How Should You Choose A Credit Card? Different Types Of Cards & How To Keep A Good Credit Score!

[@stephandden]

If you want to see the free credit score service we use, check out Borrowell here! ➡️bit.ly/3z16D9T

[@stephandden]

@@AHMEDNUR01 Thanks so much Ahmed - so glad you're here!

[@مرتضىطالب-ع5ع]

I hope you explain how do working credit card

[@daniellen.5148]

Would love a video on Borrowell!

[@paige9714]

Great video, thank you guys so much!! Would love to see more credit card content, this was super helpful!!

[@stephandden]

Thanks Paige! So glad it was helpful 😊

[@daniellebee9]

Great video! Would love more videos on credit scores, I always wonder if changing credit cards affects your score, or if paying off your CC right away affects it positively or negatively.

[@stephandden]

Thanks, Danielle! 😊

[@kaymarfrancis164]

Good day love what you guys are doing keep up the work. And I am new to the channel

[@stephandden]

Thank you! So glad you're here 😊

[@Jeff-ps5tg]

To get a good credit score make sure you don't spend more than half your limit before paying it off. The companies that make your credit score will randomly check your credit cards and if they see it over 50% of your limit you get penalized. Doesn't matter if you just made the purchase and are about to pay it off. They do not care when it happened. Just that it is over 50%.

[@aminae5582]

A good way to prevent that is also having a high credit card limit. I used to be afraid to higher my limit thinking it would get me to overspend, but the truth is if you are a savvy consumer and you only buy what you can actually afford, having a higher limit only prevents you from getting over the 35% utilization that credit companies usually seek to give you a high credit score. If you know that all your expenses never totalling more than 1500 $, you should aim at a credit card limit of at least 4 500$. That way, you'll always be under a 35% utilization ratio.

[@Jeff-ps5tg]

@@aminae5582 Definitely this!

[@Guskei]

Question: Have you done a video on various ways to get out of credit card debt? Thanks again for all the guidance. Keep up the excellent work.

[@stephandden]

Not specifically, no - we've talked a lot about student loan debt in the past, though! Thanks for the topic suggestion, and for watching 😊

[@Guskei]

@@stephandden no no no, thank you. You two are able to explain things in a way that I want to learn and try some of the things being shared. I'm not the only one that appreciates the time and effort you guys put into helping your viewers making positive strides. Keep up the great work 👍🏾

[@imkriswithak1135]

I use triangle world elite mastercard as i get cash back in the form of canadian tire money and best of all free roadside assistance every year. One thing worth mentioning for credit score building is that cetain cards only report to certain credit bureaus. Its helpful to know which one your card reports to. Equifax or transunion. Best would be one that does both obviously. One question i have is what are thoughts on visa debit cards?

[@antonb5241]

I love having a small wallet, just like you said having the right card is the trick! Too bad that Canada doesn't have that good of options for credit card churning, either too little points or the fee is too expensive. Maybe I'm wrong...

[@stephandden]

Very true! & good point - we haven't seen much content about credit card churning in Canada

[@Yosoykarina1]

Thank you for this video! So educational and gave me a better idea on credit cards. I'm looking to get the best one for me, as a recent graduate. I would like to know your personal experiences on credit cards and which one worked for you the best?! Thanks again!

[@stephandden]

So glad it was helpful, Karina! We both use cash back credit cards (it's what's most useful for us!) 😊

[@2night78]

Great content. Can you do a video on the top cash back credit cards in Canada with or without annual fee and an maybe an other topic that you should cover is how many credit cards can someone have in wallet ?

[@stephandden]

Thank you! We'll definitely keep those ideas in mind for future vids 😊

[@thiagosantarem9118]

Love your videos! I was wondering how you deal with your credit card when it comes to budgeting. For example, do you add the full credit in your budget and deduct the expenses from that or just add the expenses you have as recurring payments on your credit card to your budget? So if you have a card with $1000 limit but just $350 of expenses (netflix, spotify, cellphone, etc), would you add the $1000 to your monthly budget and work with that or would you add the $350 and work with that amount?

[@stephandden]

Hey, Thiago! We typically have our budget done on it's own, use the credit card to pay for our expenses throughout the month, and then pay it off 😊

[@Capreeca]

I have a good credit score in the low 800s but am always looking at ways to improve! Any tips or should I just be happy it’s an “excellent” score?

[@Jeff-ps5tg]

It means little to nothing whether its 700 or over 800. What matters is that you don't have a bad score. That's when they deny you a loan. They don't give you better rates if you have 850 vs 700.

[@stephandden]

Typically if you're in the excellent range that's a good spot to be, no matter the exact score! But to improve it's likely going to be about consistency over time 😊

[@KelvinRodrigues]

Amazing video thank you! Im happy for this content as an Immigrant in canada. But I didnt understand for example for people who probably have 0 credit (as newcomer) how to build that up or if there is another strategy for that

[@stephandden]

Thanks, Kelvin! So glad it was helpful 😊 the best way to build it up is to use your credit card (one that's meant for being new and building up credit) and then ensure you're consistently paying it off in full!

[@SofiaPoponova]

Is it possible to build your credit cart with NEO foes it actually work the same way as cart from a big bank???

[@stephandden]

Yes, it works in the exact same way when it comes to building credit! 😊

[@Emily_CM]

I was hoping to see this video “Credit Cards”

[@tanknows331]

Hey guys! Are you able to make a video about interactive brokers? Thank you!

[@stephandden]

Next video is coming soon 😉

[@mdte5421]

It’s interesting . In Europe ( france) there is no such thing us credit score. Fir banks to lend you money, yiu will need to have the required money and a job !

[@user-ex8sm9et6p]

So is it good or bad to have more than one credit cards when it comes to credit scores?

[@stephandden]

There’s nothing wrong with having multiple credit cards, you just have to remember that your score is impacted every time you apply for one because they have to run what’s called a ‘hard check’. We have multiple credits cards, but the one thing we never do is cancel old ones. 😊

[@kijijilidie6611]

Hi Steph! You still at PwC Canada..?

[@stephandden]

There'll be a video going up about this in about a week! 👀

[@cameronrbarclay]

What do you guys think about Simplii's Credit Card?

[@stephandden]

We'd have to look into it more - neither of us have the Simplii Credit Card! Do you use it? 😊

[@Paniro]

What are both of your Instagram accounts?

[@stephandden]

@stephandden! 😊

[@Paniro]

@@stephandden thanks 🙏🏿