The TRUTH About The Most Common Credit Card Myths

#creditcard #mythbusters #creditscore

In this video we discuss the truth about some of the most common credit card myths floating on the internet. Questions like should you every closer a credit card or can you open multiple credit cards? We're going to answer them all and hopefully by the end of the video you'll be more informed.


Gear
***************************************************

tags: credit card myths, credit card lies, credit card misconceptions, credit score myth, credit score lie, increase credit card, credit limit, credit, amex, chase, citi, recon call, amex recon, chase business, asksebby, johnsfinancetips, common credit card myths, most common credit card myth

[stephen-finance]

Myths Busted! Adam and Jamie would be proud!
Great stuff man!

[MikeMaye]

Thanks for the clarification. These are great tips especially not needing a perfect score. All my 3 credit scores are in the 790's and just being over 760 qualifies me for the best home, auto, and credit card rates out there.

[chop]

Great to know that you don’t need a ‘perfect’ score. Still got to make sure I pay on time and in full! Thanks for the great vid

[DeColaBros]

Thanks for the tips. I wasn't fully sure on some of these before but now Im a lot more confident in the credit card game.

[dlsalan]

You’re the best!! I’m just getting in the credit card travel strategy but I’m hesitant about opening several credit cards. Thank you for explaining! 😊

[narayanhill]

Called the reconsideration line and got approved for the Chase Sapphire Preferred 👍🏾

[Daniel_Braun]

Awesome myths busted! Loved the style of this video John. Also great tip about that once per lifetime welcome bonus rule with Amex! Makes sense!

[ChaseYokoyama]

Screw that perfect 850. That's so old school. We better than that nowadays 🧠 And don't take NO for an answer! Like you said, ask again.

[AveryHeilbron]

Eyyy I'm that friend. The number of denial reasons seemed pretty high, but calling I barely explained my case and was approved

[ConstantPoints]

Oh John, my experience with Wells Fargo says they will get their late fees no matter what. That’s why I dumped them a line time ago! Great video brother!

[diesel]

High utilization definitely hurts. My score goes down 60-70 points every time I do that on one of my credit cards, but I got my first credit card in 2020, I have 4 now. I've been getting high reward credit cards with 0% APR for x months and I usually end up maxing it out going on trips or buying tools, then pay it off right before the X months end, hurts my score a bit in the short term, but saves me a lot of money that I don't have and my score is back to normal by the time it is paid off (750-760). Probably not super smart, but it works out for me

[dofzion]

Opening up multiple cards at a time hurts your credit- false! Yup! I just opened up like 10 credit cards in the past 6 months and yes I got dinged a point or two initially but my credit has already bounced back from them and actually improved!

[gilloyola]

Okay i think i get it, right now i want to close an account i don't use and it's costing me 90 bucks a year, it shouldn't affect my credit score much then since i keep all my other cards around 1% utilization ?

[maxstyne]

The 3rd point (Missing one payment will hurt my credit score) is sth that I‘ve always been afraid of.
But thankfully it‘s not that bad. (Even though it‘s not advisable.😂

Solid video man🙌🔥

[Andres]

How can you apply for the same credit card again and again to get bonuses or miles but do you end up with several open accounts of the same credit card. How does it really work

[lockonlocation]

When you say for the sign up bonus that you reapply for the bonus, do you mean you are opening a new credit card of the same type and just getting a new credit card? Or is there a way to ask for the bonus again?

[Brantastic]

Hey what about paying double or triple to the minimum balance? Is that ok?