How to rise credit score to get H1B visa 

Howdy Folks My name is coming at you from Dallas, Texas, and today I'm going to talk to you about credit cards, how to grow your score from almost 600 all the way up to 800, and why you need credit cards. Why do you need to play the silly American game of credit cards so everything unfolds? But before that, if you haven't subscribed, what are you even doing? Do you even know me? Do you even like me? Are you even friends with me? What are you doing, man? So hit that subscribe button and let's get on to this journey. Let me take you back to 2015. Now I'm a student. I'm just a joke, and I have started using credit cards, but I don't know how to use them. My first credit card ever was from a Bank of America. I had like a $2,000 limit, and I'll be honest with you, I had maxed it out. I was very bad with my finances as a student. Let's be honest, you know you don't have much money as a student. I was bad with my money guys I didn't know how to manage my money at that point of time I would always you know spend more than what I had so long story short I was bad with it but here's what happened so I get a credit card statement and I basically have no money to pay even the minimum payments now I want to tell you one thing never ever ever miss a minimum payment because this is what happened I didn't had money for about 2 to 3 months to even make the minimum payments guys that's like $25 a month I didn't even had that I ended up missing these minimum payments for 3 months in a row and my credit score took a nose dive all the way from like 700 to 630 and now I'm sitting in 630s which is and I don't know what this means okay I don't know what these scores mean by the way I just knew like 700 was good and 630 is not long story short 2 years later I'm still in 600s okay nothing great has happened since then except I got a job after graduation I've been paying loans and stuff like that but then still I have not understood the credit game now I need a car in October of 2018 I need a car so I go to a dealer and then I tell them that hey I can put maybe $5 $7,000 but then I need a loan so they give me $8,000 loan at 14% interest rate and that is only because I didn't had a good credit score guys so if I had a score of like 700 720 730 I would have been able to get so much ahead I would have gotten maybe like a 3 or a 4% interest on my car loan I was a smart individual what I did I did a 7-year payment I got my monthly payment to about $200 and guess what I paid all of that within 2 years so I paid those S Grand within 2 years so I didn't end up paying a lot of interest over 5 6 years so that's how a bad credit score can hurt you but long story short guys over 2 3 4 years I was able to build my credit and literally today morning I got got a message that my score has hit 8005 and here's a picture how did I do that to be honest this was not a planned event what I really started doing is over last 2 three years I applied for a lot of credit cards so I went from like two credit cards up to 18 credit cards over last four years guys and my credit limit uh you know from 2020 to 2024 went from $10,000 of credit limit to up to1 $510,000 recently so it's a huge credit limit you know and so it's not going to be a game game which you're going to do it overnight it's going to take 1 2 3 years for you to get to that destination but when you get there hey it's going to be awesome you're going to be able to take loans at a very low interest rate and guess what guys if you're able to get loans at like 3 4% interest rate you can take that money invest in like even S&P 500 you know to be honest you're going to get 10% on that big Investments can happen if you have a low borrowing rate from the bank and use the bank's money to become wealthy in America. So I'm going to talk to you about four things that you really need to do or don't do so that you never hurt your credit score. Number one: always make your minimum payment. I don't care how broke you are if you have to beg to borrow steel. Do what you need to so that you can pay your minimum payments because making minimum payments tells the credit card company that no matter how bad things are going, you can always make the minimum payment. You're not going to default on your loan. You are a safe candidate. missing minimum payment is the worst thing you can do in your credit number two never use more than two to 3% off your credit limit for example if your credit limit is $10,000 you're going to use only 2 to 3% which is 200 to 300 now you may be saying what are you talking about omard that's so stupid no what I mean by that guys if your credit limit is $10,000 you can spend up to 5,000 but before your closing date you want to make sure you pay off almost 98% of all of that money because after that closing date you are getting charged 2% interest rate per month which is about 28% a year so that means if you use $5,000 2% in a month that is $100 of Interest you're just going to pay not only that now what your credit card is showing is that your limit is 10,000 and you've used 50% of it so that way you're telling to the credit card system that you may not be good with your money you're using a lot of debt so that's why you want to make sure you're paying 98 99% of that money before closing date Remember the closing date, not the statement date. The statement date is when you need to pay it. closing date is the more important one and in the end guys I want to talk to you about what having a good credit will do to you first of all you know you're going to have a high confidence when you're just walking down the street you're going to have confidence about you that you know who you are you are financially responsible you know how to play the game and you know how to win the game because you didn't come to America to stay in 700s you came here to win be in the 800s so that later on we're going to use this money you know when you're taking a loan on your car 5 years 10 years down the road you want to buy that Mercedes you don't have to pay $50,000 cash you can put that $50,000 in an S&P 500 Get 10% returns and drive that Mercedes of the lot for 4 3% per annum interest rates, so you're saving a lot of money in the future. So the action you take today is helping the future you; it's a gift, so you are giving a gift to your future self. Number two, when you're buying houses, guys, you need to have a good credit score. If you don't have a good credit score, you're not going to get a good interest rate on your house. Imagine you are buying a half-million-dollar doll house 5 or 10 years down the road, and your interest rate is 5% instead of 4%. Now understand that 4% of $500,000 per year is $20,000, which means you're paying $220,000 on interest, whereas 5% of $500,000 is $25,000, which means you're losing $5,000 a year. That's $5,600 a month you're losing because you didn't take care of your credit score. Guys, it's very vital that you have a good credit score over a long period of time. At the end of the day, I look at it as a game. Credit score credit system is a game that America has built, and you are playing it now. If we are going to play this, why don't we learn the rules and play it and win it? I don't want you to play just to get by; I want you to make sure you play to win. And that's all I had today. I love talking to you guys. I'll see you in the next video.