Let’s go save some money this week Amazon credit builder, hey guys my name is Paul with Sunset Realty and if this is your first time here please subscribe and hit that Bell notification so you don’t miss any of our next videos let’s go. Amazon credit builder is yet another secured credit card for those of you who’s trying to rebuild or build your credit from scratch and it works just like any other secured card you put down a deposit, and that deposit becomes your credit limit in according to Amazon they will review your account after the first seven consecutive payment for an upgrade to an unsecured credit card.
And after your account is reviewed and are approved to an unsecured credit card your deposit get refunded to you now is Amazon credit builder perfect no none of them are, just member guys secured credit cards are for those of you who’s trying to rebuild or build credit from scratch secured credit cards are meant to be temporary get in, get out. you’re trying to get from point A to point B.
We are giving Amazon credit builder a thumbs up because you are eligible to get five percent cash back through Amazon Prime. This is the only secured card that I know of so far giving cash back or rewards. maybe you guys can let us know in the comment below if you know any other secured credit cards doing this right now. we have a whole playlist on credit and here is why, one well we wants to save you money, the first step of saving any money is keeping more what you have and not having any credit will make it harder and harder for you everyday.
You need credit to get a good job to get insurance, to rent a property, to buy a property, to buy a car anything that you do now you need credit not having any credit or no credit at all will hurt you just so you guys know we’re not just sitting here and blowing smoke we actually practice what we preach. temporary lost of few points there because I had to get this I had to get this. this card paid me $500 just to be in my wallet and give me cash back on anything pretty much I spent on it .
When we come here and telling you guys this things we’re actually speaking from experience and we actually do exactly what we are telling you so let me show you an example how improving your credit can save you a lot of money let’s go buy a car together, for the sake of argument we are financing a flat twenty five thousand dollars over five years after taxes transfers dealer fee we have three different credit scores five hundred credit score or six fifty and a seven eighty five hundred credit scores twenty nine point nine five percent just finance charge 650 7% in seven eighty one point eight nine percent let’s look at the monthly payment with a one point eight nine percent your monthly payment is up four hundred and thirty six dollars and ninety nine cents it was 650 credit scores at seven percent your monthly payment is up four hundred ninety five dollars and three cents and check this out with a 500 credit score with a twenty nine point nine five percent you got eighteen hundred eight dollars and seven cents okay so let’s look at the saving, with 780 credit score you’re actually saving three hundred and seventy one dollars three hundred enjoys over two hundred and seventy dollars a month versus if you had a 500 credit scores and with assess 650 credit scores your savings about three hundred thirteen dollars so that the cost of this car over five years with a 780 credit score this car is costing you just over twelve hundred dollars one hundred one thousand two hundred and nineteen dollars and 52 cents that the cost of financing the same twenty five thousand at a seven percent interest rate it’s four thousand seven hundred and one dollars and the total costs for the same twenty five thousand with a 500 credit scores at a twenty nine point nine five percent interest rate is twenty three thousand four hundred and eighty four dollars with a 500 credit scores the cost of the car almost double so at the end with a 500 credit scores your total cost is forty eight thousand four hundred eighty four dollars I want to challenge you right now if you financing you know these high cost loans make it one of your mission me make it one of your mission we’re in July so this is little bit over half of the year take the rest of the year and work on your credit comes 2020 in the next six month refinance that sucker and keep more of your money in your pocket this is my challenge for you for the rest of the year.
You will be surprised how many doors will be open for you just working on your credit you won’t have to be at the mercy of any lenders instead you line everybody up and ask them what do you have to offer me. And if they don’t have anything beneficial to you next and until you find a lender that will offer you what you’re looking for. You’re on the driver side when the driver side baby so yes this is why we talk about credit to help you keep more of your own money in your pocket, and number two please give us a thumbs up and again guys my name is Paul, with Sunset Realty please subscribe so you don’t miss any of our next videos Peace!