Rebuild Credit | Use Secured Credit Card To Rebuild Credit!

Researching how to rebuild credit? Duane here with how to build credit TV and in this video I'm going to talk about how you can use a secured credit card to rebuild credit 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 So if this sounds like something in which you're interested be sure to subscribe and click the notification bell so you don't miss a thing Alright when it comes to rebuilding credit there are several things that you can do In this video I'm gonna talk about the exact steps that I took to rebuild my credit As a matter of fact I use secured credit cards to rebuild my credit

Using the secured card and several other steps actually got my credit from 518 to a little over 700 which is what it is right now So using a secured credit card is actually very helpful in rebuilding credit There are a lot of secured credit cards out there however, I'm gonna suggest this one card in particular which was the very first secured credit card that I have Currently I have three I have a Capital, well I'm sorry I had a Capital One I have a different card now I actually have the savor card with Capital One I upgraded my secured credit card from that account to the savor account with Capital One because I really wasn't using that card because there's no rewards

I basically only used credit cards now that actually offers some kind of cash back or some kind of reward program where I can redeem something So I had a capital one card which is what I'm gonna recommend I have a Discover card and I have a Citibank card Now I really don't necessarily need to still be getting secured credit cards right now I just did it because I was able to control the amount of money that I would have as far as the limit

So what I did was I just went ahead and got a secured credit card because I knew that that was one way that I could make my credit limit higher which would in turn lower my credit utilization I talked more about credit utilization in other videos So I'm gonna be talking in this video mostly about the Capital One secured card and what I'm gonna do now is I'm gonna hop on to my computer and show you guys how powerful this card is and why I decided to get it when I first got started with getting secured cards in order to rebuild my credit Alright so we're at the Capital One website and I just wanted to show you guys what to expect when you're actually ready to start the process as far as getting started with Capital One so this particular card is it says right here at the top right of the screen says credit level rebuilding Okay so that's what I did this was the first card I got I got this card like three and a half almost four years ago and then I moved on to other cards

So as you can see there's no annual fee it makes absolute sense that there's no annual fee because you don't need to be paying another fee if you're interested in getting a secured card So I'll just kind of scroll down and show you guys the website here okay so on the left side it says required security deposit $49, 99 or $200 and this is refundable based on your creditworthiness So what happens is once you apply for the card you're going to be paying either $49, $99 or $200 Once you do that, when I did it I actually paid $49 and my initial limit was 200 bucks okay So this card is a little different than other secured cards in that you're not actually putting down exactly what your credit limit will be Like with my Discover Card I put down $1,200 initially and my credit limit was $1,200 and then I came back and put down another 1,300 and my limit is now 2500

So this one's different this one's a little easier to get started like I said $49, $99 or $200 So your initial credit line is gonna be $200 no matter how much the deposit is if the deposit $49 your credit line is still gonna be $200 if your deposit was $200 your initial credit line will be $200 So that's pretty straightforward This is what I like a lot about the Capital One secured card is the fact that you have access to a higher credit line automatically after five months of making payments on time right So it says access a higher credit line, get access to a higher credit line after making your first five monthly payments on time and that's exactly true

I experienced exactly that after five months they bumped my credit my credit line up from $200 I don't remember if it was five hundred or a thousand this was quite a quite a while ago and so I'm not sure what the details are anymore I don't want to lie and say oh it was a thousand dollars But whatever it was they bumped it up and after a while I actually got up to $1,500 and I kept using the card this was the only card I had and then they eventually bumped me up to $3,000 Right now I'm actually at $3,000 on that card I went from this card to the Capital One Quicksilver card and the same kind of process they kept marketing to me like crazy in the mail and I just eventually applied for the card And on that card I actually have a $7,000 credit line which is really awesome because the more credit that you have as far as your credit line is concerned the better your credit score can be and I talked about that in another video

As well as a matter of fact guys please make sure you go to my channel and watch my videos There's some good information there and more importantly the informations all free Okay so yeah the Capital One secured card is the way to go just because you don't have to come out of pocket with all that money right off the bat you know, not a lot of people are able to just spend twelve hundred dollars to get a secured card the way that I did you know but I was just being really aggressive and I really was trying to max out my credit line which is why I did that okay So that's pretty much it guys Capital One secured card is the way to go especially if you're looking to rebuild credit There's no need to like pay other people to do it you just need to get informed about what credit is and what the credit score is and how it's comprised and I talked about that in my other videos as well

Anyway I'll see you guys back live in just to second Thank you so much for watching this video if you have any questions about secured cards or how to rebuild credit Please feel free to leave a comment below and I will get back to you as soon as I can I look forward to helping you because I was able to help myself first so this is really cool because I'm able to speak from my point of view which has helped my own credit score and I'd like to do the same if possible for as many people out there I'm not charging anything this is a free service right I'm just making videos on YouTube sharing the information

So thank you so much for watching the video please be sure to LIKE, comment and subscribe thank you very much again for watching Until next time take care and be blessed Peace!