6 Things You Should NEVER do With a CREDIT CARD
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- čas přidán 1. 07. 2024
- Here is a guide to several things you should not do with your credit card.
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Credit cards should only be owned by those who are responsible with their money 💵
Unfortunately, that’s not the case and why the banks make so much money
Investing Engineered they didn’t gave me credit card because I was never in debt and debit card payments. I needed for credit score. So I got secured credit card with collateral money deposit. I am happy as long as my credit gets to 700 in 6months?
Got Maxed out credit cards?
Text Freddy . (860) 421-6273
He’s an expert 💯💯💯💯
I got my card debt paid off within 5 minutes
All thanks to him for helping with credit card flip
Text Freddy and thank me later
This guy is a life saver.
Basically treat the credit card like a debit card. Only buy things you can afford and need. Don't overspend just to get the reward points or sign up bonus. Credit score over 750+ is basically all the same, so at that point you can consider churning credit cards.
So basically don’t go in Gucci or Dior thinking you’re the man?
Lmao ur all lost if u think that's Correct
They recommended u to only spend 9% - 30% of ur money
#7 You should avoid co-signing a credit card, for friends and or family. Once you co-sign your good credit is no longer in your control.
Yes! Good point for number 7
but if you really want to and you trust them but dont want to risk it put them as an authorized user on your card but DONT give them a card or anything so they can get the credit history.
@@NumbaOne I did this and it worked I gained 15000 credit and it lessened my debt from 80 percent to 15 percent and my credit score went up a 100 points and I do not have a credit card authorization on the person who made me a authorized user on their credit card . It works beautifully
Only co-sign of you are ready to pay it off for them
does it include "add an authorizing user"?
I work at capital one and I promote you for everything that you teach
Is it best to get a credit card from my bank chase or start it with a credit union.....its my first credit card
@@Antonio-di4cr if it’s a first credit card try going with a secured card if it’s offered to minimize the chance of being denied
@@Remo1147 you two years late😭
@@alejandroyacuta8024 better late than never
Sounds like a conflict of interest
#1 NEVER buy more than you earn. My parents destroyed their financial situation doing this, and we're still recovering. Speaking of, does your parents' credit affect your own?
octet33 unless you share a loan, mortgage, or card, not at all.
make sure you are not an authorized user on their accounts!!!
That's the fast track to permadebt and foreclosure.The bill always comes due.
Jaeger-LeCoultre Reverso Classique this is new age slavery! live it up, chase your happy... theyre gonna find a way to make you pay, might as well enjoy the ride.
emmalee chucuan nah stick with the Reverso Grande
Use credit cards for convenience, not credit. If you can't afford it, you don't deserve it.
Sam Mc Kee Good advice; so say my balance is $13,438.26 with my bank, using a debit card...and I use my credit card and spend $650.00 on home appliances or whatever. By the end of the month, on due date to pay back the $650.00 I've borrowed, all I'd have to do is take $650.00 out of my debit card and place it back into my credit card?
@@waedjradi YOU CAN PUT 13 THOUSAND ON A DEBIT?!
@@HawkinaBox yes
@@HawkinaBox Its a bank account, you can keep however much you feel comfortable with in it.
Got Maxed out credit cards?
Text Freddy . (860) 421-6273
He’s an expert 💯💯💯💯
I got my card debt paid off within 5 minutes
All thanks to him for helping with credit card flip
Text Freddy and thank me later
This guy is a life saver.
it's irresponsible for CZcamsrs to not include the list in the vid description. so here ya go.
#6 Don't get cash advance.
#5 Don't miss a payment.
#4 Don't max out CC.
#3 Never earn rewards while carrying balance.
#2 Never forget an old card.
#1 Never close old accounts.
Cesar C CCTV. D.C. N
Thank you someone has a brain
Cesar C thank you
Great list!
Is it a good idea to keep the balance at zero and just use credit?
I used my credit card to bail my buddy out of jail one time
Legend 🐐
Number One: Have your credit cards plated in 24k gold to impress people!!
Great job with this Video Credit Shifu!!!! Always love watching & learning 😀
Excellent video
I closed 3 dead accounts that I didn't use at all. And my score went up by 4 points. 🤔
That's disappointing.
Those dead accounts did not raise your score
better you close than creditors closing due inactivity
Maxing out is totally fine as long as u pay off before closing cycle! I use my credit card limit in full every month and I pay my monthly dues as well as my full balance before the last business day of every month which is when my CC company reports to the credit bureaus. Due dat is always the 28 of the month so I pay in time for that date and I never use my card till after my closing date and my score goes up like clock work
So glad I sub.. Thanks for the info!!
Thank for the Tip how to keep good credit.
Thank you so much for the advice. .excellent info
You won a subscriber thanks for your help!! I understand everything you said perfectly and also makes sense!!!
Thanks for the upload;this is a great video!.
Got Maxed out credit cards?
Text Freddy . (860) 421-6273
He’s an expert 💯💯💯💯
I got my card debt paid off within 5 minutes
All thanks to him for helping with credit card flip
Text Freddy and thank me later
This guy is a life saver.
Thanks for the great advice!
Great content. Keep it up!
Got Maxed out credit cards?
Text Freddy . (860) 421-6273
He’s an expert 💯💯💯💯
I got my card debt paid off within 5 minutes
All thanks to him for helping with credit card flip
Text Freddy and thank me later
This guy is a life saver.
you are great thank you
Got Maxed out credit cards?
Text Freddy . (860) 421-6273
He’s an expert 💯💯💯💯
I got my card debt paid off within 5 minutes
All thanks to him for helping with credit card flip
Text Freddy and thank me later
This guy is a life saver.
Amazing tips. Thanks sifu!!
Great presentation and info
Quality video thanks! 🙏 I’ve liked and subscribed 😃
Ben.. Thank you another awesome video & tips !! Jose P.
Wise Advise Thank You 😎
Thank You I learn a lot !
Great Video!
I love your videos man thank you
sound advice. Thanks
Keep in mind, I found out the hard way (a small amount)... I had to use Moneygram to send $ to a family member a few times and I used a CC. I did not realize they consider that a cash advance even though you're sending the money. So aside from the Moneygram fee, there was a $10 CC fee and interest from the time of the Moneygram. Granted it was only a $50 Moneygram so it's minor, but if you're sending a lot of $$$ to a friend or family member, consider this hit first.
Helpful thank you
Thank you for this video, it really helped me out a lot.
Got Maxed out credit cards?
Text Freddy . (860) 421-6273
He’s an expert 💯💯💯💯
I got my card debt paid off within 5 minutes
All thanks to him for helping with credit card flip
Text Freddy and thank me later
This guy is a life saver.
Love this!
Thank you!
It is so funny to see you here Hao Yi Bo. Keep the good works up. Thanks for being helpful both financially and politically!!!
Not that I am advocating paying late on your credit cards, as it is likely to effect your relationship with the bank, but I believe any late payment under 15 days can't be reported on your credit report, as in there are slots that consists of 15 days, 30 days, 60 days, 90 days. That why some cards forgive late payments so easily.
If you don't need to do it, don't do it.
Oh yeah. FICO actually lists how long your late payments are, either 30/60/90 days. They all have the same impact but a lender can look at that and consider approving you wether or not you ever paid off that amount in a reasonable amount of time, anyone paying over 90 days late would look worse than someone who was only 30 days if they had the same credit score.
Got Maxed out credit cards?
Text Freddy . (860) 421-6273
He’s an expert 💯💯💯💯
I got my card debt paid off within 5 minutes
All thanks to him for helping with credit card flip
Text Freddy and thank me later
This guy is a life saver.
13k subscribers....congrats!!!!
Thanks Shifu
Good information.
I find I usually improve my English in this Channel,and follow Hongkong situation in your another Channel. 加油 香港
thanks!! super helpful!!$$!!
Great video. I feel refreshed. I got a question, regarding average length of account. I have a history of 3 years with the issuer and got a new different type of card from them and decided closing the 1st account. Will my credit history will be affected considering they are from the same card issuer?
Here in austria/europe u can only get a CC when u state your bank account. You need to authorize them to have access to your account, so the open debit gets transferred automatically to their account every month.
It's kinda weird for me that u guys have to pay the debt manually ^^
But CCs aren't very common here anyway....
I can fully attest to the idea of not maxing out your credit cards. I have only a Discover credit card with a $1,350 max limit and did a 78% utilization one month. Credit score went from 722 to 686! Brutal.
Hey Credit Shifu! Could you do a video on what you think about store credit cards such as Banana Republic, Macy's, Home Depot, Amazon, etc. Love your content, thank you!
Sid Chawla stay away from those!! They charge insanely high interest, usually give you low limits, and worst of all, you can only use them at that company's particular stores.
this dude speaks the truth i won't say any of those places with ne but got a best buy credit to buy a 4k hdty advertised with 0% for 24 if paid in full 12 months later paid it off 14 mnths got hit with 170 in fees i hit up supp for answers to what ridiculous this was spent 2 and a half hours get them to take back the fees when that was don closed the acct
Only if you are a frequent shopper enough to justify the perks. If you are like me and never pay credit card interest, then you will be fine.
I would only get one to increase your available credit, which raises your credit rating. Don't actually use them except once in awhile to keep them active. They're a trap.
If you have a “few harvester” like Credit One or First Premier I would say it’s ok to close them to avoid the ridiculous monthly fee. Plus, your AAoA is not changed because even a closed account still reports for 10 years.
Thank you
i got a credit card that i got in 1997 , never missed payment and its 2020 , i like your video
This credit utilisation thing is interesting. In essence it is better to have 4k credit available to you through let's say 4 different credit cards, than have 1 credit card available only and max it out? In many European countries, including my home country Sweden it is viewed negatively if you have a a bunch of cards open. The logic is that the more credit you request, the less stable are your finances, since you need a lot of credit to keep them afloat. Even the requests you make for credit cards bring your credit score down, whether or not you are approved or not.
Which thinking is better? Not exactly sure. But in a macroeconomic perspective I feel like the way things are done in the US encourage people to get more credit than they actually need. That is of course great for the credit card companies, and the likes of Credit Shifu, but for the stability of the economy? Not so much, in my opinion.
#2 should be #1! Nothing messes up your score like missing a payment.
can you do a vid on how to use o% interest offers effectively
Good Video
So you recommend to just keep a credit account open instead of closing it if you don't use it. However there are some credit accounts such as Macy's store card that cancel your account if you don't use it for a period of time. Does this affect your credit score the same as if you were to cancel it yourself instead of the company?
thanks.. shift
Also: Always Set up automatic payment
I have four credit cards at four different banks. I went to each bank website and setup automatic minimum payment. Now there is no worry about missing a payment or being late on a payment. I can always put in more at anytime to bring down the balances. Another benefit of old accounts is they have lower interest rates. My oldest (44 years) is several points below my others. I use it for larger purchases that I pay off over time. 😳
hi ... please what information about your card can be given when doing an online purchase with a credit card
You are mistaken about cards closed with a balance on them. The terms of payment are still in force and as such, they can't demand payment in full. As long as you continue to pay at least the minimum balance it will still report as being "Closed by lender. Paid as agreed" until the balance is paid in full. If you aren't paying as agreed and it is closed the terms are different.
so true lmao, this guy gave me a mini heart attack.
kozureogami did you watch the video to the end.
Literally didn't have anything to do with what are are saying. Watch it again
Got Maxed out credit cards?
Text Freddy . (860) 421-6273
He’s an expert 💯💯💯💯
I got my card debt paid off within 5 minutes
All thanks to him for helping with credit card flip
Text Freddy and thank me later
This guy is a life saver.
Subbed !
谢谢，师傅
Is it alright to carry just one confirmed credit card? I have not used one for many years. Thank you. Eleanor E. McRoberts
thanks
Yes I subscribed
On the cash advances; does the interest rate decrease with a higher credit score?
How about closing newer accounts to bring down your average?
Hi I’m from the UK, I really enjoy your videos and I’m hoping to apply this information in the UK to improve my poor credit score. Do you have and information specific to the UK? Thank you, your videos are great.
I am a bit out of touch with UK stuff these days, I haven't lived there in the last 6 years. But for UK credit and finance stuff this website is helpful: www.moneysavingexpert.com/
Don't get a cash advance on the CSR.
Get a PenFed or Barclay or one of the many that offer cash advances with no fee.
There's loads of ways and reasons to use your cash advance.
The Barclycard Ring Card.
@Ben. What is the alternative for withrawing cash. Should we own both credit and debit card?
Debit
Pls what can interest charges on sending money overseas using credit card be and is it ok. Thanks so much
hey, i have a quick question. i know you talk alot about paying off your balance off every statement and i was following your advice for while but i came across someone who told me something different regarding paying off all the balance every statement. His advice was if you decide to pay your balance off every statement how its gonna beneficial for the lender and at the sametime they dont have anything to report to credit bureau. Lenders needs some kind of benefit because they need something in return, so he said my advice is that keep atleast low balance on your credit cards like under $100 but dont pay off all the balance every statement. so i would like tk ask your take on this matter?
Regarding closing accounts, what happens if I change my credit card ie from Black Card to Gold Card from same bank. They send me a new (Gold) card with with a different number and everything, and my old card (Black) become inactive. Does this count as account closed or does the credit history carry over because it's same bank?
My bank encourages me to take cash from credit card when I visiting other counties, because they charge me no atm fee, no foreign exchange fee. It really depends what bank you with. Can't apply this rule to all
Interesting. I get cash from the machine at my bank only since it comes out of my account so no fees.
Then I pay my card bill as soon as I get it in the mail, no exception..
Oh and I use my one card that pays rewards and I have charged up to 8 or 9,000.00 during the year gives me a nice reward since I have paid the card off each and every month.
So much of what this guy says is good to listen to people.
Paying balance before billing date makes a difference? (I mean apart from the fact that you have to pay fees)
What about the cash apps like cash and Venmo etc. are those considered cash advances. Is there a difference between using a credit card to apply funds to the cash app versus having the credit card linked to your Venmo account and paying someone back for say you’re part of a meal or something.
How does the 'high risk loan' thing factor in regarding unsecured lines of credit?
thank u
It's ok 2 do a cash advance if u can transfer the balance 2 another card & u r going 2 "flip" the $ in a quick biz deal & the profit will cover the fee plus the % u'll accrue until the balance transfer is processed.
I love your British accent I almost got one when I was in London over the summer.
hes Australian, not british lol
ATM is not always a problem. Revolut charges nothing.
When you apply for a new card, that reduces the age of your credit history, right? So, how do you control the age of your history when getting new cards? How many cards do you get per year, Credit Shifu? When is a credit history too short?
Is it okay to utilize 100 percent of your credit each month if you pay it off in full monthly?
8:55 should I keep my secured credit card then?
If you have a credit card that's not activated will it still affect credit score?
Which app would y’all recommend to track your bills and budgeting ???
You Need A Budget if you don't mind paying for an incredible piece of software, otherwise Mint is really good as well
what does it mean to max it out?
Also - there is not really much point in closing old credit cards unless you don't use them and they have an annual fee.
what if not like the customer service from older or oldest credit cards? what about transfer?
Does making a large return on a credit card hold the same weight as making a large payment?
I got a question so if I pay off my credit card and I use it every now and then and have a minimum payment and I just pay the minimum payment instead of paying it off completely, will that hurt my credit score
I recently closed my Wells Fargo Checking account (debit card only). I did not have a credit card with them, only checking. Will this affect my credit score?
I had to close an old account 'cause it had an annual fee and I've never used it after getting other cards. (this card was a secured card or whatever)
@ credit shifu can you explain what happens to a credit card when it's charged off? Does a credit card holder must return a card when the account is closed?
Charge off means that the company has written off the debt that the cardholder owes them as a bad debt so they can write it off on their income taxes. Usually happens after 6 months of the account not being paid. At that point, they will probably sell to a debt collector. Legally, the card holder STILL is liable for the debt. Depending on your state laws, they could sue for, etc. As far as the physical card itself, they don't care because the account is no longer any good.
I have a sort of complicated question about credit card payments that i dont think will get answered in the comments. Do you take calls??
I am new to the credit game, a round year with BoAmerica Cash Reward card. I used to max out my CC sometimes and pay off on-time starting new cycle. But I just got the first hit of the 30% Utilization rule. Now if I pay my CC more often to keep the utilization low, how do I know how much on the previous month balance I have left on my card and starts accruing interests?
Also, a TransUnion rep I talked to suggested to consider open another card if I can manage financially because the 2nd factor hit me was "Too few account pay as agreed." (I have no late payment). Got pre-approved for both Chase Freedom and Freedom Unlimited. Any advise, @CreditShifu?
I agree same here..
One time I moved, forgot to change my address with my bank, then my debit card expired (the new one was sent to my old address), then I went to a cash/debit only business. That was the only time I used my credit card at an ATM. Payed it off that day, still felt bad though
I’m trying to build up the ladder, increase credit limit and get rid of my premier cc because of crazy fees. That card was a bad idea lol
SAME HERE! They helped my score go from a 525 to 718 this past 4 years (helping my score to purchase a home), but I will be canceling them as soon as my new capital one cc comes in the mail next week!
Hi credit Shifu, I've gotten money off of my chase freedom card, and paid it off before the interest kicked in and closing date.
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Regarding maxing out the card limit and keep it low at 30% because it can impact credit score, these suggestions are quite foreign to me, and I suppose most credit card users in Australia, because in Australia we don't have that "Credit Score" system the way you have in USA. In Australia, a certain card limit amount is given because the Bank believe that the user deserve to get that amount. There will be no penalty whatsoever even if the limit is reached several times a month as long as the debt is paid back according to the rule. I used to work in an industry that needed lots of online payments. I also paid/pay most of my things with credit card. Back then I often used the card to almost the limit of my card $15,000 before making payment in one go before due date, and repeat in the same billing cycle if needed. The bank never had a problem with it. In fact the back actually offered to increase the card limit a few times. The only things that would make credit rating (which most people including me don't even know how or if they can access it) is to regularly not pay back the debt.