Billing Cycle: Averaging 28 to 31 days. - Grace Period: The duration from the statement closing date to the due date, typically 20 to 25 days depending on the credit card issuer. - Due Date: The deadline to pay off the reported balance or the minimum required amount. Paying only the minimum may incur interest charges starting from the next due date.
Great presentation!!! This is a very good presentation because your doing this for everyone to see (whiteboard) and explaining it very well. Besides, this is my same setup.
I just wish I knew about credit like this ten yrs ago. But anyone that doesn’t know about credit and need step x step free instructions……. here it is!!!!
So I have a question. Let’s say I have 300$ due balance from a 1000$ credit account. And my statement comes in at May 15th. And my due date is given as June 5th with a minimum payment for $10. You’re saying it’s better I pay up everything, right - before June 5th? So if I do that - from June 5th to June 15th (which is when I’ll get my next statement) - is it advisable not to spend anything at alll? And from now that I have $300 up until June 5th, can I take MORE money from the credit card and make sure to replace/return everything by June 5th. Or do I make sure to pay everything and can owe about $100 by my next statement date?
What I am actually saying is if you use $300, pay it off at the end of the week. I don’t care if you actually use the full $1000, make sure you pay it off to zero at the end of the week and repeat every single seven days.
I’m so sorry for being late to this. I happened to mess up big time by maxing out a couple of my credit cards. I pay them back on time but I had no idea why my credit score never improved and just keep sinking down. Thankfully I saw your video and happened to click on it. I printed out all my statements and started following along with you and even taking notes on each statement. I just have one question, having 0-9% of card utilization keep me from getting hit with interest on my next billing cycle?
You need to make sure to pay your Statement Cycle Balance to zero. That is the only way to not pay any interest! If you pay your cards to ZERO every 2 weeks, this should all happen! If you have additional questions, message me. info@iteachcredit.com
So if I have a $1000 limit, can I spend all of that $1000 in a month as long as I pay that balance down to about $100 by the statement date? And then of course pay it all of after that, but before the due date? Or do I need to keep my total spending per month under 30%?
hey man i appreciate the clear explanation of something that is over complicated! just one question, can i and should i still use my credit card during the period of the end date to the due date?
There’s a difference between 0% utilization and 0% activity. A credit card that’s paid down to 0% is always best. The credit card company knows you’ve been using the card if you have been paying it off. It’s different when you have a credit card that has no activity what so ever. But Fico themselves will tell you that 0% utilization is best by the time the company reports.
When can I use my credit card again after payments? The next day after my statement cycle closes Or should I just wait until it gets reported to “ credit Karma or credit Sesame “ ?
i need some advice or knowledge in regards to my situation. I have a 500 dollar credit card, from a credit union. I made some purchases in In September, my due date was October 25. Paid that off on the 24th. I also made purchases in the beginning of October for about $280 and i knew all that would be due till November 25. Me thinking that the statement closing date was October 31st i was gonna pay off $240 before that day so my credit union would report only $40 due for Nov 25. But today i woke up and saw that they had reported it on the 26th of October with a $280 balance. My utilization obviously sky rocketed and my credit score tanked nearly 40 points. I just don’t understand this.
It is always about understanding exactly what the reporting date is and the duty, my suggestion is paying it off two days before both. You may have to call to get it or use apps like Credit Karma to find it.
You use a credit card for 30 days and then typically three weeks later the bill is due. That is where people get into debt or credit card trouble which is why I explained to pay to zero weekly
Your video is really helpful but this video should not be about schooling people not to carry a credit card balance, people just want to know when and where credit card interest kicks in and Some people use the credit card to create a cash flow to navigate through monthly expense, and paying lowest interest possible with a credit.
So, what if I use my credit card in the middle of my start and end date? Meaning if my start date is the 21st and I use my card on the 26th. When is my payment due?
It is usually 20 to 25 days after your end of cycle date. End of cycle would be the 20th in your example, so 20 days after could be the 10th of the next month
The statement cycle dates will always be on your bill or on the online / app account. If it starts the 21st, it will typically end the 20th. Just get into the habit of paying off at the end of every week or every 2 weeks... you will never have to worry about missing a payment.
@@michaelleahy6848 i dont get it im sorry Can you explain my situation please? My due payment is on the 1st of each month When is my end date and when is my reporting date ?
@@elvergontemeto714 You can call your card issuer and simply ask when the statement cycle end date is. The due date is usually 20 to 25 days later. The next statement date is usually a few days later. If you can get ahead of your payment schedule, and get it paid down before your current cycle ends, it will give a low balance showing.
Really love your videos, and thx for keep helping with your replies! You suggest a low utilization, below 1%. Does it mean that you use the card only to 1%, or that you could use the card even at 50% but before the statement closure date you take it down to 1%? Also, would taking it down to 0% instead be better for the credit score, or is that just in case of having more than 6 credit cards as you were mentioning?
You can essentially used as much of the card as you need to every week, what is most critical is the reporting date balance, being 3% or less if possible and never going any week or month where you cannot pay the credit card balance in full!
Great content.... My CC payment due date is the 28th, my closing date is the 3rd of the mnth. I try to have a 3% balance bt the 28th so that it reports on the 3rd. (I'm trying to learn ) Is this correct?
You want 3% utilization 1-2 days before reporting date. So on the first of the month, pay to that amount. But make sure to make another payment 2 days before due date as well
That’s a great topic and I will definitely cover the topic of setting up automatic payments. You should check out the complete online class I have that walks you through all of this stuff.
About the statement date I had a credit card about 4 years ago and I was just spending I was paying my balance on time but I was going over 30% I never knew anything about how u broke it down I really appreciate this video & you a lot
The statement date is the last day of the month, which is considered your reporting date. That is the day where they take a snapshot of your credit card balance and that is what is reported to the credit bureaus.
Very good video! Question...let's say I do leave a balance of $10 on the reporting date on one of my credit cards like you showed on the video. Will the credit card company charge interest on those $10 after they report to the credit agencies that I used $10?
So I got approved for $500 credit limit. With capital one. I used all but $52 dollars. But I paid it back a few days later. The balance is. $0.00. is this bad? I have only $52 left for the month. Does this start over next month?
Great video, question so using your example after may 11 closing date and leaving the 10 balance. From may 12-june 6 due date, can I make more purchases within that period and then pay it all off before due date? Or just leave the 10 dollars and pay before due date
You always want to use the card. Yes, report the $10… but keep using the card to build up the limit. Pay to $0 or $10/$20 depending on your limit every 2 weeks or right before reporting date and right before due date.
1st month I started doing this, question is when I try to make a weekly payment before the report date, it shows no payment due at this time, so how can I make a payment?
Hi I have had a capitol one card for about a few months now and I have been paying it just like in this video I went to check my credit score and noticed I suffer a 8 point loss in credit I checked credit wise and saw I had a total debt notification that went from 0 to 70 dollars and my credit used went from 0% to 14% I also have a statement Balance of 70.82 that it will not let me pay due to it being more than 110% more than my current balance I’m very consumed on why I lost points on my credit score I always pay on I was told my the folks at capitol one I have no outstanding payments send help plzzzz
This is why you have to pay your card two days before the reporting date down to 1 to 3%. You have a $500 limit based on 14% utilization on $70, you need to pay that thing down to five dollars and make sure on the reporting date it stays there.
So the statement is a bond right? The definition of bond being "a certificate or evidence of debt". And bonds have coupons on them, which is to be torn off and presented as payment when payable correct? And bond coupons can be redeemed at face value when they mature and credit card statement coupons mature at the end of the month when the bill is due right? So, then, as per what the law says you can redeem the coupon at face value every month and pay your bill with it right?
I think you’re looking a little deeper into this than you need to. I’m not saying a statement is a bond, I’m simply telling you to make sure you pay before your reporting date and two weeks afterwards to cover your statement due date. Lower utilization will help to build your score higher.
@@ITeachCredit I wasn't saying you said the statement is a bond, sorry if that created confusion. I was saying that the statement is a bond because the definition of bond is what a statement is. I'm just trying to seek some information from some of the credit experts on here about what the UCC and the USC say about credit and negotiable instruments. But, like all the others I've asked, if you don't know then you simply don't know there's no worries!
There are no bonds and no coupons with regards to credit cards and credit statements… There is a monthly statement and that is it I know credit pretty well… Sorry if I can’t answer your question correctly
@@ITeachCredit well, the coupon are an actual thing for credit card statements. If you read on the statement it'll say somewhere "payment coupon" or something similar. It's the part that is too be turn off and sent with payment. But in HJR-192 it says the United States is pledged to pay all obligations involving money for public and private debts. The bill of exchange act says how you're supposed to fill out and return that "bill" to transfer the principal balance to the principal account. You should give those 2 documents a good read through it might blow your mind a bit! Just from what I've learned so far, it could help you a lot! Have a great day!
Question: I usually follow this technique and pay my balance before the closing date. So that I carry a balance of no more than 5-9% of my total credit limit. The remaining balance is paid off when my next closing date comes around, as this is before my due date. However, I just got a new card with no introductory APR. If I follow this method, and carry a small balance over to show credit utilization, wouldn’t I be charged interest on this small amount? Should I basically consider this a small fee to keep my credit score good? This also means I wouldn’t be paying my balance off in full each month.
I like that you are paying so much attention to this reporting day, but never ever carry a balance without paying it in full before your payment due date. Get into the habit of paying two days before the reporting date, Peter zero but keep using the card. Then before you’re Payment due date, pay the credit card to zero once again. You never want to not pay the statement balance in full
You should have also put 5/6/21 on that timeline on the whiteboard, ESPECIALLY IF it was a statement that was carrying over a balance. That would've been the ACTUAL due date for the cycle starting on 4/12.
Good input… but the focus is more on the reporting date and paying your card weekly… which makes the due date irrelevant. But again, thanks for good feedback
This dude might never know it but him and his video of 7 minutes and 51 seconds just changed the trajectory of my life, thank you.👊🏼
I’m so grateful to know that I would jump on a call with you if you wanted to talk about more credit questions… 267-651-9006
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Still haven’t forgotten you… how are you making out?
@@ITeachCredithey man so I made the best out of it.. have big payments if I started this credit stuff earlier I would have so much credit but this video alone made me understand it completely.. I started off with 500 and slowly went up now i have 4500 on the credit card.. and it has helped me Soo much on times I needed it.. and well overall I am glad I listened to my gutt.. and ignored the fear my parents had for the credit cards.. now everything seems normal.. and well instead of wasting my money with no real benefits.. credit card is a game changer.
SAME HERE 🙏
I really appreciate your video.Other youtubers just talk about it. As a visual learner, the graphic really explains your point.
Thanks so much... would you please mind subscribing and sharing? I would greatly appreciate it!
Out of 4 videos I watched on this subject, yours is the most clear.
Well Done and Thanks!
Thanks so much... would you please mind subscribing and sharing? I would greatly appreciate it!
exactly that John guy talked a lot but hard to visualize what he was talking about. this vid is so clear
I'll be applying for my first credit card and this video went straight to the point not like other videos I've been watching this entire week 😂
You just helped me figure out why my credit not going up , not going down but staying still . Because it’s 0.00 reporting every month 😭 I usually use it and pay it off every single time lol here we go lol
I am happy that helped you… If you want to join my actual credit classroom, you should check it out as you will learn a ton of other little tips and tricks about credit help!
www.700creditclass.com
Flashy power points, big words, man im 21 still tryna start life, no ones teaching me squat but im glad youve taken the time to teach ignorant people like myself, this has helped so much more than any other video, i feel more confident moving forward on my credit, thank you so much #likedandsubscribed
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Same here bro 21 & none of my family has ever talked to me about finances but they love running there mouths about the club lmao people these days
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@@ITeachCredit may seem like a dumb question, I fully understand ur video, and everything makes sence. My only question is that by the time u get your bill with due date the statement period is already closed for that past month. How will I know? Just add 30 days to month prior?
How will you know what? Either way just pay your Card 20 every two weeks and you will never have a problem
Literally the easiest explanation on YT. Capital One didn’t even explain it like this over the phone
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best explainer yet. i've always plan AT closing date (reporting). BUT never due date (which is another problem people should never do)
It was good so you dont see a large sum and get a real sense of you spending
BUT doing it BEFORE it closes, helps so much for the reasons you listed
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THANK YOU for EXPLAINING this in a manner that is EASIER to UNDERSTAND 👏👍👏👍👏👍! I greatly appreciate this 😊👍
Thanks for sharing, any other topics I can cover for you?
Out of several videos on the credit card statement cycle, yours is the most informative and clear.
Well Done and Many thanks
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out of almost 20 videos on credit statements, your video is the best! super clear!!! you have a grace to teach.. keep it up.. thank you! ❤
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Thank you!!! This video breaks everything down to layman's terms.
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Such valuable information…this is like gold! I learn this about 1 yr ago and wow, this info changed my life!
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You definitely did the best job explaining this.
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I used a variation of this for years. I use two cards. Visa due date is the 4th statement date the 7th. Mastercard card due date is on 18 and the statement date is the 21st
Simply rotate both cards every two weeks…. One card starts on the 4th, the other card starts on the 18th. Then I follow your method paying them off on the due date then make a small purchase …( utilization rate about 4.5)
Most people can’t understand the billing cycle because no one will explain it.. your picture really makes a difference!
Awesome stuff... amazing when you simply pay attention the impact it can have on your credit!
this is one of the best breakdown I have heard online thanks
If there is anything else I can cover for you, please let me know
My third or fourth time watching this video, this video shows u how to play the credit score game with the card companies. It tells and show how important it is to keep up with ur credit dates.
Happy that you learned from it!
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4:05 - Make payment enough days before statement end date for automatic ACH to clear. Thanks!
Couple days before statement and date or reporting date and couple days before payment due date so essentially every two weeks
First and foremost I watch a lot of educational YT videos and you are one of the ONLY influencers/teachers that answer almost ALL comments. Bravo to you! I'm impressed.
My question: Almost all my cards report several days after the due date? For example Cap One is due the 27th and the cycle closing date is the following month on the 2nd. This reflects on my bureaus. So If I pay it off on my "Due Date" and don't use it until after the following month on the 2nd, I have a zero balance showing on my report.
First of all, thanks for the kind words. Happy to help people and educate society so we can all live better.
Pertaining to your situation, if the bill is due on the 27th and reports on the second, yes, paying on the 27th and not using your card will show zero balance as long as you do not put any spend on until the third of the month.
Feel free to reach out with other questions
info@iteachcredit.com
This is an excellent video in the moral of the story is pay your bill five days before yourduedate start using your credit card on first pay it all off on the 30th
It is even better to start paying your credit card off to zero every single week or every two weeks… It makes managing the balance is significantly easier but thank you for the support!
No one explained the cycle and how important it was. I kept getting confused with statement date and due date lol thank you so much!
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Same here
I always use 2000 on my 7500 credit card but only 900 is reported every month and i didnt know why and how they did that.
I was like I use more why they only report 900 if I used 2000 ?
This guy explains everything very good.
But I still dont get how he said we get almost 2 months to pay off our monthly balance
I never get more than 1 month to pay my balance I only get one month
Every single 1st of the month I have to pay my monthly balance.
Im sorry sir your video was great but I still dont get how you said we get almost 2 months to pay off our monthly balance
I never get more than 1 month to pay my balance i only get one month
Every single 1st of the month i have to pay my monthly balance
@@elvergontemeto714 they report whatever number is left at the “closing statement date” so even though you used more on your card and you paid it down, it’ll only report the number/amount of money you leave on your closing date. Closing and “payment due date” are two different things.
If you go online and search “credit utilization calculator” you’ll see that your utilization of $900 balance reported on closing date is 12% utilization which is still good.
@@hellojuneau8917
Another thing is that I always use less than 30% of my credit limit and always pay in full
But some months for some reason that i dont know my credit score decreases a few points and the next month my credit score increases a few points and the next month it stays the same and the next month it decreases.
It confuses me a lot,It drives me crazy because I've always wanted to have it higher and stronger but it going down for no reason makes me sad and i dont know why it happens
Wow I watched so many videos to understand when my statement date was and now I finally get it! Thanks so much!!
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Thank you...I've watched about 15 videos on this subject and yours explained the process the clearest!!!
Thanks so much! Anything else I can cover for you?
The best explanation on CZcams
Thanks for the kind words… You should see the rest of my explanations and teachings in my online classroom
I tried to watch others explain this. Thank you for a much simplistic process.
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Literally listened to this on multiple video's and you have helped me get it! So easy to understand!!! Thanks so much!
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And another thing when you get your bill they will only require you to pay the bare minimum but you have to know that you have to pay the card off in full because you paying the bare minimum keeps you in good standing when they report to the credit bureaus when it comes to overall interest and finances you get into trouble just so you going to get the interest rate on the card
Wonderful information, very much appreciated ! Had wondered for a while how and when the credit utilization was reported , now I know! 👍🏻👍🏻
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This helped so much you covered everything even carry 1% over which my coworker explained but I didn’t get it
Just make sure to pay your credit cards to zero every week and never report more than 3% on the reporting date
Your the only video I found that explained it in a way I can understand thank you 🙏
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The best example 🗣EVER!!!!
Very well explained…great job!
you really clarified this for me. Thank you so much. Love the whiteboard also
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Thanks for this video, I’ve watched other videos and there was a lot of talk and no one gave a clear answer of when to pay, now it’s clear to me, because I use a lot of my credit cards but I pay all and I see than my credit doesn’t increase much so I know I was doing something wrong
Glad it helped! Anything else I can cover for you?
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Also, if you want to learn a lot more, check out my Online class with so much organized information on credit and how to build and structure a 750+ score.
www.700creditclass.com
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Mannnn, this was the best video that explained what I needed to know. Thanks you!
Wish they taught us this in school
Well… good thing for you, I build a Credit education program in SKOOL!
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thank you so much, That Means I Don't Have To Pay Off All my Credit At Statement Date. I Have To Show Some Little Credt For Nor To Show 0% Utilization?
Great video! Thank you for sharing your knowledge and experience. God bless you.
Glad it was helpful!
I watched so many videos this one is the best by far..
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Any videos I could cover for you or any topics I could do a video on for you?
You might have four credit cards with different limits so all you have to do is be disciplined and pay the smallest credit card off first pay it all off before the end of the month, then go to the next highest credit card start using it but it all off before the end of the month. Then go to your neck highest credit card start using it and pay it all off before the end of the next month so on and so forth that way every month you will have good standing on all four of your cards now this takes a little bit of discipline on your part and that's all they are doing testing your discipline because if you slip up you will have a balance and you going to pay that interest
Thank you now I know the statement date the ending date so you said I should pay it when before the ending date
You still want to do your research and make sure the reporting date is the end of the statement cycle date, that is not always the case but many times it is.
9% or 5% for building on a discover it secured card?
I just got my credit card and I checked my statement it reads June 16th to July 5th and the due date is August 2. This is my first ever credit card. When am I supposed to make payments?
Thank you! This is just what I needed to see! 🐐
Any other credit questions?
My credit limit is only $300 and is do every 27 of the month I use all 300 but pay the balance down to ten percent on the 27 every month.I keep getting negative point even when I slash the bill down to 10% by the 27why
because you need to pay the bill down every week to ZERO... try that and watch what happens
You explained it very well
Bruh, I get the concept , but 30 days total In billing cycle ….. 4-12- 6-6 is like 2 months
The billing cycle, also known as the statement cycle, typically spans 28 to 31 days. Following the statement closing date, there's a period known as the "Grace Period" extending to the due date. This grace period, lasting an average of 20 to 25 days depending on the credit card issuer, provides time for bill payment. Altogether, from the start of the statement to the due date, it spans over a month, allowing ample time to settle the bill. Key terms include:
- Statement/Billing Cycle: Averaging 28 to 31 days.
- Grace Period: The duration from the statement closing date to the due date, typically 20 to 25 days depending on the credit card issuer.
- Due Date: The deadline to pay off the reported balance or the minimum required amount. Paying only the minimum may incur interest charges starting from the next due date.
How do you figure out when the reporting date is and what the start date is?
Best video I’ve watch thanks mayne
Great presentation!!! This is a very good presentation because your doing this for everyone to see (whiteboard) and explaining it very well. Besides, this is my same setup.
Thanks for the kind words and encouragement… Any other topics on credit I could cover for you?
I just wish I knew about credit like this ten yrs ago. But anyone that doesn’t know about credit and need step x step free instructions……. here it is!!!!
Another nice topic would be the medical one.
What about the medical?
@@ITeachCredit medical bills being deleted from people credit report
Awesome explanation..thank you!
So I have a question. Let’s say I have 300$ due balance from a 1000$ credit account. And my statement comes in at May 15th.
And my due date is given as June 5th with a minimum payment for $10. You’re saying it’s better I pay up everything, right - before June 5th? So if I do that - from June 5th to June 15th (which is when I’ll get my next statement) -
is it advisable not to spend anything at alll?
And from now that I have $300 up until June 5th, can I take MORE money from the credit card and make sure to replace/return everything by June 5th.
Or do I make sure to pay everything and can owe about $100 by my next statement date?
What I am actually saying is if you use $300, pay it off at the end of the week. I don’t care if you actually use the full $1000, make sure you pay it off to zero at the end of the week and repeat every single seven days.
I’m so sorry for being late to this. I happened to mess up big time by maxing out a couple of my credit cards. I pay them back on time but I had no idea why my credit score never improved and just keep sinking down. Thankfully I saw your video and happened to click on it. I printed out all my statements and started following along with you and even taking notes on each statement. I just have one question, having 0-9% of card utilization keep me from getting hit with interest on my next billing cycle?
You need to make sure to pay your Statement Cycle Balance to zero. That is the only way to not pay any interest! If you pay your cards to ZERO every 2 weeks, this should all happen!
If you have additional questions, message me.
info@iteachcredit.com
So if I have a $1000 limit, can I spend all of that $1000 in a month as long as I pay that balance down to about $100 by the statement date? And then of course pay it all of after that, but before the due date? Or do I need to keep my total spending per month under 30%?
hey man i appreciate the clear explanation of something that is over complicated! just one question, can i and should i still use my credit card during the period of the end date to the due date?
Is the reporting date my right ask the company for? Or can they withhold that information from me?
You advised to keep 0-9% utilization before the statement closing date. But bank charges interest for that amount, right?
If you pay your credit card to zero, every week, you can report 0-9% utilization, and never pay interest because you are never carrying a balance
There’s a difference between 0% utilization and 0% activity. A credit card that’s paid down to 0% is always best. The credit card company knows you’ve been using the card if you have been paying it off. It’s different when you have a credit card that has no activity what so ever. But Fico themselves will tell you that 0% utilization is best by the time the company reports.
Is reporting date the same as statement date?
What if I’m negative 300 on closing date?
Then a couple days before my due date pay to 0
When can I use my credit card again after payments? The next day after my statement cycle closes Or should I just wait until it gets reported to “ credit Karma or credit Sesame “ ?
Pay to zero every week… then make sure to pay to zero 3 days before reporting date… then use again day after reporting date
Thanks for this video!
Thanks so much... would you please mind subscribing and sharing? I would greatly appreciate it!
i need some advice or knowledge in regards to my situation. I have a 500 dollar credit card, from a credit union. I made some purchases in In September, my due date was October 25. Paid that off on the 24th. I also made purchases in the beginning of October for about $280 and i knew all that would be due till November 25. Me thinking that the statement closing date was October 31st i was gonna pay off $240 before that day so my credit union would report only $40 due for Nov 25. But today i woke up and saw that they had reported it on the 26th of October with a $280 balance. My utilization obviously sky rocketed and my credit score tanked nearly 40 points. I just don’t understand this.
It is always about understanding exactly what the reporting date is and the duty, my suggestion is paying it off two days before both. You may have to call to get it or use apps like Credit Karma to find it.
Very helpful
Hii, so it is right that we have 50 day cycle to pay and to use
You use a credit card for 30 days and then typically three weeks later the bill is due.
That is where people get into debt or credit card trouble which is why I explained to pay to zero weekly
They tell you that a credit score has nothing to do with the approval process
False... simply not true
Your video is really helpful but this video should not be about schooling people not to carry a credit card balance, people just want to know when and where credit card interest kicks in and Some people use the credit card to create a cash flow to navigate through monthly expense, and paying lowest interest possible with a credit.
So what if i have a balance but haven't been given a due date to pay nothing?
Every week... pay to ZERO!
Best breakdown
Thank you! Anything else I can cover for you?
@@ITeachCredit im seeking to get more credit knowledge
I have statements that i don't understand jack can you do a video with a paper statement if you have capital one much better 😂😂😂😂😢
Best vid EVER!!!!!!
Thank you !!💕
So, what if I use my credit card in the middle of my start and end date? Meaning if my start date is the 21st and I use my card on the 26th. When is my payment due?
It is usually 20 to 25 days after your end of cycle date. End of cycle would be the 20th in your example, so 20 days after could be the 10th of the next month
@@michaelleahy6848 thank you so much!
The statement cycle dates will always be on your bill or on the online / app account. If it starts the 21st, it will typically end the 20th. Just get into the habit of paying off at the end of every week or every 2 weeks... you will never have to worry about missing a payment.
@@michaelleahy6848 i dont get it im sorry
Can you explain my situation please?
My due payment is on the 1st of each month
When is my end date and when is my reporting date ?
@@elvergontemeto714 You can call your card issuer and simply ask when the statement cycle end date is. The due date is usually 20 to 25 days later. The next statement date is usually a few days later. If you can get ahead of your payment schedule, and get it paid down before your current cycle ends, it will give a low balance showing.
Great video
Really love your videos, and thx for keep helping with your replies! You suggest a low utilization, below 1%. Does it mean that you use the card only to 1%, or that you could use the card even at 50% but before the statement closure date you take it down to 1%? Also, would taking it down to 0% instead be better for the credit score, or is that just in case of having more than 6 credit cards as you were mentioning?
You can essentially used as much of the card as you need to every week, what is most critical is the reporting date balance, being 3% or less if possible and never going any week or month where you cannot pay the credit card balance in full!
Helped me out alot
That’s great! Did you subscribe?
How about sharing?
Happy to help answer any other questions you have!
thank you so very much!!
You are so very welcome. Please make sure to subscribe and share so I can help teach more people!
Great content.... My CC payment due date is the 28th, my closing date is the 3rd of the mnth. I try to have a 3% balance bt the 28th so that it reports on the 3rd. (I'm trying to learn ) Is this correct?
You want 3% utilization 1-2 days before reporting date. So on the first of the month, pay to that amount. But make sure to make another payment 2 days before due date as well
@@ITeachCredit .... Is this the only platform to message you?
Info@iteachcredit.com
267-603-3313
Can u make a video on setting up automatic payments on your discover card because I'm getting one
That’s a great topic and I will definitely cover the topic of setting up automatic payments.
You should check out the complete online class I have that walks you through all of this stuff.
So the due date is actually the next one ?
The due date does not matter if you pay your credit cards to zero every week. The only date that matters is the reporting date.
I love this video it help me a lot
What helped you the most?
About the statement date I had a credit card about 4 years ago and I was just spending I was paying my balance on time but I was going over 30% I never knew anything about how u broke it down I really appreciate this video & you a lot
@@ITeachCredit I use to wonder why my score wasn’t going up but now I know stay below a certain percentage
If you have any other questions, please let me know, as I would love to help you!
can you please tell me what is statement date, thanks
The statement date is the last day of the month, which is considered your reporting date. That is the day where they take a snapshot of your credit card balance and that is what is reported to the credit bureaus.
Thank you very much!!
Very good video! Question...let's say I do leave a balance of $10 on the reporting date on one of my credit cards like you showed on the video. Will the credit card company charge interest on those $10 after they report to the credit agencies that I used $10?
They will not if you pay the $10 before the actual payment due date
What is history balance
Not sure what your question is… History balance
So I got approved for $500 credit limit. With capital one.
I used all but $52 dollars. But I paid it back a few days later. The balance is. $0.00. is this bad?
I have only $52 left for the month. Does this start over next month?
No, this is good, but in the beginning, you want to show $10 on the reporting date.
Just make sure to pay off to $0 every week
What if I used cards for everything but paid down every week under 30% will that work
Pay to ZERO every week!
@@ITeachCredit yes?
Should I use my card in the time between the reporting date and due date?
I would only not use the card from the day you pay until 2-3 days until the reporting date - MAKE SURE you report no more than 3-5%
Great video, question so using your example after may 11 closing date and leaving the 10 balance. From may 12-june 6 due date, can I make more purchases within that period and then pay it all off before due date? Or just leave the 10 dollars and pay before due date
You always want to use the card.
Yes, report the $10… but keep using the card to build up the limit.
Pay to $0 or $10/$20 depending on your limit every 2 weeks or right before reporting date and right before due date.
Thanks 👀✅
So, on reporting day, they report the whole month, right? Not just what the numbers are on that day?
The reporting day only reports the balance on that actual date, the reporting date
1st month I started doing this, question is when I try to make a weekly payment before the report date, it shows no payment due at this time, so how can I make a payment?
You should still be able to make a payment. Even if no payment is due.
Thanks 😎
Welcome 😊
Hi I have had a capitol one card for about a few months now and I have been paying it just like in this video I went to check my credit score and noticed I suffer a 8 point loss in credit I checked credit wise and saw I had a total debt notification that went from 0 to 70 dollars and my credit used went from 0% to 14% I also have a statement Balance of 70.82 that it will not let me pay due to it being more than 110% more than my current balance I’m very consumed on why I lost points on my credit score I always pay on I was told my the folks at capitol one I have no outstanding payments send help plzzzz
This is why you have to pay your card two days before the reporting date down to 1 to 3%.
You have a $500 limit based on 14% utilization on $70, you need to pay that thing down to five dollars and make sure on the reporting date it stays there.
@@ITeachCredit dude u rock I appreciate it a lot 850 credit score coming someday lollll
Happy to help.
Please make sure to share.
How do you know when your statement cycle begins and ends.
The easiest way is just to log on to your mobile app or look at the paper statement you get in the mail.
So the statement is a bond right? The definition of bond being "a certificate or evidence of debt". And bonds have coupons on them, which is to be torn off and presented as payment when payable correct? And bond coupons can be redeemed at face value when they mature and credit card statement coupons mature at the end of the month when the bill is due right? So, then, as per what the law says you can redeem the coupon at face value every month and pay your bill with it right?
I think you’re looking a little deeper into this than you need to. I’m not saying a statement is a bond, I’m simply telling you to make sure you pay before your reporting date and two weeks afterwards to cover your statement due date. Lower utilization will help to build your score higher.
@@ITeachCredit I wasn't saying you said the statement is a bond, sorry if that created confusion. I was saying that the statement is a bond because the definition of bond is what a statement is. I'm just trying to seek some information from some of the credit experts on here about what the UCC and the USC say about credit and negotiable instruments. But, like all the others I've asked, if you don't know then you simply don't know there's no worries!
There are no bonds and no coupons with regards to credit cards and credit statements… There is a monthly statement and that is it
I know credit pretty well… Sorry if I can’t answer your question correctly
@@ITeachCredit well, the coupon are an actual thing for credit card statements. If you read on the statement it'll say somewhere "payment coupon" or something similar. It's the part that is too be turn off and sent with payment. But in HJR-192 it says the United States is pledged to pay all obligations involving money for public and private debts. The bill of exchange act says how you're supposed to fill out and return that "bill" to transfer the principal balance to the principal account. You should give those 2 documents a good read through it might blow your mind a bit! Just from what I've learned so far, it could help you a lot! Have a great day!
Question:
I usually follow this technique and pay my balance before the closing date. So that I carry a balance of no more than 5-9% of my total credit limit. The remaining balance is paid off when my next closing date comes around, as this is before my due date.
However, I just got a new card with no introductory APR. If I follow this method, and carry a small balance over to show credit utilization, wouldn’t I be charged interest on this small amount?
Should I basically consider this a small fee to keep my credit score good? This also means I wouldn’t be paying my balance off in full each month.
I like that you are paying so much attention to this reporting day, but never ever carry a balance without paying it in full before your payment due date.
Get into the habit of paying two days before the reporting date, Peter zero but keep using the card. Then before you’re Payment due date, pay the credit card to zero once again. You never want to not pay the statement balance in full
You should have also put 5/6/21 on that timeline on the whiteboard, ESPECIALLY IF it was a statement that was carrying over a balance. That would've been the ACTUAL due date for the cycle starting on 4/12.
Good input… but the focus is more on the reporting date and paying your card weekly… which makes the due date irrelevant.
But again, thanks for good feedback
others have said you should pay down to around 10% remaining before reporting date because you don't want zero's on credit report. thoughts?
Of all the research and of all of my experiences, 1-3% is where you want to be. That is what will give you the best score
@@ITeachCredit thank you
If you want to learn more, my class is way more comprehensive!
www.700creditclass.com
Wkly payment is key
Sure is! Helps with good habits!
so pay by end of bill cycle date
I would pay two days before the last day in the billing cycle, and then pay two days before your due date