REBUILD Credit

Looking to rebuild credit? Duane here with How To Build Credit TV and in this video I'm going to share 3 tips that I use that enable me 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 do credit, how to get cashback 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 Not too long ago I was exactly where you are, looking for a way to rebuild credit I was tired of my credit, credit score and credit history holding me back So I decided to start researching how to rebuild credit

These are the exact same steps that I took to rebuild my credit from 518 – a little over 700 The first thing that I did on my journey to rebuild credit was number 1 get a copy of my credit report There are a lot of places online where you can get a free copy of your credit report but the place that I like to go to is annual credit reportcom It's free to get this service you're entitled to a free copy of your credit report You're entitled to one copy for the entire year

So it's imperative that you get your hands on the credit report because it may have information on there Like if it's wrong or inaccurate like if there's a misspelling or if there's accounts on your credit report that aren't yours if you dispute that you can actually get that taken off of your credit report and that will it will help your credit score actually go up Especially if the information is inaccurate so be sure to make sure you get your free credit report that's the first thing you need to do if you're interested in rebuilding your credit The next thing I did after I got my credit report was to check my credit score Once again there's a bunch of free places online where you can get your credit score for free

If you don't mind signing up for a free trial you can do it that way and get the score for free or you can use places like Credit Karma You can also use nerd wallet You can just google these places and you'll have all the information there in front of you If I were you I would just go to like I said Credit Karma or nerd walletcom and put your information in and they'll actually provide you with a credit score

The reason why you need to get your credit score is be we need to know exactly where we're starting right, so we want to be in the know when it comes to rebuilding credit We don't want to leave it up to chance we have to have all the information that we need in order to be successful For example, did you know that our credit score is comprised of 5 different categories? If the answer is no then you're kind of shooting in the dark and when we're trying to when we're talking about a rebuilding credit or anything for that matter we want to make sure we have all the facts We want to make sure that we're in the know so that we know exactly what areas to attack Now there are five different categories that make up our credit score

I'm not going to go into that in this video but I will link a video at the top right of the screen You can click on that link or you can wait till the end of the video and I'll link the video there as well Okay so once again the first thing you want to do in regards to rebuilding credit is you want to get a copy of your credit score You want to get a copy of your credit report as well so credit score and credit report they're two different things right So those are the first two things the next thing

The next thing that I did in my journey to rebuild my credit was get a secured credit card The reason why I decided to get a secured credit card was I didn't have to worry about being approved or rejected for the card, with a secured credit card it's pretty straightforward You basically give the bank collateral by putting up anywhere between $200 up to $2,500 depending on the secured card that you're getting If it's with discover or Capital One or Citibank and so you would put up that amount of money with the bank initially and then they'll hold that money for a period of time And whatever you deposit is going to be your credit limit

In my case with Discover Card I deposited $1,200 initially to get the Discover card and then the max amount that the Discover Card goes to is $2,500 So I think after like a month or two I went ahead and maxed it out at twenty five hundred dollars So in other words I sent the remainder which was thirteen hundred dollars to Discover Card and then now my credit limit is twenty five hundred dollars And the reason why I did that also is because it actually is to my benefit to have a higher credit limit That's one of the things that is on the credit report that I'll go out going more detail about in the video

So getting a secured card is very helpful because it takes out the guesswork as far as are you going to be accepted are you going to be rejected And so you're pretty much guaranteed approval with a secured card The only way you you're not able to get a secured car is if you've had a bankruptcy But even in some cases you can get a secured card There are a lot of different credit card companies that offer secured card

Capital one being one of the best discover card which is my favorite because I'm able to earn cash back I actually have a video regarding cash backing I've been able to earn over three hundred dollars and counting in cash back, so that's pretty straightforward Citibank has a secured card so you have a couple of choices There are of course a lot more out there there's Wells Fargo there's Bank of America the list goes on and on and on Okay so getting a secured card is good and that's what I did

After I got the secured card I was I was very careful about taking care of my business I would always pay my bill on time I never kept a balance that's just something that I did because I didn't want to get any interest So I paid my balance off, as a matter of fact I pay my credit card like once a week sometimes twice a week just because I'm a nerd I just want to make sure that I have zero interest and with my Discover card I actually have like I said gotten over $300 in cash back and still counting and I have paid zero in interest

I will also show you guys that in a video So those are the three steps that I took to help rebuild my credit I'm pretty certain that those things, those steps will work for you If you're diligent take your time and do your research Knowledge is certainly power so you definitely want to make sure you do your research

Okay? Thank you for watching this video if you have any questions about how to rebuild credit please feel free to leave them in the comments I will get back to you as soon as I can be sure to comment, like and subscribe And until next time take care and be blessed peace!