Here’s the Video Transcript:
Below is the Video Transcript;
[Music] hello YouTube this is your boy rich boy Wayne aka the specialist of opportunity and in today’s video we’re gonna be talking about these top five credit cards for people straight out of bankruptcy so let’s go ahead and dive into it alright so when you’re first getting out of bankruptcy you really don’t have a lot of options your options are kind of limited and I know a lot of people are gonna say well why do you need credit or do you bankrupt because you didn’t manage the credit cards you have and I understand the argument you know but you have to start over and it’s hard to build your credit when you don’t have credit and it’s hard to get credit cards when you have bad credit so it’s a vicious cycle but hopefully in this video we can give you five credit cards you can apply for it to help rebuild your credit so when you’re first starting over rebuilding your credit you really don’t have a lot of options you’re kind of starting at Ground Zero and none of these credit cards are really great they’re not gonna give you any points not gonna do any miles not gonna get any kind of hotel or any special perks or anything like that basically these credit cards are just the bare minimum if they even have any kind of perks at all most of them don’t have any cash back rewards or anything like that and basically these credit cards with the credit card that you use to get other credit cards so you typically gonna keep these credit cards for about maybe like year at best maybe two years and then you’re gonna get rid of it and you’re gonna get something that’s even better hopefully because hopefully by then your credit would have been established enough to get a better credit card so I don’t want to hear anybody in the comment section saying the credit cards are horrible why do you recommend them well I know they’re horrible I understand that okay but you gotta start somewhere so let’s go ahead and get started I’m gonna do these in the order of bad to good if that makes any sense how much the bad ones first the better ones later on so the ones that I really recommend or gonna be the ones later in the video so stay tuned to the video and keep watching ok so the first credit card is the total visa credit card this credit card does not have a security deposit or does having one-time fee from $89 which may turn some people off but in the grand scheme of things essentially not pretty bad ok but here’s the thing though you get an initial credit limit of $200 and it does have an annual fee of $75 and 80 and excuse me it has an annual fee of $75 for the first year and then $48 after that so I typically go for credit cards that don’t have annual fees on them just because I hate dealing with annual fees but it is what it is you know so moving on to the number two is these city secured MasterCard this one has a minimum deposit of $200 however there is no annual fee and there is no first-time fees or application fees or anything like that highly recommend this one this is pretty decent second ones I do recommended but she the third one that I recommend it’s going to be the Capital One secured MasterCard this one does have a minimum deposit depending on your credit and they can be anywhere from forty nine dollars to two hundred dollars depending on your credit score and other factors definitely say what those other factors are but pretty sure it has something to do with your credit history this one doesn’t have an annual fee and you typically only get a credit limit of two hundred dollars but they say that if you make payments on Tom and blah blah blah it was okay you know it wasn’t the best card I had but it’s pretty decent um the other one that I recommend is the Capital One platinum card now if your credit isn’t too bad this is the one I would go for this one has a zero dollar annual fee this has zero deposits and this court has no application fees so if your credit isn’t too bad you can go ahead and try to clock with this one that leads me to number five yes we get into the gold and that is self Linden now I know a lot of people are gonna say that self lender isn’t really a credit card but just hear me out hear me out here a lot of people are also gonna say that it doesn’t really have a long-term effects effects are not that great having a self lender account but just hear me out hear me out self lender in case you don’t know is a loan that you can get help build your credit and the beautiful thing about this loan is that you get the money back at in lieu of the loan it they have to put your money inside of a CD a certificate of deposit would you give back at the end of 12 months I’m not mistaken I started doing it last year I think I did that $50 one I got $500 back it was great you know I started enjoying their work got the money back in December you uses the foot before our Christmas presents and it was wonderful this year I’m doing the same thing but I’m doing the thousand dollar one so [Music] that’s not really the reason why I include this in this video though the reason why I included it in this video because they have announced that they’re going to do a credit card or buy if you make three consecutive payments on time you can apply for their secure Visa card it’s a real credit card there’s no approval process once your account is eligible which it should be if you apply for an account then you’re approved there’s no hard quick credit in your query credit incurred and there’s no deposit needed that’s why I like it that’s why I recommend it and I think it’s a useful tool people who are straight out of bankruptcy these are the fun that I recommend I’m pretty sure people have some other ones like why don’t you recommend the visa of secured it card well I’ve tried to apply for that card and I’ve been recently denied for it and my credit is well beyond okay bankruptcy for those that don’t know by the way I don’t know my story I wasn’t always rich you know and there was a time that I was bankrupt I actually went into bankruptcy so I have to go through all of this and apply for cards and I know how difficult it is I know how difficult it is to reestablish your credit but it’s something you have to do just necessary but you have to be responsible with it and so you don’t really have a lot of options at this stage so you really and truly you got to get in where you can fit in my recommendation is if you sign up for all of these if you can a lot of people will also say well isn’t there gonna affect your credit well I think that if you have a bankruptcy on your credit your credit is already affected so there’s that and when you get one of these cards what you want to do is keep your balance low you want to pay your balance off at the end of every month you do not want to carry a balance on these things because they calf ridiculous fees but you of course you probably already know that you’re at the bottom of the barrel you’re gonna get horrible fees and the last thing that you want is to carry a balance on these things okay you want to use them to boost your credit and as soon as your credit gets into the 700 club as soon as you’re a member of the 700 club dump these things get rid up don’t keep these cars are horrible okay that’s it for this video if you like my videos hit the like button if you want to see future content for me hit that subscribe button and I’ll see you guys in the next video peace [Music]
Read More: How to remove a BANKRUPTCY from your credit report 2019
License:Creative Commons
License: Creative Commons
