05/20/2022
‼️CREDIT CARDS 101‼️
Free Game so keep reading.
My people, stop being afraid of credit cards & learn HOW to use them properly. If you’re trying to buy a house, car, damn boat idk, you need credit (unless you paying cash)
‼️DO NOT MAX OUT YOUR CREDIT CARDS: baby if your limit is $500 don’t make a $490 purchase. Lenders will see that you max out your cards & they will consider you “high risk” & deny you a loan.
‼️ DO NOT PAY YOUR BALANCE IN FULL BEFORE THE STATEMENT DATE: let me explain, credit cards have a DUE DATE & STATEMENT DATE. Your due date typically is 3-6 days before your statement date. If your limit is $500 don’t pay it in full by the due date. Leave at least 1-10% of your limit as a balance. Once your statement date has passed, THEN you can pay off your card to avoid interest.
EX: Your limit is $500, your due date is the 3rd. Pay all BUT 40-$65. Your statement date is the 9th. The credit card company will report that 40-$65 to the bureau, showing responsible usage, they like that kinda s**t. AFTER the 9th, pay the remaining balance to avoid interest. Got it? Ok cool.
‼️IF YOU DONT HAVE IT, DONT SPEND IT: credit cards aren’t a replacement for cash, so if it’s not in your account & you can’t pay that s**t back, don’t spend it. Credit cards are used to build credit, not to live off of.
‼️DO NOT BE LATE MAKING A PAYMENT: derogatory marks from credit cards will drop your score faster than a nascar. Which is why I said prior, if you don’t have the cash to cover the credit transaction, don’t even do it.
‼️DONT LET YOUR CARDS GO IDLE:meaning, keep using them. If your CC company see you haven’t used your card in months, they will close the account & that will have a negative impact on your score. Use it for gas or Netflix or something.
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