Secured Credit Cards

Secured credit cards I personally love secured credit cards

As a matter of fact a lot of people are unaware of secured credit cards and how they can actually help build and improve your credit score If your credit score is like 650 or below you should probably consider getting a secured credit card because it really does help So in this video I'm gonna talk a little bit about secured credit cards and my experiences and what I experienced using them and how they can help you build your credit score But before we get started I have a quick message Welcome to another video if you're new here my name is Duane with how to build credit TV and on this channel we talk about everything you need to know about credit, credit cards and how to make money using credit cards

So if this sounds like something in which you're interested be sure to subscribe to our Channel and click that notification bell so you don't miss a thing Okay so what you're looking at right here is a check from Discover Card for $2,500 When I got my secured credit card with Discover card I initially deposited $1,200 and then again I went ahead and deposited another $1,300 which brought my credit limit up to 2500 bucks And the reason why I did that was because I wanted to have some purchasing power So this is a check from Discover Card as you can see at the bottom left-hand it says secured card refund or something like that I can't see it

But it basically is saying that this is my refund from my secured credit card You see after a couple of months actually it took me 13 months, I got upgraded to an unsecured credit card So I just want to kind of show you guys that your security deposit is going to come back to you once you get a secured credit card Now you don't have to open a secured credit card with 1200 dollars like I did You can do $200 if you'd like and then of course you can continue to increase that limit if you'd like in increments of 100 bucks

So what I'm gonna do right now is I'm gonna put on the screen I'm gonna show you a picture of my Chase account where I deposited this twenty five hundred dollars into my account because I want to show you that this is real and secured credit cards work They actually help you improve your credit score and a lot of people don't necessarily know that so that's the purpose of this video And I want to show you proof of my credit score improving in just one second Okay so I went ahead and started a screen recording using my iPhone here and I'm gonna touch my finance folder and then I'm gonna touch the discover app and so I'm gonna open that and kind of show you guys my credit score my FICO score according to Discover card So I'll put my touch ID here and I'm gonna log into the account and once again the purpose of this is for me to show you that secured credit cards actually help improve your credit score

So I'm going to touch at the very top where it says FICO credit score board and this is according to Discover Card So as you can see currently my score is 747 which is pretty okay it's actually I guess they said fico score And I'm gonna click on show history score history and key factors I'll click on that and I'll just kind of go back as far as they let me Okay so it lets me go back to January 2018, as you can see here my credit score was 651

And as you can see as the year progresses my credit score will actually go up It was actually lower than this because when I got the secured credit card it was actually back in August 2017 and my credit score was a lot lower than 651 So I'm just gonna scroll over and show you guys You see my credit score going up to 652, 724, 738, 737, 743, 740 it got up to 748 and then currently it is 747 So I actually like I said secured credit cards actually improves your credit score and it builds it

Whether you have fair credit score or if your credit score is bad getting a secured credit card is something that will help you increase and/or build your credit score So you should consider getting secured credit cards and as a matter of fact I'm gonna share with you right now three of my favorite secured credit cards Okay so a couple of my family secured credit cards would have to be number one the Capital One secured credit card The Capital One secured credit card is a pretty decent credit card because you don't have to actually put down the amount that you want your credit line to be For example the Capital One secured card allows you to put down between $49, $99 and $199 dependent on your creditworthiness

And no matter what your deposit is if it's $49, $99 or $199 your credit limit initially will be $200 So you can actually make that more if you'd like once you open the account but initially you'll be paying somewhere between $49, $99 and $200 So that's pretty cool about that particular secured credit card There is an annual fee for the Capital One secured credit card so it's pretty cool but the Capital One is a decent bank for which you should probably have a relationship and you can continue to you know grow and build from that secured credit card and possibly get a car loan or home loan I personally have a car loan with Capital One and it's a pretty decent rate that I'm paying with them

So that's the first secured credit card that I like personally and that I would recommend Now the next two secured credit cards I'm gonna recommend I think are pretty good because there's no annual fee and I like that a whole lot and the banks are bigger and better than Capital One So the next one would be Citibank The Citibank secure credit card once again no annual fee Whatever you put down as your security deposit will be your credit limit

So if you put down 200 bucks your credit limit will be 200 bucks if you put down 1,000 bucks you're curling it will be 1,000 bucks So if you want to establish a relationship with Citibank which is another good Bank it's in the top five banks in the US biggest and most profitable Citibank is a good Bank for which you can get a relationship and if you're interested in that you should definitely consider getting the Citibank secured credit card Now the last secured credit card which is my favorite personally and of course I'm kind of biased is the discover it secured credit card And the reason why I'm biased to that credit card is I was able to get a lot of success

I personally like I said deposited 1200 dollars in the beginning and then another $1300 which brought my limit up to $2,500 And the reason why I did that was because I was very interested in trying to max out my cash back earning potential and so I did that and in 13 months I was able to earn over seventeen hundred dollars worth of cash back And I made several videos talking about that so if you're new to the channel be sure to stop by the channel and check out those videos I'll be sure to link one of those videos at the top right of this video So the discover it secured card is my personal favorite secured credit card because they actually match all the cash back that you earn after the first year and they actually give you the ability to earn cash back

Now the purpose of a secured credit card is not necessarily to get cash back it's just to establish your relationship with the bank hopefully a good bank it's supposed to build and improve your credit score But I do like the fact that you're able to get cash back with the discover it card and they do match all the cashback that you've earned your first year of membership So those are my three favorite secured credit cards at the moment and if you're interested I would advise you to go ahead and do your research and get one of those three credit cards because they're all good If you have any questions about those secured cards or secured credit cards in general please be sure to leave them below this video and I'll do my best to answer those questions as soon as I see them Thank you so much for watching this video if you liked the video please be sure to give it a thumbs up it helps our channel quite a bit

And if you want to share the video with somebody that may find it useful please feel free to do so as well If you haven't subscribed to the channel consider subscribing to the channel because on this channel we talk about everything you need to know about credit ,credit cards and how to make money using credit cards So if this sounds like something in which you're interested be sure to subscribe and click that notification bell so you don't miss a thing Once again my name is Duane with how to build credit TV and I approve this video I'll see you in the next video

Until next time take care and be blessed Peace!