Does Carrying a Balance Actually Help Your Credit Score? Here's The TRUTH!

In this video I Debunk a credit Myth that plenty of people think is true.

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[JustMoneyish]

👉Use my link to get a Free Stock worth up to $200!

[necoleroberts]

You will always determine your statement date, and due date, so first you always pay your balance in full at least 3 days before the due date, than right before statement date you use $5 dollars or 1% to carry over

[shojus]

Carrying a small balance (1%) CAN bump your score by about 10-15 points based upon FICO scoring data. It doesn't really make sense to carry a balance just for that small bump.

[killacam]

Never carry a balance never pay interest 830 score 😁

[michael-if]

not true i paid cards down to zero balance fico score dropped 15 points used just 20 bucks score went back definitely not true )

[floydbanks]

I'm an AZEO believer myself. It's a 20-25, point difference for me. Even there, the balance that I DO carry is minute ($5).

[lrnasigo]

I’m testing a few scenarios, starting with 1 card at 10% at statement closing with a higher balance on my Amex gold. Data point. Equifax minus 1 point FICO 8

[StacheCam]

Been following ya tips helping out just money

[alonsoortigoza]

1% is the magical number! Not higher or lower. From personal experience. I tested this between 2 months. My fico dropped when I paid off my balance in full compared if I allowed 1%. 20 freaking points!

[evanhiggins]

I remember someone had credit on her credit card and when she got a stimulus check. I was like no you're paying it all off. Lol. She heard on the phone holding credit looks good and paying it off. I was like that makes no sense

[PRCONNECTEDLLC]

I carried a balance on my cards of 1% for a couple of months and my score went up 16 points then payed it completely off them it dropped 16 points so the next month I carried that 1% balance and got those 16 points back again

[JustMoneyish]

I am Aware of keeping a super small balance of 1% can improve your credit score sometimes but most people don't know that and interpret it wrong so they tend to keep their credit utilization ratio definitely higher than 1% to try and build their credit which is something I don't recommend doing...also I don't like promoting Debt on credit cards :)

[dabiri]

Ish, would it be a good idea to get a personal loan from Navy Federal using my car as collateral to try and improve my credit? Would this be the same as a pledge loan but using my car instead of cash?

[pablomartinez]

So if I owe 100 always pay to zero? Or can leave like $5

[TLK.]

Hella good advice I’m about to put this to work thanks 🙏🏾

[SK_NJ]

I don’t know ish. I have 14 CC’s and from actually testing it; if you let your credit report 20-30% and take the 3-4 point loss. Then the following statement; pay down to 1% .. My credit grew higher than just not leaving balance 🤷🏽‍♂️

[Arrcreditup]

I boosted mine... I have 5 credit cards! Just don't overdo it guys.

[wadaboyy]

I appreciate this because its misinformation that has been circulating. A debunking video for end of 2024 video wouldn’t be amazing

[ProfitBigg-tm]

Carrying that balance at the dispensary it seems 😂

[gaminganime]

I disagree. If you are paying your statement in full then carrying a balance can help your credit score