DO NOT SHUTDOWN OLD CREDIT CARDS

Here is my response to @TheCommentsSection Brett Cooper on getting a perfect credit score - enjoy! Add me on Snapchat / Instagram: GPStephan

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[jhoughjr]

It’s almost as if credit rating is a bunch of arbitrary bullahit to keep people in debt.

[DeadLkeMe]

Credit scores are NOT indicators of wealth. They only tell how good you are at HANDLING DEBT. People can have a credit score of 800 and $20 in their bank account.

[Misdirecting]

I just paid off my car loan. Guess what? My credit score dropped dramatically. Such a mindless system.

[dretheman]

Credit scores literally incentivise debt 💀💀💀

[GreyFox]

The more you learn about credit, the more you understand how stupid it is

[TheSpcialne]

Pro tip - talk to your credit card company and ask if you can switch to a card without an annual fee. I've done it twice without a hit to my credit.

[logun.watkins]

100% true. We paid off a car loan and when the account was closed it dropped my score by 80 points because my credit age dropped

[nathanperez]

Yeah so very unfortunate for me, I called my bank looking to get a limit increase on my credit card. Instead of increasing the limit, the person on the phone, without getting my consent first, gave me a new credit card. Once they reviewed the call, they canceled the credit card and moved that balance to the old card (what I wanted in the first place). I now, forever, have a credit card that I had open for less than one day, but still shows up on my credit report. Stay safe out there.

[YaNeK]

American Express Platinum members be like:

"$1495 annual fee.. No problem!" 😂😂😂

[paulking]

I'm in Australia and...our credit scores are very different. The last credit card I closed increased my score immediately. It's kind of hilarious how it's so different in the US.

[colehitch]

I don’t know who needs to hear this but if your in debt and you’re young please, just pay it off. Sacrifice to get it done and don’t make the mistake again. Don’t let debt ruin your young life.

[peckeredgoat]

Paying off credit cards is horrible for your credit score. They want customers to pay intrest payments forever.

[pilotoblackbird]

I have a credit score of 750. I can’t get approved for a car loan over 20k because I’ve never had a car loan before… I make 76k a year and theyve seen my pay stubs. I’m done with credit scores. Dave Ramsey is right just save up and buy things cash.

[ianaguilar]

Funny how the lending industry makes their rules to incentivize you to get new cards and never shut down old ones

[fcxkuvy]

you don't understand how intelligent videos with titles like these make me feel

[Vesper]

Also put a reminder to use them every 12 months, even if just $1. Some cards will close your account if you're inactive for too long.

[elnitram]

I had a credit card for 20 years but then I moved to a different country for my job and my credit score reset. I hate that system.

[ShadowDestiny]

A closed credit card still appears exactly like an open account for 10 years though. So although closing a card will have a negative impact, that impact won't show up for 10 years. And by that time, its impact will likely be very minimal

[robbtaylor]

You're not a good citizen if you don't stay in debt.

[au.outlaw]

I'm glad I'm australian, we have credit scores but they don't really mean a whole lot. We don't have to spend our 20s trying to build it up.