Climbing the Credit Card Ladder (Why You SHOULDN'T Do It)
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Should YOU climb the credit
Should YOU climb the credit card ladder? Probably NOT…and you’ll be shocked to learn why. Click “Show More” to see Ad Disclosure, links, and additional information below.
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What is the Credit Card Ladder?
Simply put, it’s a step-by-step method to begin & grow your credit journey, achieving higher scores, better cards, and better rewards along the way. Climbing the Credit Card Ladder is designed to help people build credit for the first time or rebuild credit from lower scores.
Frankly, it’s a good system and it can definitely lead you to have success.
But here’s the thing…
It’s NOT necessary.
Why?
Because it’s possible to build your credit score with ONE credit card (or an optional second) and still achieve high scores. It’s also possible to jump from that first beginner credit card all the way up to mid-tier or even top-tier premium travel credit cards WITHOUT passing through the lower tiers of the credit card ladder.
Want the Amex Platinum Card? Great! You DON’T need to get an Amex credit card with no annual fee first…and then get the Amex Green Card…and then get the Amex Gold Card all before you submit an application for the Amex Platinum Card. Why not start with a student credit card, build for a year, and then go straight for that Amex Platinum when you graduate?
Want the Chase Sapphire Reserve? Great! You DON’T need to get a Freedom-branded card first (like the Chase Freedom Flex or the Chase Freedom Unlimited), and then get the Chase Sapphire Preferred, and then upgrade to the Reserve. Why not start with a Capital One secured credit card, build for a year, and then go straight for that Chase Sapphire Preferred, Marriott Bonvoy Boundless, or World of Hyatt credit card?
The important thing is that you start your credit card journey (usually on Tier 1 of the Credit Card Ladder), use it responsibly by paying your bill on time, avoiding interest and debt, not using a high percentage of your credit limit, etc. From there, you’ll have a lot more credit card options than you think.
The Credit Card Ladder is GREAT for those of you who want structure…a blueprint…step by step instructions to follow to keep you on track and focused.
But for those of you who simply want to get into the credit card game as quickly as possible to start saving money on travel, you can truly pave your own path once you’ve gotten that first year of credit history built (or potentially in even less time with certain cards, like Amex charge cards). The reason why this is possible is because you can go from a starter credit card and build a credit score into the 700s within a matter of months. And although many banks that issue travel credit cards may want to see 1 full year of credit history built up first, in reality, that’s still very short term (and it doesn’t require any sort of Credit Ladder process to make it happen).
More importantly, however, is that you build smart financial habits along the way. Credit cards are awesome tools when used to your advantage, and a crucial step to that is making sure you can pay the bill ;-)
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#creditcards #creditcard #creditcardsforbeginners
💳👉VIEW CREDIT CARD OFFERS!
http://markscreditcards.com/offers
💥🏢BILT CREDIT CARD
https://markscreditcards.com/bilt
🛍 RAKUTEN - Earn Cash Back!
http://markscreditcards.com/rakuten
🏦 SOFI CHECKING & SAVINGS – Get $25 FREE (or more w/ direct deposit)
http://markscreditcards.com/sofibanking
📲 MAXREWARDS - Manage credit cards & rewards!
Get Gold level for free with PROMO CODE = markr
http://markscreditcards.com/maxrewards
🤑 GET FREE STOCKS FROM MOOMOO
https://markscreditcards.com/moomoo
📈 GET FREE STOCKS FROM WEBULL
http://markscreditcards.com/webull
🔐 AURA – Identity Theft Protection & More!
Get Your 2-Week Free Trial: https://aura.com/markreese
🥇 CHANNEL MEMBERSHIP - VIP Perks!
http://markscreditcards.com/join
What is the Credit Card Ladder?
Simply put, it’s a step-by-step method to begin & grow your credit journey, achieving higher scores, better cards, and better rewards along the way. Climbing the Credit Card Ladder is designed to help people build credit for the first time or rebuild credit from lower scores.
Frankly, it’s a good system and it can definitely lead you to have success.
But here’s the thing…
It’s NOT necessary.
Why?
Because it’s possible to build your credit score with ONE credit card (or an optional second) and still achieve high scores. It’s also possible to jump from that first beginner credit card all the way up to mid-tier or even top-tier premium travel credit cards WITHOUT passing through the lower tiers of the credit card ladder.
Want the Amex Platinum Card? Great! You DON’T need to get an Amex credit card with no annual fee first…and then get the Amex Green Card…and then get the Amex Gold Card all before you submit an application for the Amex Platinum Card. Why not start with a student credit card, build for a year, and then go straight for that Amex Platinum when you graduate?
Want the Chase Sapphire Reserve? Great! You DON’T need to get a Freedom-branded card first (like the Chase Freedom Flex or the Chase Freedom Unlimited), and then get the Chase Sapphire Preferred, and then upgrade to the Reserve. Why not start with a Capital One secured credit card, build for a year, and then go straight for that Chase Sapphire Preferred, Marriott Bonvoy Boundless, or World of Hyatt credit card?
The important thing is that you start your credit card journey (usually on Tier 1 of the Credit Card Ladder), use it responsibly by paying your bill on time, avoiding interest and debt, not using a high percentage of your credit limit, etc. From there, you’ll have a lot more credit card options than you think.
The Credit Card Ladder is GREAT for those of you who want structure…a blueprint…step by step instructions to follow to keep you on track and focused.
But for those of you who simply want to get into the credit card game as quickly as possible to start saving money on travel, you can truly pave your own path once you’ve gotten that first year of credit history built (or potentially in even less time with certain cards, like Amex charge cards). The reason why this is possible is because you can go from a starter credit card and build a credit score into the 700s within a matter of months. And although many banks that issue travel credit cards may want to see 1 full year of credit history built up first, in reality, that’s still very short term (and it doesn’t require any sort of Credit Ladder process to make it happen).
More importantly, however, is that you build smart financial habits along the way. Credit cards are awesome tools when used to your advantage, and a crucial step to that is making sure you can pay the bill ;-)
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#creditcards #creditcard #creditcardsforbeginners
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