Credit Cards & Seasoning Of Funds

What’s the difference between the Vantage and the FICO score?

How can I get money out of my credit cards?

Through services such as:

Venmo – Only for personal cards (Click here to access Venmo)

Plastiq is for personal and commercial cards (Click here to access Plastiq)

Watch this video for more info:

What do I do with the cash I get out of the credit cards? If I use credit cards, wouldn’t that impact me in a negative way when it comes to applying for mortgages?

Your credit card usage will not be an impediment to take out a mortgage as long as you stay below 30% of the use of your total credit line. For more detail, refer back to your classes in week 1. When you take out the money, you will have to let it “season” (that is, leave it in your bank account for at least 3 months without moving that money). So if you plan to buy, start making money from your credit cards at least 3 months in advance

How do I handle the minimum payment of my credit card after taking of that cash out?

That is determined by your credit profile. To get the estimate of your minimum payment, simply call your bank or look at your credit card statement and look for where it says “APR”.

That APR will be your interest rate after your introductory offer of 0% is over.

Let’s make an example of numbers: -Debt: $ 5200 -APR = 24% -That means that = $5200 × 24% will give you $1248. That $ 1248 you will divide by 12 (since they are 12 months a year).

The resulting number will be the estimate of your minimum payment, in this case $ 104 per month. When you know that, you will leave $3,952 (the result of $ 5200 – $1248) in your account without touching for at least 3 (to do the “seasoning”) and then use them to invest.

The other $1248 will be set aside so that you can continue fulfilling your card payment obligations. NEVER STOP PAYING YOUR CREDIT CARD AND ALWAYS PAY IT ON TIME.

Why is my credit score in Credit Karma moving up and down so drastically (like a roller coaster)?

The Credit Karma algorithm is designed to help you monitor your credit profile, that is, to help the user to be aware of any activity that is out of the ordinary. Therefore, updates occur very often. To stay on top of the score every day is something that will not help your mental health.

Use Credit Karma only to monitor the activities, for example: if you see on the record a new credit card, check to see if that information correct. If it is, nothing happens. But if it isn’t, call the bank as soon as possible and report that fraud to Equifax, Experian, and TransUnion because there is a high chance that your credit was run without your authorization or that your identity was simply stolen.

Are there other ways to check my credit?

Yes, you can use the applications from your credit cards. Another option is by following the instructions of the classes of week 1. You can also watch this video:

Which credit cards do you recommend?

Link to our recommended credit cards ????https://go.novariseinvest.com/all-credit-cards

Check this video for more information:

I have a FICO of 600, will I be approved for a mortgage?

Yes, there is a possibility. Details are in the classes of week 1.

How can I build credit with an ITIN?

Please refer to this video:

How can I improve my credit, almost instantly?

Refer to week 4 for details. If you haven’t gotten that far into the program yet, feel free to watch this video instead:

When is the best time to request a credit line increase?

This question is answered in detail in the bonus section of the program. But if you need to do it now, the best time is when your cards are below 30% utilization.