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Joe Lilli
Great video. Feel like this is rarely ever explained. Fortunately my parents explained credit cards pretty well to me.
Glad it was helpful!
I’ve never seen a payment on my credit cards I’m glad I learned early on to always pay in full and never let the balance sit too high
Isn’t the percentage utilization calculated from the sum of the credit limits across all your credit cards?
Yes. However you don’t want to exceed 30% on any one card either.
I took advantage of several 0% APR offers, and use WAY under 30% on my COMBINED limits, but the FICO system still doesn’t like me having so many balances on so many cards at once and it’s giving me like a 50 point hit right now! hahaha Since, I don’t care/ plan on having my FICO pulled for more credit on anything, I don’t care, but just know there’s a LOT more to the system than the public knows. If it were as simple as 30% then my FICO wouldn’t have been slammed. There’s more to it. I have a PERFECT 10+ year payment history. I should be over 800 right now, but it hit me down to 750 and there’s NO known explanation for this. Once I pay the cards down, it will shoot right back up. There’s some auto trigger that happens when you borrow x amount per your income too.
I think this temp hit happens, when you borrow so much….even if you’re paying 0% interest…..is that the system wont allow you to get into too much trouble, by auto hitting your score….but there’s NO known mention of this anywhere to the public, but believe you me, I’m seeing it! haha
I’ve been toying with pushing some individual cards upwards of 40% (since I’m pay 0% and I ALWAYS pay it back before promo ends) and it doesn’t seem to hurt it anymore either which is odd, so not even the “30% rule” per card is accurate either. I’m gunna push a single card to 50% on a promo (that I can pay right back off next month) to see if likes that still, or if it will hit me.
Also saw a congressional hearing with the Credit Card businesses and they are at 50% (and probably more) profit margin
It’s insane.
Bought XAI66Q after watching your video, super excited! 💰
Just watched your video discussing XAI66Q and I am very excited about this
Thanks for sharing XAI66Q and SUI. 💯
Thanks for the advice! Got XAI66Q, feeling bullish! 🚀
Any video updates on the dating life coming soon??? 🙂
What if $6000 is my 30% and say I have a current balance of $5999, and I pay it early. Does it hurt my score if I buy something after it is paid?
Hey Humphrey! Your video on raising your credit score really helped me out with this.
I only got a credit card 4 years ago when I was 20, so I didn’t have much credit history. Other than that I was doing most things right but my score was pretty stagnant.
I learned about credit utilization from you and got a second credit card with a much higher credit limit (CSR) and have consistently been at 2% utilization. This was down from 10-30% with my single credit card.
I know this short only mentions that above 30% harms your score, but I also think below 10% raises your score until you plateau.
That’s nuts. I don’t have anywhere close to your net worth, yet all 3 of my credit cards have a $30K limit each. None are older than 5 years and I never carry a balance, I wonder what the algorithm looks at to determine limits.
Chase Credit Journey lets you what and how your credit score gets impacted. Check that out. Wells, Capital one etc do to.
Slightly off the mark there on the calculation. It should be divided by the credit card limit, not by the available credit. Still ends up with 3.6%, instead of the 3.8% that you rounded up to “about 4%”
Also, using more than 30% is bad, but really, the lower the better. My credit score will have slight fluctuations if I even go from something like 3% utilization to 4% – there seems to be a persistent myth out there that as long as you’re under 30% credit card utilization rate then you’re perfect – or sometimes I’ve heard 10% – but instead they should say that’s the absolute maximum, but use less if you can to improve your score.
I usually look up your videos for updates! Our government has no idea how people are suffering these days. I feel for people with disabilities not getting the help they deserve. Thank you Ms Patricia Grover, imagine investing $12,000 and received $305,500.
You’re correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment.
Ms Patricia Grover was my hope during the ‘bear summer’ last year. I did so many mistakes but also learned so much from it, and of course from Patricia Grover
She must be really dedicated and well trusted for people to talk much good about
The first step to successful investing is figuring out your goals and risk tolerance either on your own or with the help of a financial professional but is very advisable you make use of a professional .
She is my family’s personal broker and also a personal broker in many families I’m United State, she’s a licensed broker and a FINRA AGENT in United states
I keep getting card with 0% intro APR and pay the minimum u til it’s due then pay in full and cut the card and get a new card. This year my credit card spending made me $6k. Keep investing and use banks free money to live of off. Risk here is if the market turns south you better have a plan.