You've got questions and I've got answers.
I'm back from another search on the internet to make sure you're getting the answers to your questions about all things credit.
If you don't seem to find the answers to your questions in this blog, I'd encourage you to check out the other two I've written. I'll add their links at the bottom of the blog.
Alright, let's dive right in and get you the answers you're looking for about credit cards.
When Should I Start Working on My Credit Score?
The sooner, the better!
Whether you’ve just turned 18 and you're looking to get your first credit card or you’re 81 and you need to fix your credit score. Now is the best time to start.
When I was on David Meltzer's podcast, "The Playbook" we talked about how Credit Stacking is a great investment, especially if you're starting your credit journey. The younger you are, the better set up you are for success.
We have some young entrepreneurs in the course and they are crushing it in their early 20s. Even if you are past your 20s, there's plenty of time to get started and boost or improve your credit score.
When do Credit Cards Report Late Payments?
Having even one or two missed payments on your credit card can hurt your credit score.
Typically you have about 30 days after you missed a payment before it is reported but in that time, it's super easy to dispute it and have it removed from your file.
My strategy for getting out of late payments is to enroll in an automatic payment program. Not only does this save you the hassle of going through and paying for everything every month, but some vendors offer a discount to people enrolled in auto-pay.
The next time you're applying for a new monthly payment, check to see if you can get set up in an auto-pay program.
When Does Your Credit Limit Increase?
This all depends on your behavior as a cardholder.
The better your relationship is with the bank the more they will trust you and grant you higher spending limits on your credit cards.
It starts with being responsible.
Some examples of using your card responsibly are:
Make your payments on time.
Spend within your current limits.
Avoid any suspicious behavior or fraud claims.
If you can do this, you can see your credit limit increase as soon as six months after receiving your card.
If you're interested in starting off with a high spending limit at 0% interest, you need Credit Stacking. Starting out with a high spending limit on a business credit card is the best way to fund and scale your next big idea.
Do You Still Have Questions About Credit?
You're not alone!
Many people out there want answers to their questions and can't find a reliable source to turn to.
Credit doesn't need to be intimidating. Go ahead and fund your next big idea with Credit Stacking, today!