– Avoid a hard credit inquiry
with these credit cards. (loud booming)
(gentle music) Many credit card companies today allow you to apply for a credit card with a pre-approval soft credit inquiry. In the end with these credit card offers, you will have to receive a hard inquiry in order to open an account. But that's not what I'm
talking about today. The credit cards I will
be talking about today, you can open from start to finish and not receive a hard credit inquiry, so let's get started. The first one I'm going
to be talking about is something that I used myself,
and that was Self lender. Self lender was a big
part of what helped me to rebuild my credit, and since then, Self lender has improved even more. Now you can actually open
up a Self lender account without a hard credit inquiry. They use something called check systems to establish an account with you.
Here’s the Video Transcript:
So there's no hard credit inquiry. And then, you start building your credit with this installment loan. But the really exciting thing
that Self has introduced, and this is the most important part of why I'm talking about Self right now, is just less than 12 months
they've had this new program out where you have your existing
Credit Builder loan, and from that, after you
start paying your loan back, and you have a certain
balance in your account, you then are able to take out a Self Visa secured
credit card simply using your payments as collateral
from your Credit Builder loan. So I'm gonna show you this
little clip right here from Self that perfectly explains how this new Self Visa secured card works. – [Announcer] The Self Visa
credit card is the credit card that puts you in control.
(gentle music) How do you apply for a secured card? Usually you need an
upfront security deposit to back your account and get started.
But, unlike other secured cards, the Self Visa card does not
require an extra deposit. Just use savings progress from
your credit builder account to secure your card instead. What really sets the Self card apart? There's no hard credit inquiry, no additional upfront deposits,
and you can use your card anywhere in the US Visa is accepted. To become eligible for the card, first sign up for a Credit
Builder Account with Self. Next, reach at least $100
in your savings progress and by making your last three
monthly payments on time and have no outstanding fees. From there, choose how
much of your savings you want to use for
your security deposits. How much you choose will
also set your credit limit. With Self, you can use your money and keep building that credit. For more, visit self.inc. – Also the very nice thing about Self, if you open an account with Self, they offer free credit monitoring. I used it to help monitor my progress. So when I opened a Self
Credit Builder loan, I just opened one for $500.
That's technically all you need in order to start
building credit with Self. It will be a one-year loan, so that's 12 installment payments, and that's very helpful
for building credit. But they have different
loan options available, and you can go with a higher amount. So if you do open the Self Visa card, you can then have a higher credit limit, but either way, the great thing about the Self Visa secured card, it will report back to the credit bureaus. You will have, with
Self, you will first open a Credit Builder loan, which
is an installment loan. Then second, you will open
up the secured Visa card from Self, and that is a
revolving line of credit, a credit card. So that will put two
different trade accounts onto your credit report, and
this will give you credit mix. And credit mix is something really helpful to have on your credit report.
Having a variety of
different credit trade lines will boost your score a little bit. It will help you build
credit a little higher and a little faster. Today, I told you about
different credit card offers to avoid hard credit inquiries. If this has helped you in any way, I'd appreciate so much if you
could hit that Like button, and subscribe if you want to
see more videos like this. These are topics I cover. These are topics I cover regularly. If you like it, subscribe. So the next way to build
credit without a hard inquiry is by using the shopping cart trick. Now, the shopping cart trick is one of the first articles
I wrote in my blog in 2017.
Towards the bottom of that article, I list credit cards that I was able to get a pre-approved offer using
only the last four digits of my Social Security Number, which means, this would
be a soft credit inquiry. There is a method to
this shopping cart trick. You have to do a couple things in order to get approved for it. I explained it in the article. You can read other articles online on how to do exactly do it.
It still works, and it's a
little bit more difficult for it to work. But the credit card that
I'm going to recommend that you can still get it to
work for is the Express card, the Express store card. And that usually works for most people. So if you follow the
instructions step by step and use it, when you're
on the Express website, you should be able to get
approved for this credit card and what makes that a really good deal, besides not only having
a soft credit inquiry, is there are no fees
associated with this card, so it's no annual fee, and there's no monthly maintenance fees.
So if you have not the best credit, and there are people
that have had no credit. There are people that
had really bad credit, and they still got approved
for the Express credit card. And if you can, it really helps you to start building credit. A free way to build credit, and then you can slowly work your way up and apply and get approved
for other credit cards that require no annual
fees or security deposits. So this is definitely a
method you need to check out.
I know that Express still only
requires the last four digits of your Social Security Number in order to do a soft credit inquiry. The last six months, if you were able to get anything approved using
the shopping cart method, please let us know in the
comment what offers they were. I know that the Express card still works, and that's the one I'm
telling you about today. But if you know of different card offers, tell us in the Comments section below. All right, there are major secured cards that allow you to get approved without a hard credit inquiry. They are Green Dot primor Visa, Applied Bank Visa, and OpenSky Visa.
Now, I'm only going to talk about OpenSky in this video because
this is a credit card, a secured credit card I have
covered in other videos, and it is an option to
get approved for credit. If you're having trouble getting
approved from other banks, OpenSky will probably approve you. They will approve most people, and you don't even need a bank account to open account with OpenSky. Another reason I decided
to talk about OpenSky versus the other two offers is that it has the lowest annual fee from
the secured credit card offers without a hard credit inquiry. So that's why I'm singling out OpenSky. And that annual fee is $35, so you need to put a
$200 security deposit, and after that, you will
receive a $35 annual fee. If you're looking for a major credit card and you're having trouble getting it, OpenSky Visa might be
the right option for you.
How do I feel in general
about hard credit inquiries? Well, I try to avoid them if I can, but in most cases, I
don't get to avoid them. And in my personal opinion,
they are not the worst things. So if none of these soft
credit inquiry credit offers, if they don't work for you, there are some unique
and interesting offers out there that can help you build credit. There are two that I'm
going to mention right now. One is the Capital One Secured card, and the other is Discover it Secured card. I just did a Discover
it Secured review video, so if you wanna learn more
about it, check it out. But these secured cards are really the top secured cards out there, and they do require a hard inquiry. And just to let everyone know, not everybody gets approved.
A lot of people do. My advice to you is that
you should be very selective of what you apply for. Maybe go on different bank sites that do have a pre-qualification process so you'll have a better idea
whether you can get approved or not before you apply
because the way I feel, if you get a hard credit inquiry and you get approved for a line of credit, it really doesn't matter
because this new line of credit, if you use it responsibly, will help raise your credit score. And that credit inquiry
doesn't really matter. So if you have one or
two credit inquiries, it really doesn't matter. It just makes it more difficult
if you get denied for credit because that will keep
lowering your credit score.
Each and every time you get denied, it will lower your credit score. Some people need to take
about six months off from applying for credit cards, and then after waiting six
months, they can go back and try for applying
for new lines of credit. The reason for that is
that a hard credit inquiry stays on your credit report for two years, but it's really the first six months that impacts an individual the most. That is the reason why you'll see people sometimes take a break from
applying from credit cards just to lessen the affect
that the hard credit inquiries are currently having
on their credit report. Plus, if you have other credit
cards on your credit report, you can take that time to
build positive credit history with that, so that'll also
raise your credit score. After six months, you'll
have a lot better chance getting approved for
good credit card offers.
So I talked about the shopping
cart trick in this video, and I also talked about
the shopping cart trick in another video, The 10 Easiest
Store Credit Cards to Get. And you should definitely check that out because I do mention that this
is one of the easiest ways to get approved for credit
cards, store credit cards. So if you're willing to
apply for a credit card with a hard credit inquiry, I can recommend two store credit cards. I did review videos on both because I feel very strongly about them. They are the Target REDCard
and the Kohl's Charge card. These are two store credit
cards that my viewers have reported that they have
been able to get approved for.
The Kohl's Charge card does have a pre-qualification application, so if you're not sure
if you can get approved, you can fill that out first. It'll give you a good idea. It's not guaranteed, but if
you go through with the full, if you go through the full application with the hard credit inquiry, you probably will get approved. So that's a good option there. And I'm recommending the Target REDCard because from what I've
been hearing from viewers is that they have told me they
have not had the best credit when they applied for the Target REDCard, and they were still approved. Plus, Target is a great store to have a store credit card with
because you receive 5% off on all your purchases automatically, even if they're on clearance.
There are a few little
things you don't get 5% on, but they are so few and minor, and I don't think I've
ever run into one of those. Okay, so what credit
cards have you been using to build credit? Have you been using the
Discover it Secured card or a different credit card? Let us know in the Comments section below. Until next time!.