Support our channel by choosing your next credit card using one of the card links at: - BEST: www.proudmoney.com/best-credit-cards-on-the-market/ - CASH BACK: www.proudmoney.com/best-cash-back-credit-cards/ - TRAVEL: www.proudmoney.com/best-travel-credit-cards/ - BONUS: www.proudmoney.com/best-credit-card-bonus-offers/ - BALANCE TRANSFER: www.proudmoney.com/best-balance-transfer-credit-cards/ - GAS: www.proudmoney.com/best-gas-credit-cards/ - BEST AMEX CARDS: www.proudmoney.com/best-american-express-credit-cards/ - BEST CHASE CARDS: www.proudmoney.com/best-chase-credit-cards/ - BEST CITI CARDS: www.proudmoney.com/best-citi-credit-cards/ - BEST CAP ONE CARDS: www.proudmoney.com/best-capital-one-credit-cards/ - BUSINESS: www.proudmoney.com/best-business-credit-cards/ - FAIR CREDIT: www.proudmoney.com/credit-cards-for-fair-credit/ - BAD CREDIT: www.proudmoney.com/best-credit-cards-for-bad-credit-unsecured-secured/ (We'll get compensated if you're approved, and we thank you kindly.) Other ways to support this channel: - Use our Amazon.com link: amzn.to/2PpQWoB (As an Amazon Associate, we earn from qualifying purchases.) - Get a $25 - $325 bonus when you open a SoFi Checking/Savings Account at: www.sofi.com/invite/money?gcp=3e93c73c-afe7-4b94-9970-7a1fc13a381a&isAliasGcp=false . NOTE: Credit card information in this video is not guaranteed; we have attempted to confirm all information to the best of our ability but we could simply be wrong or the information could be outdated by the time you watch this video. We are doing our best here, but check our work!
@DontFryMe Жыл бұрын
Use the card and pay it down to 0 by every due date, brought me from 542 to a 773
@lovly2cu725 Жыл бұрын
IT MAY BE MORE CLEAR IF YOU SHOWED A CALENDAR FOR 2 MONTHS & CIRCLE PAYMENT DATE/INTEREST AND REPORT DATE.
@tywebbgolfenthusiast895011 ай бұрын
Listen folks, it’s simple. Pay your debts as you agreed to, any date before the due date. Pay all your bills on time every month and your score will be above 700. All the other factors such as credit utilization and age of credits are minor compared to on time payment history.
@SXJAYSX Жыл бұрын
I pay as soon as I get the check to do so. I ain't keeping that money in my account just chilling. That's s recepie for disaster lol
@drizzle8244 Жыл бұрын
This was the best explanation I’ve seen. Thank you!!
@rayzamarripajr.7571 Жыл бұрын
Credit companies make this more complex than it needs to be😂😂
@axl6670Ай бұрын
what he meant is that lets say you have a credit limit of $1,000 and u have a credit utilzation of 30% meaning $300 youre gonna want to pay $200 before the end of the billing cycle meaning before the 'statement due date' so now ur new balance after that statement due date will be $100 and since its a new billing cycle you can pay the $100 off before payment due date which is different! and its in most cases 3-4 days before the statement due date
@LadybugLuv21 күн бұрын
I am so used to paying my FULL bills (utilities) before the due date. I think this is were my confusion is. Are you saying in your example using my dates, pay $200 by/before May 1 2024 (because you have to pay at least the minimum) which is the due date, and leave 100 to show utilization for end of cycle date May 5 2024? And pay $100 by/before the next due date? I just feel off having a balance forward. I think that maybe the difference in utility billing and credit card billing that I'm not understanding. Thanks so much.
@axl667021 күн бұрын
@@LadybugLuv yes, that’s exactly what I explained! But remember depending on your card you’re going to pay interest if you carry any balance, it may not be much if it’s just 100$ but still!
@LadybugLuv21 күн бұрын
@@axl6670 Thank you so much! This is the first time I actually understand. You have been very helpful! 🤗
@hugh26110 ай бұрын
I watched several videos on this subject and yours is the only one that left me with a sense of clarity. Thank you.
@JaniceWatson1000 Жыл бұрын
you are doing an amazing job. keep it up I understand you clearly
@estermiller9946 ай бұрын
Thanks for clearing that due date and closing statement date up!!! First time it ever made sense to me!!!!
@scottandersen5882 Жыл бұрын
Finally!!! Someone explained this point with precision!!!
@myfundinglab6254 Жыл бұрын
Great content! You know your stuff! I learned a lot! Thanks
@chicanica649 ай бұрын
Thank you! You have given me the best explanation about this subject. I will implement this information right away.
@Thatssbre3 ай бұрын
This is the video I’ve been looking for. Straight to the point, where I understand. Thanks
@anonymous65942 жыл бұрын
I autopay the entire balance on the due date and keep my utilization below 6%. My score is well above 800.
@georgina4874 Жыл бұрын
FICO is the one that counts. What's your FICO score?
@anonymous6594 Жыл бұрын
@@georgina4874 840
@kookutta Жыл бұрын
Good for you big timer
@justinbergmans36 Жыл бұрын
What I’m always curious about is that people, even those I personally know, always refer to “one” score. We know there’s more. There isn’t one definitive score. So, if someone were to ask me mine, I’d say the score, which is the average of the three I know.
@anonymous6594 Жыл бұрын
@@Stratosmegas I autopay every month but is always shows up as below 6%. I guess it has to do with when the balance is reported to the credit bureau.
@521Life2 жыл бұрын
Hey Adam. I appreciate your videos. Thank you!
@LMays-cu2hp Жыл бұрын
Thank you for your advice on credit card usage in general.
@annaahmed256411 ай бұрын
That is good explanation thanks for sharing keep it up good work as always.
@GhostlyMeows Жыл бұрын
Best video I've seen explaining when and how to pay. It's not super complicated like every other video makes it seem. Thank you!
@ProudMoney Жыл бұрын
Thanks! It's not complicated but it often causes confusion no matter how I explain it! 🙂
@L.A.---4 ай бұрын
This is the absolute best explanation of this strategy that I have read or heard so far. Thanks for posting this video.
@raquelfreeman81 Жыл бұрын
Thank you. I'm trying to build my credit and this was the EASIEST, MOST CLEAR way that due date and statement dates were explained. Thank you for breaking it down at the end. It made things A LOT clearer to me.
@WILEY67 Жыл бұрын
Yes you did explain it good. I truly appreciate your videos. 😊
@tracythomas8624 Жыл бұрын
Directly to the point. Thanks
@222valley Жыл бұрын
Thank you so much I’m currently at 601 trying to improve
@gnawty4662 Жыл бұрын
This was really helpful. thank you!
@AthenaKeatingThomas4 ай бұрын
Thanks for the advice and the insight into other credit card payment questions! Time to make at least a small charge on a card that I paid off.
@bopa8848 Жыл бұрын
These videos are appreciated greatly. I indeed follow your tips. Tremendous help. Can you please do a similar video on when to pay charge cards? I just received an Amex Gold card and am new to payment timing on charge cards.
@NathanDuong2023 Жыл бұрын
Great job - explaining! Thanks.
@robertoleos674 ай бұрын
I needed this explanation. Thanks a lot.
@lifecoach3 Жыл бұрын
Thank you for great information and in detail
@betterhealthinspired335110 ай бұрын
Thanks, you explained it very well.
@megbear7541 Жыл бұрын
Thank you! I wish I knew this before
@MelGoodness Жыл бұрын
Thank you so much; this is very helpful.
@LovelyAna1 Жыл бұрын
Thanks! I have a way better understanding of it now. Especially since my due date is the 2nd of every month for 1 of my cc and the statement closes on the 8th.
@scottwhitley2242 Жыл бұрын
THANK YOU PROUD MONEY!! Have been looking for this exact info but couldn't find what i was looking for until i saw this video. Thank you for helping me build stronger financial literacy. Statement closing date and due date, in addition to under 10% utilization -is what i couldn't wrap my mind around until your video here. Thanks again!!
@herman66mi83 Жыл бұрын
Nice simple explanation
@kellyw7536 Жыл бұрын
Best explanation ever👍🏼
@mountshine13 Жыл бұрын
These are awesome tips. Great, Keep it up
@cb034528 ай бұрын
I thought this was a great explanation, but I can see why it may be confusing if someone doesn't have a lot of background knowledge on how credit cards work. Your video lines up with all of the other reputable resources I've been learning from. You showing your billing statement has helped me understand even more. Thank you!
@ksmith2852 Жыл бұрын
Good explanation. Can't wait to try it in April and see if it works!
@akcoop8 ай бұрын
Great vid bro
@H2llywoodd5 ай бұрын
Video was very helpful I appreciate it!
@gororobasdokaerre62965 ай бұрын
Way too much explanation without explanation.... Gotta be Einstein to understand and follow all these rules
@elmarespino69062 ай бұрын
Great video my friend! Thank you for sharing your experience and knowledge. God bless you.
@Charl3magne Жыл бұрын
Sir, great video. I appreciate the breakdown of when to pay and at what balance to have when closing happens. I've been making a purchase and then paying it off immediately. Always having a 0 balance at closing. I'll now leave 9ish% on the card. Cheers!
@pamelacallaway3922 Жыл бұрын
Good explanations!
@300CME Жыл бұрын
Very interesting, I have 4 credit cards and I was always told by other channels that it didn’t matter if showed 6-10% utilization on your credit report. I would always pay off my cards, and show 0% utilization. I will try this and see how it will impact my score. Thanks for the info!!!!
@kevinmoore9524 Жыл бұрын
Yes. Thank You.
@derrickgentle71744 ай бұрын
This is phenomenal incite and break down. I actually use this same methodology about 2 years now. I under the first bill two days before the end date. And have my auto pay to pay off the balance by the due date. Thanks. I’ve seen my credit increase from 643 to 769.
@Baevanna11 ай бұрын
Thank you for this video
@pameladenise9299 Жыл бұрын
You said a lot… fast💨 I had to keep rewinding when you were explaining the “due date vs the closing date.” I followed you closely, but for someone looking for a quick answer? They may get lost in the sauce.😂😂 Thank you for the useful info.
@LgnShorty Жыл бұрын
I have seen this first hand. I kept my cards at a zero balance for months . Then my score went down and they implied that they weren’t seeing usage . I let $10 on a card an my score bounced back to where I was and then some . Keep all zero but one . I rotate the cards that show a balance
@RichardAllenCramer Жыл бұрын
Right. I paid my balance in full and dropped 26 points
@jacklawson32095 ай бұрын
Awesome explanation, thank you
@tomtharos444011 ай бұрын
Making multiple payments throughout the cycle is easiest for me. Do it all from my phone. I have an easy, 15 line, 2 column, Google sheets spreadsheet where I track charges and payments in real time, and also the couple of checks I write monthly, plus when payment clears. I try for 2% or less to post. Plus I pay all bills as soon as they post. I don’t wait for the due date. My scores range from 828 to 850 depending on which one is being used. This is based on the free scores my credit card apps give me.
@thiccboiteddy1146 Жыл бұрын
Thank you ADAM!! It was so simple but the due date and closing date always threw me off and I over thought it. All the due date is, is just the last cycles due date not current cycle. Thank you….I’m gonna go to bed now 😂
@ramonsuarez10512 жыл бұрын
Thank you for the video. I understand how to manage my credit better now. I have been paying down all my cards multiple times a month so my wife doesn't think we have too much money, but my balanced usually went to zero. Now I'm going to check the statement dates so I have a balance, which of course, will get paid well before the due date.
@eileenryan4687 Жыл бұрын
Thank you!
@herbertdaugherty6366 күн бұрын
Really found this video helpful. I have seen wild variations of the closing and due dates on different cards and it can be confusing. I do have auto pay set up for one day prior to the payment due dates which helps.
@rafaelmuele496 Жыл бұрын
Thank you so very much, your explanations is a masterpiece wow it is clear and very simple to understand. Thank you 🙏
@supermang12 Жыл бұрын
thankyou for this.
@JStieloSoloPhysique1987 Жыл бұрын
2:41 Thank YOU!! I’ve been saying this for years on my channel.. ppl don’t believe me!! Let that 10a% report then pay in full the next day
@nissianjeff2478 Жыл бұрын
I actually believe and understand everything you said in your video about paying part of the balance to bring it below the 10% mark and then pay the rest off after the new billing cycle starts. But that would be a hassle for me because I have so many credit cards including Discover to American Express a host of Mastercard and Visa‘s Home Depot Lowe’s Sam’s Club and some department stores and a shell Mastercard. Lol it would just be too confusing for me to do that for these cards so I just pay the balance off in full With a few strokes from my cell phone after the charges post to the cards. It’s simpler for me that way. And it doesn’t seem to be hurting my score since it’s 801 now.
@ruthacuna4385 Жыл бұрын
Thank you, I understood it perfectly. I guess people confuse the billing cycle with the Statement Closing Date.
@ProudMoney Жыл бұрын
Yep the terminology does trip people up!
@TheeOnlyDerrick Жыл бұрын
Good information, thanks!
@ChristianPonce19802 жыл бұрын
Great video! Thank you
@TheeMan1014 ай бұрын
Explained it perfectly.
@fogrunr5075 Жыл бұрын
I'm going for 90 days with 0% utilization (paid off before statement date) to use as a benchmark. Then I'll just exercise each card, let a low balance post, and pay it off the day it posts.
@Jonathan012339 ай бұрын
I maxed out my credit cards and just started paying the credit card with the less amount and min pay on the higher score first month my credit score went up 50 points.
@WILEY672 ай бұрын
Thanks a million
@I_AmGrateful Жыл бұрын
GREAT Explanation, I see that my intentions were there by paying OFF my balances as soon as it was visible, but I wasn't really helping myself, because there was nothing to report to the 3 agencies. Darn, well it's not too late to start anew. I am desperately trying to up my credit score and this information is definitely going to help. Thank you.
@ksmith2852 Жыл бұрын
I'm in the same situation. I put everything on the credit card because it is a citicard Costco visa that gives cash back based on how much you use it. I have no late payments, liens, or anything negative and have a "Good" rating with a score of 710. I was thinking how the heck do people get to 750 or higher! Maybe it is the utilization piece. Definitely worth a try. I already have it on my calendar for 3 days before the billing cycle ends for April...and of course it is on auto pay for "Statement Balance" on the due date.
@badboy0450 Жыл бұрын
I pay down to low utilization of 3% one due date. You don’t have to make two or three or four payments a month just one payment. They report the balance on the close of statement you can look at your statements and look at the end date of the bill that date is your close date. Due date and close of statement dates are different. Close date is when they start to report it to the cras
@user-nn9in1su7w2 ай бұрын
I just subscribed. I didn't get though I got watch the vid again
@antman67411 ай бұрын
When I got my first real unsecured credit card, I didnt realize that my balance only gets reported on the statement closing date, once per month. So with a $300 limit I was only making one small purchase per week, under $60. Then would wait until the purchase posted to my account so that I could pay it off immediately so that i could use the card for one more small purchase the next week or so after the balance cleared. Oh how naive I was 😂 if i knew what I know now i wouldnt have so obsessive about keeping my balance below 30% at all times throughout the month.
@rofficer8085 Жыл бұрын
I’m new to credit but my score is above 700 I studied a lot of video before actually getting a card the best way to pay your card it to pay it off in full before the due date and the day after just make a small payment $5 or less.
@AssortedVideosforALL Жыл бұрын
THANK YOU FOR CLARIFYING... YOU REALLY MADE MY LIFE MORE BLESSINGS..!!!
@JV-ir3zw2 жыл бұрын
Brother: Thank you for this video 📹! I appreciate it 🙏 Never ever get tired of re explaining especially things as this one because Good teachers Alwats re explain things 😀
@user-kn6mg8hg9d2 жыл бұрын
Uncletobian, He's one of the best when it comes to credit score fix/inquiries and collection clearing, He helped me fix my credit to over 800+ with all my hard inquiries and collections all cleared off by him. Contact him and Thank me later.
@ericjohnson87679 ай бұрын
What time of day should you pay the billing cycle, ex 300 PM, 5 pm.
@romeoserback2 жыл бұрын
That was confusing. Or maybe I'm just not grasping it. I wish you could put up an example chart where you can explain it better for dummies like me.
@user-kn6mg8hg9d2 жыл бұрын
Uncletobian, He's one of the best when it comes to credit score fix/inquiries and collection clearing, He helped me fix my credit to over 800+ with all my hard inquiries and collections all cleared off by him. Contact him and Thank me later.
@katinakeys13504 ай бұрын
👍🏽got it, thanks
@gw6496 Жыл бұрын
👌🏾👍🏽👍🏽Good information, thanks
@sarahm-a2782 Жыл бұрын
Thanks!
@GizleGizle Жыл бұрын
Thanks a lot.
@cheekeongpon6604 Жыл бұрын
Thanks
@ZeeGits-xi8fo11 ай бұрын
Thank you
@Anthonyjones-pq4ff Жыл бұрын
Adam watched your video on when to pay your credit card payment When you make two payment like what you spoke on ain’t that call 15/2 15 days before then today before the due date . How many point does your score improve ? I’m trying that now for my Oct 6th payment Thxz for the ex hint
@floydbanks1732 жыл бұрын
Multiple payments during the same billing cycle aren't too much of a benefit in most cases because no matter how many payments you make, the credit card company only make 1 report a month to the credit bureaus. The exception that applies to me on that is specific to one card issuer, that being "Chase". On my Chase card, in addition to the normal monthly report, any other payment that takes my balance down to $0 will also be reported. For that reason, I won't use my Chase card to leave to practice the AZEO principle with, but AZEO is a discussion for a different video.
@gailjoe7217 Жыл бұрын
This is a great strategy for some extra CR score points! I didn't know it was 1o% of your total balance was the "good" zone. I only did this strategy for large purchases before, to bring my balance down ASAP, so it doesn't ping my CR score.
@youdoitillwatch2 жыл бұрын
One interesting thing to consider is how some cards handle no or low interest payment plans. For example, Amex has the "Plan It" feature, which lets you split up a large purchase into several payments at a (much lower) fixed fee, instead of carrying that purchase as a normal balance. The trick is that you have to wait until after your statement closing date to pay your card, otherwise your payment will go towards your "Plan It" balance before being applied to new charges. Chase had a similar thing with their Amazon Visa. 6, 12, or 18 month no interesting payment plans can't be managed separately. So payments need to be made after your statement posts.
@ProudMoney2 жыл бұрын
Yes, things like Plan It are like little installment loans within your standard credit card cycle and they do complicate things a little bit.
@user-kn6mg8hg9d2 жыл бұрын
He's one of the best when it comes to credit score fix/inquiries and collection clearing, He helped me fix my credit to over 800+ with all my hard inquiries and collections all cleared off by him. Contact him and Thank me later.
@heirtothethrone0002 жыл бұрын
Depending on how much I spend on my cards depends on if I let the balance report on my statement or if I pay them down a few days before the statement date then pay the balance a few days after. I keep my utilization at 3-6% and this practice has worked very well for me since I started rebuilding 6 yrs ago. Thanks for all the great information and I'm sure it's helped a lot of people. This is one of my favorite channels.
@ProudMoney2 жыл бұрын
Thanks!
@user-kn6mg8hg9d2 жыл бұрын
Uncletobian, He's one of the best when it comes to credit score fix/inquiries and collection clearing, He helped me fix my credit to over 800+ with all my hard inquiries and collections all cleared off by him. Contact him and Thank me later.
@veronicacox11211 ай бұрын
For sit matte rif it’s a full payment
@peacefulpets993811 ай бұрын
Put it on a calendar to show the dates. Your bill said, you should pay a grand on April 20th and pay it off before May 15th, right?
@lakt21367 ай бұрын
Thoughts of paying it during the grace period ?
@misterfakeid11 ай бұрын
I use to be in the 500s but now have an 843. 1 mortgage and 4 credit cards. I don't wait to pay my cards until the end of the cycle I pay them in full whenever there's a balance showing so i pay multiple times per month. Always keep a 0% credit utilization.
@Baevanna11 ай бұрын
So pay multiple times a day, whenever I get a balance showing? So don’t use it once, let’s say I have. $300 credit limit and get just a pack of gum and pay it by the statement date??? Do they look at what you actually used the card for? I’m stuck in the 500s and cannot get out smh. Advise if you can, PLEASE.
@misterfakeid11 ай бұрын
@Sanja Diggs do you have balances on your cards? It takes 1 day or 2 for a transaction to clear. Anyways I just use my CC and treat it like a debit card by paying it off a couple days after I use it that way I don't over spend. I don't buy anything unless I have the funds available in my checking account.
@Michelle-pn9xt10 ай бұрын
@@Baevanna What? Why would you pay multiple times a day? You have to use the card. You have to buy more than that. Just use the card for a real purchase and pay the bill before the due date.
@belenvelez7028 Жыл бұрын
I always paid 2 or 3 days before the due date. Is that good? Please let me know. Thank you.
@majikman7355 Жыл бұрын
Wish this stuff were around when younger. Online scores etc....to think you requested a copy of your credit report and mailed in payments
@lovly2cu725 Жыл бұрын
IT WAS AROUND FOR DECADES
@khanscombe619 Жыл бұрын
How does Apple Card vs Apple installment plan report? I see each a card balance (always under 10% but a balance of barely at 8%. Do i leave a little card use balance to report separately from my installment purchases ?
@kendal4452 Жыл бұрын
So what your saying is to stay under 10% on each card. I think the best thing is to increase your credit. That tends to bring increase my credit score.
@sirblack161911 ай бұрын
Looking at the comments after watching the video. I do not get why it is so hard to understand? I learned about paying prior to the statement date several years ago. The only part that I was not aware was the 10% or below. I was always told was to be below the 30%.
@newagain99645 ай бұрын
Diff scoring models weigh utilization rates diff. Rule of thumb is
@fogrunr5075 Жыл бұрын
One other thing not to overlook is this: Many credit cards will credit your account as soon as you make an online payment, even though it hasn't officially posted because it hasn't cleared the bank the payment is coming from. HOWEVER, some banks won't give you credit for the payment until it actually posts by clearing your payment bank.