Discover secured credit account is by far thee worst secured account you could ever open. They put you through a long strenuous verification process where they have to send you a equifax or trans union email for you to E-sign then you have to wait an additional 2 to 3 weeks for them to contact the IRS in order to verify your information. You'll have to wait for a thousand years before you can even use your card. Highly recommend chime or bank of america
Finally somebody explained how to spend and then pay off to keep the utilization low!!! Spend it and then pay off the next day and leave a small balance … got it!
For example, if my limit is 200 and use the max amount 200 , pay the next day the full 200$? Or pay 190$ and leave 10$ for next month? Can you help me understand a bit better?
This is a very good video for people like myself trying to build credit. I literally just got my discover secure card in the mail. I put $800 down and def gonna use the tips you talked about in this video. Paying most of it off as soon as possible. Trying to get my score to at least 700. Just subscribed and liked.
Dude thank you so much for explaining the utilization rate thing. I’ve been on RU-vid for five hours trying to find out best way to use my cards. And you explained it perfectly. Thank you thank you thank you
Thanks for the info. I just got my $200 secured discovery card which is my first ever credit card. And I signed up for SelfLending and Kickoff monthly payments! About $55 a month total, not bad, hope it helps.
So basically I should get a secured credit card and put 200$ on it then spend 100 then the next day pay 90$ then wait for the statement to come and pay 10$ on time and it’ll help me build my score fast ?
I’m 34 and trying to get back on that horse of credit 😁 I just applied for a secured capital one card I need to deposit 100 dlls and it gives me 200 dlls credit limit! Not too bad lol I’m only gonna use less than 30% 55 dlls a month hopefully it helps me build up credit.
Thank you Brandan got a 500 dollar secured card and watch videos like you said. You are right to watch videos it helps. I subscribed because you tough me the 2 cards you talked about good info !!! 😎💚💚💚💚
Thank you for your time and all the useful information you provided, I am trying to build my credit I ordered the Capital One about to apply for the Discover as well
doing mine through NFCU secured. still at univ so new to credit cards need to start now building credit so when I grad in 19 months I can get started off right
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Try the kikoff.com account. My clients and I seen great results with them. Also make sure you keep the balance low on your credit cards. Don't spend more than 5% on those credit cards also .
I really needed this. You explained it so i could easily understand what i have to do as well as the concept of secured cards and how to build credit. Thank you
Discover secured credit account is by far thee worst secured account you could ever open. They put you through a long strenuous verification process where they have to send you a equifax or trans union email for you to E-sign then you have to wait an additional 2 to 3 weeks for them to contact the IRS in order to verify your information. You'll have to wait for a thousand years before you can even use your card. Highly recommend chime or bank of america
@@saywhat6250 hmm this not true lol, I didn't go through none of that. Just applied, was approved, made my deposit, received my card in the mail, activated and was able to use. Discover graduates you after 6 months of on time payments and your card becomes unsecured. While I had chime my whole account was hacked, they closed my checking account but the credit card still reporting positive so that's a plus I guess.
Excellent video thank you!! I started December 2020 with Capital One secured deposit 400 and they gave me 551$ also Kohl’s card with 1000$ limit. My score is 713 today. My household bills around 7000 and we pay all cash. But i am thinking to use the benefits of rewards program. Also want to build my credit score. So what’s the next step? Only 2 years in USA.
Hello Brandon, Can you please make a video based on the Mint app? I would love to see how works . The way you sum things up makes a lot of sense... Please advise Thanks
9:00 This is the most confusing thing about this whole credit card game. You even did it yourself. Ok in the beginning of the vidoe you said to pay the card off in full, but at 9 minutes you said you leave a small balance to show activity. I feel like its best to leave a small balance of about 5% Utilization but is paying it off in full better? I feel like paying it off in full just for good standings with the credit card company, and leaving a small balance just for increasing credit score.
To be clear, making a purchase on your credit card and paying 90% of it before your statement comes, means you're only using 10% of your utilization? Example: I make a $100 purchase, pay off $90 of it the next day. Wait until statement comes, then pay off the remaining $10?
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This might sound like a silly question, I know nothing about credit cards but how to you physically pay them off each month? Do you use like an atm machine or something?
@ Gretta There's no silly questions when you're tryiing to learn, but I use BOA app to pay off mine. there's probably apps for it or you can check in the details of the card on how to pay it.
@@zaybih1509 idk who you bank with but whoever it is should have an app u can download on your phone. I use discover for my credit card and once I got signed into the app I linked my Wells Fargo checking account to it and just pay it off every month a few days before the due date. Idk if that answered your question
What is the difference between paying the full amount the next day or immediately as to wait to pay that 10% of your purchases when you receive the statement? The reason I ask is because I would like to actually pay off everything I buy immediately. Is there something wrong with that?
I don’t have any credit I’m 19 😢 I wanted to get the secured credit card so I could do what you did and get atleast to 650 quickly so that I could get a studio close to my school (and no I don’t have an available co-signer anyone I’m related to that can do that is a narcissist or abuser that I cut off) instead they gave me a regular credit card for 1000 with a 300 dollar spending limit I’m not sure if they’re going to give me a score but if they don’t then that means I’m stuck where I am for another year or two I literally called to see which card they sent and the woman on the phone was like oh you got a normal card congratulations 😭 she was so confused why I wasn’t happy she was like it’s a step up 🤣I obviously don’t care about that thx for the easy explanation though
Hey, thanks for subscribing! To answer your question, yes, if you get a credit card or a secured card you can put a monthly charge like Netflix on the card and set the card to autopay. Just make sure that you set the autopay settings to pay off the total balance on the card and make sure you have enough money in the bank account to pay off the Netflix subscription each month. You could also set up a self lender account and turn auto pay on for that as well. If you go that route you get your money back after paying each month for a year, just make sure you have enough money in the bank account for this one too each month. So yeah, it is definitely possible!
Is impossible he went to 0 to 700 in two months because it take 5 to 6 months for your credit score to show on your credit if you dont have any credit.
I would just the regular $200 credit card and apply for a regular credit card once the secures credit card is added to my credit reports. Capital One Quicksilver, Capital One Platinum, and Credit One Bank are all easy regular credit cards.
Yeah I mean you DONT wanna make that regular thing, because using all your credit (even if paying it off immediately) can make it take longer to grow ur credit, I've read that you only wanna use up to 30% of your credit limit (which is your utilization rate) so for example if you have $100 credit limit you only wanna use $30 or less, using a lower amount of your available credit is also somthing that affects your credit so u wanna try and keep it on the lower side, like I keep my credit card for emergencies but to keep it in use so I have a good payment history I'll use it for things like gas or groceries somthing that will keep my utilization rate down and that I can immediately pay off so I'm not charged interest... Also... I don't think of my credit card as money I have available to me - so if I have $500 in the bank and $20 in my wallet I then I tell myself I only have $520 even though I have a cc with a $500 credit limit on it because I don't want to become dependent on using my cc for anything other than emergencies and small purchases that I can pay off quickly.... so if somthing costs $350 and I don't have $350 available in my bank account than I WILL NOT use my cc to buy it because I don't wanna do that and not be able to pay off the cc immediately which will cause me to be charged interest.... I hope I explained that in a way thays understandable... the worst thing u can do is Max out ur cc and not pay it on time because then u end up with interest and you end up paying more for whatever u purchased in the long run... if I were u I'd start out small buy groceries or gas with it, make sure you make the payment and once u see how the whole process works then start using it for larger purchases, just don't become dependent on ur cc that's how people end up going crazy and falling behind. Good luck
So if I add 1000$ to discover it and use card multiple times during month but pay off next day after every use and leave at least 1 dollar for statement and pay off then my credit score will rise very fast?
I put in 50,000 on a secure card the credit union never offer me any incentives. Am about to pay that off this month. Capitol one and silver and they offer me 6,000 each with incentives. So Brandan you sayin if I pay my secure card off I have to wait 6 months for the bank to put that money back in my acct?
I deposited 50 and got a credit limit of 201 I'm planning on using it only for gas and I set up automatic pay so i won't have to worry abt late fees is there anything else I should worry abt? My very first credit card btw I have no credit history
Please help me I’m confused so I just got a discover it card with a $200 limit the due date is the 20th and the cycle closing date is the 25th. This is what I’ve got correct me if I’m wrong please I don’t understand. So For example. I spend $20 on the first of the month I should pay $18 before or on the 20th and let the two dollars stay on my balance until the 25th? And then pay it off after the 25th?
I can't even get fking approved for a secured card. Guess I have to save up $30k + another $20k for my van AND the build, while somehow not kms in the process. Lovely. Silly me for thinking there may be a possibility to get to this life any sooner than 3+ fking years from now.
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Wait... so I put a spending limit of $200 on my credit card... Does that mean I can only use 10-30% of the card until I get a bigger credit limit...? For example, I can only spend $4 on the card every month and paying that $4 until it reaches a credit utilization of 10% which is $20. Or is it like I get charged $200 every month so I can use 10-30% of the utilization every month? For example, spending $20 in one month and paying it in full... OR is it like, they don’t charge $200 a month, but I have to keep my spending limit low (below 30% of $200) and pay it in full before the due date...? and so does that mean I don’t get charged $200 a month, because I’m technically using my own money to pay off my own money...? Sorry, it’s my first time using a credit card and I want to get a credit score.
