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
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money from using credit cards, as well as credit card reviews. So if this sounds like
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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!