Even though most of us know how to properly use credit cards by now, these are Top 5 most common credit card “myths” I’ve heard and whether or not there’s any truth to them – enjoy! Add me on Instagram: GPStephan
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FIRST MYTH: Leaving a balance on your credit card helps improve your credit score.
Well, the reality is that, NO, carrying a credit card balance does NOT increase your credit score…it only costs you money because now you pay interest on your unpaid balance. And paying more interest on a credit card DOES NOT increase your score any further than if you paid it off entirely, in full.
Instead, here’s what REALLY helps your credit score…and it’s important to understand this, because I’ll be referring to this later in the video:
35% of your credit score consists of your PAYMENT HISTORY: This means you pay your credit by the time it’s due, without any late payments. And when it comes to this, paying off your bill IN FULL or just making the minimum payment and leaving a balance will affect your score THE EXACT SAME in this category, as long as you just pay on time.
30% of your score is calculated by your credit utilization: this is amount you have available to use, versus how much you actually use.
15% of your score is calculated by the length of your credit history…the longer you have credit, the more robust your score will be.
10% of your credit score is calculated by “new credit” – generally the newer your credit lines, the lower your score will be, and this has a small impact.
10% of your score is calculated by the number and mix of credit lines of you have…it helps to have multiple credit cards, an auto loan, lease payments, mortgage payments, or a variety of different “types” of credit showing you’re responsible at paying all of those off on time.
SECOND MYTH: Too much credit makes it harder to get a house or car loan
Back in the 70’s and 80’s, the conventional thought among mortgage lenders was that if a borrower had access to too much available credit, they posed a higher risk of default because they’d have the ability and temptation to use all of it. However, in the late 1980’s, the FICO scoring method began analyzing their credit files…and that revealed that borrowers were NOT more likely to default on their payment if they had more credit available to them. And the “temptation” of having more credit would not “corrupt” an otherwise responsible borrower who paid on time. In fact, they found that the more available credit borrowers had, the safer they were, and the higher the credit score they should have!
THIRD MYTH: You should cancel cards you no longer use
Unfortunately, doing this could end up dramatically lowering your credit score and in most circumstances, this is a REALLY bad idea that you should avoid. If you have an old credit card you don’t use, just keep it that way…make sure to still keep it open, put it in a drawer, forget about it, put it in the frozen in a block of ice, give it to me so I can buy stuff with it…I really don’t care what you do. As long as you don’t close it.
FOURTH MYTH: Opening up a credit card will lower your score.
The answer to this is one…is YES. Opening up a credit card WILL have a negative impact on your score…but this isn’t as bad as people generally make it out to be. From my experience, overall, opening up a new credit card has such a minimal effect on your credit score…and in some cases, I’ve opened up new credit cards and seen my score actually INCREASE. So when it comes to this, I don’t really worry about it. If it does impact your score, it’s minimal…and long term, there are usually more benefits adding different lines of credit to your account.
FIFTH MYTH: You should use old credit cards to prevent them from being cancelled
And this myth is true. Credit Card companies only have the ability to extend a limited amount of credit to people, and they only make money when people use those cards…so when they extend credit out to someone who just NEVER uses their account, they’ll often cancel those cards so they can extend that credit line to someone else who will actually use it and make them money.
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Today I was hit with insurance fee on my credit card.
I contacted bank and canceled it for the future purchases.
I glad that I spent less 1 dollar as my first purchase and fee was only 1%. ha ha
I hope Graham would be proud of me.
I have never own credit card before. But after listening Graham I got two cards with huge limit (one is completely free and second is very cheap)
I spent less then 10% and always pay in full.
GRAHAM
Just got my first credit card,
I have good credit,
How long should I wait until I apply for a 2nd card?
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I don’t know what’s up with it honestly, but I got everything down to $0. The next month I let one of them report a balance, but paid it when it was due. My score went up, when 1 had a balance on it. It might have been the age going up, but definitely made me think that a little bit being reported might be good. As long as it’s only a reported balance, and not a balance held that gains interest, maybe it’s good? Lol
Last year my oldest credit card was canceled after 3 years of inactivity. I’d had it for 20 years so it was upsetting Capital One couldn’t have sent a letter to warn me they were going to do so before they actually did it. Lesson learned!
Is it bad to open two new credit cards at the same time?
What does it mean to pay the full balance of the credit card? My minimum balance to pay is like $40 dollars and the maximum to pay is $1,000. Should I pay the credit card bill $1,000 monthly?
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You want to use old credit cards once or twice a year so the credit card company won’t close it. You can spend a few dollars a year using the card and that will keep it open
Only millennials talk about “30 years ago” when speaking of the 70’s and 80’s. That’s more like 50 or 40 years ago lol
If that last myth is true, why should we put the cards in ice and forget about it
I had a credit card and I would use it and pay the balance before the statement date. The credit card company said I was using the card in a way it wasn’t intended and they canceled it!
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I live on disability and have a 800+ credit score for two very good reasons..#1.. I live WITHIN my means… If you can’t save just a little when you’re on a fixed income you are overspending your resources..It doesn’t have to be much… even being able to save $35.00 monthly… can mean having $400.00 in savings in a year..#2… yes I put my monthly expenses on my credit card because I get 1% back.. but I also go into my bank and PAYOFF the existing balance every 1st and 15th..I haven’t had to pay a monthly interest fee in over three years.. so I must be doing something right
Yes there have been the times when “unexpected” expenses come up that far exceed my planned expenses… and for those times, I have to rely on my CD ladder.. but that all goes back to saving on a monthly basis and living within my means on a regular basis
I have a Best Buy card. It comes in handy when I need to get/replace something but it’s not convenient to pay for it in full that month (without paying interest or having to touch savings). I can make the monthly deferred interest payment for a month or 2, then I usually pay it in full within 3 months. Came in handy a year ago when my laptop died 2 days before I left for vacation. I get notices if I haven’t used it in 18 months or so that it’ll be closed due to inactivity. I’ll go buy a flash drive that’s on sale or something to keep it active. I regularly lose and have to replace them anyway.
How about closing a bad Credit Card? aka the Credit one Card
What does it do for your credit score if you buy a new car with cash?
for the full amount of the car? it will have zero impact on your credit score, because you’re not using credit in any way to make the purchase. Unless for some reason they do a hard inquiry before you tell them you’ve got the tab covered.
That was sad that the old credit card company didn’t even give you a chance to say goodbye or get some closure.
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I know it’s an old video so you might not see this but in the first couple of minutes you said it’s a myth that you need to leave a balance on your credit card.
My question is when should you pay it? Could I pay it as soon as it posts or wait until it’s due to pay?
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How about anual fees on credit card that you paid off but keep open?
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What about closing credit cards that have absurd fees etc , I wanna close them and there only like a year old .
I hate when ppl keep saying give a little bit money to your credit card bill when I already have the full money to pay it off they keep on saying it’s bad and it will lower your score but when I check my score it was getting higher and higher I just need to keep on going for now on
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So whats a healthy amount of credit cards to have open? I.used to have 700 credit score with 4 credit cards but then got screwed over by my ex. I’m in the rebuilding process and im at 583. I have 2 credit cards.right now
No wonder why I hate credit cards so much 🤔
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*Q:* I’ve been renting for 32 months. I pay my landlord with post dated checks 6 mos at a time, thus I’m NEVER LATE! Yay! Yes. We obviously have a great trusting relationship. However: my rent’s gold medal payment history DOES NOT COUNT towards my credit score despite the fact it’s my largest (by 10x) payment every month. IMO: *This is an obscene abuse of a responsible renter’s credit history.*
*Is this a discriminatory practice AGAINST well established, financially resposonsible people, whose only “perceived crime” is that of being a renter v.s. an owner? Do I have ANY LEGAL RIGHTS here?* I HAVE written emails & called my county’s DEPT of HUMAN SERVICES & H.U.D., but… NO responses from them, NOR from my Sept., Oct., Nov., Dec., 2019 & Jan., 2020 multiple calls & mailings to my district’s state senator & representative.
*It feels mighty wrong to me. As a disabed, in cancer remission, senior citizen – I’m WORN DOWN BY ZERO HELP, EVEN PRE-COVID!*
My L. L. is happy to write letters to mortgage lenders (now that I’m starting to consider buying a home) but my banker says it won’t make a difference to mortgage lenders due to lack of accepted records at main credit score companies. WTH do I do to get my rent payment history counted?
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The credit card companies are a bunch of filthy crooks with their criminally high interest rates. The government needs to clamp down on them ASAP.
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When you say 30% utilization,does that mean we use it once in a month . Or the certain 30% for maybe twice or thrice could be used in a month?
30% of your monthly credit limit
Credit card companies should email or “alert” the closure due to inactivity. I lost a great credit card myself
So here is what I’ve heard… Leaving a balance on your credit card is never good of course, even if only 5-10 dollars. Obviously, though little, it affects your credit utilization, but ALSO when doing an inquiry, how many cards have a balance tell the inquiring company how much of your monthly income is tied into credit payments. So it not only increases your credit utilization but also reduces your monthly disposable income (they care about this which is why they ask how much you pay in rent or mortgage). Here’s the REALLY interesting part that I’ve read in a few places, they don’t reduce your monthly income by the actual balance on the card, they reduce it by the minimum payment. So let’s say you have 10 cards each with a $1 balance. The minimum payment on all those cards is usually $25 or x% of your balance. Instead of seeing you have $10 tied into credit card payments JUST next month, they see it as you have $250 (10 cards x $25 minimum payment) of your monthly income tied into credit card payments EVERY MONTH. This may not be true, I don’t know, but I found it interesting when I read it so I can’t get it out of my head. So when applying for credit or loans, it’s better to have 0 balance on everything you can, because it’s not just counted against your income for one month, its counted against your income period. And they may be counting far more than that actual small balance you are carrying over.
I had old credit cards I never use, didn’t cancel it, however, the credit card company did it for me.🤔
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I’ve got to assume a credit card company wouldn’t cancel your card with absolutely no notice. At minimum I wouldn’t think they would even for inactivity, if that card has an annual fee. I’m assuming the card that was closed on Graham didn’t have one
My parents don’t use a debit card, never even have owned one. They use their discover card to pay for everything. They pay the whole thing off at the end of the month, with a check. They’ve been doing this FOR DECADES They have a 900 credit score.
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You don’t leave the $20 on your credit card past the due date to get interest. You make sure you owe $20 on the day it reports to your credit. Mine reports on the 15th and my bill is due on like the 27th. I pay the $20 off on the 16th. Owing more than $20 is fine as long as it is less than 10% of your balance. Check out Colour My Credit on YT for more info,
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Credit utilization is where most people get tripped up. If you want to keep that percentage down, use no more than 10% of available credit. But credit card companies know most people can’t resist using all the available credit.
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something I think you should speak about is what credit companies call “deadbeats” and “revolvers”.. I never heard of this until today. But I think its important to speak about this catch 22!! They love revolvers because they make money off them, but that also makes it hard to increase your credit score and get lower interest rates!!
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I wonder if this comes from the old suggestion (at least in the UK) to leave a little on your mortgage, as this meant the banks would pay to keep and manage your deeds safe, now it’s all digital it is entirely pointless.
There is so much confusion on credit utilization if I have a 1000 credit line but I use 300 but pay it off before the next billing cycle does this mean I have a 0% utilization rate ? Or will it be 30% ? Or if I carry over the 300 for the next month will that be 30%?
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So, I have a question. I have three credit cards, and I always pay them in full before the due date. I asked for a credit line increase on one of them, and I was rejected for not having revolving credit. So it makes me think that if I pay before the due date, they cc companies will always be reporting “zero debt” and then like I’m not showing I can be trusted with taking on any debt? I don’t know. Can you shed some insight on this, or point me to a video you’ve on this? Thanks.
Which movie is that around 4.30 s ?
He keeps saying inquiries only stay on your report for six months, but Credit Karma and my Experian app say two years.
I like you a lot Graham, and I hear you and respect you. BUT THIS TIME you are wrong my friend. Let me tell you why. If like me you have two cards with an annual fee (each 1K limit) and five with much higher limits (5K), the credit history stays with you for up to ten years anyway, saving the annual fee. Especially if the two cards you are closing only have a 1K limit plus the annual fee. Closing cards with an annual fee and low credit limit makes sense even if they are two of the older ones. On everything else you say I AGREE WITH YOU. You’re a lot of fun and have a nice personality.
I kinda wanna take him up on the “give it to me so I can spend money on it” I feel like that would be the smartest investment I’ve made yet
Thanks for telling us all of this so we don’t make the same mistakes
Paying off the complete balance lower the credit usage which brings it down to zero and can cause you to lose points based upon your length of credit history
Old video I know but someone here may be able to help…
Is it better to pay at the end of the month or after each transaction or does it not make a difference?
comment
I work as a sales person at a retail store and talk about a variety of stuff. One of the most common things is boomers trying to give me “financial advice” where they tell me to cancel my cards and not have high limits….
I broke my monitor by smashing it. Thanks.
Can you review the Chime Credit Builder Card
REMAKE THIS VIDEO JUST FOR THE NEW SUBS IN OCTOBER 2021
Don’t you have to pay annual fees on credit cards even if you don’t use them?
Regarding the first one, that system ACTUALY makes sense as a way to gauge if a person is a going to be able to pay off a major lone. This shows you can make payments on time with interest included. The way the system actually works (just pretend it’s a debit card and pay in full before a bill even hits your mailbox) proves nothing of someone’s ability to pay off debt, they have never even been in debt.
So about credit card utilization: are you trying to stay under 10% on the total of all your credit cards, or are you supposed to stay under 10% on each of the credit cards? So if I want to get bonus miles on one credit card that has a limit of 6k, will I lower my credit score if I pay the 4k requirement due to the 6k limit? Or will it not matter as long as 4k is under 10% under my TOTAL credit limit? Of course this is assuming I pay off the balance on full before the due date.
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So why did my credit score go down because it’s shows zero balance. The stupid credit company are penalizing me for not using my credit card. But the thing is I do use my cards. I just pay it off before the next statement.