What Credit Score Number Is Good – How Many Credit Cards Should You Have? Building an Excellent Credit Score
What Credit Score Number Is Good – 9 Tips For Picking The Right One
Credit Cards are great for building credit history and establishing a credit score especially as an immigrant in the U.S.A, but how many credit cards should you have? In my home country, getting a credit card was something I did not have to deal with but I was able to build my credit from nothing to an excellent score. Here’s how I did it.
The first step is to like this video if you haven’t. This greatly helps me a lot and I will appreciate it. Understand your financial situation before getting a credit card. Having access to the use of money is a privilege that most people abuse. This is not “free” money to be spent unwisely because when debt starts to pile up, it only gets harder to get out of overtime due to interest accrual.
Understand what Credit Card Utilization means which I have explained in this video. In summary, do not use up to 30 percent of the credit available to you unless you pay it off every month.
Use your credit card like a debit card, which I also explained in this video. Out of all the steps, the most important one is to avoid carrying any balance on any of your credit cards. Even if you have a million credit cards, having a lot of balances on your cards means you are not paying off your balances and that will hurt your credit score. Watch the video for details.
#creditscore #credit #card
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I am not a financial advisor, a tax advisor, or a CPA. The purpose of each video on my channel is to share my own opinion and for entertainment purposes. Do not take my words as fact so do your due diligence before investing.