5 Mistakes that RUIN your Credit Score

[@LionSPH]

These videos are so incredibly helpful! I've never had a credit card and I'm already 27 🤦‍♀️ I was never really taught about finances or credit and I just decided to avoid it to keep myself out of debt but now I'm getting older and hoping to buy a home soon so I'll have to build my credit. These videos make me feel super comfortable with moving forward, opening credit lines and handling it all responsibly so I can meet my goals

[@DamonNeal]

I had a perfect payment history, but my score was 590 because my cards were maxed out. Yikes. I payed them off and applied for credit line increases as I went and increased my score to 780 in 9 months

[@GrahamStephan]

Awesome!!

[@halvey8518]

Damon Neal It pays to pay more than the minimum and instead pay them off entirely at the end of the month!

[@daniel-vn4ql]

@@GrahamStephan Sorry, what is Awesome about that. The person was irresponsible with his credit cards. He had them maxed out. Then instead of deciding he was going to be more responsible with the cards in future. He got the company to increase the limit on his card. So he can dig him self an even bigger hole than he could before.

[@DamonNeal]

@@daniel-vn4ql did you not read the part where I paid them off? That was over a year ago and my score is still in the upper 700's. I earn free travel for the rest of my life with rewards points. I pay off the balance in full every month, so how is that digging a bigger hole? Increasing your credit limit while paying things down boosts your score quickly

[@daniel-vn4ql]

@@DamonNeal Its Awesome! that you got it paid of. how long were you in debt for. and why were you in debt at all if you pay it down monthly.

[@DevonBlank]

*Your credit score has increased* Reason: you smashed that like button

[@PointsPointers]

Jackson Briggs it works. I tried it 👍🏽

[@GrahamStephan]

Works every time ;)

[@geraldmarcano2514]

Bro this is insane. I had no credit score or SSN, after the like the government sent my a SSN and maxed out credit score! 😎

[@TaylorTCarlson]

I smashed the like button for this comment. =D

[@shepz1991]

Thank you soooo much! It really works, I'm so grateful to *mansard* security

[@TheBemused]

Some people look at me weird when, as a financial planner, I say I have no desire to pay off ALL of my student loans in a short span of time. Some of those are my oldest credit lines and my lowest interest rate debt. It doesn’t make sense to get rid of them at this stage! Rather, I’m choosing to rapidly pay down my higher interest, more recent loans. Great tips, Graham! -Akeiva

[@GrahamStephan]

🙌🏼

[@NinaBabyTV]

Graham Stephan please, please! Tell me more about this! I have student loans and I want to be sure I'm making the right choices in how I pay them off.

[@zodiacfml]

I never had my credit limit increased ...until I started paying interests for owed balance. It is unsurprising but I thought back then paying your dues diligently results in better perception for increasing the limit automatically.

[@ryanmcgregorr]

Applied and got a credit card on my 18th birthday. I only utilize about 1-9% of my credit limit each month. It's working out really well because I'm building my credit score as well as earning some cashback every month!

[@MrThatblueguy]

I know it's temperary, but my Experian fico 8 score went down 4 points because for the first time in close to a year I let my utilization go up the way up from 1% to, wait for it, 4%.

[@adanv09]

Yooo, havent posted in awhile but I want to give my testimony since watching your videos on credit. I went from a 640 to a 740 credit score in the last 2 months. Thanks Graham

[@GrahamStephan]

Well done man!! That’s an insane improvement!

[@adanv09]

Kuuryo I learned there are letters you can send to get things taken off your credit score! Find me on fb and we can chat there Adan A Velazquez

[@hunterentrepreneur520]

People don't understand the power they have with a credit card. With the right mindset it can build you an empire or slave you for years and years.

[@GrahamStephan]

Agreed!

[@Templarswordxx7]

Empire+

[@jimmyvillegas2172]

Very true

[@roxcyn]

Hunter - it can be used for good or bad. 👍🏻

[@Cassiearan]

You will either tell your money what to do, or the lack of it will dictate you. Create stability and sufficiency. Thanks for the tips! Really helpful in financial managing. Let me just share with you guys. We own a cookie shop business in our college town. When we first started it, we were living in our car with very little direction, just a huge passion to be successful. We just graduated college as well. We started a cookie shop out of a local bagel shop in their off hours at night. We were living in our car in the parking lot of the shop at the time with my boyfriend, Bran. It was a crazy experience but it worked! We became a success! And how we have our first storefront location (a second launching soon!) We started it to fund a year long backpacking trip around the world and to be successful while living the life of our dreams.

[@Willtaylor_uk]

Awesome vid Gram. I'm 18 and my credit card just arrived today. Cant wait to use the whole 30% of what I have available haha

[@GrahamStephan]

Awesome!! :)

[@risingembersgaming7740]

How to increase credit: Finance EVERYTHING (Dave Ramsey triggered) Then, pay it off at the end of the month!

[@GrahamStephan]

Agreed!!

[@RedScareClair]

Yep. I think Dave Ramsey has his place but I feel like telling ppl credit is bad and a credit score is an I love debt score can be bad advice. The fact of the matter is you don't know what life will throw your way so having a high credit score just simply offers options. Credit isn't people's problem. Lack of Discipline and lack of education are.

[@richard1113]

@@RedScareClair Bravo! Excellent post. 🙌

[@daniel-vn4ql]

These are my favorite comments on these videos. As it proves just how effective Dave Ramsey message is. I suspect that a lot of people on hear are deeply insecure of there use of credit cards. so they come to videos like this and try and make them self feel better.

[@swordstrafe]

Claire Rodriguez Ramsey’s advice is catered to idiots who have zero discipline in regard to money, considering he’s trying to help people who are “swimming in debt” his advice is absolutely perfect if you lack discipline credit cards are the devil, if you can make them work for you they’re the best thing since sliced bread

[@QurikOfficial]

Call up when you miss a payment and get a late fee. They usually waive these if you are kind and/or have some plausible deniability. 2 minutes to save a late fee is usually worth it.

[@GrahamStephan]

Very true!

[@tavaresrajasingam]

This is a great topic and one that is easily misunderstood! Thanks for creating inspiring content. My wife and I watch your videos all the time and are really motivated to create strong content.

[@GrahamStephan]

Ah awesome!! Go for it!!

[@tharmilarajasingam9031]

👏🏾

[@joshtavares3065]

Super misunderstood. Keep working on that content. Strong content is the new money $$$. I'm going to check out your channel

[@ChrisInvests]

There are some great benefits to using credit cards (as we know) but many people lack the discipline to pay them off monthly and making sure they're using them for things they'd be buying anyway.

[@GrahamStephan]

Agreed!

[@77Tadams]

True. I use mine for the points. It is really easy to get the points for the cash or for travel. Why not. You don't get anything from the bank for just having your money sit in the bank...interest earned is a joke. Put it on a card and get your bonus...may as well pay yourself with it...but you got to pay it off every month. Cheers.

[@Je.rone_]

Mother always told us when we were kids make sure you got good credit.

[@GrahamStephan]

🙌🏼

[@bxdubs5577]

Black Vito - Moneyology & Philosophy not me, figured it out as i lived

[@tyannatyler7995]

Guy but

[@SUPERIORWOMAN]

She was a good Mama then. My parents didn't teach me a damn thing about credit. I paid dearly for not knowing how to manage credit till I was 40

[@SUPERIORWOMAN]

@@bxdubs5577 same

[@jamesallenrealestate]

Good Credit scores are essential if you want access to the best interest rates for your real estate investments and you want to improve your cash flow!

[@PointsPointers]

The Out of State Investor also to get approved for the best rewards credit cards out there to earn tons of points and miles 👌🏽

[@GrahamStephan]

So true!

[@x0xxx007i]

The Out of State Investor Thank you for saying this!

[@aaronliu9945]

Woah I made all of these mistakes in my early 20s. High score baby! Went from ruining my credit by running up CC debt and not paying them on time to not using credit cards at all because I didn't trust myself and now I'm trying to fix my credit score 8 years later. But seriously though, don't do what I did.

[@cheesy999260]

Question for you Graham: I'm 24 years old and bought my first home (primary residence) about a year ago. Within the next year or 2 would like to purchase my first rental property. For someone who plans on growing a fairly large real estate portfolio over the next 15+ years, would you recommend getting a real estate license? Are the benefits that come with being licensed (access to properties, writing my own offers, MLS access, commission, etc.) worth it for someone who only intends to use it to represent themselves while searching for and purchasing properties?

[@GrahamStephan]

I wouldn't - it'll be a lot of work and cost to do it and unless you're actively buying more than 2 homes per year, I wouldn't bother!

[@ronpeltz1717]

I am 55 and am #5. No debt, no credit history. I cancelled them all years ago. Boo. Now I'm trying to get credit. Thanks for your help.

[@jasminesjourney9318]

I stopped listening to music when I’m getting ready to work and started listening to more self development videos like yours. I appreciate your content!

[@newera3443]

Hey man! Congrats on the 400k subs. I know I'm 9k subs behind but I just want to let you know. Since listening to your channel in July of 2018 and subscribing in September of 2018, I've been on my money/credit card game. I'm saving a lot more than I usually do and watch what I spend. Mint has helped me watch what i spend on bills food etc. Please continue to influence others like myself to continue to grow and make money. Wish I knew of this in high school. I did financing and accounting(bachelor in business) in college but it never shows you how to apply this to your everyday life.

[@GrahamStephan]

That’s awesome man!! So happy it’s helpful :)

[@The_Millennial_Investor]

good job! Keep saving your money and invest as much as you can!

[@coinstacks2455]

I didn't hit the like button and guess what.... my credit score dropped 15 points😔

[@GrahamStephan]

It’s not too late To smash that like button

[@Lauren_C]

@@GrahamStephan I hit dislike and got collection notices in the mail demanding likes. 😑

[@Pranks313]

You gotta smash it not hit it.

[@aracelitorres6316]

I was really struggling with a lot of credit card debt and lots of other negatives including hard inquiries, late payments , closed accounts and collections. I hired the services of a credit score specialist I came across on KZbin here through strong and positive reviews from recent clients and he deleted all these negatives and my score went to an excellent 801 in less than 13 business days. (Andy Hacks LLC) search on google, they're the best.,.,...

[@moneymarc2494]

Graham hitting us with some knowledge. Thanks brotha!

[@GrahamStephan]

thanks for watching!

[@matthewparis1109]

When I was 20 years old I came back from deployment in the army with a 810 credit score and got denied for my very first car loan of $11,000 by Ford motor because I did not have "substantial" credit. Basically, I didn't have any major accounts on my report at the time. Just a single card with excellent payment history. Luckily my dad worked in car sells for 20 yrs and knew what to tell them and I ended up getting the loan. Moral of the story, buy something small from someone who will report it the the credit bureaus done just rely on credit cards to build your score.

[@MillennialStocksYT]

I’ve boosted my credit score over 100 points in less than one year because of you. Thanks a lot

[@GrahamStephan]

Awesome!! Well done!

[@MXALOVE]

I tried to lease a car a month ago, and I fell in love with it, and I knew for a fact that I could pay for that car no problem, even with all that, couldn't get it cuz I had no credit. I'm 18 so I had no idea that's how it worked, now I'm getting 2 cards and hopefully in a few months I'll be able to try again

[@galileahernandez8244]

Great video graham !

[@GrahamStephan]

Thanks!!

[@christopherdriving6425]

Im the person who maxed out their card but im fixing it now just will take time to pay off then im doing the correct way and building my score.

[@jerrycaughron7378]

Excellent analysis!

[@mosessalazar465]

Pressed like, Credit Score rose to 10000

[@GrahamStephan]

🔥🔥

[@williamsmith7221]

Thanks for the info Graham!! I always smash your like buttons during the first second

[@GrahamStephan]

Thank you so much!! :)

[@x0xxx007i]

*I wish you made this video years ago, Graham. You’re helping lives with this vid* 👍❤️

[@GrahamStephan]

Thanks so much!!

[@Radhaugo108]

This is life changing. Thanks!

[@GrahamStephan]

🙌🏼

[@Radhaugo108]

@@GrahamStephan Question: How many credit lines can I open within a billing period before it reports and lowers my credit? I'm trying to increase my credit limit to stay bellow the 30% total credit used. Thanks!

[@calvinraab8798]

I think if more people realized how much bad credit can hurt you they would be more careful with their credit score. Many people just don't know how it can damage you!

[@GrahamStephan]

Agreed!

[@ericworthington7299]

But credit is borrowing money that you don't have...

[@ReaveIdono]

This is too true!!!

[@angelmedina6384]

Graham, you’re the best

[@moneymatters7377]

I've SWORN by auto paying the minimum! I usually don't forget, but it's always good to have the safety net!

[@GrahamStephan]

🙌🏼

[@hhbh4661]

Graham I have seen and listened to many people and you seem to be the real deal. Honest, smart capitalist entrepreneur. I really respect your views on life and finances. Hope to meet you someday before I die. Thanks for all your great advice and will continue to follow you. Stay honest. Brad.

[@GrahamStephan]

Thank you so much Brad!!

[@mrupholsteryman]

I had a credit card company that closed out my account.... I had kept it in my wallet and would continually just reup it when it expired....the strip on the one that I consistently used for gas...finally quit working...and it did not work. I called them up and they told me that because I was not using the card...they closed the account. The time I needed them the most and they left me hanging 😒 They offered to have me go to their site and start the application process over again and that didn't help for the gas station....when I would have to wait for the card to be delivered to my home and not my car.... Needless to say... I did not reapply for their card.

[@retinalhd]

Great videos, bro. Your channel is a gold mine of useful information for the real world that are never taught in today's school system.

[@GrahamStephan]

Thanks so much!!

[@lannerz555]

I am happy I have a perfect score now with the support and help of Andy Hacks, the best credit repair team I ever met. you can look them uo online if you need any assistance to repair your credit and build a strong credit profile by adding tradelines..

[@kailakee]

I believe this credit repair team who helped me raise my score from 576-810 can help you. they're generous and posses the best credit repair skills & qualities, I was so flabbergasted to see my negative items deleting off, got the notifications from IdentityIQ and Credit Karma, my LLC credit profile now gets approved for 35K limit Chase Sapphire card and some others... visit them on Andyhackscreditfix. Org (NO SPACE).

[@kennethcooper3534]

This review helped me, I was here 5 days ago and I contacted them, my score jumped 69pts this morning 😍

[@brownsugr111]

.

[@TriEdgeGaming]

Often times dealerships will do an in-house finance with at least 50% down payment and it goes on your credit (some dealers will literally open up a finance service/small bank on the side in order to do this). These deals are usually a rip off as 50% of the down payment is usually about 80% -100% of the value of the car (usually the down payment equals what the dealer paid for it, thus every payment of you make is nearly 100% profit). I worked as a car salesman for 5 years and these deals were pretty common.

[@KennaBurke]

You didn’t mention student loans!😱

[@optumus2461]

The rest of the world: ?

[@angelgfromcorkerii8797]

@@optumus2461 😂

[@SMMMoney]

great video!

[@GrahamStephan]

Thanks!

[@JamesFort]

Great meeting you bro! Inspired me to make my own channel too 🔥

[@AmazonandeBayGuru]

*Awesome tips man and congrats on 400k!*

[@GrahamStephan]

Thanks so much!

[@AndreMcclendon]

What really helped out my credit score to get it much higher is that I called all of them and asked for a limit increase on them, and about 80% of the companies I ask, like wells fargo, Bank of america, increased my card limit by a few thousand. After I did that what helped me out a lot is on the student loans and on 2 loans and called them up and ask what can I do to either lower my interest on the debt. they gave me a few options like auto payment which lowered the loan payment interest by 2% which was so awesome and the student loan was lowered by 0.5% which helped out also. So calling the companies who you owe you can talk to them and see how you can reduce your interest and payments amounts. with the extra money I just focused and attack smallest debt 1 by 1, to roll the extra money when it's paid to the next debt. Also I saved money not paying those credit fixers, i just youtubed and googled how to fix it. i got my score in about 45 days from 625 ish to 715 at the time, I was super happy after i got that to the 700's. Once you get like i did i refinanced on my loan and saved another $120 dollars a month. So Gl, message me, i know a few places which fix credit for 100% free, and no subscribing and getting those dumb emails lol

[@goldsilverguidance8623]

Never thought about just calling them to get my payments reduced guess I will have to try it.

[@JeffWybo]

Great video buddy !!

[@GrahamStephan]

Thanks man!

[@emilys8890]

THIS is what they need to teach in school.

[@KevinPerez-fd9xq]

Amen to that!!!!

[@MR3DDev]

Hey Graham. I recently financed a car. I do have the money to pay the loan in full in about 2 months, but I have many family members and friends saying I should keep the loan for at least a year so my score goes up. I don't use credit much so I feel that Dave Ramsey itch to pay it off soon, but wanted to know what you think about this. PS: My score is 750 and barely moves up, will paying the loan later help?

[@David-dx5wz]

TechYK You’re better off making the small payments and investing your money into a property or something that pays off a higher interest rate than your car loan. Car loans are low and simple interest so if you have a 5% apr you’re better off putting your money in a fund that gives you 6%+ compound interest and paying off your loan over time.

[@merrillferguson1958]

ANDY HACKS LLC ⭐⭐⭐⭐⭐

[@sagig72]

Hey Graham... The double-edged sword of hard inquiries when applying for additional credit: Think of it like meeting your future in-laws. If you're serious long term then the probe's probably worth getting the added credit from your future spouse... ;) Great video dude!

[@GrahamStephan]

Haha good analogy!

[@TheMonkWay]

Thanks Graham, your videos were one of the reasons I started a credit card and raised my credit to over 700! I wonder if I should accept all the offers for new cards from my bank now haha

[@GrahamStephan]

That’s awesome!! Start doing it ;)

[@stephanieellison5668]

A point on point one. I'll give you an example. If I have a credit card bill received in the second half of March, for example, and even though it is not due until April 17th, I'll go ahead and pay it in the month of March and consider it as a payment for disposable income. This way, there is never the issue of waiting until near the due date to pay it. I just go ahead and pay it as soon as the bill arrives. I do this we everything, like if a bill is due on the 8th, I always bill pay that the previous month and not have to worry about it. It gives me a month to resolve any potential billing issues after I have sent payment (like if the amount has increased, then I can send another payment to make up the difference before the due date). The reason I have never, EVER forgot to pay anything is because I use a yearly spreadsheet with 12 sheets, one for each month plus other sheets). I go through the month's activities over time and always to check to see "if there is anything I can pay down right now." At the end of the month, I close the month's budget sheet and move running tallies (medical expenses paid, travel expenses, giving, etc.), bank balances, and total income balances in all currencies to the next month's sheet and tack them as starting points for the month. I then look to see mentally what needs to happen in one month. It's very easy for me because I have done this sort of thing from the early 90s. Point two is unavoidable sometimes. I had paid off all debt in October of 2017 and even had some cash left over. Then I got sick in late December and was in the hole by $14,000 by the end of February. I had to conserve cash, sell everything else, and move out of the country with about $21,000 cash. Five months later, I had paid off the remaining $13,500 (remaining medical bills plus moving expenses). I have now put myself in the situation where the credit card ka-ching should not happen again. I even moved my money out of the country. Point 5 is a screwed up deal... It used to be that when you wanted to borrow money, you had to show collateral - does anyone even know what this word means anymore?? You put up collateral, like your land, house, construction equipment, anything not nailed down, and that was how you got loans back then (up to 80s in more rural areas of the US). My Dad NEVER had a credit card. Today, you have to play the game to get a credit card or a loan of any sort.

[@Mixwell1983]

Im in the same boat except I maxxed a card and didnt pay it, closed 3-4 accounts after paying them off and getting initially out of debt and have 3 stupid remarks now from att,aaa insurance and spectrum internet. Just did the opensky secured card and I am waiting to get it and start rebuilding my credit. I have soo many dings against mine though. I wish I would have just left the payed off accounts open but since maxxing the 1 i kept open when in financial struggles I most likely would have maxxed my other cards out and been worse off.

[@XxMobileWizXx]

It's my 22nd birth day. Thanks for the gift Stephen :D.

[@GrahamStephan]

Happy birthday!!

[@EnriqueGarcia-hu9ou]

Amazing video! You should really link up your merch under your channel! I have been a closer follower of everything you’ve posted and I’d love to see other merch you have available

[@GrahamStephan]

Thanks!! I wish I could integrate it like teespring

[@HonestFinance]

It’d be nice if the system didn’t penalize you for closing accounts. Seriously if I don’t want my card anymore, I shouldn’t feel bad closing it

[@Aleuri08]

Exactly

[@40finance]

Building or rebuilding credit takes time, just like investing. If you start early and make good decisions you will have an asset that can unlock many options for your future.

[@colinmaclelan6943]

0:43 Dammit Graham. Also, this is a great video, I didn't know that maxing out credit cards reduced your score but it makes sense

[@GrahamStephan]

Thanks for watching!

[@Arkine13]

One of the worst things that hurt my credit recently was taking advice from a certain financial adviser, and closing a credit card account--because credit cards are stupid and you should never have them.... :( Yeah, wrecked my credit which wasn't great to begin with (I don't really listen to him anymore). I'm currently digging myself out of a very deep hole that I got myself into over the last 15 years. Maxed cards, late payments, student loans, personal loans...I've pretty much ruined my credit in every way that you can, except for bankruptcy. But, I'm digging out, it is possible to do just takes some creativity to start paying things off, as quickly as possible, without making anymore money. It can be done (for those that are in a similar situation) just takes a lot of research and discipline to do it. Credit is almost the new currency, so having at least something on your score is very important.

[@drakemiller4676]

Spending money you don’t have can bang your credit up 🤦🏻‍♂️

[@GrahamStephan]

Agreed!

[@matthewparis1109]

Thanks Watson

[@zodiacfml]

I agree. I never had my credit limit increased ...until I started paying interests for owed balance. It is unsurprising but I thought back then (in my early 20s) paying dues diligently results in better perception for increasing the limit .

[@drakemiller4676]

zodiacfml wish I could tell my younger self a lot of things 😂

[@Lauren_C]

Minimum wage worker with some 100k in total credit limit (unlikely, but not impossible) could probably rack up a considerable, relatively unmanageable number without breaching the 30% mark.

[@mikes6147]

Keep up the good work!!

[@Whydoyouneedmyname11]

It worked my score is a 1000 now THANKS!!!!

[@GrahamStephan]

BAM

[@Je.rone_]

Mine is negative 370.. shouldn't have financed those 5 infinity stones😞

[@ianwhitehead4590]

@@Je.rone_ Well you do have the time stone so it's easy enough to manipulate time and fix that

[@Je.rone_]

@@ianwhitehead4590 you know thats crazy? but it is crazy enough to work😈

[@Postofficejoe]

Funny .. the highest possible score is 850

[@wyattbatte6317]

Thx Graham for doing you.

[@GrahamStephan]

Thanks!!

[@NikkyElso]

Can confirm I liked the video and checked my Experian score, went up 2 points 😎

[@GrahamStephan]

🔥🔥

[@shawnstoik]

Thanx bro so much for all your value, Appreciate what you bring to us! 👍🏼👍🏼

[@GrahamStephan]

You got it!

[@josesteven5253]

I opened a credit line at TGMax but I never used it and didn’t even got my credit card because I moved out with my uncles, but 6 months later I opened another credit line from my bank which I do use. I was planning to close my previous credit line but now thanks to you I guess I’ll keep it there👍 #Smashthelikebutton

[@Warrior_Resisting_Colonialism]

Just research and make sure the store card reports to the credit bureau's. If not,it's not helping and it's just a liability cus they will report if your late and hurt your score. If you go to credit karma and see it there and you can see it's reporting monthly, then your good cus via a quick search it looks like they pull scores from transunion. If your not seeing it, then odds are it's not helping you anyway. Make sure to use cards at least once every 6 months or so or they will automatically close and you don't want that either.

[@Jay-cy5np]

Always looking forward to your vids, such knowledge thank you

[@GrahamStephan]

Thanks!!

[@BrouilletteLuke]

I literally use my credit card for every single purchase. Then pay it off at the end of the month, and get that sweet 1.5% cash back

[@Onyx1776]

Luke Brouillette chase freedom unlimited?

[@roxcyn]

@@Onyx1776 any of the 1.5% CB cards.

[@BrouilletteLuke]

Jp Silva yes sir!

[@milleniallgt9715]

Capital one lol same here. It’s like free money on money you were going to spend anyway!

[@roxcyn]

@@BrouilletteLuke - awesome!

[@TKOB]

Great tips. I like to get secured lines of credit when I make purchases, it helps my credit history and I'm paying myself back.

[@GrahamStephan]

🙌🏼

[@LuigiPV255]

I got my discover it secured card today, I'm excited to start doing credit card churning to exchange those sweet sweet points for avocado toast

[@GrahamStephan]

Well done!!

[@DANNY01234567899]

A discover it student card doesn't require a credit score. Just make an account at a community college around you and you are set to go refer.discover.com/s/lloju4

[@jptheproduct]

Worst advice my dad ever gave me was "never get a credit card"... I didn't get my first one until a year ago in my 30s and now my oldest credit accounts are student loan accounts 😭

[@hughj7705]

You don’t need to worry about your credit score if you don’t borrow money... Just ask Dave Ramsey 🤔

[@GrahamStephan]

😂

[@christiancardenas6811]

He literally explains in this video why it can hurt you if you're trying to buy a home. Pay attention please.

[@anshluthra941]

@@christiancardenas6811 ever heard of sarcasm mate?

[@christiancardenas6811]

@@anshluthra941 indeed I have. is this comment sarcastic? Prove it.

[@anshluthra941]

@@christiancardenas6811 for that you require functioning braincells which i have to assume you don't possess

[@seanvance632]

Great Content ! ThaNks Man!

[@Skyline_r3496]

I had a 756 credit score and I opened 2 lines of credit within 2 months and now it’s dropped to 709 😭

[@GrahamStephan]

It’ll recover in a few months!

[@rell660]

I did the same thing 1.5 years ago. I signed up for the Chase Preferred and a Capital one card. Approved for both, Hard Inquiry's appeared on my report lowering my score. Started at 824... I believe it went down to like the 760's. Yes my score has jumped back up to the 790's BUT.... Why hasn't it gone back up to 820's? 🤔 Slightly frustrating.

[@rell660]

Nevermind... to answer my own question my score hasn't fully recovered because the age of my credit lines have combined. The two newer cards are still sort of seen as newer lines. So there's another hidden negative for getting new lines.

[@freerunnersunion_________90]

@@rell660 yes, short term tis true, not long term though!

[@jordanroig6626]

Just commenting for the youtube algorithm. Let’s get you to 2 mil subs!!!

[@liam-dr3vv]

All this is based on 5th grade Math but people will say school doesn’t teach finances.

[@princetre1]

liam it doesn’t

[@thomasalias8492]

This has nothing to do with math and everything to do with gaming the system to your advantage.

[@dsinformation6640]

I used to cancel all of my old credit cards. I do not do that anymore. Good information!

[@GrahamStephan]

🙌🏼

[@ohelio2766]

So to sum this all up: avacado toast

[@GrahamStephan]

🥑🍞

[@cliff.n5248]

I'm vested 12 minutes and 30 seconds, waited 40 minutes and hit the like button. Credit score raised 30%!

[@GrahamStephan]

🔥🔥

[@Aquadood23]

in before that russian girl

[@GrahamStephan]

Skills!

[@reptilesgamers00]

What's the russian girl meme? I feel out of the loop.

[@Yoyomeyo]

Always keep old credit lines open even if you don't use them? What if it has an annual fee...?

[@AussieMoneyMan]

#1 Not watching Graham Stephen

[@SirenEyeMedia]

This was actually pretty helpful. I recently used Credit Karma and the government mandated free credit report from Experian to look at what's on my report and help me me repair it by doing disputes for incorrect findings.

[@GrahamStephan]

🙌🏼

[@lt7341]

Respond to me dad

[@GrahamStephan]

Son?

[@lt7341]

LETS GO TWO TIMES IN A ROW

[@astrophel3302]

I just smashed that like button and now I have a 3000 credit score. Thanks Graham, now I have a perfect credit score and a broken screen. 👍🏽

[@GrahamStephan]

Thanks so much 😱

[@Caspertraderofficial]

#1 cause of bad credit: millennials buying too much avocado toast.🥑

[@GrahamStephan]

So true it hurts :(

[@PointsPointers]

Casper Trader 😂😂😂

[@ChrisInvests]

are you uploading today casp?

[@cuddlecats2289]

@@ChrisInvests yeah 😁👍

[@FrankSmith]

My friends girlfriend got her first credit card with a credit limit of $500. She proceeded to use it to spend $500, and didn't know she had to pay anything towards it. She literally thought a credit card was you get approved for X amount of limit to just spend freely and never have to pay back. LOL. She went months without paying it, and only knew she had to pay it when she got phone calls asking why she is 3 months behind on her bill.

[@GrahamStephan]

Crap 🤯

[@SnowyBlizzardMC]

What about multiple inquiries?

[@CT-yc4gd]

#5 really burns me. I have to pay out $500 for a secured credit card just to build credit for when I want to buy a house in the future. Always stayed in my budget. Had savings. Never needed to borrow. But apparently, I'm unreliable because of that. How about taking employment history and payment history of necessities into account? That'd be an idea.

[@09Germ]

Thanks again for sending this video watching this now.

[@GrahamStephan]

Thanks for watching!

[@Rinyotsu]

Anecdotally, smashing the like button on your videos has correlated strongly with my credit score jump of 50 points over the last year.

[@robert_iacob]

Love these

[@GrahamStephan]

Thanks man!

[@irvinghernandez1997]

Thanks for the info.

[@cantonio270]

Thanks for the info Graham! Cool jacket by the way!

[@CreditFast]

Never go on a very expensive vacation without paying for most or all of it before you leave. I did that when I was twenty. I lost the decent stream of income I had shortly after I came back from a trip to Europe. I soon snowballed into debt, and it impacted my credit negatively. After that experience, I have always paid for my vacations in full before I left. Plus I think they are more relaxing now because I am never thinking about the money I will owe when I get back.

[@GrahamStephan]

🙌🏼

[@CreditFast]

@@GrahamStephan BTW your KZbin ads video was great! I don't do ads on KZbin for my channel but I always wondered. I will stop by more often and watch more of your content. 🏆

[@ktgiang]

I don't believe you mentioned authorized users in good or bad credit situations. I started my credit history by being put on as an authorized user on another person's card. That helped me towards establishing initial credit and getting my own credit cards. After about a decade I came across a dilemma: the auth user card was my oldest tradeline but the person always maxed out the card. The rest of my cards were consistently 10% utilization or less (full pay every month). Even still, my overall utilization was less than 30% counting the auth user. In the end, I asked to be removed as an auth user on the card. Per credit karma, TransUnion kept that account on my credit history but updated the balance to $0 and Equifax removed the entire tradeline altogether. Both vantage credit scores went from ~770 to ~810 instantly when that auth user change was reflected. Haven't pulled myfreecreditreport yet to check to see how Experian did theirs. Hope that's good info for those who have the same situation as I did. Made that change as I'm hoping to buy a home in Orange County in the next few years.

[@MiiFlawlassSuccess]

literally, the only channel that I SMASH THAT LIKE BUTTON for.

[@Tristen501]

Great information to know!

[@GrahamStephan]

thanks!

[@cacsoccer101]

Hey Graham, what happens if you have an old credit card that has a high annual fee and you never use the card. Should you cancel it because the fee or keep the card despite it?