How to Abuse Credit Cards: • How To Get Approved Fo...
Credit 101: danieliles.teachable.com/p/cr...
Today we are once again talking about the few things that I never learned in school about credit and the EXACT BEST SINGLE day to pay your credit card to maximize your credit. Because there is one day of the month, depending on your card and when you signed up for it that if paid on that exact day will maximize the benefit you get from your credit card.
But before we get to that you need to have a thorough understanding of a few terms. Once you really understand these you won't be afraid of credit cards or credit card debt and you should be able to use them to to really maximize the benefits of boosting your credit.
These are:
Statement date
Statement balance
Due date
Current balance
Utilization rate
The first one the Statement Date is the date that the credit card COMPANY has chosen as the day to END your statement.
Statement balance is what your balance is on your credit card is when the statement date happens.
Due date is the day that your bill is due. Usually it’s about a month after the statement date. This is the day you HAVE to make your payment in full if you want to avoid interest charges or late fee penalties.
The “current balance” is always changing, it is the balance on any given day. Compared to the statement balance which is just one point on this one on one particular day.
The last term is the one that will allow us to hack credit and that is UTILIZATION RATE. This is a credit term that banks use to look at HOW MUCH of your credit you are utilizing every month.
If the bank sees you are only using 1% or 5% or even 8% of the total available credit they will likely reach out to you after a few months and increase your credit limit.
Honestly you can be out here hustling these banks by paying your current balance down ONE DAY before the statement date and they will never know any better.
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Credit 101: bit.ly/credit101course
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