Why I Started Using Credit Cards – Here’s how you can get a great credit score in 2024
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you can’t co-sign on a mortgage…
The family that bought my home had a co-signer.
You absolutely can, happens all the time
In the process of buying a house rn. My credit score is higher than his. Still need a co-signer because I’m young
Talk about the dunning kruger effect
I had this problem never needed credit then when I wanted a mortgage sir you have no credit history sorry 😢
I had an excellent credit score when I bought my first house. Never had a credit card or car loan by that point. Only thing on my record was my cell phone. I just paid my cell phone bill consistently for a few years and got a great credit score. I don’t know why that worked, but it did.
Credit checkers treat it the same as debt, i believe its because youre in a contract and therefore contractted to pay it, but i could be wrong
@@yeeee7145, maybe it was because I was making monthly payments for my phone rolled into my bill?
These days you’d need a credit builder most phone companies don’t report to the credit bureaus anymore
@@topher7716 I live in the UK and it’s basically standard here, perhaps it differs from jurisdiction
Same here. Had a phone through a big cell service before a credit card and i was in the high 600s. Credit and debt are usually tied to your SS#.
Not like he has ever worked a day in his life
Cmon man
im sure hating like this will get you very far
He’s a landlord. Just an fyi
I have about 220k, what’s a good business to start? Franchise? I’m in Canada btw. Thanks.
Tim hortons
all on 18red
Start a business in the states… You’ll go bankrupt within a year in canada unfortunately. .. Canada is in full decline with one of the highest debts per capita in the world. Canada is worst off currently than the states during the 2008 stock market crash…
This creditscore thing is so stupid and not a thing in europe as far as I know. How does paying of your $500 credit card compare to a 1 Million dollar mortgage? When you want to buy a house in Europe they take a look at your income and other credits to see if you can afford it and if you lose your job the bank can always take the house. There is no down payment and no credit score.
Age of accounts is one of the biggest factors in the score, so it’s less about dollar amount and more about consistently making payments. You should look up the housing crisis of 2008, where America gave a bunch of home loans to people who couldn’t afford it, which led to a crash in the market
They also check your income (debt to income ratio).
15% down payment mandated in Norway. But they don’t use credit score. If you have several credit cards/car loans etc, they are gonna use that debt against you.
It is not like they are going to let me buy a mansion if I work at Mcdonalds. Of course they check you income here in America as well, lol
It’s the behavior. If you can pay off a $500 credit card consistently, you’d more than likely pay off your mortgage loan. Just because the amounts higher doesn’t mean you’d become irresponsible.
Credit max! Debt max! Just like our corrupt rulers. Good luck trying to repo anything from me- my address is the overgrown lot between a palm tree and a utility pole in the middle of the Cook Islands. Also it’s a vanishing island so make sure you’re not there at high tide! 😂
Haha. But you can’t buy a house now. So kinda not ideal. Good for getting cars tho I guess?
Bro yappin
What is this video? Advertising how to go into debt? lol
Welcome to YouTube.
Credit cards are highly beneficial and simple to take advantage of
Debt isn’t a bad word
@@printedmarble6985consumer debt is Terrible
@printedmarble6985 & @evanh5050 sound poor when they say false things like that. Live inside your means
I’m pretty sure this is only a thing in the us
If you need to borrow for it you don’t need it
He now has 125000000
You mean like a house? What an awful rule of thumb
@@thisisnotnerd2002 I bought mine cash and no I’m not rich or a drug dealer I borrow no money ever no credit cards . You do not need to barrow money ever
@@thisisnotnerd2002 I own my house without a loan . Just learn that you don’t need a million dollar house and you will do fine
@@shanecrothers5792 I’d guess your above the age of 25 (or u live in the midwest)? Which is when my grandpa bought his first house for 3k. It’s ignorant to act as if economic conditions are the same and disingenuous to act as if “people just don’t work hard enough” . Like, I’d challenge you to start all over and try and save for a house with an average job, do the math, you’ll be dead before.
Oh boy, that is the exact opposite of how Dave Ramsey says it should work lol. Imagine that a responsible young man building his credit so he can borrow money whenever he wants.
And OMG he might spend more on his card instead of paying cash. The world is coming to an end. 🤯
Dave Ramsey is speaking to people who don’t know how or have not proven themselves worthy of using credit and debt correctly. Don’t use the exceptions here as the rule. If an 805 credit score was the norm, we wouldn’t even be discussing credit scores ever.
@@tristanashmore4394 The problem is that Dave uses language to suggest that his advice is universal. He doesn’t say “if you’re already in a bunch of debt, you’re not responsible enough to hold a credit card”, he says “credit cards are stupid and you’re an idiot if you think using a credit card is _ever_ a good idea”.
@@alxjonesif you ever actually watched or listened to him, you’d know he was talking about people who can’t manage credit cards and debt responsibly. I’ve heard him say numerous times that credit cards are good and helpful, if you’re responsible. Hell, years ago when I took his personal finance class in high school him and his family said it several times
You got to know how to play the game! Learn the rules and how to use them!
I HATE credit cards.. the thought of having debts and probably not paying them in time is scary to me.
I have debit card and cash.. I pay my rent and stuff that doesn’t pay with cash with my debit card and I organise my cash with envelopes method (it’s all over YouTube) and also I do some challenges with the extra money that I have through the week so in the end of the month I find good amount of money and put it back in the bank
Do what you are doing but use your credit card. You are giving up a few percent. If you can do that you can handle managing your balance and paying it off
If you ever want to own property a credit score helps you get lower interest rates. If you have nonexistent credit good luck ever purchasing a home.
@@WillyJWill I’ve been thinking lately to start a credit card and pay my debts with the extra money of my challenges if I couldn’t reach the amount in the right time but still I’m scared to even start that I should organise myself a little more and see
@@stephenasmith273 I mean I’m happy that I have 0 debt and also I can’t purchase a house bc I’m immigrant 😭 that’s why I’m suuuper careful with my debt and paying rent in time and taxes because it’s not my country I can’t do whatever I want
Damn you have 805? I have a 800 score and I’m only 20
Who asked? lol.
Thank your parents
“NO you should never use debt ever ever and no credit cards, cut that piece of plastic that is ripping you off, you’re not more intelligent than all this huge corporations, they have better furniture than you do” – Dave Ramsey 🤦🏻♂️
This is true for 90% of credit card users though
No need to act like it’s some big massive secret
My question is, how much was the car. If i saved up 120k and had a working vehicle, a car is the last thing on my list. I would buy a home for no more than 200k and pay it off as fast as possible while still putting money in retirement and sitting aside repair money. Once its paid off then life is on easy mode.
Don’t borrow money for more than a month. Use the credit cards. Leave $50-$100 balance but use the crap out of it and pay for it right away.
Spend the money as you need in your checking account, just take the extra step to pay with credit first
The average yearly credit rate is 20%
It is better to use credit minimally if you are a private person .
For a business is different because he can deduct the interest he pays on a loan from his taxable income
You don’t have to pay any interest, ever, on a credit card.
Get an underwriting . You don’t need a credit card.
God u had to pay cash that sucks
You have no credit. Buy a house. Don’t pay. They take the house.
You have excellent credit. You buy a house. don’t pay. They take the house and your credit.
So. Why the fck we need credit for? I been saying, the US silly as fck 🤨
This is why you’re not in charge of anything. If you loan money to ppl, especially hundred of thousands, you need to know if you will get paid back. Ppl lie, so credit proves ppl are trustworthy and will payback on time. Not that hard dingus
@@KM-qk1oz people dont want to go to jail
Credit proves trustworthiness
George was about to throw up 😂😂
For real😂
They only paid you $120,000 for FTX?
Imagine holding “being able to borrow money” as a highlight of one’s life.
Crazy since i have a 796 and ny interest rate basically hasnt changed lol
800+ makes the difference
Yep just got a car loan with an 820. Great credit is like a superpower @ViewinDrew
@@2up2care38 what’s your interest rate?
Got 857 credit score and got a 9.34 APR on a car loan 😂@@ViewinDrew
The system is set up to reward those with credit, not cash
Some people just can’t handle finances .. being a credit person is a good thing if you can be responsible and understand what borrowing money means
The problem is that 90% of us can’t handle it haha
@@Daveraide some of us doing fine lmao
if you cannot handle your own finances, chances are you are irresponsible with most other things. something as simple as money shows a lot about your character @@Daveraide
@@Daveraideyou are just slow bud. It’s not hard to pay attention to yourself
@@user-te1nv2fk4p most people are just slow, thats his point, you might know how to be responsible with credit, but most people dont and thats the entire reason preditory lending exists and is such big business in the first place.
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I have a damn near perfect credit score, cash in the bank, normal debt. Can’t get a small business loan under 28% lol
If you have any debt on non profitable items why would they loan you business money? Not trying to be a dick but it’s common sense, if your debt is good debt they are more flexible.
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822 trans, 813 eq, 826 exp got ya beat graham.
Your credit score is only 805? Rookie numbers.
Well he waited until he was ready to buy a home to even start building credit, so his credit age is going to be quite low and probably the limiting factor on his score.
There’s absolutely no need to pay cash for anything. I use a credit card for absolutely every purchase unless they charge more for credit pay it off that week or that statement period. Thousands of dollars in perks when you hand somebody cash you get nothing in return
Okay. My wife and I only pay cash for everything.
We have a high yield savings account that is producing cash via interest for us. That cash we use to pay things like bills and expenses.
While you use credit for everything and are stuck in their cycle of borrow and pay beck just to borrow again.
Our money is making money that pays our bills and the cash we saved isn’t touched.
Have a good one.
I bet this guy is great to live with. Not.
America’s obsession with credit cards is wild. Most people I know in Sweden don’t own a credit card.
Wow other parts of the world use different methods for financing? Just shut up.
If you don’t have good credit then you get fucked over in the US in a million different ways. Credit card is the easiest way to build good credit
The credit system in the U.S. is entirely different.
Not obsessed we kinda just have to abide by the system. It’s so much easier to navigate adulthood when you leverage credit.
And in Sweden you don’t need credit to exist. They literally run your credit to rent a house here.
Thing is people say u don’t need credit. But eventually you do. Hell they do credit checks now for apartments to make sure u can pay rent..
That is simply not true for the vast majority of apartments. Property management companies want to see proof of income.
What a stupid predatory system.
Wow great story, interesting 👌
Why the hell do you care what your credit score is bro? You can pay for anything with cash.
That plan has hurt millions and millions of people. Enslaving them to lenders
As European living in Denmark i have zero clue what all this credit score fuzz is about
What if I chose to move to the states? Then i cant get a loan for a car or apartment cuz i been living in a country where we dont use credit score?
Yep
@@rockemted😭😭😭😭
@@SOURJDADDY it’s really easy though
805. Weak af
How tf he get a good credit score with no credit history and paid everything cash. Something smells here.
Nah, started at the aquarium store
If you are making less than 10k at least and I am saying at least a month then credit cards aren’t for you. I hate how much money is wasted because of these types of tips out of context!
Creadit card companies make there money not by the two percent of people that can pay off there creatit cards every month. But on the 98 percent of people. That means you. Yes you. That max the card out and pay the minimum payment a month that doesn’t even cover the intreast of 30 percent making there bill go up rather then down
Awful advice.
The key to credit is dont spend more than you have in your debit acct. I never carry a balance. Got a 2k card. Then a 12k amex. Life is chill
Ramsey and his acolytes on one side and random Instagram finance gurus on the other have made discussing credit cards online so unbearable.
120k saved must have been some nice income
Bought a house for $120k???
What was his source of income at that time?
How’d he have enough cash to buy a house?
Why mortgage shop if you can pay with cash and had done everything to avoid debt?
Haha typicall American the are so happy whit the credit score. You all
Life on credit noting that you have you own till is pay of
I could have sworn if you put enough of a down payment, the banks will ignore your credit score lol
They will. Credit score is not the end all be all, it’s just the start.
US credit score is batshit crazy
Debt is fine as long as ur not an idiot never spend what u don’t have
770 score here. Life is so much easier if you just pay your bills and live below your means
How about you do the right thing and tell Yotta+synapse+evolve to return everyone’s money!
This is why im so happy that we dont have flipping creditscore here in the netherlands. We have just a BKR registry that does checks if you pay back your loans.
People just really don’t understand how credit scores work or how banks determine whether they want to lend to you. The people in the comments lol
That Dave Ramsey minion dude looked shook hearing that
Where’s the full video?
This guy gives finance advice, and ends up buying a car outright with his cash.
Dave in George’s ear like “cut him off now or I’m cutting you and you’ll be back on beans n’ rice”
Oh so you are Canadian rated. Okay
Credit Score etc in the US is very different from other countries, the system is build in a way that basically makes you borrow
Dave Ramsey would be scratching his head after Graham talks about credit cards
The whole usa credit score thing it crazy and illogical.