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45 comments
I'm targeting the Business Gold next month & Ink Unlimited this summer to pay taxes (which helps me hit minimum spends) & stay under 5/24. Sadly, all the Chase & Amex business cards' (and a few personal cards') referral links were pulled from your website, Sebby 😥. That was the first bad sign I've experienced thus far. Sorry, man, I couldn't give you those referral points. Also, even though I already got the targeted 100K offer for the Platinum, I still went to cardmatch.com just to scope around, & all I see now are Credit One cards 🤣🤣
Sebby swag! When is it happening? Credit Shifu has wallets, you should do bobbleheads. Anyone who wants a Sebby bobblehead, give a thumbs up!!
Guess I’ll just upgrade my Amex gold card to platinum rather than apply and get rejected.
It's all over Sebby. The beginning of the end of credit cards and America.
Great video and big fan. My question is regardless paying debt, given the current climate, has any thought of paying debt been a consideration not to based on creditors and a rare chance of them whipping all debt away. In many ways it is a pipe dream but at what point can you see the creditors hitting that reset button themselves based on the market. Student loans would be the biggest act, but I would like to focus on credit cards because it would almost be the most realistic if it happened. Should some pay down his or her debt, if it matters right now? Are credit scores bound to change in how the rating is done? Would really like to get your thoughts on maybe your next video. Thanks
Fantastic video!
Thanks Sebby, great video / content !… read this article today…provides additional information as to what's likely to come…. https://thereformedbroker.com/2020/04/16/the-next-leg-down-will-involve-credit-cards/
If I was looking to get the Amex platinum or the chase sapphire in June am I screwed?
Housing prices are going to drop finally. Tried telling people for the past 3 years about the housing bubble. Do you postulate the banks cancelling credit card accounts?
Dead cat bounce….
If AMEX asks for your tax documents, can’t you just show them how much everyone that lives with you makes since that’s your household I come?
I totally agree with you about the credit card companies closing accounts and lowering limits … that’s why I always keep my balances paid off to zero every month and for the next few months I’m just not going to charge anything at all and just keep them zeroed out … I have enough in saving to easily ride this out for a year anyway…I use credit but I also follow Dave Ramsey as well I don’t agree with everything he says but his deep savings was spot on 1 year to 2 years of saving was his advice And considering what’s going on now he was exactly right about the banks leaving you high and dry when you really need them .
This always happens during a recession. Nothing unusual or surprising. Banks will be taking losses from all the defaults and so must derisk to minimize their losses.
Mortgage interest rates are up substantially too. I figured that was mostly a profit taking move, considering how low the current Fed rate is. That hit to affordability plus huge increases in down payments will kill the home sales market.
Question for you Sebby, I have over 70% credit utilization and I right now I am no condition to decrease it. I have never been late to for payments. In any case, what happens to the money owed if my credit card accounts get closed due to having high credit usage?
There are a lot of credit card experts out there. In my view seby is the most informed and knows how to present information in a topical and logical manner.
Great video Sebastian! Gets a like from me!
Can you make an undated video or service-members in terms of cc?
What about Discover?
The fed plunge protection team is intervening in the stock market, pumping in billions of dollars to shore-up prices. Therefore, I would not go by the stock market to measure how the economy is doing. I think things are going to get a lot worse before they get better.
But isn't it better that the banks are more cautious now compared to 08' 09' where they were giving mortgages to people that don't even have the ability to pay it back? banks being safe is not as concerning to me unless i'm missing something here. they have to be strict, otherwise they will run out of capital.
Oh man I've been working my way up to the sapphire reserve these past few months I'm hoping they don't nerf it or make it harder to be approved 😔
Time to take all of those credit card rewards. If you don't take them, the credit card companies will take them from you.
I'm thinking of doing porn (webcam shows) since I don't really have any other marketable talents. This crisis needs to end soon.
those card offers are not good.
Applying for credit or approving buyers without great credit scores, low balance to limit ratios, and +20% down should be standard requirements to buy a house, period.
Approving buyers that have proven themselves to be financial risks is stupid—2008 proved that. All it does is artificially inflate prices by driving up demand. The banks win by repossessing the homes and reselling them, leaving destroyed lives in their wake. Not everyone is going to be able to own a home. Renting isn’t the end of the world. Home prices would go down if only qualified buyers were the only ones buying them.
Applying for credit or approving buyers without great credit scores, low balance to limit ratios, and +20% down should be standard requirements to buy a house, period.
Approving buyers that have proven themselves to be financial risks is stupid—2008 proved that. All it does is artificially inflate prices by driving up demand. The banks win by repossessing the homes and reselling them, leaving destroyed lives in their wake. Not everyone is going to be able to own a home. Renting isn’t the end of the world. Home prices would go down if only qualified buyers were the only ones buying them.
That 700 score is only for jumbo mortgages….they still doing FHA LOANS
Thanks for this, my sentiments exactly
I have a total of 5 credit cards, 1 from my personal account, 2 Credit One cards, 1 Old Navy Credit Card and a Chase Amazon card. 4 out of the 5 will have a zero balance due by Tuesday. the 5th by the end of next month. After that point I plan to keep the balance as zero for as long as I can, provided no emergencies come up .
Credit crunch…
Sounds like a lot of people lifestyle about to be messed up
Well, Chase has closed the Application for Chase Slate. That says a lot about the current state of the credit card world.
Citi & synchrony have decrease my credit cards
I’m assuming this is gonna hit car loans. And if so I’m in luck.
Just finished my lease and bought it through San Diego credit union with zero down $244 a month and a 5%apr.
would have liked a better apr but I needed longer months but I’ll try to pay it off early.
My question is for Sebastian is it a good time to take a personal loan out for doing repairs to your home what do you think
Thanks Sebby, for posting this video. Your channel is a godsend when it comes to credit cards. But it's great that we can always count on you to keep us up to date on the financial changes of the day. You explanation is down to earth where we can all understand it. Much better than all that CNBC mumbo jumbo. Kudos !y friend,
Credit crisis? There is a loan crisis out there and best to avoid credit cards altogether. Best to save up to buy something and avoid this system that is going down.
Good work.
regardless of which way the market is moving, when there is volatility, people are making TONS of cash
Hey Sebby, maybe it’s time to change your Outro music, something a little more ominous
im 18 and i have $20,000 credit limit on my 4 cards
Thank you!
I don’t understand, I got denied with Amex blue card with a 723 credit score 🧛
We shouldn’t apply for new loan or credit anyway on time like this when we’re on lay-off I used to have 4. Cards now I only keep one credit card easy life everything goes there then pay soon as I charge . That’s why Americans have more credit card debt then anyone in the world .. the way we prepare is don’t charge on card if you Can’t pay right away .