How To Build Credit With A Secured Credit Card (Step By Step)
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- čas přidán 24. 07. 2024
- In this video we are going to cover how to increase your credit score using a secured credit card. So if you are new to credit and you are looking to build your credit score, then there are two main options available and one of them is going with a secured credit card.
I think the discover it secured card is the best secured card available, and if you are interested in getting this card use my link and you can get $50 completely free after you make your first purchase with your card, if you apply using this link: refer.discover.com/s/hh37gm
when growing your credit score in 2019
If you want to raise your credit score a few more points you should put a large deposit down on your card when you get it. For example when I got my discover it secured card I put 700 dollars on it and when I got my capital one secured card I put 1000 dollars on it. And by doing that I was able to grow my credit score from 0 to 700 points in just two months.
Other things that are important for building your credit score:
- Reduce your credit utilization! So when your credit card statement comes around try to have the least amount of money charged to your card, but leave at least 1 percent of your total credit limit. Then once your statement comes through pay off the card in full every month.
- Never miss a payment. If you miss a payment that could seriously hurt your score! so always always make sure you pay your card off every single month, and consider setting up auto pay for your credit card!
Now another option is self lender, and with this you basically send self lender a little bit of money each month and after a year they send you a lump sum of your money back. So this service helps you to build your credit and also helps you save up money! If you are interested in using self lender, sign up with this link to help out the channel: selflender.com/refer/19757936
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- Self lender build your credit score with no hard pulls and no secured cards!
- selflender.com/refer/19757936
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Assume that any links are referral links, however I would never recommend a product if I didn't believe in it.
I hope this video helped you! be sure to subscribe and like and comment!
dude you gotta be like 19-20 yrs old and you're already financially literate. Good for you bro
It’s just credit
To be effective at something you don't have to be a specific age
you can go apply and get approved for a credit card on your 18th birthday with $49 and let it progress as you progress. that’s what i did
Discover secured credit account is by far thee worst secured account you could ever open. They put you through a long strenuous verification process where they have to send you a equifax or trans union email for you to E-sign then you have to wait an additional 2 to 3 weeks for them to contact the IRS in order to verify your information. You'll have to wait for a thousand years before you can even use your card. Highly recommend chime or bank of america
@@alexandriaadams-pv2vm you are adorable. 🥰 🥰 🥰 🥰
Thank you. I'm new to credit. I was in prison for 19 years and I'm learning as I go. Appreciate you.
I knew nothing about credit cards till I watched this video thanks man
Bro your way of presenting is perfect good job !
Thank you for this video! I just got my Discover it card and I'm excited to build my credit 🙏🏻
Thank you for your time and all the useful information you provided, I am trying to build my credit I ordered the Capital One about to apply for the Discover as well
thank you so much for this video, I typed in all the notes I took from this video onto my ipad to really remember what I need to do. Thank you
Dude thank you so much for explaining the utilization rate thing. I’ve been on CZcams for five hours trying to find out best way to use my cards. And you explained it perfectly. Thank you thank you thank you
Been looking at a lot of vids on CZcams this is the one that I feel is the best so far 👌
Thank you I just got my discover it card and this has helped me a lot
You are truly a blessing. No nonsense. No time wasted. Thank you!
thanks for taking the time to make this.
Very helpful video. Thanks for the advice.
Thanks! A bit nervous but still going to take the leap.
this video was really helpful thank you so much! i even sat down to take notes. it was also really organized and calm! love it
Great info Sr!!!!! Appreciate you!!!!
Finally somebody explained how to spend and then pay off to keep the utilization low!!! Spend it and then pay off the next day and leave a small balance … got it!
For example, if my limit is 200 and use the max amount 200 , pay the next day the full 200$? Or pay 190$ and leave 10$ for next month? Can you help me understand a bit better?
Thanks bro.your lesson was very helpful.stay blessed
Thank you for this info!
You really helped me out understanding how this works. Thanks, I subscribed btw!
Video was more helpful than most I found on CZcams. Thank you.
Thank you so much for this video♥️ really helpful info
Congrats on going 0-700 champ. Great job.
Thank you Brandan got a 500 dollar secured card and watch videos like you said. You are right to watch videos it helps. I subscribed because you tough me the 2 cards you talked about good info !!! 😎💚💚💚💚
What’s your score
Great information man thank you
So glad I watched this video, all of my questions were answered! I watched plenty of videos and this is by FAR the BEST one. Thank you so much!
Very valuable information. Why don’t they teach this to our kids in school?
How do I up my credit limit ?
@@coachdonnajdo I just keep using the card and pay on time
Thanks you so much,this information was very helpful to me.
I can’t wait to get one cause it’s going really help me out
Thank you for the info!
I feel like this needs to be focused on in high school. How to do finances over basket weaving
super helpful, i took notes lol thank you!
This works man! I started with 1 SCC and now I'm almost 150 points higher! I even was able to purchase a home.
I’m trying to buy a home they told me get secured card how long does it take for credit to boost
Thank you so much!! This is exactly what I was looking for.
Thank you great info.
Great mentioning utilization rate 🤞🏾✔️
Thank you for the information
You snapped famm💪
Thanks for the info. I just got my $200 secured discovery card which is my first ever credit card. And I signed up for SelfLending and Kickoff monthly payments! About $55 a month total, not bad, hope it helps.
Very well explained.
You da man! Thank you!
I really needed this. You explained it so i could easily understand what i have to do as well as the concept of secured cards and how to build credit. Thank you
Discover secured credit account is by far thee worst secured account you could ever open. They put you through a long strenuous verification process where they have to send you a equifax or trans union email for you to E-sign then you have to wait an additional 2 to 3 weeks for them to contact the IRS in order to verify your information. You'll have to wait for a thousand years before you can even use your card. Highly recommend chime or bank of america
@@saywhat6250 hmm this not true lol, I didn't go through none of that. Just applied, was approved, made my deposit, received my card in the mail, activated and was able to use. Discover graduates you after 6 months of on time payments and your card becomes unsecured. While I had chime my whole account was hacked, they closed my checking account but the credit card still reporting positive so that's a plus I guess.
good content, never knew about the self lender.
Thanks for this helpful video Brandon...I'm barely trying to start building my credit and your video was the easiest to understand
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Try the kikoff.com account. My clients and I seen great results with them. Also make sure you keep the balance low on your credit cards. Don't spend more than 5% on those credit cards also .
great vid. i had over 50% utilization rte on my first month😅
He is so easy to listen to.
Hello Brandon,
Can you please make a video based on the Mint app?
I would love to see how works . The way you sum things up makes a lot of sense...
Please advise Thanks
Great work sir
8:32 this is exactly what I was hoping to learn from this video; thank you so much!
Definitely a very important part of this video. I just took a big hit to my credit score because of using 45% of my available line of credit
Exactly!!! Me too
Thank you for you help
Thanks dear. Very well explained
Thanks for the info.
Its very valuable
Thank you ! Very helpful
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I finna do this yessir
Excellent video thank you!! I started December 2020 with Capital One secured deposit 400 and they gave me 551$ also Kohl’s card with 1000$ limit. My score is 713 today. My household bills around 7000 and we pay all cash. But i am thinking to use the benefits of rewards program. Also want to build my credit score. So what’s the next step? Only 2 years in USA.
Thanks man.
Great vid i have the discover it card coming in the mail
well i would suggest you contact david on whatsapp @ +1(361)245-0314 for any issues you have concerning this. he is fast and reliable.
Congrats!
This is a very good video for people like myself trying to build credit. I literally just got my discover secure card in the mail. I put $800 down and def gonna use the tips you talked about in this video. Paying most of it off as soon as possible. Trying to get my score to at least 700. Just subscribed and liked.
Mines arriving soon.. How you doin so far?
Hey dom hows your credit going?
How do you pay em when ur bill date is due?
Do u link ur bank account or sum?
@@omarbermejo3294 yes
Thanks for the help dude
I JUST DID THE SAME THING HA!!!! I JUST ACCIDENTALLY APPLIED TO THE WRONG CAPITAL ONE CARD IM SO HAPPY WE BOTH DID THAT LOL
My discover it card graduated last month in March to $1800
I got my $200 security deposit back
Good stuff
Whew this young mans eyebrows are something serious! Good video though
Good information
Great information Thank You
I’m 34 and trying to get back on that horse of credit 😁 I just applied for a secured capital one card I need to deposit 100 dlls and it gives me 200 dlls credit limit! Not too bad lol I’m only gonna use less than 30% 55 dlls a month hopefully it helps me build up credit.
Hows it going?
Hey which capital one secured card do you have the platinum or quicksilver? Also which one would you recommend for someone trying to build there credit?
I got the Capital 1 Platinum. I put 700 for now but I will put 300 more to max it out next week. Is Quick Silver card better?
This man said he replies to every comment and to test him if we think he lyin…. And what do ya know!!! He definitely cap 🧢 😂
I like to spend the banks money first then pay bills later. I pay everything before my due date and I recently got my security deposit back (1k$)
Thanks, is secured credit card as the one from the bank? Some places only accept certain specific credit cards.
Thanks for the game
I always pay off credit bill early the Better!! 🙃🙃
I just applied for my discover card today w 500 limit
❤❤❤❤ thank you
My financial advisor told me never go over 30% of my credit card balance. Wow and you just said it.. clapping for you
Everyone says that tho
Thanks a lot for your video.
Hey Brandan please help, been going through your page since morning and l still have questions 😢. I have a bank of American credit card and my limit is $2300, how much should l use monthly? How much should l pay close to due date and do l get to pay the little percentage balance immediately after my statement is released or do l keep using the card until my other close to due date please . Please help me before l run crazy 🤦🏾♀️another thing that’s confusing me is when l go to my credit account l see statement balance which is actually alittle higher than what l owe for my credit card, what does statement balance mean?
Can I get good credit doing all this if I’ve got negative debt or do this and try to pay what I can off?
Please help me I’m confused so I just got a discover it card with a $200 limit the due date is the 20th and the cycle closing date is the 25th. This is what I’ve got correct me if I’m wrong please I don’t understand. So For example. I spend $20 on the first of the month I should pay $18 before or on the 20th and let the two dollars stay on my balance until the 25th? And then pay it off after the 25th?
Put video at 1.25x speed and the video is much better
Put mine at 2x
If i use my secured credit card, is it a good idea to pay it the next day? Or how long should i wait to pay
Hello can I repay the credit with discover it the same day I took it? Like each time I take credit, I repay it immediately. Can I do that?
What did you do when you send the wrong application to cap 1
Just wondering how you got from no score to 700 in two months? I was told it would take a year
I’m the 4th Subscriber! 😂 I deploy in 2 months, is there way I can build credit using autopay?
Hey, thanks for subscribing! To answer your question, yes, if you get a credit card or a secured card you can put a monthly charge like Netflix on the card and set the card to autopay. Just make sure that you set the autopay settings to pay off the total balance on the card and make sure you have enough money in the bank account to pay off the Netflix subscription each month. You could also set up a self lender account and turn auto pay on for that as well. If you go that route you get your money back after paying each month for a year, just make sure you have enough money in the bank account for this one too each month.
So yeah, it is definitely possible!
Self.inc
lit vid
Is it best to get a secured card where you do your banking?
I am new to states and have no credit 4 months back I bought a new car with very high interest rate and looking to apply for secured credit card, can I apply & will they approve it ?
Were will they return my deposit too? They another card or how i don’t get it.
Ty
hi! thankyou for this very informative video. i am a new secured card holder and wanting to build my credit. i have the capital one app and i was paying off my balances before the statements go out? is this ok? am i building my credit? or do i need to wait before my statement goes out first?
That will report a $0 balance or no utilization. I'd recommend reporting a small balance on the statement date and paying that off on time and in full by the due date.
Hi loves the video I sent to the self lender link my question is after I’ve paid off the loan after the 12 months is the company giving back a little but more than what we paid off ? Y
Your loan with Self has interest on it. So your monthly payments are say $25/ month X 24 months = $500. + $100 Interest.
At the end of two years you’ve paid $100 more than you get back.
Solution: do the loan for 12 or 24 months. Increase your payments so you can pay off 50% more than required. You’ll pay the loan off quicker, thus reducing interest charges. In addition, at the beginning if this loan, a greater amount is owed than paid. Larger payments brings down the amount owed, which raises your FICO!
If you have a loan of 12 months but pay it off in Seven or Eight, your still benefiting from showing on time payments and also that the loan was paid in full!
That’s what I’m doing, paid $80 my first month, on a 24 month $500 loan. Hope to pay it off, in nine months!
I have the Capital One SilverQuick Secured Card.
Is using a secured credit card better for building credit than being an authorized user on a account that is in good standing?
I deposited 50 and got a credit limit of 201 I'm planning on using it only for gas and I set up automatic pay so i won't have to worry abt late fees is there anything else I should worry abt? My very first credit card btw I have no credit history
I got 8 major inquiries on my credit bro do i still get approved? Capital one didn’t approve me
I had a debt with discover that was a charge off from the beginning of building credit @18, 4 years ago... my big regret that I’m trying to fix, i paid it off more recently so how will that effect me if i wanted to apply again? How long should i wait?
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What is the difference between paying the full amount the next day or immediately as to wait to pay that 10% of your purchases when you receive the statement? The reason I ask is because I would like to actually pay off everything I buy immediately. Is there something wrong with that?
Score is only gonna increase if they show that you are making an actual payment on time
I got the discover secured card, not the it version. Is it that different?
What’s the Mint app for?