How To Build And KEEP A Perfect Credit Score

In that case is it better to pay off what you’ve spent at the end of the month in full?

this is gold

However the main purpose of a credit card is to demonstrate you can manage debt and pay it of on time

chambersjr

Yes, you can.

chambersjr

Also just to clarify, overdraft works in the same way as having a credit card right.

^i also have the same question as Vads

Quick question, would you be able to pay off the credit card balance the very same day, so say you went to a shop which you would’ve bought with your debit card but instead you just choose to use your credit card, and then pay it off when you get home, is this possible or advised would you say

You’re welcome. Pay of the amount in FULL and you’ll have nothing to worry about

chambersjr

Very informative, I never knew that a 10% credit utilisation was I sweet spot. I always kept it under 30%. Just a quick question does paying the minimum amount effect your score? Besides the fact you are paying interest

This one is an essential

🤝💚

Thanks for your help

No, this wouldn’t count towards your credit score. The only things that affect your credit score are things you’re on a contract to pay off. Such as Contracted payment plans Bills Mortgages And your ability to consistently make ( or not make ) Theses payments over a period of time will dictate your credit score.

chambersjr

Would investing into a vanguard index fund and creating a standing order to put regular monthly instalments into the fund count towards increasing your credit score?

Thank you for the video brother very well explained 👌🏻 why we are never taught these things is ridiculous

Thank you bro, I’m glad you enjoyed it 💯

chambersjr

Another banging video my guy, your analogies are elite 😂. Was looking forward to this one and you explained everything very well much love bro.

You’re welcome

chambersjr

Thank you

Thank you. And that would be down to personal preference however if you do choose increase credit limit then don’t let that tempt you into spending more money unless it’s for an extremely important reason and you know you’ll be able to cover that payment Asap.

chambersjr

This video is amazing!! Quick question, if the bank contacts you to increase your credit limit, should you accept it or decline the offer? Or is it based on personal preference?