TOP Beginner Credit Card Mistakes to AVOID

[@ginajuliet400]

Ive been watching you since I was 16/17 and im now 24. I’ve built a 822 credit score, emergency fund, retirement funds, debt free (other than full paid off monthly cards) and I’m saving for a house. All thanks to your videos. Big thank you to you *Pecuniary backdoors*

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[@yashuvhuunknown5]

Their abilities to swiftly resolve issues with credit distinguish them from those well known companies. You’re the best *pecuniary backdoors* keep up the good work and thanks for fixing people’s credit.

[@tamic8533]

Lmao he found the tutorial for an upstanding citizen😂 more power to u

[@LifeBackend]

It's crazy how much money you waste by just using a credit card incorrectly... BUT it is even crazier how much money you can make by using a credit card correctly

[@plazali]

High risk high reward... But it's controllable

[@plazali]

@@stuntxray Duke 👊

[@JohnPaul-ol5zl]

Agreed. I see the Credit Card as a Gatlin Gun at the shooting Range. If you use it properly, aiming at the old scrap card at the end of the shooting range, you can have some real FUN. Now, if you're irresponsible and start shooting wildly, well the other individuals around you will quickly wake you up to reality in an aggressive manner. The police will not get there fast enough to take you to jail. I know my apology might not be perfect, but you get the picture. Be Responsible in all matters as things can go side ways real quick. You have to be very disciplined when dealing with money, especially when it's a loan....short or long term.

[@bryanadajar3684]

What duterte did was crime. Killed people.

[@SpookyStoreOT]

Crazy how if you don’t know how to use one properly you can rack up debt but if your smart about it you can take advantage of the benefits/ points

[@jademaldonado9247]

I don’t think you even understand how helpful these videos are to those of us who had parents that never taught us about any of this. I appreciate these videos more than you could know!!!

[@phoenixsoriano]

I don't think alot of our parents understood it themselves

[@jademaldonado9247]

@@phoenixsoriano speak for your own lol

[@bvbfans123]

Right! I recently got a credit card and I’ve been wondering what is the best way to use it to build my credit. I grew up with a mom who had a lot of credit cards but always in credit card debt so I never learned how to properly use one.

[@taylorsanders8742]

​​@@jademaldonado9247 they said a lot, not all. And their correct, most parents don't

[@chiranjeeveemohapatra]

Why should your parents teach you everything in this world? 😅 They did their part as much as possible now you do yours.

[@salvacionstapletoncaquilal3653]

I have 2 chapter 11’s that are dismissed.The reason I have 2 is bcz I did not use an attorney.I was trying to stop an eviction,but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later,I ended up losing my job.They are scheduled to fall off in January and March 2021.Since I’m looking to purchase a home soon but still there.I am currently enrolled in *Pecuniary backdoors* and I must say,I am loving it thus far.I’m doubling it up with your podcast videos and learning A LOT! Thank you.I’m ready to join the millionaire club!!

[@cccbrh202.ntnooge5]

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[@yashuvhuunknown5]

Their abilities to swiftly resolve issues with credit distinguish them from those well known companies. You’re the best *pecuniary backdoors* keep up the good work and thanks for fixing people’s credit.

[@swampbiketeam8794]

The worst mistake i can make is not to say “Well Done”. But I’m not such kind of fool who doesn’t have the eyes to see the progress. You really did it very well. Great Job *Pecuniary backdoors* This is a great credit achievement for you, as well as for our company. You have shown us how to finish a tough task very smoothly. We have many to learn from you.

[@cccbrh202.ntnooge5]

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[@yashuvhuunknown5]

Their abilities to swiftly resolve issues with credit distinguish them from those well known companies. You’re the best *pecuniary backdoors* keep up the good work and thanks for fixing people’s credit.

[@revitalcohen558]

This channel is the sole exception where I haven't skipped the promo ads. Your finesse in effortlessly integrating promotional content within your videos is genuinely impressive. Sometimes, it takes a moment to recognize that you're endorsing anything; I commend *Top phase resolution* for your adept execution in this aspect!

[@cccbrh202.ntnooge5]

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[@yashuvhuunknown5]

Their abilities to swiftly resolve issues with credit distinguish them from those well known companies. You’re the best *pecuniary backdoors* keep up the good work and thanks for fixing people’s credit.

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The efficiency of this *Top phase resolution* is next level. To juggle walk throughs of various angles on the topic delivered to-camera, differnet content per topic from various folks underneath the umbrella of the track list of the larger big band concert itself is engaging and refined. To make a dense taccess like this so digestible is really something. Awesome work jon!!

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[@dawngargano9790]

I’m happy that I had the good fortune to check up their name online and learn their name.

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[@yashuvhuunknown5]

Their abilities to swiftly resolve issues with credit distinguish them from those well known companies. You’re the best *pecuniary backdoors* keep up the good work and thanks for fixing people’s credit.

[@angelclark2193]

I just wanted to say thank you for sharing this. Because you're right. The worst thing that you can feel is hopelessness. And I hope that someone who is on the verge of losing hope finds *Pecuniary backdoors* and realizes that as long as you're still alive and breathing, there's a chance, there's HOPE that the future is brighter then the present day.

[@cccbrh202.ntnooge5]

This has easily become one of my favourite & the realest credit repair source major level of mature grown conversations amongst legends intellectual mindsets.Different level of transparency.It's authentic.Dope to see! Salute to *Pecuniary Backdoors*

[@cccbrh202.ntnooge5]

You also neeed to look their name up to see their website

[@cccbrh202.ntnooge5]

You’ll really appreciate the information that i provided. They definitely came out with a massive amount of very good solution.

[@yashuvhuunknown5]

Their abilities to swiftly resolve issues with credit distinguish them from those well known companies. You’re the best *pecuniary backdoors* keep up the good work and thanks for fixing people’s credit.

[@hothotheat3000]

The only thing I disagree with is automated payments. Automating payments makes people take their hands off the wheel, so to speak, in terms of reviewing their statements and seeing what they are spending on. Please review your statements and see your spending habits. Look at where your money is going and see if you can reduce spending elsewhere. Make sure that there’s nothing fraudulent in there.

[@okctrl]

Yeah. If money goes or comes anywhere, I'm reviewing it. Been undercut at work once and overcharged so many times.

[@bluz1864]

outside my fixed internet bill, I don't use autopay for exactly the same reason. I generally know where my money goes but being human, I still mess up. When I do, I need to see where

[@pgplays458]

Put alerts so every time a transaction goes through you get an email+text message. I automate the payment and as long as I see everything good with the notifications I don’t think twice

[@jzq891202]

gotta balance the risk of forgetting to pay and take penalty. some of us have way more important things to worry about than stay on top of every dollar (family, kids, work etc). I also email alert anything larger than $100 to review. it’s a good trade off for me personally

[@Bruh-ft7me]

I was hospitalized for three weeks. Missed all my payment dates. Capital one and Amex were understanding and waived all the fees. But my credit score still went down about 90 points. Now I have automated payments set up

[@jacklyn-b1u]

What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.,

[@randettawolf]

Review your portfolio with a professional and don't make the same mistakes again. Diversify, as in your stock portfolio, and hopefully consult a professional. The key to building wealth is long term. I learned 10 years ago that you have to keep emotions (rookie) out of your investment decisions at all cost. Now, i've made over 800k in profits from my 350k investment.

[@brenda-v7c3k]

I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders

[@phill-s3s]

Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?

[@brenda-v7c3k]

'Grace Adams Cook' , is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@phill-s3s]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@orangemc9358]

As a 21 year old trying to crack the code that is this game, people like you are INVALUABLE. Genuinely, thank you. I would have the hardest time without your aid.

[@Antares_451]

21. Best advice, find you a credit union to get into.. If you have any family in the military, ask them to hook you by opening an account..

[@carryeveryday910]

It’s very simple. Have all your bills set to autopay on a credit card and have the credit card set to autopay the full statement amount at the end of the month from your checking account. That way the money is always available to pay off. People get into trouble by charging a credit card when they do NOT have the actual cash to pay it off.

[@BickBull]

I'm learning something here, as an 16 year old, I'd be taking those tips.

[@blackloki9]

The internet has always been a great source of learning continue to be digilent😊

[@e.rivera4251]

Here is one super trick, community banks and if you get a credit card with $1000.00 use only 1/2 and pay off.. $500.00 is your safe limit , never ever go over that.. interest will kill you.

[@mattmcnamara2345]

I love how you not only stated the mistake but also a solution! You have been extremely helpful in my credit journey! Thank you!!

[@johnsfinancetips]

Not at all and I really appreciate the support!!

[@muffins1653]

To make it short: 1. Dont carry a balance. Pay the debt in full on time. 2. Dont pay only the minimum payment. 3. Dont max out your credit limit. Under 30% is preferable to not affect your credit score. If you do use it max, pay before statement close date. 4. Doing cash advance. Interest rate means death (lol) unless emergency. 5. Not even using the credit card. If not used, banks close the card and this will affect the credit history that is also connected to credit score. 6. Using the wrong type of credit card. Points to take. Spend only what you have. Pay at full statement balance. Be intentional with the card you want. Do not be attached with certain cards.

[@daryldeal]

Things to add (not really specific to beginner mistakes tho and not sure if others have mentioned) 1. Not keeping track of expenses - do this just to make sure nothing fraudulent is happening. Habitually review your credit card expenses and make sure you recognize each transaction. 2. Paying late/after the due date - you will be subject to late payment fees if you do this!

[@yesenia6191]

"I do want to clarify when I say 1 or 2% utilization I do not mean carry a balance. I mean at that statement close date have some utilization but before the due date pay the entire thing off." This UNLOCKED what I was missing! I thought I need to carry a balance to show utilization but something always felt off about that to me and I wasn't getting the clarity I needed from others so THANK YOU for helping me understand! I feel so much better!

[@HitsTownUSA]

I agree with everything you highlighted except old sock drawer cc not used, you don’t need to make a charge every month or even every six months, however one transaction in a calendar year will suffice. I have a old Credit Union Visa and a Chase Freedom I’ve had since 2008 and I’ve gone close to a year with no whisper of Chase closing the account. Over a year then yes that could happen. As for the credit union, I finance a car and have a checking account so I’m sure they wouldn’t close the card for inactivity. Great video!

[@Antares_451]

Credit union are the best. I have NFCU and their interest rates are 1/2 the rates of all the big card companies..

[@fleurdavril1465]

Yes, that 's exactly what I do...

[@Fred2-123]

@@Antares_451 Who cares about the interest rate? Pay it off each month and don't carry a balance and you don't pay any interest.

[@Antares_451]

@@Fred2-123 Lol, I obviously do as I have a proven strategy I've been using for over 15yrs. Additionally, 1.99% is 90x better than 24-28%... I can afford the measly interest charge. Large purchases of 10-15k I can pay of over 1.5 months. Why, because I use my cash to invest heavily. My annual income is above 125k, of which 46k is tax free. Before Thanksgiving 23", I opened a VentureX (23k) and the Chase Sapphire Preferred (18,600) I spent over the 4k ( New customer PC with the GTX 4090 and a Bravia X95L and about 3k for the family and siblings) limit for the bonus points on both cards over the blk Friday, cyber Monday holiday.. I invested an additional 20k cash from November to present.You wouldn't even under the amount of gains I'm currently sitting on, so that $34 interest charge I occurred ain't chit. I need my cash to make me more money. The cards are completely paid off now. How do I have a card with 1.99% you ask?? Welp, My credit union was offering 1.99% for 12 months on their American Express rewards card with 3x on groceries, gas and travel. Opened it July 23". Also got 30k bonus points with a 25k limit.. NFCU also has ZERO charges to transfer a balance.. Currently loaded up on point for my summer travel season. It also helps to have an 800+ credit score.

[@wlonsdale1]

So you pay interest on the card?​@@Antares_451

[@IrvinTimeBW]

Wish I had videos like this in my early 20s.. I'm in my mid 30s now, working on fixing my credit. Thanks for sharing!

[@Mercifully-Millicia]

100%

[@JohnPaul-ol5zl]

Overall, good video. I would just highly recommend adding the Importance of Only getting a credit card(s) IF you are very disciplined with spending. You mentioned this some, but i would Emphasize it at the very beginning and end of the video.

[@Dragon-Eyed711]

As someone who’s been through a lot of trouble getting my info figured out, and finally able to start building credit. This video has been very informal on precautions taken with owning one so thank you very much

[@boomtothesooner7426]

Very informative. I have three credit cards. One I rarely use, and it's only there to feel safe in case of an emergency. Never needed it for an emergency yet, but it's nice knowing it's there.

[@negative7proxy]

I use my credit card for certain monthly bills (groceries, gas, subscriptions, etc.) and pay it off every paycheck. I've never been charged interest.

[@MitchellTheMitch]

And how many benefits do you get? Including Discounts, Rebates, Points, etc.

[@negative7proxy]

@MitchellTheMitch My card gets cash back, which is credited back to the card every month. There's no point charging money like crazy on it just to get more cash back.

[@RobbK94]

Open a savings account and put whatever your credit limit is in that account. If I need to use my full credit limit I will use the money in that savings account but if I just use my credit card to buy gas I will use my own money

[@samuelknight5512]

Does this allow you to access all the rewards?

[@xBLACKSWANx]

Even with auto pay, you need to make sure that the payment posts. I cannot tell you how many times I've seen a payment fail and a borrower gets dinged with a 30 day late. Most major creditors also will not remove the late from credit reporting.

[@aminatabangurah932]

I’ve never trusted auto pay😅I set it up but it’s set up for the day it’s due so Ik it’s gonna take a couple days to actually post. I always end up paying a few days-a week before it’s due

[@dianacomilang1719]

Thank you soo much first time user here! I got my card yesterday and now am so much confident after hearing u!!

[@Highriskjojo]

I just started not too long ago and have a $300 credit limit, what I do is leave under 6% left so it report as my card being used for my statement cycle as low credit utilization then just pay in full before payment due date.

[@CaineL08]

This was a fire video, hit so many things on the head with FACTS 🔥🔥🔥sharing this video with friends and family

[@Tiyaz_garden]

Thank, very informative and very well explained!! Thank you. Don't think the banks would actually sit down and explain in detail all those points. Thank you very much!!!

[@CreditFly]

It's always appreciated to learn the fundamentals especially for credit card beginners. Credit can be a double-edged sword; it can be a benefit for people who know how to use it but devastating for those who don't. It's important to being able to handle your finances responsibly. Keep up the good work.

[@Nicosteinerfit]

Truly amazing videos, as a college student who is getting into finance and credit cards I thank you!

[@natalemaucelli82]

I cannot imagine completing this project without you *Top phase resolution* . You are amazing. Thank you for being there for me. Not a single effort of yours will go in vain. You will be rewarded for your pain. Your hard work will bring you a lot of gains. Well done. Your achievements speaks itself about your capabilities. Slow and steady makes it to the top! Good job! Jon

[@Nudo1]

For mistake#5: - How do people with over 50 credit cards keep track and use their credit cards? - What if you have multiple of the same cards? For example, im sure a lot of people reapply for Chase cards due to the welcome bonus renewal. Does this process replace the old card or will you just have 2 of the same cards that now you have to use?

[@johnsfinancetips]

Great question. -excel spreadsheet, that's how I manage so I know which cards I've had -you'll have multiple accounts, but usually I've closed the old one so it's not a big problem. Hope that helps Alvin!

[@HitsTownUSA]

I’ll definite revolve a balance on a 0% APR intro rate, WHAT is important is to make sure if you carry that balance on that intro rate it doesn’t put you over the good utilization below 30%….oh yes and make sure that balance is paid off before intro expires

[@haileycameron4254]

This is so helpful and informative! Thank you so much!! Subscribing!!

[@AlThePal78]

Don't use it if you don't have it

[@OliverWeber-fk3hp]

I like my cash back and points, if you’re disciplined enough you just use it as a debit card and pay it off always every month and don’t spend what you don’t have. Beat the systems

[@OrgNobody13]

Thanks for the tips, boss. I'll follow this advice all the time

[@stephaniefythm]

No doubts , A good way of growing and saving your money is through investing . You don't need to have much before you can invest. "That little money you have now can make you millions if you invest it wisely". I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made

[@Alexedmartin.]

Nice one .Any investment tip?. I would love to know how you made it this far

[@stephaniefythm]

Okay, so generally speaking, investing calls for more knowledge. For this reason, it's crucial to have a strong support system (financial counselor) to lead you through, particularly while choosing assets. I work with (REGINA LOUISE COLLARO), a registered wealth management company's partner investment advisor. For the record, it has been the best experience for my finances. You may have heard of her because of how well-known her services are. She helped me become financially solid through investment, and now I profit from her passive income strategies on a monthly basis.Therefore, I'll suggest that you choose a reliable investment advisor for yourself.

[@Alexedmartin.]

I've read testimony of people employing investment advisors to help them become more financially stable, therefore your investment advisor must be pretty good. Would you mind providing more details about this person?

[@stephaniefythm]

​@@Alexedmartin.Sure Martin. You can check out online for more information. she can work with

[@ugojazzy7812]

​@@stephaniefythmPersonally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does.

[@titoscreditcards]

I hate myself for paying interest and carrying a balance in my younger days - never doing that again! 😅

[@SanaiaBamboo]

Love yourself for no longer doing it ❤

[@Mattrz34]

luckily im learned this at 16 lol

[@wave2eesha]

MANNN im just now learning about it 😭but I’m glad ik now

[@TheGodlyBeautyBlogg]

Wow you explained everything perfectly! You are very thorough and helped me understand!!

[@joevelazquez1839]

I have ADHD and it’s difficult for me to sit through an entire video But I cannot believe I listened to and understood everything he said. Well done :)

[@johnsfinancetips]

Thanks for the support and happy to help!!

[@alexnino7111]

Same here. He's speaking smoothly and quickly. I think that's why

[@cratzgg8818]

Credit utilization is always a topic of misconception, a high credit utilization can be good to create a strong credit profile IF is paid in time and in full every month, that would create a strong credit profile that subjects to credit limit increases, lowering your utilization therefore increasing your credit score, unless you are looking to apply for any new line of credit this is completely unnecessary.

[@johnsfinancetips]

Great point! For some this can work. But I would lean on the side of low utilization and when you need more credit adding more cards to pull in bonuses.

[@bluespaceman7937]

In some cases, that is a good idea.

[@User-be5yj]

You’re the only person that seems to understand this I don’t know where the magic 30% usage comes from because bank tellers don’t even know 😂

[@cindyandjoey]

The over 30 percent penalty is real. Last month I started with three open cards, two of which were not in use, so those two were 0% of their respective credit limits, and the third had a balance that was 1.93% of its credit limit and 1.7% of the total of all three credit limits. My Vantage 3.0 score was 820. Then, I had an unexpected major expense on my house, so I applied for a new card on which to put the bill (more than $4000), due to the fact that it had a 0% APR for 15 months, which I thought looked attractive, because I wanted to pay it off over a year or so without interest. The hard credit check dropped my score 4 points, but what really hurt me was that the new card was given a credit limit of less than $10K, so that the balance on it was 42.7%. My total usage of all the credit cards (now four) was still only 9%. But they dropped my score by 16 further points, for a total of 20 points lower! (Note: that was also the Vantage 3.0 scoring. My FICO-8 score started at 808 and fell to 787 for the same two things.) The large drop I believe was almost totally due to the over 30% balance on the one card, so I took money out of other sources and paid it down to where it is now 22% on the one card and 5% overall, so hopefully next month my score will come back up. Chalk it up to learning experience: Be careful with opening new cards! They advertise the crap out of them, then when you get one and use it for the purposes they advertise, you get dinged for it. So it depends on the percentage of credit in use on EACH card, as well as the percentage of credit in use overall (all credit limits added together).

[@EHLAiNEEE]

Thank you so much!! This is very very helpful. Love from Philippines!

[@mjtan6445]

So happy that I'm doing right with my credit card. Definitely not doing those 6 mistakes

[@druidsongevergreens]

I would love a video on credit card types for their best uses. Or a series of videos on this thanks

[@PatrickMcNamara8]

“I” am not using my credit card wrong. If anyone genuinely needs the advice of “don’t spend what you don’t have” and “don’t run a balance in your card” they gave bigger financial issues to deal with. It’s not just basic to understand this, it’s a necessity. If you have anything above a zero balance at the end of your statement cycle, you need to SERIOUSLY re-evaluate your spending habits and stop overextending your lifestyle.

[@shockjock35]

If we pay off the balance by the Statement Closing Date for a $0 balance help your score. But a credit card not being used that has a $0 balance hurt your credit score. If the closing date is what’s being reported to the credit bureau

[@johnsfinancetips]

Pay majority before closing date to keep utilization low. Then you pay rest before due date and you should be good. Showing some utilization but not a lot is the goal, hope that helps!

[@dr.markevers8331]

You need to keep your utilization rate below 30% to maximize your score. Your high balance gets reported, so you need your high balance to be below 30% of your limit all month. Then, As John tells you, pay in full your balance once your billing cycle closes. You’ll see a statement balance, pay that in full. Basically, use your CC like a debit card and pay it off every time you get paid. Make sure you are sticking to your budget. Research (multiple studies) shows we spend more on CCs vs cash. So, you need to be hyper disciplined using them. Otherwise, you end up spending more than the rewards you earn.

[@infamoushx9869]

I always pay of everything 2-3 days before the closing date. Is that not good?

[@MrCooper89]

@@johnsfinancetips I'm not sure I understand this. I went from 0% to around 8% on my DiscoverIT card and it actually hurt my credit score rather than helped it.

[@johntheshapeshifter8591]

Is all about having a conscious responsible mindset to protect your home, credibility, My grandmother always told me put away and save at least $50-$100 in *Pecuniary backdoors* . Every time I get paid ..As paying yourself as a bill put the money in an envelope that’s emergency cash for household and myself. take the rest of the pay and take care of your rent and your other expenses… thank you for this video is very informative.

[@damndavid1098]

Super early that the title says “Credit Credit Mistakes to AVOID as Beginner” 😂

[@norude]

Credit credit

[@JakeVanderPloeg]

Hahaha I wouldn’t have even noticed if u didn’t say anything

[@hi.idonotexist]

Credit credit

[@johnsfinancetips]

hahaha thanks for catching that!! Good thing this is John's Grammer Tips

[@norude]

@@johnsfinancetips "as Beginner"? Shouldn't it be "as a beginner" ?

[@sameqy]

Love this video....super complex the way you personally deal with credit card. But on another note, you mention that if the credit card does not benefit us anymore, we should close it and move on... it seems you contradict yourself when at the beginning you mention to not close the oldest credit card because of the credit history. Does that mean i should never close any credit card? Any comments on here would be super helpful for clarity.

[@JeredtheShy]

The only reason you have a high spending limit on your card, like 10-20k, is because that is how much cash you have in your emergency fund and if you need to spend all of it in one go, using the card, then so be it. It would suck to have $15k in emergency cash, but you can't access it because your card limit is only $5k, and the cash is in the bank, you're far from home, it's hard to get at, but you need to solve a $12k emergency right the heck now, and so you want that high spending limit if you need it. Otherwise, like the man said, balance always zero.

[@rarestparrot547]

Couldn’t you just keep the emergency money in a checking account that’s a debit card?

[@theburlybro]

@@rarestparrot547yeah but the problem is with debit cards there is a daily spending limit so you cant use all the money in your checking acc

[@wed3k]

I like my 20k limit because i can still use it as a loan for 30 days and my chase plan also can seperate it for 6 months interest free. Gives me time to purchase more expensive equipment while i utilize my money for other jobs for income.

[@delesa16]

We need more immeasurably wise and compassionate humans like you on this planet. Thank you for sharing *Pecuniary Backdoors* , Leo. I bet I'm not alone when I say this video found me at the perfect moment, and there are a lot of things here that I needed to hear right now.

[@cesiacotache9961]

Thanks John! As always, it is a great video! I jumped on my credit card journey thanks to your videos. I applied to the Built card but got denied. I was only an authorized user for about 3 years when I applied. I have a CapitalOne Quicksilver card for fair credit for about 5 months now. How long do you think I need to wait to apply for my next card? Built, Citi Custom and Chase Unlimited/Flex are my desired options. My score in TransUnion is 768 and 682 in Equifax. Thanks!

[@cesiacotache9961]

@igjefferycole4you412 thanks for the advice!

[@bennymario5876]

This video was simple to understand and was a great learning tool for the do’s and don’ts in the credit card game. Thanks for sharing!

[@nnchow]

How does cancelling cards affect credit score? How soon would you recommend closing?

[@druidsongevergreens]

Never close a card. Use every card every few months and pay it off within weeks to avoid paying interest. It's a red flag to have any credit account closed ever. I learned this the hard way.

[@AnthonyLopez-di5vv]

Yea but in the video he recommends closing a card if it’s no longer suited to your needs. That struck me as odd for the reason you mention. I can’t imagine that having a history of opening and closing accounts over and over will do anything but hurt your score in the long run

[@wesleyeggleston8510]

I needed this before I made my fall...

[@bkcalvine]

Thanks for the vid / advice! From 10:14, it's noted "do not be afraid to jump ship." Doesn't cancelling a card also affect the credit rating? Or should we be cancelling a card and then immediately apply for another?

[@hieuniverse]

Never ever cancel a credit card for the reason you said! Though, don’t be afraid to use credit cards that you can benefit more from and keep your other “unused” cards under minimal utilization instead of canceling them.

[@cindyandjoey]

Cancelling a credit card can potentially affect your score under two of the categories: 1) Under credit history (worth 15% of your score on FICO-8 and 21% on Vantage 3.0). If the card you cancel is much older than all the rest of your cards (check the date you opened the accounts), and the average age of your credit recalculates to a much shorter span of time, then that will hurt you. 2) In your credit utilization (worth 30% of your score on FICO-8 and 20% on Vantage 3.0), which is your debt in use out of the total available limit, both on each individual card, and for all of them together. The credit bureaus rate 0-9% Great; 10-30% Good; 31-60% Fair and >60% Poor. To calculate the percentage, divide the amount on the card by the credit limit, then multiply by 100. Let's say that you have card 1 $2,000 out of $5,000 limit (40%; Fair) and card 2 $1,450 out of $5,000 limit (29%; Good) and card 3 $0 out of $5,000 limit (0%; Great). Your TOTAL utilization is $3,450 out of $15,000 (23%; Good). Now, one day you look at your three cards and say, "Gee, I'm not using my card 3 enough. I'll cancel it." What happens if you do that? Your credit score will drop! Card 1 $2,000 out of $5,000 limit (40%; Fair) and card 2 $1,450 out of $5,000 limit (29%; Good) are still the same, but what happens to your TOTAL utilization is this: Total Debt $3,450 out of $10,000 Total Limits (34.5%; Fair)!! Your overall utilization has dropped from Good to Fair. So you'd be going from cards Fair, Good, Great (OVERALL Good) to cards Fair, Good (OVERALL Fair). You'd still have the same amount of debt, but you'd be lowering the ceiling. And if the card you eliminated was also one of your oldest, you could simultaneously be taking a hit on your credit history. Knowing what I know now, I would never cancel a card before analyzing the potential consequences. Adding a new credit card would require a hard credit check, which would be a further four-point drop, or maybe more, depending on how much is loaded on the card.

[@desirelecointre3322]

The method most KZbin videos pointed to isn’t really working for fixing your credit and getting rid of bad items off reports or increasing credit limit & line of credit.. *Future imperative corps* is the solution to all bad credit score, negative & derogatory items on reports or increasing credit limits👌

[@desirelecointre3322]

Their abilities to swiftly resolve issues with credit distinguish them from others. You’re the best *future imperative corps* keep up the good work and thanks for fixing people’s credit.

[@desirelecointre3322]

Their name is spelt as *Future imperative corps* … They’re specialized with finance, credit scores, credit cards and limits, tradelines, line of credit etc😊..

[@KAYOFFICE-d3v]

Thank you for sharing these valuable insights! Your clear explanations on the top beginner credit card mistakes to avoid are incredibly helpful. It's refreshing to see someone genuinely invested in helping others navigate the world of credit responsibly. I appreciate the tips on building a positive credit history and avoiding debt traps. This video is a must-watch for anyone just starting their credit journey. Keep up the great work!"

[@BreezyKun]

I didn't know there was a preferable utilization %, maybe that's what's keeping me from breaking through the high 700s, cause my use % fluctuates a bit.

[@carmenmich]

I made every mistake because I didn’t know any better. Thanks for making this video! I am finally learning and back on track. Could you make a follow up video teaching people what to do after you’ve made all the mistakes and you want to be back in good standing and attain high limit credit cards again? When I say all the mistakes don’t mean being 30 days late. I’m talking about getting high limit credit cards and being in the good graces of the bank. I met a lady who said she had been banking with Chase Bank for 30 years and she got behind on a credit card or was late or something and then she got back in the good graces but she only had a $2000 credit limit. I was telling her about the trifecta , but I don’t know how she can begin to get to where she wants to be with Chase again.

[@jamjamjamjamjamjamjam]

I wish I saw this ten years ago when I got my first credit card.

[@hrqjornrhbn1281]

1.1 Never carry a balance 1.2 Have balance in account = credit limit 2.1 Never make a minimum payment always pay full 2.2 always pay the full amount 3.1 never use almost all of the credit limit (keep ur credit utilization under 30%) 3.2 pay before the statement date, not just wait for the due date 4.1 dont get a cash advance from a credit card. 5.1 use your credit card (dont keep ur credit utilization 0%) 5.2 keep it on auto use, i.e. auto credit, auto pay credit 6.1 know which and when to get a credit card to use (not college graduates, shoppers, fomo) 6.2 optimize ur benefits, know ur spendings a month, be very very intentional 6.3 do not get attached to ur credit card... Use a different credit card when the benefits are better.

[@elianad.9646]

I have a question. So let's say there's a reason where you need to use over 30% of your credit limit to buy something. If I pay down this balance to under 30% of my credit limit before my credit statement gets reported, and then pay the remainder of the balance in full by my due date, is this the proper way to handle this?

[@dawdyand1]

Thanks for recording this Brandon! Very useful! Mahmoud

[@LacerdaX10]

I think cash back can be useful either if the APR is smaller the another one, or even better of you get a promotional 0% APR, and pay another you might have with up to 25% APR WHAT DO YOU THINK?

[@PrincessofPeace444]

If you pay the statement balance in full every month you'll have zero interest anyway. If you're paying interest, cashback isn't doing anything for you and you'd be better off just buying things with actual cash or your checking account/debit card.

[@876Plug]

Here is the quickest resolution to credit cards… Get a debit card because you’re sure it’s your money and it shows you’re a good saver of money.. credit cards are trap to put you in debt that’s why they make it so complicated.. borrowing money should always be look at as bad..

[@gps6800]

Finally a good comment. 1# mistake of credit cards is getting one.

[@Gentlesideoffury]

thank you for the tips!!! I'm super squeaky new to this

[@XavierCruz-ld2dd]

Same im scurred af😱😱

[@Gentlesideoffury]

@@XavierCruz-ld2dd me too!

[@xShyFlowerx]

Yes, I've recently let go of a cc that was very stingy about limit increases and had next to no rewards. As soon as I switched and got an AMEX, I bounced.

[@ioxemi]

My biggest problem is I'm almost 30 and have never had a credit card 😂

[@TheShoxter]

Why are you recommending to close a credit card just if you aren’t using it anymore? Assuming there is no annual fee, then you should never close the card. You want to have as many lines of credit open as possible with long lifetimes to increase your credit score. Closing a card only hurts your score by reducing your number of credit lines and average lifetime of credit. Am I wrong here?

[@shanemau516]

From what ive heard from my parents, their credit score started decreasing when they stopped using their credit card. So if you're not using it, you should just close it..

[@eiotown]

That's the whole point of a credit card. People don't have the money to survive so they use credit cards. So they cant pay the full amount but payments. Paying in full makes sense to the 1% who don't need the money but the credit line.

[@electricfishfan]

I don’t agree that sensible finance is an exclusively 1%er activity/lifestyle. It takes wisdom and the good luck not to have been screwed by unavoidable crisis (such as medical bill snowballing or things of that nature).

[@timothysteadham331]

There is a time when it’s ok to take a cash advance on a credit card and that’s for business expenses. Federal employees are expected to take cash advances to pay for things in cash but we are reimbursed for everything.

[@heriznaga]

What if the due date comes before the statement closing date? There Is no way to show some utilization without carrying a balance even if it’s a small balance

[@stevenrubio-vasquez3552]

not true at all you just said it the due date is before your statement pay half of what you owe before your reg due date you just paid the bank your half and your credit score will give you points for it being time now ., pay the other half before the statement date you have now paid it in full , and when it gets send to the credit beauros they say you made 2 payments and they are in full you paid everything on time they give you your score and its gonna be high

[@Apocalyptichist]

Someone correct me if I'm wrong, but isn't the due date for the previous balance? I just make sure I pay off my previous month's statement balance in full and keep a minimal amount on there for the statement closing date.

[@ARtorNot8]

This was super detailed! I have a clearer understanding of how that system works 👍🏽

[@caroljohnson5048]

The method this video pointed to isn’t really working for fixing your credit and getting rid of negative items off your reports.. *Future imperative corps* is the solution to all bad credit score, negative & derogatory items on reports 👌

[@caroljohnson5048]

Their abilities to swiftly resolve issues with credit distinguish them from others. You’re the best *future imperative corps* keep up the good work and thanks for fixing people’s credit.

[@caroljohnson5048]

Their name is spelt as *Future imperative corps* … They’re specialized with finance and credit😊..

[@caroljohnson5048]

I’m glad to get the privilege to get to know about their name and looked it up online.

[@caroljohnson5048]

*All you just need to do is just to look their name up online to see their website*

[@stacieirving]

I lost the game a long time ago... 🤣 I am now in the process of telling my interest and previous balances totalling around $15,000 that I have racked up over the last 2 years to hit the road!

[@kamii_999]

Holy fuk how did u let it get that bad? 😅

[@leshawnbranch1432]

You mention closing your credit card could affect your credit history which makes up for 15% of your score, but what if your credit card with an annual fee isn't providing the same value it once did. Should I close it or just keep it open and incur that annual fee forever?

[@go2ferdie]

So from what I have been told, you should just let a card close on its own vs actively closing the account as it lessens the impact on your credit score. If your playing the 0% interest game then you want that card to close at some point so you can apply for it again in the future. your suggestion of using the old cards monthly so it does not close would not help me with this. I have been able to reapply for cards that I have used in the past that closed on its own and still get the 0% interest for how ever months the offer is doing this trick.

[@druidsongevergreens]

Never close a card. See my comment above. You run a small charge every few months and pay it immediately to keep the account alive forever. That's the credit game that prevents a ding on your score from a closed account.

[@abijahjames621]

Wonderful, just wonderful. Truth must be sought beyond whatever social baggage you are carrying and must let go of. Forward momentum is accelerated in crystal clear vision. *Pecuniary backdoors* dropped serious knowledge. My credit presently runs from good to excellent, but I want from excellent to most excellent. I hear that this is the way to do it. I love the whole precision of this methodology. Here is power. Thank you.

[@ss11733]

to survive the pandemic I had to use my credit... bills, food... I'm still paying for it

[@Marcus-ch1cy]

He is correct, i was deeply wounded my credit card. I wish i had 2000$ to restart my life again and follow ur steps man.. its a really regretful mistake i made to my both credit card .

[@WarchiefRoric]

These videos are fantastic please keep up the great and informative information!

[@bennettcooley3717]

Hey man thanks for your videos. Ice never had a CC but everything your bringing up makes me thing of why those give me my check now apps are so promoted 😮😬

[@jamesphan3484]

Not looking for the best SUB is a mistake I made. Applied for amex gold for fun on my phone and got accepted for the 60k sub accepted on impluse when I literally had a referral link to a 90k and $200 statement credit SUB bookmarked in my browser 💔

[@roozavelt]

how did you get the browser offer

[@newagain9964]

Yeah. I got Amex green to pay for clear. Could have got better SUB. Better yet, should have skipped it and just got premier travel card. Which I ended up doing (but smartly got extra pts). All good. Ended up with +$10 net on Amex green and 40k pts. Gonna close soon and Xfer pts to plat (or gold?)

[@LubindaSilasTafira]

Very very important. Thanks for the video.

[@javencronin6503]

It really just depends what you’re going to do with that money if it’s okay to pay interest. Personally I have about 5k in debt right now that I plan on carrying over because I have something that’s going to make me a lot more money. So I’m utilizing it for an investment that I otherwise wouldn’t have had enough money for and it’s damn near a guaranteed return.

[@bobbybalogne2565]

How did that work out for you?

[@shutit4024]

How did it go for you?

[@javencronin6503]

@@bobbybalogne2565 needed up with about 18k in credit card debt and just got a $48k check so I’d say it worked great

[@javencronin6503]

@@shutit4024 look at response to bobby

[@jayviermendiola]

I thought I knew everything until someone told me I was doing a cash advance by pulling out my credit from an ATM (one of my buddies), glad I learned from that. I currently have a good credit score & I'm surprised I didn't get as screwed from all the times I've pulled like a debit.

[@norcalzx3]

I don't consider myself a beginner credit user, but I'm curious. Do you or would you ever consider doing credit counseling? I'm sure I could be getting more out of my credit, but at this point I'm...content...with how things are.

[@johnsfinancetips]

Ya know that's actually a question I get often and for now likely not. I went full time into content creation in September and I've been busier than ever. If things change in the future I might re-visit it. Sorry!

[@MissD934]

EXCELLENT VIDEO!

[@harshitakatyal6153]

Hi Jonh! I wanted to ask you if I only use 40-50% of my credit limit but I use it all once or way before the due date, will I get a good credit score??

[@leogootee9684]

Wow! Glad I came to your channel. Now I know to keep it under a 10 - 30% by the statement date and pay the rest by the due date. Thanks, John!

[@UltratecJS]

Hey John, great videos. I noticed your background lights are flickering and can be annoying for the viewers. ( Issue only noticeable on bigger screens, not phones) You can easily fix this by adjusting the shutter speed on your camera, increase it or decrease it a bit and it will go away. Feel free to reach out if you need assistance.

[@ThunderCat19D]

That just might be YOUR video settings. rhe background is smooth and fluid with the colors changing on the art . No flickering from my perspective

[@UltratecJS]

@@ThunderCat19D Nah it's not my video settings. It's not noticeable on your phone. You can only see the background lights flickering with bigger screens. I know because I create video content too and had to address this issue with my Phillips Hue lights in the background.

[@strangerssssss1998]

I’m using a 14 Pro. No issue here lol

[@GanNing221]

Obligatory: Seizure Alert

[@Scrappygymrat]

That’s a you problem

[@jRey_photos]

If you carry over debt on your credit card is how you credit is built. Hold it for like a month or 2 while doing payments

[@Breezie51]

I keep a 20 dollar balance on ONE card just so my utilization is 0 . Would my credit score be higher if I paid in full

[@markbeiser]

Your credit score will suffer a penalty if all of your revolving accounts have a $0 balance.

[@johnsfinancetips]

Echoing what Mark said. Have a small utilization on statement closing date. But pay in full by the due date

[@aliabdul-qadir8334]

Ppl look at credit wrong first change the way u think about money use ya credit card pay all ya bills for the year that’s it so this every year fasted way to wealth

[@JasonTN]

I need your video for myself 10 years ago. I had to read and research a lot because no one could give me the correct answer at that time. Btw, I've never paid a dollar interest until now

[@misaelsalazar3106]

I was an authorized user and I rarely used the card and never worried about the payment. I don't use the card now but it is my oldest credit account(9 years), if I where to continue to not use it would it affect my credit score even though it is my brothers account?

[@Warblaaster]

Wow you gave out some good tips and what's funny is, when I first got my first credit card, I used all these tips without knowing it lol. I only got a card so I could be able to buy things online as most shops don't take debit cards. And because I spent little and on that same time paid it back, I was able to increase my limit super fast and super high. Will I need it? Maybe. Will I use it all? Probably not lol.

[@Lic.en.derecho]

The best explanation I have found...

[@jacksonpayne3882]

If you're traveling a lot but cannot book thru a specific booking area as many cards do. Is it still worth it? What card would be worth it?

[@Noxlion28]

The majority of people don’t have enough to pay off a card in full..my suggestion is make extra payments if you are that far under. I’ve had balances on my cards for a month or two at a time throughout my credit history and I’m at an 800 credit score at 28 years old.

[@necigrad]

Just a point of note on cash advances... In general yes, DON'T USE THEM! There are times though... I was in Bangkok and lost my debit card. Gone. Squeaked by to continue my trip to Hong Kong. I used a cash advance to get HKD. I needed cash. I also checked daily until I saw the cash advance and paid it off. Yup, it cost me WAY more than a withdrawal from my bank account, but... It was worth it. Yes, rare situation, but...

[@LOL-gs4fs]

that’s exactly what he said in the video though hahah. he said it’s a complete emergency emergency, which your situation sounded like there wasn’t another way.

[@necigrad]

@@LOL-gs4fs I wouldn’t call it an “emergency” though. Guess it depends on your interpretation of the situation.

[@hawkmaster381]

It's easy to say "just pay off the full amount" on the due date. For most people with debt, especially in this suffering economy, this is not realistic.