90
🚨 Check out Smart Credit, build your ideal future credit score
➡️
In this video we look at 10 myths about your credit score and tell you why they aren’t true!
“The content in this video is accurate as of the posting date. Some of the offers may no longer be available.”
Advertiser Disclosure: This site is part of an affiliate sales network and receives
compensation for sending traffic to partner sites, such as CreditCards.com. This
compensation may impact how and where links appear on this site. This site does not
include all financial companies or all available financial offers.
21 comments
Following your advice about climbing the credit ladder has benefited me greatly! Thanks for the great content
Is it true that nailing exactly 1% Credit Utilization gives you extra points on your score?
My score 300 but I still got approved for a new car because I got a good job.
Does anybody know how to get a list of the soft credit pulls?
I closed two credit card accounts recently in order to increase my credit score. I don't carry a balance on cards so losing the available credit wouldn't hurt me. Each card had 11 months of history which is less than my average credit age. Closing the cards increased my average credit age which increased my score. I only opened the cards for sign up bonuses.
Mine changes for the weirdest reasons some times but always try to pay in full every month and to stay under 5/24
You can typically get credit cards to remove a late payment from your credit report if you do not have issues with paying on time. Amex does it courtesy once a year or so if you request it
Good stuff. I’ll add one point re negotiating with debt collectors. The law varies by state, but you can revive an old debt (restart the statute of limitations) by making a payment or promising to pay. Be careful not to fall for the trap where you offer an amount to settle the debt, and the bill collector says, “I think I can make that happen, but to show your good faith intentions, send me a $100 payment.” He’s trying to get you to reaffirm the debt.
Mine just dropped 11 pts. Idk how if I’ve paid off my cards on time and I paid them in full. Maybe it’s just sofi because my chase still shows it at 815
Due to an bus accident last year where I could not walk for months & was horrible pain 3 of my credit cards were charged off. I hate collection agencies. Is there a way to contact the original card issuers & pay off the accounts & remove the negative items ?
Nobody listen to Dave Ramsey when it concerns Credit Cards… He's an absolute IDIOT and he's become so invested in that idiocy that he won't adjust his views even though he certainly KNOWS he's wrong. Sure, if you can't be "trusted" with Credit Cards, then don't have them. But if you have an ounce of basic "responsibility" and discipline, thus will use your cards responsibly, then you MUST have Credit Cards etc. Me, I have 10 personal cards, and as time will go on will get more as my income rises and thus can better even better cards. I'll also get Business Credit Cards, so I'll have even more there.
I'm not sure you're correct about the carrying a balance myth. After experimentation my credit score shows as about 30 points higher if I have a very very very low balance vs having no balance.
However, that is also based off of the vantage scoring algorithms. It'd be nice if it was more transparent about the differences between the algorithms that are used.
Great info brother 🙌🏽
Shifu, any advice on how to get out of a credit score plateau? Mine stopped moving after I hit 740. Been 3 months now.
Looking to get into real estate in the next couple of years, myth #5 was super helpful. Great video Ben!
In the short run closing a credit card does not hurt your score if your Utilization is still good after closing the account ( under 10% ) reason is because the card even though closed still reports for the next 7-10 years… assuming you paid the bill on time your go to go!
7:00 – Please note that if both spouses are on the TITLE to the property it will still be counted in both spouses dti when applying for another mortgage. Doesn't matter which spouse is on the mortgage. 🙂
I finally believe in him👆👆 when I purchase my cloned card and cc’s, fortunately i got my card with incredible limit 💰on it 💯
CREDITROYALE TOTALLY ROCKS
Using 90% of credit limit and paying back 80% before bill date affect credit score? (Utilisation will be less than 10% in this case)
SOMEONE PLEASE ANSWER, NO ONE ANSWERS THIS QUESTION.
Dave Ramsey is a pompous clown.