Love how detailed you are- this is so helpful! 🌷💗🌸 Great budgeting!
@valerieann_
Ай бұрын
Thank you so much, Christine. I'm glad I could be of help. Have a great weekend and happy budgeting!
@NordicRoam
7 күн бұрын
Are you using the app aswell?
@valerieann_
7 күн бұрын
Hi 👋🏾 for the past year only occasionally because I’m currently overseas for work and I don’t have that many transactions outside of my scheduled ones so I don’t use the app as much right now.
@modorrahbudgets
Ай бұрын
Someone told me if you close it you will get dinged on your credit but if they close it for inactivity it doesn't count against you. So I'm curious to see what you find out. Great video❤
@valerieann_
Ай бұрын
Oh wow, yeah Im going to do some research about it tomorrow.
@Missmonique808
13 күн бұрын
You get dinged if it closes due to inactivity too. Happened to me at the end of last year.
@valerieann_
12 күн бұрын
Dang, I didn’t know that. How long did it affect your credit?
@whothou
Күн бұрын
Not sure if you've already found the answer, but the lender closing it or you closing it is the exact same thing. As long as it closed in good standing (which means no balance , never missed a payment or settled on a due balance) then the card will remain on your credit report for 10 years so closing the card cause no direct negative impact to your score. What cause the impact is based on your overall credit profile, things that will ding your credit score as a side effect of closing a card: - Utlization; while the card stil shows up on your report (assuming closed in good standing) there is no credit limit attached so this lowers the amount of credit you have total which then may increase the utilization ratio on your profile based on any other debt/balances you have. However utilizartion as a metric doesn't hold memory so having "perfect" utilization doesn't matter. This is also what cause most score flux. - The card doesn't close in good standing, if you have a bad track record with a card then the card can be closed with no good standing which means it won't stay on your report for 10 years, it'll instantly fall off. - What can happen which would affect older folks usually or just people who's oldest card is 11+ years old. Is that if you close your oldest card while it reports for 10 more years after being closed in good standing if your recent cards are very new in comparison you do lose out on years you could've had. As well as a stronger average if you decide to open new cards. What some credit card nerds do is just shuck the card in a drawer and then just put like an annual bill on that card and make it auto pay for cards they don't plan to use (that have no annual fee). But if you truly don't want the card or want to manage it just to simplfy things then you can close it. Unless you plan on buying a house, car, refiancing or etc. In the next couple of months a small drop isn't something to worry about. Wow I just had a nerd out lol.
@jordanjones3711
Ай бұрын
What software is this?
@valerieann_
Ай бұрын
Hi, it’s an app called YNAB (You Need A Budget). I’ve been using it for almost 4 years. You can use it on the web or mobile. I have a link in my description box if you’re interested. Let me know if you have any questions about it. Have a great day!
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