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 report.com
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 wallet.com 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!