NO CREDIT

Have no credit? Are you looking for a way to establish credit but you have no credit at all? Duane here with how to build credit TV and in this video I'm gonna talk to you about what you can do if you have no credit so that we can get you to go from having no credit at all to being able to be on your way to establishing a good credit history This is actually really simple

This is exactly what I did to help build and rebuild my credit score So be sure to watch the entire video because this information that you're about to receive is pretty straightforward and simple but before we get started I have a quick message Once again my name is Duane with how to build credit TV This channel offers 100% free information about how to build credit, how to get cash back actual cash money from using credit cards, as well as credit card reviews We also talk about everything you need to know about credit

Whether you're looking to establish credit, build credit, rebuild credit or learn how the FICO score is comprised so that you can increase your credit score If this sounds like something which you're interested Be sure to subscribe to our channel and click the notification bell so you don't miss a thing Okay so if you have no credit and you're looking for a way to establish credit because let's face it we all need credit to have access to certain things Such as a car a cell phone a new home a home loan a personal loan or even in some cases getting a job

So having no credit would totally cramp your style in regards to having access to some of the things I just mentioned If you have no credit at all and you're looking for a way to build or even rebuild your credit a secured credit card can help you do just that A secured credit card is just like a regular credit card except it works this way Whatever you deposit with the bank will be your credit limit so for example if you had a Citibank card or a Discover card or both If you wanted a secured card with one of those banks you would absolutely have to secure the card by depositing a certain amount of money in that account with that bank

So between those two accounts the Citibank and the Discover Card account you would actually deposit anywhere from $200 up to $2,500 and so whatever you deposit will be your actual credit limit So if you wanted a higher credit limit you would simply just deposit more money For example when I got started with one of my security cards I deposited $1,200 dollars initially and then I went ahead and deposited on deposited another $1,300 and that was actually with Discover Card So that's pretty much how a secured card works but there are a lot of secure cards out there and there are certain things that you need to be aware of or at least consider before getting a secured card I currently have three secured cards and even though I don't need it, I like to use cars because in a way I'm guaranteed approval for that credit card and I absolutely can control my credit limit

I'll be sure to put a link at the end of this video so you can check out my video in regards to 3 of what I believe to be the best secure cards that are available right now I'll put that link at the end of this video Okay so if you have no credit and you're considering getting a secured credit card The first thing that you should consider is does this secured card report to the 3 credit bureaus That's Equifax TransUnion and Experian

The reason why you need to know this is because if they do not report to the 3 credit bureaus then you're not currently building credit and that would defeat the purpose of trying to get credit established So that would be the first thing that you would need to know in regards to the secured credit card, do they report to the 3 credit bureaus The next thing that you need to know in regards to getting a secured credit card is does it have an annual fee There are some secured credit cards out there such as Citibank and Discover card that does not have an annual fee and then there is one such as Capital One Capital One does have an annual fee and you actually actually doesn't have an annual fee

Actually it has just a deposit that you paid but it works differently It's you either pay $4999, $99 or $200 And that is your deposit and your credit limit will actually be $200 no matter what your deposit So if you deposit $49 your credit limit id going to 200 bucks

So the capital one works a little bit different I guess it's a more it's more user friendly for people that may not have a lot of money upfront to shell out like $1,000 to how the thousand dollars are sitting in the bank with Discover Card or sitting in the bank with Citibank So the capital one card is a pretty decent option like I said it's only $49, $99 or $200 and initially your credit limit will be $200 It doesn't matter what the deposit amount is your credit limit is still going to be two hundred dollars and the capital one is pretty cool because you actually you actually get a credit limit increase after five months of making your payments on time So the second thing like I said you want to know in regards to getting a secured credit card is does it have an annual fee

So just do your research and like I said I have a video at the end of this video that you can check out in regards to what I believe to be three of the best secured credit cards available right now The last thing to consider if you have no credit but you're interested in getting a secured credit card I had to include this on the list because I'm a nerd is does that secured credit card offer any kind of cashback or reward program And the reason why I say that is because I'm totally a nerd I mean it's not something that you need because the purpose of getting the secured credit card is just a established credit and start to build good payment history because you have no credit history at the moment So that's the purpose, however if you want to nerd it out like me and I and actually get a secured card that actually has some cash back benefits for example the discover it card the discover it secured card actually offers cash back and they match all the cash back that you earn in your first year

I also have a video talking about the cashback that I've earned with Discover Card and so I'll be sure to link that video in this video at the end of this video so you can have a look at both of those videos I encourage you to do so Once again our channel is all about how to build credit, how to get cash back from using credit cards We also do credit card reviews but most importantly we talk about everything that you need to know in regards to credit Whether you're trying to establish credit, build credit, rebuild credit or even learn more about the FICO score and how its comprised so that you can increase your credit score

Thank you so much for watching this video be sure to LIKE, comment if you have any questions leave them in the comment below I'll answer the questions as soon as I see them Thanks again for watching, share this video with somebody if you think it may be helpful to them thanks again for watching Until next time take care and be blessed Peace!