WEBVTT - Credit Card Utilization: How to Build a Strong Credit Profile

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:00:07.720 --> 0:00:11.840
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:00:11.920 --> 0:00:15.840
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will.

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<v Speaker 2>Be protected sponsored by the United States Department of Homeland Security.

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<v Speaker 3>So when it comes to using your credit card. When

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<v Speaker 3>it comes to using your credit card, most people think

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<v Speaker 3>that utilization depends on your usage, and it doesn't. It

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<v Speaker 3>just depends on what you carry over and I'll explain it.

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<v Speaker 3>Utilization is only reported one day a month, so it's

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<v Speaker 3>on your statement day, which is the last day of

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<v Speaker 3>your billing cycle. Matter of fact, everybody who has a

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<v Speaker 3>credit card needs to look at their credit card statement

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<v Speaker 3>and find their statement date.

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<v Speaker 4>It's the last day of the billing cycle.

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<v Speaker 3>That date is so important because whatever balance that you

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<v Speaker 3>have on a credit card, that is what's going to

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<v Speaker 3>be reported to the credit bureaus and also used as

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<v Speaker 3>your utilization. Your statement date is different from your due date,

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<v Speaker 3>so most people get confused because your due date is

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<v Speaker 3>going to be before your statement date, probably like a week

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<v Speaker 3>or two prior. So even if you page your credit

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<v Speaker 3>card bill down to zero by your due date, if

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<v Speaker 3>that balance is not still under ten percent by your

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<v Speaker 3>statement date, then it's not going to be counted as

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<v Speaker 3>your utilization.

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<v Speaker 4>It's not going to be reported to the credit bureaus.

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<v Speaker 3>So knowing identifying when your statement date is, and making

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<v Speaker 3>sure that you pay your balance pay off at least

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<v Speaker 3>ninety percent of whatever you spent during the month pay

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<v Speaker 3>off that balance, then you'll be good because, like if

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<v Speaker 3>you have a five hundred dollars credit card, you can

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<v Speaker 3>use the entire five hundred dollars. You don't have to

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<v Speaker 3>stay below thirty percent or ten percent. You just have

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<v Speaker 3>to make sure you pay it back within that same

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<v Speaker 3>billing cycle, which is which is key.

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<v Speaker 5>Okay, So what are the first steps to building good

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<v Speaker 5>good credit history?

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<v Speaker 4>Okay?

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<v Speaker 3>So the first steps I would say is, so I

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<v Speaker 3>have a basic base level credit profile recommendation for everyone. Right,

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<v Speaker 3>I say that if you are wanting to build credit,

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<v Speaker 3>but like build a healthy credit profile that will continue

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<v Speaker 3>to grow and kind of set you up to get

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<v Speaker 3>high credit offers and low interest rates and all of that.

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<v Speaker 3>The base level credit profile, everyone needs at least two

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<v Speaker 3>credit cards. It needs to be at least two revolving

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<v Speaker 3>credit cards, right, doesn't matter, the limit doesn't matter. If

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<v Speaker 3>it's subprime, it doesn't matter. If it's secured. You can

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<v Speaker 3>literally get two hundred dollars credit cards, right, make sure

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<v Speaker 3>that you keep that utilization every single month, you keep

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<v Speaker 3>that utilization below ten percent. Right. And then because we

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<v Speaker 3>have to hit a limit of we have to hit

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<v Speaker 3>at least four accounts. Two of them will be credit cards.

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<v Speaker 3>The third account needs to be a short term installment.

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<v Speaker 3>A short term astabtment is just any installment under thirty

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<v Speaker 3>six months self kickoff.

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<v Speaker 4>They're every bank.

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<v Speaker 3>Pretty much offers a credit builder loan and then if

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<v Speaker 3>you can get a long term instopment, So if you

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<v Speaker 3>have a student loan, if you have a car loan,

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<v Speaker 3>if you have a mortgage, those are considered long term installments.

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<v Speaker 3>So if you already have those, you don't need to

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<v Speaker 3>apply for another one. Just focus on the other three

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<v Speaker 3>accounts and having those four accounts to being credit cards

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<v Speaker 3>to being installments short term and long term. It's going

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<v Speaker 3>to and not applying for anything else. I want to

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<v Speaker 3>be clear, do not apply for anything else after you

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<v Speaker 3>get that those credit those accounts. Don't apply for anything

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<v Speaker 3>else for six to nine months, and you should be

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<v Speaker 3>able to get pretty much any credit card that you

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<v Speaker 3>want consider if you pay it on time and you know,

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<v Speaker 3>of course, make sure you're not getting collections and other things.

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<v Speaker 3>But yeah, that's the perfect credit profile that speaks to

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<v Speaker 3>the credit scoring algorithm and will allow your credit score

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<v Speaker 3>to grow at the at the most rapid pace.

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<v Speaker 6>Would you put the buy now, pay later companies into

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<v Speaker 6>that short term right like the affirms of the world.

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<v Speaker 3>So it depends because I see a lot of those

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<v Speaker 3>on credit reports and I'm glad you.

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<v Speaker 4>Brought that up.

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<v Speaker 3>A lot of those people are getting them too often,

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<v Speaker 3>like they'll they'll finance a two hundred dollars purchase.

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<v Speaker 4>Any loan under two hundred dollars just looks like a

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<v Speaker 4>low level loan. It's not.

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<v Speaker 3>It doesn't feed the algorithm of the credit scores. They

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<v Speaker 3>pretty much kind of look down on that, right. Like

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<v Speaker 3>so if you're applying for crediting and your lender sees

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<v Speaker 3>a lot of those by now pay later accounts and

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<v Speaker 3>low level is what they call low level accounts, that

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<v Speaker 3>almost regardless of what your score is, that that's almost

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<v Speaker 3>to your detriment because it looks like this person is

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<v Speaker 3>not financially stable.

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<v Speaker 4>A lot of people don't realize that.

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<v Speaker 3>Their score doesn't tell like their score is just for

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<v Speaker 3>a consumer. Really, when it comes to your lenders, they're

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<v Speaker 3>looking at so much more than your score, Like there

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<v Speaker 3>are so many other determinant factors of if you're going

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<v Speaker 3>to get approved for a car to a car over

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<v Speaker 3>your score, Like your score tells them nothing because you

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<v Speaker 3>can fossly inflate your score. People by trade lines all

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<v Speaker 3>the time and things of that nature. When it comes

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<v Speaker 3>to your credit profile, doing things like that. I would

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<v Speaker 3>not recommend, not in the beginning. Not unless you have

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<v Speaker 3>an established credit profile with years of credit history, then

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<v Speaker 3>you can kind of afford to have those accounts.

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<v Speaker 5>So okay, So what's the best ways to use credit

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<v Speaker 5>cards to improve your credit score?

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<v Speaker 3>Yeah, credit cards are my favorite because, like I said,

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<v Speaker 3>they're like the only accounts that have in I media impact.

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<v Speaker 3>Like when you get a loan, you're not really going

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<v Speaker 3>to see you don't really see the positive benefits of

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<v Speaker 3>a loan until you're at least ninety percent. So most

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<v Speaker 3>people will get a car long and they're like, I've

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<v Speaker 3>been being my card on time.

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<v Speaker 4>Why is my.

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<v Speaker 3>Score not increasing? Is because you're very early into that loan.

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<v Speaker 3>Right when it comes to credit cards, you can see

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<v Speaker 3>a change in your credit score within like sixty days,

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<v Speaker 3>as long as you know how to use it. And

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<v Speaker 3>I would say how I use If we're we can

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<v Speaker 3>just use a two hundred dollars credit card for instance, Right,

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<v Speaker 3>if you have a two hundred dollar credit card, the

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<v Speaker 3>first thing you're going to do is identify your due

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<v Speaker 3>date and your statement day. Right your due date, you

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<v Speaker 3>want to make sure that you zero I zero out.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:08:36.200 --> 0:08:40.080
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

0:08:47.600 --> 0:08:52.400
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens.

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<v Speaker 2>Have been arrested.

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<v Speaker 1>If you were here, I legally your next you will

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<v Speaker 1>be fine nearly one thousand dollars a day. Imprisoned and deported,

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<v Speaker 1>you will never return. But if you register using our

0:09:10.160 --> 0:09:13.360
<v Speaker 1>CPP home app and leave now, you could be allowed

0:09:13.360 --> 0:09:18.000
<v Speaker 1>to return legally do what's right, leave now. Under President

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<v Speaker 1>Trump America's laws, border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>Balance on my DU date because any balance that you

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<v Speaker 3>carry over pass your due date, your bank can charge

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<v Speaker 3>you intereses on or will charge you interess on. So

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<v Speaker 3>after my DU date passes, I wait until my statement

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<v Speaker 3>date and I make sure that my balance is whatever

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<v Speaker 3>the credit card limit is. If I have a two

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<v Speaker 3>hundred dollars credit card, I make sure my balance is

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<v Speaker 3>will twenty dollars going into that next cycle. After your

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<v Speaker 3>statement day passes, rent and recycle. You can spend it

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<v Speaker 3>or do whatever you please. But identifying those two dates,

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<v Speaker 3>understanding when you need to pay your credit card, understanding

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<v Speaker 3>how much you need to carry over or not will

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<v Speaker 3>will be the saving grace for credit limit increases.

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<v Speaker 5>And that's up is it. You're supposed to pay off

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<v Speaker 5>the full balance or leave a little bit on because

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<v Speaker 5>some people say you're supposed to leave a little bit

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<v Speaker 5>on their credit card.

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<v Speaker 4>So that's a great question, and I'm glad you asked

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<v Speaker 4>that you.

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<v Speaker 3>I pay my full balance off by my due date,

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<v Speaker 3>so I'm not charged interest. However, I do carry over

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<v Speaker 3>one to three percent on my statement date. Why if

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<v Speaker 3>you report a zero zero percent utilization sometimes the algorithm

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<v Speaker 3>career that is you don't have a credit card one

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<v Speaker 3>or contrary to popular belief, lenders don't like when you.

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<v Speaker 6>Don't use your credit cards.

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<v Speaker 3>Yeah, like they want to see usage because that doesn't

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<v Speaker 3>if you don't if you're not using your credit card,

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<v Speaker 3>that doesn't really speak to to your your money management

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<v Speaker 3>or financial management skills.

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<v Speaker 4>It just shows you don't use it.

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<v Speaker 3>Right, So if you're if you leave a small balance,

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<v Speaker 3>it shows that you use it, but also shows that

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<v Speaker 3>you pay it back.

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<v Speaker 6>I think that was that's a very common misconception, and

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<v Speaker 6>I have to realize that like I would use the card,

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<v Speaker 6>or even for the company, I would use a card

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<v Speaker 6>pay it on a personal level. When I did it,

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<v Speaker 6>I watched my credit card drop because it shows that

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<v Speaker 6>I had zero I'm like, wait, I thought I'm doing

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<v Speaker 6>the right thing, because I have nothing, but it shows

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<v Speaker 6>that there's zero utilization there. But let's stay on utilization.

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<v Speaker 6>When is it a good time to now ask for

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<v Speaker 6>a credit increase?

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<v Speaker 3>Ooh, my favorite, depending on the bank, I ask for

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<v Speaker 3>a credit limit increase every ninety one to like one

0:11:21.120 --> 0:11:23.440
<v Speaker 3>hundred and twenty days, like I'm getting on all of

0:11:23.480 --> 0:11:26.360
<v Speaker 3>my credit cards. I'm getting multiple credit limit increases a year.

0:11:27.200 --> 0:11:31.280
<v Speaker 3>But you have like so my sort of trick or

0:11:31.360 --> 0:11:34.880
<v Speaker 3>not trick. But what I advise of people is if

0:11:34.920 --> 0:11:37.200
<v Speaker 3>you know you have a card that can obviously grow

0:11:37.240 --> 0:11:39.319
<v Speaker 3>because you have some cars that they just won't give

0:11:39.320 --> 0:11:42.800
<v Speaker 3>you capital. They won't give you an increase, they'll they'll

0:11:42.800 --> 0:11:44.880
<v Speaker 3>give you an increase, or they may not give you increase,

0:11:44.960 --> 0:11:47.240
<v Speaker 3>or it'll be like very minimal. Right, So, if you're

0:11:47.240 --> 0:11:50.000
<v Speaker 3>dealing with like am I able to say companies names,

0:11:50.640 --> 0:11:52.640
<v Speaker 3>If you're dealing with what's considered the top three, which

0:11:52.679 --> 0:11:56.480
<v Speaker 3>is AMAX Chase in city, they're going to give you

0:11:56.520 --> 0:11:57.480
<v Speaker 3>a credit limit increase.

0:11:57.480 --> 0:11:58.600
<v Speaker 4>However, you have.

0:11:58.480 --> 0:12:02.920
<v Speaker 3>To make sure that's the sixty days prior to you.

0:12:03.280 --> 0:12:07.280
<v Speaker 3>Until you're asking for that increase, you are feeding the algorithm.

0:12:07.440 --> 0:12:10.439
<v Speaker 3>Number one, make sure you have automated payment on. Right,

0:12:10.960 --> 0:12:12.960
<v Speaker 3>it could be for at least your minimum payment, Like,

0:12:13.000 --> 0:12:15.760
<v Speaker 3>it doesn't have to be your full balance. Just have

0:12:15.840 --> 0:12:18.640
<v Speaker 3>auto pay on because the system loves that.

0:12:18.800 --> 0:12:19.000
<v Speaker 4>Right.

0:12:19.440 --> 0:12:21.960
<v Speaker 3>Make sure that you have at least two reoccurring charges

0:12:21.960 --> 0:12:25.120
<v Speaker 3>on your credit card. By the way, any subscription that

0:12:25.120 --> 0:12:27.720
<v Speaker 3>people have this this is one thing that draws me crazy.

0:12:27.720 --> 0:12:32.000
<v Speaker 3>If you have Netflix, Hulu, Apple Music, in a list

0:12:32.000 --> 0:12:35.240
<v Speaker 3>of a host of other subscriptions that we have, make

0:12:35.240 --> 0:12:37.160
<v Speaker 3>sure those are on a credit card. Like, there's no

0:12:37.240 --> 0:12:40.320
<v Speaker 3>reason why an auto any subscription should be from a

0:12:40.360 --> 0:12:44.439
<v Speaker 3>debit card, because that's a wasted opportunity to have reoccurring

0:12:44.480 --> 0:12:47.960
<v Speaker 3>charges on your credit card. Having at least two reoccurring charges,

0:12:48.080 --> 0:12:50.520
<v Speaker 3>having auto pay set up, making sure you do at

0:12:50.600 --> 0:12:54.600
<v Speaker 3>least ten transactions within that month, and also, like I said,

0:12:54.640 --> 0:12:56.720
<v Speaker 3>making sure you pay on time. Do that for at

0:12:56.800 --> 0:12:59.280
<v Speaker 3>least sixty days, so two billing cycles. And then you

0:12:59.320 --> 0:13:02.120
<v Speaker 3>apply for an increase. But if you have a card

0:13:02.200 --> 0:13:04.720
<v Speaker 3>and you're not using it, you're not going to get

0:13:04.720 --> 0:13:07.240
<v Speaker 3>a credit limit increase, no matter regardless of how high

0:13:07.280 --> 0:13:09.760
<v Speaker 3>your credit card is, a lot of banks will not

0:13:10.040 --> 0:13:12.439
<v Speaker 3>give you the increase simply because you just don't use

0:13:12.440 --> 0:13:15.040
<v Speaker 3>the card enough because that's actually the number one reason

0:13:15.040 --> 0:13:18.719
<v Speaker 3>for a credit limit increased denials is low usage on

0:13:19.080 --> 0:13:20.400
<v Speaker 3>the card.

0:13:20.760 --> 0:13:25.679
<v Speaker 5>So, okay, how can you avoid pitfalls with credit cards?

0:13:25.679 --> 0:13:28.320
<v Speaker 5>Because obviously a lot of people fall in the issues

0:13:28.960 --> 0:13:31.679
<v Speaker 5>don't spend too much. But yeah, you know what, in

0:13:31.840 --> 0:13:34.280
<v Speaker 5>some ways, it's like best practices as far as using

0:13:34.320 --> 0:13:35.480
<v Speaker 5>credit cards the right way.

0:13:35.880 --> 0:13:37.240
<v Speaker 4>Yes, that's a big one.

0:13:37.440 --> 0:13:41.720
<v Speaker 3>And to be completely honest, like I tell people, credit

0:13:41.720 --> 0:13:44.480
<v Speaker 3>card is not an extension of your money. It should

0:13:44.520 --> 0:13:48.000
<v Speaker 3>replace the money like your bank account. Right. So, I

0:13:48.040 --> 0:13:49.880
<v Speaker 3>am a person that lives off my credit card. And

0:13:49.920 --> 0:13:51.400
<v Speaker 3>when I say live off my credit card, I mean

0:13:51.800 --> 0:13:53.400
<v Speaker 3>all of my daily expenses are.

0:13:53.280 --> 0:13:55.400
<v Speaker 4>Anything that could be on a credit card.

0:13:55.400 --> 0:13:57.760
<v Speaker 3>I use my credit card for because I want the points,

0:13:58.040 --> 0:13:59.599
<v Speaker 3>I want the usage and all of that.

0:13:59.840 --> 0:14:02.200
<v Speaker 4>However, I make sure that I pay it back. That's

0:14:02.240 --> 0:14:02.679
<v Speaker 4>the thing.

0:14:03.240 --> 0:14:05.000
<v Speaker 3>Do not spend if you don't have it in your

0:14:05.040 --> 0:14:07.040
<v Speaker 3>bank account or no, you're not getting get in your

0:14:07.080 --> 0:14:09.080
<v Speaker 3>bank account within the next two weeks. You don't have

0:14:09.120 --> 0:14:11.240
<v Speaker 3>it to spend, regardless of if it's a credit card

0:14:11.440 --> 0:14:15.760
<v Speaker 3>or or what. The only exception is if it's like

0:14:15.800 --> 0:14:17.960
<v Speaker 3>an emergency, you know, like if you just can't help it.

0:14:18.240 --> 0:14:21.840
<v Speaker 3>You have a true emergency, not shopping or anything like that.

0:14:22.320 --> 0:14:25.280
<v Speaker 3>Then it's really easy to manage your credit card as

0:14:25.360 --> 0:14:27.840
<v Speaker 3>long as you're not looking at it as if it's an.

0:14:27.680 --> 0:14:28.600
<v Speaker 4>Extension of your money.

0:14:28.640 --> 0:14:28.880
<v Speaker 5>It's not.

0:14:28.920 --> 0:14:30.880
<v Speaker 3>You have to pay it back, and it's just like

0:14:31.920 --> 0:14:35.040
<v Speaker 3>that's where checking your financial habits will come into play.

0:14:36.080 --> 0:14:38.160
<v Speaker 3>A lot of times people will improve their credit, get

0:14:38.200 --> 0:14:41.120
<v Speaker 3>access to these high limit cards, and then they find

0:14:41.120 --> 0:14:44.640
<v Speaker 3>themselves in the hole deep because they're just they can't

0:14:44.680 --> 0:14:48.240
<v Speaker 3>they can't manage their money properly. They go out and spend, spend, spend,

0:14:48.240 --> 0:14:49.920
<v Speaker 3>and I realize and like, you gotta pay that back.

0:14:50.360 --> 0:14:52.720
<v Speaker 3>So yeah, you just got to make sure that you're

0:14:52.760 --> 0:14:56.080
<v Speaker 3>not looking at your credit card limit as your money,

0:14:56.080 --> 0:14:56.600
<v Speaker 3>because it's not.

0:14:56.840 --> 0:15:00.480
<v Speaker 1>An illegal Alam from Guatemala charged with raping a child

0:15:00.560 --> 0:15:04.359
<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:15:04.600 --> 0:15:08.720
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:15:08.800 --> 0:15:12.680
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:15:12.800 --> 0:15:16.560
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:15:16.600 --> 0:15:20.120
<v Speaker 1>Donald J. Trump's leadership. I'm Christy Noman, the United States

0:15:20.200 --> 0:15:24.960
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:15:25.000 --> 0:15:28.560
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:15:28.640 --> 0:15:31.840
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:15:31.920 --> 0:15:35.760
<v Speaker 1>are here illegally, your next you will be fined nearly

0:15:35.840 --> 0:15:39.880
<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

0:15:39.920 --> 0:15:43.560
<v Speaker 1>never return. But if you register using our CBP home

0:15:43.600 --> 0:15:46.960
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:15:47.320 --> 0:15:52.080
<v Speaker 1>Do what's right, leave now. Under President Trump, America's laws,

0:15:52.240 --> 0:15:54.240
<v Speaker 1>border and families.

0:15:53.880 --> 0:15:54.680
<v Speaker 4>Will be protected.

0:15:54.800 --> 0:15:56.920
<v Speaker 2>Sponsored by the United States Department of Homeland Security,