5 TERRIBLE Credit Card Strategies You Should NOT Follow

5 TERRIBLE Credit Card Strategies You Should NOT Follow

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I have used credit cards to build my Credit score so I can access a lot of Capital for business and to earn points Miles and free Hotel nights so I can Travel the world for free now these are Real strategies that take time to Perfect and may not be suitable for Everyone but can provide real value However there are a lot of charlatans on The internet Shilling crazy too good to Be true style strategies that you should Not follow and in this video I want to Go through a load of them and some of These are pretty funny oh and this video Is brought to you by smart credit but More on that later number one filing for Bankruptcy to get out of credit card Debt so check out this thoughtful advice From a gentleman who goes by the Tik Tok Username of Green Thumb got bands I Don't know what that means although it Seems that he either changed his Username or his account got shut down What if I told you there was a way to Buy things like this $100,000 watch Without spending a single dollar of your Own money using business credit like This that you never actually have to pay Back yeah already feels like a scam but Let's keep going and get to the strategy With business credit you are not Personally held responsible for that Line of credit so let's say for example How I got this watch I was able to open

A business that I didn't really give a About I went open business credit cards In that account I then proceeded to go On buy this for $100,000 I'm going to Turn around sell it to a jeweler for $80,000 in cash which now gives me the Cash I'll file bankruptcy on the company I'll never have to actually pay it back So this whole scheme relies on the fact That he he thinks he is not liable for Debt linked to a business but if we look At the terms and conditions of the AMX Business Platinum which is literally one Of the cards he held up in the video one Of the first lines says you are agreeing To be jointly and sbly liable with the Company for all charges to the account In addition it then goes on to say the Account will only be used for commercial Or business purposes I'm pretty sure a $100,000 luxury time piece doesn't Qualify as a commercial or business Expense he already said he was going to Sell it for $80,000 so at a loss just to Get the cash so guys this is not an Infinite money glitch you cannot just Decide not to pay your business credit Card and have the company declare Bankruptcy and then everything is fine You will still be personally liable I Like this comment from someone on Twitter dude will make a killing selling Cigarettes in prison right I mean he's Good at talking maybe he could sell

Snake oil or pyramid schemes be connect Y wow but to be fair to the guy he did Release another video saying that he was Just trolling and it isn't even possible To get a $100,000 credit limit on a card For a brand new company that you don't Care about the funniest part about this Whole video is how many of you guys Thought I was being serious you had to Be stupid to believe that you can open a Brand new business get American Express And be able to spend $100,000 without Any history in a business or any of that Kind of and that is true I'm guessing he Never did what he claimed he did in the First video he was probably just in the Pool at an Airbnb he rented wearing a Watch like this luxury bling rapper full Iced fake diamond men's quartz watch hip Hop lover gift that you can pick up on EBay for $25 all right let's move on to Another one number two the 153 payment Hack take a listen to what this guy says What is the 153 credit card payment hack It involves making two credit card Payments a month you make one payment 15 Days before your statement date and a Second one 3 days before it okay so why Would that make a difference as long as You pay as much as you are going to pay On your card just before the statement Date it will have a positive effect on Your credit score because that is when The card reports to the credit bureaus

So the 15 and three numbers seem to just Be arbitrary numbers plucked out of thin Air and you know we like numbers in this Game right like 524 rule with Chase or Whatever so yeah 5 24 153 sounds cool But to show you just how stupid this one Is this is the video that automatically Played on Tik Tok immediately after I Watched it Simone is asking does the 153 Method really work I keep seeing it on Tik Tok girl I wish that thing will just Crawl in a hole and die yeah I mean so I Think people know that this one is kind Of dumb basically making any additional Payment during your billing cycle does Not show up as an extra payment so if Someone tells you this yeah when you're Paying your credit card every single Month you should be paying it multiple Times it actually helps super weird but It helps with your credit score so even If you're paying $1,000 just pay $500 Twice or $200 five times and it will Literally help with your credit score It's such a weird thing but it actually Works it is super weird because it's not True it will not show as an extra Payment and it will not report a lower Utilization to the credit bureau's mid Billing cycle your cards only report on Your statement Clos date so whatever Your balance is on that date that is What is reported there is one exception And that is for chasing cards if you pay

Them down completely to zero mid billing Cycle they will do a one-off report Showing a zero balance but in general if You want a low balance on your statement Close date just pay your card right Before that date and you can find out What that date is on your credit card Statement it will be called the closing Date or the statement closing date Something like this all right let's move On but first if you take credit cards And Credit in general seriously you want To protect and build your credit score Like if you don't build your credit Score it could literally cost you Hundreds of dollars a month and Thousands of dollars a year take this Guy because he built his credit score up To$ 760 he is paying $1,931 a month on a mortgage on a house That he borrowed $300,000 to buy compare That with this guy who didn't build his Credit score he's down around 620 and His interest rate is around 2% higher he Is paying $2,257 a month on the same Lo loan That's $326 more per month $3,914 more per year and $1 17,360 more over the 30-year life of That mortgage and that's why I've Partnered with smart credit an online Platform that can help you achieve your Best credit score possible smart credit

Lets you easily track and understand Your different credit scores their score Builder gives you a custom 120-day plan To maximize your score and many users May see an improvement of up to 60 Points on average if you have things on Your credit report like Miss payments That bring your credit score down you Can even have Smart credit write a Letter on your behalf for a Goodwill Correction you can report a credit Reporting error and more to potentially Get that negative item removed their Score boost will show you exactly what To do to help you reach a certain future Credit score with your credit Utilization which is 30% of how your Overall credit score is worked out this Includes exactly which cards to pay down And which you can spend on and they even Give you the optimal payoff date for Every card you have while calculating Your potential Point increase on top of That they also have their privacy Master Service that scans data broker sites for Your info every 14 days and submits Takedown requests this means your Personal information such as where you Live who your family is ETC won't be so Easy to find and thus neither will Stealing your identity so try smart Credit an all-in-one credit platform That protects your personal information And helps you build credit fast you can

Try it for 7 days for the amazing price Of $1 with my link below number three Destroy your kids Credit Now this one Really cracks me up if you want to build For your kids future take out a credit Card in their name but not to build Credit to destroy it to destroy it okay Let's keep watching we'll see where he's Going with this I have 18 different Credit cards maxed out in my son's name And his credit score is a dumpster fire So maybe he's using that money to invest For his kids's future I'm assuming I Mean I'm sure they're all 0% APR deals On those cards and the money's earning Like 8% in the S&P 500 but no it appears That this is a creative way of Motivating his child to make it in Business and become a millionaire I Started with nothing imagine what my son Can do if he starts with less than Nothing now okay he's obviously trolling With this one but parents with bad Credit setting up credit card or loan Accounts in their children's names and Trashing their kids credit scores that Phenomenon is way more common than you May think now it's totally illegal and It is actually identity theft and they Could get in serious trouble with the Law for it but many kids who are adults Once they find out don't want to sue Their own parents in theory a parent Wouldn't be be able to get a credit card

For someone under 18 but it seems many Parents have found a way around this Just using their kids social security Number and then perhaps lying about Their age on the application so do not Use this strategy whether it's to have Your kids start from less than nothing And build them up or because you want to Live the high life with loans in their Name if your kid decides to sue you when They find out you could end up in jail And if you are a kid worrying about your Own parents maybe your dad just got a New Lamborghini that you have no idea How he financed well if you're 13 or Older you can check your credit report At annualcreditreport.com the site will Give you one credit report from all Three of the credit bureaus for free Every year and you'll be able to see if There's any new credit activity such as Credit cards or loans or collections Associated with your credit file and if There is then you'll be able to sue your Parents number four manufactured spend So you may have seen people who claim That you can live off just cash back From your credit card you can literally Have no money in just a credit card and You can make a living this is how much I Made in the last two weeks just from Using my credit card so he made $1,100 in two weeks that's $2,200 a Month how is he living off of that he

Said he was making a living just from His credit card and I know I got some People that's going to say oh you have To pay for stuff just to get those nah I'm artificially spending money which Means I'm spending money without really Spending money if you know what I mean So what this guy is talking about is Manufactured spend usually this involves Doing something like this go to a Department store with your credit cards And buy the $500 gift cards you buy the Gift cards with your credit cards and Then go buy money orders with the gift Cards that you just bought with your Credit cards then you deposit those Money orders into your bank account and Then you use that money to pay the Credit card off canceling out the money You spent but you still earned a load of Credit card points or cash back in the Process only problem is many of the Strategies taught for free online don't Work I love how this guy just admits That probably this doesn't work in the Comments like he admits his own strategy Doesn't work it's just for the views Guys just for the views doesn't matter If it's correct or not as long as a load Of people watch the video he's happy now There are definitely manufactured spend Strategies that do work but you tend to Hear about them only after the fact once Whatever method it was has been shut

Down for example example the Presidential $1 coin Act of 2005 allowed Credit card holders to buy us $1 coins You know the ones you normally only get In change from vending machines you Could buy those directly from the US Mint with no commission or fees and free Shipping so if you spent say $500 on Dollar coins you would get $500 coins Sent to your house for free and you Would then be able to take them to a Bank and deposit them and use that money To pay off your credit card but you just Earned a load of frequent fly miles or Points or whatever on that transaction Now many people under the radar of General public awareness earned Thousands or even millions of points and Miles this way that was until a US Mint Shut it down in 2011 and this article From NPR is the way that many people Found out that it was even a thing but It was too late for them to try it by Then so while manufactured spend is a Strategy that can be done do be careful With it because it is easy to get your Accounts shut down if the credit card Companies figure out what you are doing And certainly don't believe anyone who Is publicly giving you a so-called Manufactured spend secret normally Strategies like that are not talked About publicly okay the ones that do get Talked about publicly get shut down

Pretty quick okay let's now look at our Fifth and final terrible credit card Strategy and that is number five get an 800 credit score in 30 days so this is a Clip from Shan Kelly's podcast and Shan Kelly he is a friend I've had him on my Show before great guy but listen to what One of his guests says about how fast You can build your credit score to 800 How can someone get 800 credit score That's actually the easiest thing yeah Easiest thing boom there you go 800 so In less than 30 days be teaching credit Council Elite how to be able to get the 800 FICO score it's it's just crazy There's six boxes that make up the FICO Score and he then goes on to suggests That yeah you should fix errors on your Credit report old addresses and then Right at the end of the clip the only Thing he actually mentions for building Your credit score to 800 is a lot of People sleep on this but authorized Users one of the techniques to finish Boosting uh okay authorized user cards Are generally something that you get Into at the start of your credit Building Journey not to finish up the Boosting I love how someone commented It's easy then tells you absolutely Nothing got it and yeah I mean maybe he Doesn't want to say too much because he Wants you to sign up for his course or Something but I had Anthony Davenport a

Genuine credit expert on the show a While back and he does credit building And repair for people like actors and NBA stars who need a high credit score Quick maybe they just mooved to the US And they want to buy a house or they Suddenly came into money quickly and They'd never built their credit before And so this is like the top credit Building expert used by movie stars and Sports stars and he's saying that he can Do 700 in 3 months this guy is saying 800 in one month and actually if you Guys are interested in Antony's method It involves opening four credit cards in 90 days and two of them are authorized User card so the authorized user method It's not false okay I think that that Guy is just exaggerating grossly what he Was talking about and um yeah if you Follow the steps correctly that Anthony Teaches two authorized user cards and Two secured cards one you put down Security deposits for uh you should get To 700 in 90 days there is a little bit More to it than that it's not just any Authorized user card you can open there Are certain ones that are better than Others so do check out the video if You're interested it looks like this I Will put a link to it on the end screen Of this video now I don't want to hate On this guy too much I'm sure he does Have a way to help you build your credit

And he does probably provide some value But I seriously doubt it is 800 in 90 Days all right guys so those are five Terrible credit card strategies that you Should not try thanks so much for Watching do leave your comments below And a big thank you to the sponsor of Today's video smart credit you can get s Days of their service for just $1 with My link below do check it out please Subscribe to the channel if you're new We'll see you next time bye-bye

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About the Author: James


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