632 Credit Score – When to Pay Credit Cards? On THIS Date to Raise Your Credit Score (Credit Utilization Tips)
632 Credit Score – How to Choose
From prepaying your credit cards to understanding how the credit card cycle looks, today’s video is helping YOU build your credit score fast. From how you pay your credit card to saving money on interest, today we cover it all in Credit Cards 101!
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Chapters of Today’s Perfect Credit Score video:
00:49 Carrying a Balance on a Credit Card
03:07 Should You Pre Pay Credit Cards?
04:43 Best Credit Card Utilization for Credit Score
Do you pay your credit cards each month in full? Or, do you carry a balance?
One of the HIGHER impacts of a credit score is the total credit card use. Carrying a balance over to the next month is bad for two reasons:
1. It will charge you interest (boo! No one wants to spend extra money on pointless things!!)
2. It impacts your credit utilization and can lower your credit score. Pay off your credit card balance to take advantage of a higher credit score.
Secondly, do you pay off your credit cards each month (go you!) but you wait until you get the credit card statement to pay it? Depending on how much money you put on your card, this could impact your credit score.
How?? Because each month the credit card companies report to the three major credit reporting bureaus (Equifax, Experian, and Transunion). If you have a higher credit card use that is reported that takes up more than 9% of your total credit line combined, your score may dip until this is corrected. Therefore, if you prepay your credit cards, you have a better chance of keeping the high impact of credit use lower, thereby giving you a higher score. BOOM!
#creditscore #creditcards #personalfinance
Want to raise your credit line and boost your fico score? Check out the best credit cards for beginners in this video: https://www.youtube.com/watch?v=kscKJgMyEBU
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Yours in Financial Success,
*Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.