5 Credit Card Mistakes To Avoid (Increase Your Credit Score FAST)



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5 Credit Card Mistakes To Avoid (Increase Your Credit Score FAST)

This video is on 5 credit card mistakes to avoid, Increase your credit score fast, How to increase your credit score fast 2021, How to get a credit limit increase 2021, Build Credit Fast In 2021

In this video I’ll be showing you 5 credit card mistakes to avoid and how you can increase your credit score fast and build credit easily!

1. Maxing out your credit card:
When you get a credit card it comes with a credit limit which is the maximum amount of credit that you are allowed to spend on that card! The amount you spend on the card is your credit utilization. Credit utilization is the second most important factor in your credit score since it makes up 30% of your score!

Tip:
Don’t overspend or max out your credit cards and make sure to always keep your utilization under 30% if not lower than that if you want your credit scored to increase fast.

2. Only Making Minimum Payments:
What a lot of people don’t realize is that making the Minimum Payment on a credit card increases how long it takes for them to pay off the card. That’s because you’ll usually be charged interest on the unpaid balance until you pay it off in full! Which means you end up overpaying due to interest.

Tip:
Never make the minimum payments on your credit cards, instead pay as much of your balance as you possibly can in order to avoid the compound interest and if you can pay the FULL balance back that would be even better and it will help increase your credit score fast!

3. Applying for too many credit cards in a short period of time:
When you apply for a credit card it might affect your credit score negatively and that’s because when you apply for a new card that may result in a hard inquiry! A hard inquiry can lower your credit score by as much as 10 points! Applying for too many credit cards in a short time, could cause your score to dip temporarily.

How long you should wait per credit card application:
3 – 6 months

Tip:
Do your due diligence on the credit cards you like and make sure that you 100% want that card before applying for it, instead of applying for multiple cards. Doing this will prevent excessive hard inquiries and it will help keep your credit score!

4. Closing or canceling credit cards:
When you close or cancel a credit card your total available credit goes down, your credit utilization goes up, and your length of credit history goes down, which in return makes your credit score go down! This is because closing credit cards affects your Length of Credit History, which make up 15% of your credit score and ideally the longer your credit history is the better it is the more your credit score increases!

Tip:
Don’t close any credit card unless you really need to, especially if you have a credit card that charges no annual fee, because it’s FREE to keep it open! Here are 2 alternatives instead:
– For Annual fee credit card ask the card issuer if you can downgrade your card to a No Annual Fee Version.
– For Secured credit cards ask the card issuer to upgrade your secured card to an unsecured card

5. Making late payments:
Making late payments is one of the worst things you can do when you have a credit card! This is because paying late results in a late fee, interest charges, and it affects one of the most important factors that makes up your credit score which is Payment History! Your Payment History makes up 35% of your credit score. So, if you make late payments then your credit score will be affected badly, especially if you constantly pay late!

Bonus mistake: Not asking for a credit limit increase
A credit limit increase is one of the easiest ways to raise your credit score fast, raise your credit cards available credit, lower your credit card utilization, and have access to a higher line of credit.

How To Get A Credit Limit Increase Video:

Tip:
Set up auto payments/reminder a couple days before your payment is due, that way you make your payments on time and your credit score increases!

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*I am not a lawyer,CPA, lender, realtor or a financial advisor. The content in my videos should not be taken as legal, tax, financial advice, etc, and may or may not be outdated or inaccurate as the time this video was posted. It is your responsibility to verify all information from the video on your own. This is a YouTube video for Entertainment purposes ONLY. If any company is mentioned is because Dayanaplays has an interest in them. Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a commission or referral bonus. PLEASE DO NOT make buying or selling decisions based on Dayanaplays videos. If you need advice, please contact a qualified professional as I am not one.*

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17 Responses

  1. Miss Vees Candles says:

    Great Video

  2. Antonio Moreno says:

    Another good video thanks for the tips

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    I started working on my credit some years ago. I didn't know where to start ,I had no credit. I started looking up videos and found CreditMasterFixCom . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thanks Marvin for all the information and tips. Now we are in a position to buy home

  9. ➡️ @CREDITMASTERFIX on instagram to fix credit. says:

    I started working on my credit some years ago. I didn't know where to start ,I had no credit. I started looking up videos and found CreditMasterFixCom . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thanks Marvin for all the information and tips. Now we are in a position to buy home

  10. ➡️ @CREDITMASTERFIX on instagram to fix credit. says:

    I started working on my credit some years ago. I didn't know where to start ,I had no credit. I started looking up videos and found CreditMasterFixCom . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thanks Marvin for all the information and tips. Now we are in a position to buy home

  11. Ricky campos says:

    Thank you for sharing

  12. Doc says:

    Truth be told, I committed all of these mistakes in my younger days. I was so oblivious to how credit works. Thank goodnesses I know better now!

  13. Neno says:

    Awesome content!!

  14. Jimmy Susberry says:

    ❤️❤️❤️

  15. Jason Croft says:

    Great tips. This should be taught in Sophomore year of High School for all young people. Parents should be reenforcing this.

  16. Pablo Garcia says:

    Agreed! Another one is over spending to reach a signup bonus. (Should plan out a strategy beforehand)

  17. na na says:

    Great tips dayana making late payments could turn into a deblty headache and it's best to avoid

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