The Best Secured Credit Cards of 2023
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- čas přidán 24. 07. 2024
- Looking for a good secured credit card? Look no further! In this video, we'll share with you our top 3 Secured Credit Cards of the year. From no annual fees to great rewards, these cards are a great option for anyone looking for a good secured credit card.
Whether you're a young adult just starting out or a working to rebuild your credit, these cards offer great features and benefits. So don't wait any longer, and check out our list of the best secured credit cards of the year!
We cover:
0:00 You Deserve Better
0:17 Secured Credit Cards Explained
1:54 What Every Secured Card Should Have
3:40 Discover It Secured Credit Card
4:42 Capital One Quicksilver Secured Cash Rewards Credit Card
5:49 Chime Credit Builder Visa Credit Card
7:00 Which One is Best for You?
#creditcard #credit #creditbuilding
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/ @apennypinchersguide
Our website: apennypinchersguide.com/
DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are responsible for the financial decisions that you make.
Thank you! You helped me alot
You’re welcome!
Great video! Really well explained.
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
Thanks for the video
Thanks for watching!
Thanks you helped me make a decision
Which did you choose?
Thank you.
You're welcome!
Good review, thank you for your time.
Thanks for watching!
Do you know if the credit history with Chime's secured cc will disappear when trying to "upgrade" to an offered UNsecured card through them or closing out the account in general? Similar to what you mentioned about the other 2 secured cards with discovery and quicksilver? Love the video 2 thumbs up 👍
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
i hate when people comment stuff like this and barely explain stuff just here to confuse people by putting you 2 cents
Had my quick silver secured for over a year and paid my balance on time and no credit increase or my security return
Thanks
You’re welcome!
very interested video, i want to ask you: what path you recommend for those who are new in the country and start from 0 score? how to build credit score secure and fast?
Start with one of these secured cards or go to your credit union and see if you can get an unsecured card through them. Then build your credit slowly over time by making on time in full payments every single month
I qualified for a low limit Citibank card but would like to put as much effort into building credit. Would having a second secured help spend the process? My reasoning for secured is that some secured cards don’t require a credit check. And while I qualified for one I think I probably don’t want the ding of a second hard inquiry within a month of the first. Is this logical?
My understanding is that CUR matters more than the amount you spend and pay for. So thought if I can keep my CUR under 10% on a couple cards it would be worthwhile.
I do most of my payments on a debit card and would like to apply these payment towards my credit rating card but with a low credit limit I would exceed 30% CUR if I did all my payments on a low limit card.
And what are your thoughts on a secured loan?
Any insight you have would be helpful. Sorry I feel like I asked enough questions for an entire video.
Def not an expert, but i think getting another card would benefit you becuase the more accounts you have open the better. Your FICO score says that your credit mix accounts for 10 percent of your score. Although i may also wait because you could wait a few months and get a card with better benefits than a secured card may offer you, like a sign up bonus or cash back. Also, regarding the hard inquiry, I dont think 1 month is enough time for another card if its gonna result in a hard inquiry because it may show lenders that you are risky for apply for credit too often. I would wait and just play it safe.
so lets say I got one of these cards put deposit $200 down I use $25 it goes to $175 immediately pay it off card goes back to $200 I spend $25 again pay it immediately I do this like 3 times in 1 month can I do that??or is that just bad should I only do that once a month or it doesn't matter?? thanks for your info:)
I have had the chime credit builder card for almost 2 months using it daily, with half of my payroll going in every week. My question is exactly when do they reply to the credit bureau? I have heard that the credit bureau doesn’t know exactly how to list this on a report because there is no utilization. Any input?
20-28 days before the payment date
Would it be beneficial to get both discover and quick silver? Or just one
I would say both. The higher your availability is and the lower your balances are the better your score. One card with $1000 credit is good; two with $1000 is better (unless you use it). Get both, but don't spend more.
I just got the secured chime card, it seems like their actually is a 200$ deposit, unlike what this video suggests.
Is it better to have one secured credit card that I keep adding to each month (start out with a Discover It Secured Card with a $500 deposit and then add another $200-400 to increase my limit) or getting multiple secured credit cards?
Edit to also ask: would making regular additional deposits affect how long it takes for the card to transition to an unsecured card?
Just stick with one secured card for simplicity. As for additional deposits to increase your credit limit, that should actually help you because it should reduce your credit utilization rate assuming you don’t increase your spending
@@APennyPinchersGuide definitely not gonna be increasing my spending lol I'm gonna work on building up my credit as much as I can (starting st 554) while saving every spare penny to go towards a down payment on a house/trailer with a plot of land. Luckily house and land prices are pretty far below the national averages and then less than 40min away is even cheaper.
Having a couple of these already, how much cash back benefit is it really when I can only spend a small amount on either of these accounts without going above the credit use % and negatively effecting the score I'm trying to raise?
Great question, when using these cards I would say the most important factor is the consistent on time payments you make. While there is a give and take with maximizing cash back versus credit utilization rate, I would say the cashback you make will outweigh the potential ding on your credit score
Spend it like your debit card to an extent. pay off down to %10 of your limit before STATEMENT DATE NOT DUE DATE. Good luck
@@globalprofits101 Pay it down to zero. Think of it as a debit card only.
In most cases where folks are trying to raise their credit score, the type of spending you can afford is not going to reflect much in the way of cash back spending. You can find more money on the street than what your reward is. We're talking 1 to 2 cents on a dollar and while some will tell you it adds up, do the math on your own spending. Is $1 cash back really going to change your life?
Credit card companies are the weirdest people to deal with. Despite my credit score is 702 I got declined 8 on different compaines. I was declined on my second one which is discover one last month but now I got approved this month is it because they are watching me?
You are applying for a lot of cards. That's going to ding your score whether you are approved or not, especially if not because the open credit you would have gotten isn't there. Applying that many times is a reason in itself to get declined. I'll share why that is in some cases in short form. Please read, as I have taken a lot of time to explain it.
I managed a jewelry store with high end merchandise including Rolex. We offered credit through GE Financial. Some people would apply for credit and get approved for 10's of thousands and buy those watches and diamonds (because you can wear them on a plane). Ultimately we (GE and other credit card companies) discovered people would come from other countries, boasting huge incomes, apply for multiple credit, spend it and then stiff their obligations, and go back to their country where they were immune to our credit collections and credit bureaus. We also found when GE decided a 20% down payment would be required on large purchases, not only did those sales drop, but the percentage of default accounts dropped also, but at a proportional rate in favor of the company. We sold less, but we also lost less on a per sale basis.
Credit card companies changed the way they approve accounts because at that time, it was evident that a high enough percentage of people who applied for multiple accounts in a short period of time must be doing something for a nefarious reason, in order to maximize those cards and then default on them with many claiming bankruptcy after 90 days of purchase because that was the magic period of time the courts needed for you to prove you didn't apply for credit to do that, even if you did.
Your FICO score changes every day. Depending on your open credit, if you made a purchase of $100 or more, your score will drop the next day and could cost you 10-25 points immediately. When you pay it, it goes up again. Applying for each credit card will cost you 7-13 points whether you are approved or not. If you are approved, make a purchase and make a payment, it will go up again. If you are denied, it will drop and stay there for 2 years. 8 applications could easily cost you over 50 points and of those you lost, the ones you were denied on will not go away until 2025 and unfortunately, there is nothing you can do to change that, but wait.
That's cause of your customers report
what is the difference between a Discover card and a Chime card?
Chime card is ur own money
Do you treat secured credit cards like unsecured? Like do you only use 10% of your spending limit?
With regards to how you want to limit your credit utilization rate, yes 👍
@@APennyPinchersGuide okay. so you would reccomend staying in the low percentage
@@LeadDsonFBMP I believe that will help you raise your credit score the quickest
Do you recommend I do 2 secured cards at once?
Same questions
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
I applied and ill have it here in about a week. Not sure what your deal was.
I’ve never heard that before. I was approved and my card was in the mail…
@@iambrinakeshay just like with any other product different or good results for some ppl...but not all
Nah, they have been nothing but a blessing to me. Just pay your payments on time and in 7 months they will increase your limit. Break away from the bad habits that landed you here in the first place.
@@dre7018he’s not lying. I’ve never had a credit card. I have two jobs. Wanna start getting my credit up I’ve tried three times for this credit card and he’s not lying.
I have a 509 credit score what do you recommend
Start with these cards and then work up from there!
Is it beneficial to have multiple secured credit cards?
When you’re just working to build or repair credit, I don’t think there are any benefits to multiple cards, especially since you lock up more money with multiple secured cards
@@APennyPinchersGuidelets say i make 6k a month about 1400 in bills, would 2 cards be a benefit to increase credit quicker, i have a thin credit history, or not enough established credit. Ive always tried to pay things off quickly and pretty much screwed myself. Example i paid my truck off in 8 months, at 24k... so would the 2 cards benefit me more?
Questions: So you have a $200 secured card, you make a $25 purchase; then what? Your balance is $175, or you send them $25 to bring it back to $200? Or do you have to send them $225 to make that $25 purchase? I'm confused about what the $200 does and how that affects purchases and payments. Second, if you defaulted on a Discover or Capitol One card maybe years previously, would they then give you a secured card after that? These are just questions that weren't addressed that readers might be curious about.
So the deposit/collateral you provide establishes your credit limit. If you put up $200 for your deposit and then spend $25, you would only have $175 left of your credit limit. But you only need to pay back $25 to have a fully paid off card.
For a previously defaulted card that is going to be up to each institution for whether they take you back or not, unfortunately I can’t speak to that.
Good question. My question is, when do you pay the 25 back? I every month ofcourse but is there a good month date to pay it back?
I had a capital one secured 3 1/2 years ago sent to collections. Only thing on my record.
and I applied for discovery secured credit card this week and got approved, so they did it for me
@@FUNNYMANERICWHITE just pay a week early if you can and it looks even better to lenders
@@APennyPinchersGuide so basically what you are doing is spending only the 200$ of your deposit and paying it back on time? Or it doesn't work like that?
video starts @ 3:40 😵
Do you read your comments. If so let me know. Thanks.
Of course!
I was denied for the QuickSilver cards, so ima try my luck with Discover & chime
Good luck!
I’m the opposite
Update?