WHEN To Pay Your Credit Card Bill (Increase Your Score)
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- čas přidán 24. 08. 2022
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I raised my credit score by 77points just by making payments twice a month. In 3 months it went up another 12 points. It feels good to pay it off every month & have a score over 800. ☮️💞🙏🏼
Would the twice a month payment add up to the whole amount due or just lowering it?
@@waltervillatoro2681 doesn't really matter because how many payments you make during the month does not affect your credit score you can make 10 payments but only one payment gets reported
That definitely means you have 20+ credit cards if you have that score.
@ds-imok no that does absolutely nothing to help build your credit score ii still reports as one on time payment even if you make 10 payments a month
@@ds-imok let me edit that it should say that does absolutely nothing to help build your credit
I check my cards every night, even if I have not used them, just to make sure someone else hasn't used them. If I buy something, as soon as it goes from "pending" to posted and shows as a balance, I pay it. No balance, no interest, no fees, no late charges. So, essentially "paying with cash" but getting all the perks and protections of a credit card. Total time, less than five minutes.
Hey does that mean 0% utilization?
@@mychelledeveaux4372 Essentially, yes.
Wait, but how can you pay it after it post, I tried doing this and it doesn't let me make a payment until the statement closes and gets posted. Do you call or go online to make the payment?
@@mj482 what company?
@@RussellLewis5042I tried this and my scores dropped 35 points so I don't agree
These are the types of things thst should be taught at school. Instead or AZEO, they are teaching LGBTQ.
lmao!
HOW TO CORRECTLY PAY A CREDIT CARD!
1) Find your due date on your statement. Now that you have it, FORGET IT. NEVER worry about it again, wipe it fron the calendar, it never existed. Due dates are for calculating interest charges on the card only, not for utilization. So it does not matter what the interest rate is on a card since you never pay any as long as you pay your previous statement balance in full.
2) Now find the statement date, also called closing date or cycle end date. Put that date in big red letters on everything in the house. The kids forehead, calendars, front door glass, bathroom mirror, you get the idea.
3) Now two days BEFORE that date, pay down your card balance to 1-4% of the card limit. So if you have a $300 limit you need to pay down the balance so there is $3 to $12 left on the card. Leave it with a balance. The credit card will report to the credit bureau that you have 1-4% utilization for that card. This is the BEST percentage for FICO score boost.
4) Now this step is an important part to remember. Soon as your statement closes and reports, your due date will show the min due in 20 or so days away. This is the date you have to pay by to avoid any interest, but we dont care!. Now 2 days after the statement date, you know the one wrote in big red letters all over the house? Pay the card balance off back to Zero. Now you have already made the min payment due by the due date and avoided any interest charges.
5) You have eliminated your due date, reported the best utilization, and avoided any interest payments all with in 4 days. Now your card has a zero balance and you can use it as much as you want. You can MAX the card, pay it down again, MAX again, do what ever you like. BUT, look for your next cycle end date and start all over again. Go back to step 2 for that date. Repeat every month. You will never pay interest, can maximize your rewards if it is a rewards card and still get a great FICO boost.
IF YOU ARE IN MID-CYCLE READ HERE
Your due date is NEVER before the cycle date. You are seeing the due date from the last cycle date period. You need to pay down to 1-3% or pay down to zero BEFORE your upcoming due date and start the process from the beginning at the next cycle date. If you follow the steps above with a 1-4% balance at your cycle date you will never have to worry about a due date again as you will have a zero balance due on the due date.
Follow this above it works extremely well. You want to make sure your previous statement balance is paid in full before the due date that way you don't get charged interest. The best time to pay your credit card bill is 2 days after getting your statement that way you have satisfied your credit card bill for the month way before your due date. Then you can go ahead and charge your card up whatever you want and then two days before the statement date bring your current balance down to 1 to 4% of your credit limit. Let that report your new statement balance will be that 1 to 4% that you left. Pay that 2 days after getting your statement. And repeat the same process next month. Oh and you need to be consistent with doing this keep it the about same amount every month.
I’m trying to understand but I’m confused after reading this😵💫
@@Tiyanaa by paying your statement balance in full as soon as you get your statement your due date does not matter because you paid your villain full way before the due date which is the way you should be paying every single bill you get. Remember your bill is not due on the due date it is due when you get it. The due date is just the last day you can pay it before you're considered late
Can anyone else vouch for this? I can’t find my end date on capital one either smh
@@TheGjkddk your statement closing date with Capital One changes every month. If you want to find your statement closing date or bill cycle end date as Capital One calls it. Go to your due date next month count back 25 days and that is your statement closing date for this month
@@sinned96 ok perfect so 2 days before the End date I pay my balance off to 1-4% and 2 days after the end date (which is also 2 days into my new cycle) I pay it off to 0 and so I won’t have to worry about having a balance once my due date approaches?
So by this standard you’re saying to pay the card off As soon as what ever balance you used posts as long as you don’t have a balance by the due date and then after the due date spend about 1-4% right before my cycle ends so it can show the low credit utilization and repeat everything else all over again? Sorry if I’m confusing.
I never carry a balance except two times in a four year span and my scores are in the 800s.
Very Good
How long did it take to get in 800s
I practice the no carry balance too. My score is 821. Also, I keep my utilization at 6%-10% preferably
So what does he mean by pay 90% by the closing date and 10% by the due date? So I should make two payments in one month?
@@mssanoraawicker5172 yes... or more. 3 days before the statement date, pay it down at least between 1 and 4 percent of the total credit line limit. Then leave the card alone. 2 days after the statement date when they finally post that little balance, pay the balance in full... taking it down to zero.
If you're trying to do the points game, you can then use the cards as much as possible, paying it off as many times as you need in the next 20 dats, but 3 days before the statement date again, pay it down to 1, 2, or 3% (almost zero but not quite)... let the statement run, pay it off as soon as the statement runs, and keep playing/ points. The key is to never put a dime on it that you can't pay off instantly. Treat it more like cash than a line of credit.
This is exactly what I’ve been doing for years, except during Pat or family emergencies where there was extra charges for one not but how many people in North America actually make enough money each month to pay off the credit cards to 0
So why not pay the last one down to 7% and not 10%
I’ve tried it several or several times aiming for 1% utilization. No difference from 0% Seaser just to pay full balance day before statement date. If you do this then you only need to make one payment on each card and you never have an amount due or interest. No idea why people make this a complex process; it’s pretty darn simple
Exellent info!!! Straight to the point, thank you.
I just simple only let 0-1% report on all 13 of my cards each month and my lowest score is a 809.
How is that done ? I'm trying to understand
13 😮
don't they all add up?
1% × 13 ?
Me too I'm confused 😅
@@deathbyvanity1955well its based off your credit utilization which is your credit limit thats spread amongst all your cards. So if he only is using 1% of his credit limit for each card. His overall usage is 1% of his Credit Utilization
What about for business: I carry a low utilization bal and allow it to close and report the utilization then I pay the full balance the very next day …waaay far from the due date?
What do you think of this strategy??
Great video, I use this strategy as well
Thank you I'm start doing next month..
How did that go?
I’m at three percent amongst my five CCs, and I treat them all as debit cards by paying them to zero once they post to my account.
My credit scores are between 734 & 756. I don't qualify for anything more than a Walmart card (which I rarely use & havent used in months) simply bcus I'm on a fixed disability income which is less than what most major cards require for a yrly income qualifier.
Where do you live? Is there a geographical reason? Are you with a credit union?
@@timothygrant2831 No I'm not with a credit union. What do you mean by geographical reason? I don't think the credit card companies care where I live. They're going by income, no matter where I am.
@@helprehouseourvets6919 hey can you clear my doubt if you are still present here ..
@@sardarji....4737 Ok
@@helprehouseourvets6919 bro I am going to pay my brother 90$ next month (50$ bill+ 40gym)…will my every month transfer to my brother boost my credit score and build my history or I should pay both the things together(but I can’t do as the accounts are not connected to me)
Does carrying a zero balance get you anymore credit or limit increases?
This is very interesting. I'll have to try it.
I only have 1 card though. I plan on paying it off with my tax return
Too much work for me. I have all my bills on autopay to be paid on the due date. I make much more than I spend, so it hasn’t been a problem. About 60k in credit limits, and I rarely spend more than 2-3k in a month.
does this prevent you from earning your points though? if you don't wait till the statement?
So if I payoff my credit card before the statement closing date it will not effect my utilization rate right ?
how many time need to do this things to improve score.
Hello, I was wondering if the AZEO method includes all credit card companies (ex. if you have 2 credit cards from Capitol One, one from Target, and one from Citizen's) and if you have to pay off those statement balances together or if you just have to pay the statement balances from each different company?
-Long-winded question, but thanks!
What does he mean when he says don’t carry a balance in your credit card? does he mean spend the full balance they give you on the card and not leave any money and pay it off by the end of the month
Still makes no sense to the thick head over here 😅
Credit card companies tell credit bureaus what your balance is on one day of the month. This is your utilization. It doesn’t matter if you pay it off at the end of the month. It still counts towards your credit score. The day that they calculate your statement is a different day from when they calculate your utilization.
There are a couple approaches to getting your utilization down.
1. Do a budget to get down your spending ( if your limit is $500, this won’t be possible without supplementing debit / cash spending)
2. Pay off your balance obsessively or at least before your report day so that your spending is invisible
3. Get your available credit lines high enough that you don’t have to worry about it through asking for credit line increases that you never utilize or by looking at other cards.
If you see someone with a $30,000 credit line, unless they’re making $500,000+, they aren’t going to be making any plans to use that limit in a month. It’s all so that you have enough headroom to make purchases and still stay under that 7% limit. 30% is typically considered the hard limit before it really effects your score.
@@Muddles178 thank you 🙏
What If you only have 1 card? Do you pay the 100% or the 90%/10% method?
Does this work on Bank of America
Thank You For This Fantastic Information 🙏🏾🙏🏾🙏🏾
Bad Idea!
Pay don’t pay? Ketchup no ketchup?
So it's not a particular date like the 6th and the 28th?
No. It's based on your billing cycle closing dates and due dates, which can change between cards.
Or in other words, multiply .07 times your aggregate credit limit, and that’s your maximum credit card spend for the month?
No why do that?? Just pay your balance before the statement date. Don’t have a balance before the next statement date. Period
Because you're losing about 15 to 20 points if you're reporting a zero balance every month. Credit bureaus don't see how much you spend during the month they only see the amount that is reported to the credit bureau. If it's zero as far as they're concerned you're not using the card
This will hurt you score, don’t do it. I lost 41 points for doing this.
Can you spend as much as you want on your card let’s say 60% the limit as long as it is back down to 10 by the time of your statement closing date ? Or will this still count towards your utilization .. thank you
Yes you can spend as much as you want. Just remember to pay the balance and leave about 10% balance a few days before statement end cycle. That way it gets reported you used about 10%. This way you can get the rewards from your cards.
@@chargerstorm9441 Can I pay down my credit card weekly ? Say I have limit of 2500 and I use 10% can I pay it down to 1% weekly
@@Gunna5star You Can but but you don’t need to pay weekly unless you spend that much weekly. Just make sure it’s around 10% or less before you statement cycle ends.
Too complicated
I only have one card ?!? So I pay 90% when the statement date is posted and then the remaining 10 on the due date ? Is that’s correct ?
I do Same here n wondering the same thing is this correct
Huh!!!
Nah
terrible advice please you guys keep utilization under 3%
👀👀👀👂🏽👂🏽👂🏽👂🏽
500
So how does this work for someone that has a Due date before their statement date.
The due Date is on the 22nd and the statement closing date is on the 26 ?
So paying the statement balances not the full balances ?
Correct!
What happens if you don't get you statement balance information until after the closing statement date?
Now i understand why people keep recommending GREATSMARTTECH because he is a good man and legit when it comes to fixing someone’s credit. His attention to detail and drive to produce top quality results has proven extremely valuable to in the process of getting me perfect credit score
Hem having more than 5k followers on insta.👍🏻
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How to actually pay off your credit card,
Just pay it in full all this other bs is just fake and is gonna cost you more interest rate
Very misleading, very wrong information. Please do your own research on this topic.
Hahahahahaha. You clicked on a video to learn how to pay your credit card bill. Sounds like you’re the one that needs the help little fella.
@TheTeddyChoice buddy, this is a CZcams short. You don't click on them. You swipe and it shows you something new. I didn't choose to see this topic, little fella
English bro
People are really obsessed with their credit score..lol..wow.. why though?
I used to think same. But now I'm 30. Very hard too get an apartment, car, small loan, heck even something from rent a center or whatever. I'd like to start a small business one day soon. Also it is way to protect your money while gaining cash back or points. And maybe open a high yield savings account just saying.
I'm 30 I have zero credit history. Was approved for my card recently. Haven't got it yet.
@Sean ya, i could see that. It is difficult to rent nowadays without good credit. I haven't rented for a long time, and when i did, you just needed income verification..
The best way I've found to build credit with CCs is to keep your utilization low, i have 3 cards so i put my water bill on 1 card, trash on another etc, then i put them on auto pay and i locked them in my safe to keep myself from using them frivolously , i have 2% utilization and perfect credit score after doing this for about 3 years
Damn brother, you gotta stop trying to be like the white man just be yourself achieve all that you can achieve