As a matter of reality, I use secured credit cards to rebuild my credit Using the protected card, and a number of other steps actually got my credit from 518 to a little over 700, which is what it is right now. Utilizing a protected credit card is really extremely practical in reconstructing credit. What I did was, I just went ahead and got a protected credit card, due to the fact that I understood that was one way that I could make my credit limitation greater, which would, in turn lower my credit utilization. Okay, So this card is a bit various than other safe cards, in that youre not actually putting down exactly what your credit limitation will be Like with my Discover Card, I put down 1 200 initially and my credit limitation was 1 200 and then I Came back and put down another 1 300 and my limitation is now 2500, So this ones different this ones a little easier to get begun, like I said, 49, 99 or 200. They kept marketing to me like crazy in the mail, and I just ultimately applied for the card And on that card I in fact have a 7 000 credit line, which is really amazing, because the more credit that you have as far as your credit line is concerned, The better your credit rating can be, and I talked about that in another video As well as a matter of fact, people.
https://www.youtube.com/embed/5DW7Gu5OR1M Researching how to rebuild credit Duane here with how to build credit TV and in this video Im, going to talk about how you can utilize a safe credit card to restore credit. Before we get started, I have a fast message Once once again. My name is Duane with how to build credit TELEVISION. This channel uses 100 totally free details about how to construct credit, how to get cash back actual cash money from using credit cards in addition to credit card reviews. If this sounds like something in which youre interested be sure to subscribe and click, the alert bell, so you do not miss out on a thing. Alright, when it pertains to reconstructing credit, there are numerous things that you can do In this video. Im gon na talk about the specific steps that I required to restore my credit. As a matter of reality, I use protected credit cards to reconstruct my credit Using the secured card, and several other steps in fact got my credit from 518 to a little over 700, which is what it is right now. So utilizing a secured credit card is actually really valuable in restoring credit. There are a great deal of protected charge card out there. Im gon na recommend this one card in specific, which was the extremely first secured credit card that I have Currently. I have 3: I have a Capital. Well, Im. Sorry, I had a Capital One. I have a different card now I in fact have the relish card with Capital One I updated my protected charge card from that account to the savor account with Capital One, because I truly wasnt using that card, because theres no rewards. I basically only secondhand charge card now that in fact uses some type of cash back or some type of reward program where I can redeem something. I had a capital one card, which is what Im gon na suggest. I have a Discover card and I have a Citibank card Now. I truly do not always require to still be getting secured charge card right now. Since I was able to control the amount of cash that I would have as far as the limitation, I just did it. So what I did was, I simply went ahead and got a secured credit card, because I knew that was one way that I could make my credit limit higher, which would, in turn lower my credit usage. I talked more about credit utilization in other videos, So Im gon na be talking in this video, primarily about the Capital One protected card and what Im gon na do now. Is Im gon na hop on to my computer system and show you guys how powerful this card is and why I decided to get it when I initially began with getting protected cards in order to restore my credit? Alright, so were at the Capital One site, and I just desired to reveal you guys what to anticipate when youre, in fact all set to begin the process as far as beginning with Capital One. This specific card is, it states right here at the leading right of the screen states credit level, reconstructing Okay, so thats what I did this was the very first card I got. I got this card like 3 and a half almost four years ago and after that I proceeded to other cards. As you can see, theres no annual fee. It makes absolute sense that theres no yearly cost because you dont require to be paying another fee if youre interested in getting a protected card. Ill simply kind of scroll down and show you guys the website here. Okay, so on the left side it states required security, deposit, 49, 99 or 200, and this is refundable based upon your creditworthiness. What occurs is once you use for the card youre going to be paying either 49 99 or 200. When you do that, when I did it, I actually paid 49 and my initial limit was 200 dollars. Okay, So this card is a little various than other guaranteed cards, because youre not really putting down exactly what your credit line 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 limitation is now 2500, So this ones various this ones a little easier to get going, like I stated, 49, 99 or 200. So your initial line of credit is gon na be 200, no matter just how much the deposit is. If the deposit 49, your credit limit, is still gon na be 200. If your deposit was 200, your initial credit line will be 200 So thats quite uncomplicated. This is what I like a lot about. The Capital One secured card is the reality that you have access to a higher credit limit instantly after 5 months of paying on time. Right So it states: access a greater line of credit, get access to a higher credit line after making your very first 5 regular monthly payments on time whichs exactly true. I experienced exactly that after five months they bumped my credit, my credit line up from 200. I do not remember if it was five hundred or a thousand. This was quite a quite a while back, and so Im uncertain what the details are anymore. I do not wish 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 after that they ultimately bumped me approximately 3 000 Right now. Im. Actually at 3 000 on that card, I went from this card to the Capital, One Quicksilver card and the very same sort of procedure. They kept marketing to me like insane in the mail, and I simply eventually requested the card And on that card I actually have a 7 000 line of credit, which is really remarkable, due to the fact that the more credit that you have as far as your line of credit is concerned, The better your credit report can be, and I talked about that in another video As well as a matter of truth, guys. Please ensure you go to my channel and view my videos. Theres some good information there and, more significantly, the info, all complimentary, Okay, so yeah the Capital One secured card is the method to go simply due to the fact that you do not have to come out of pocket with all that money right off the bat. You know not a great deal of people have the ability to simply spend twelve hundred dollars to get a protected card. The manner in which I did you understand, but I was just being really aggressive and I actually was trying to max out my credit line, which is why I did that. Okay, So thats basically it people. Capital, One secured card is the way to go, especially if youre looking to restore credit Theres no need to like pay other people to do it. You just need to get notified about what credit is and what the credit rating is and how its comprised, and I talked about that in my other videos as well Anyway, Ill see you men back live in simply to 2nd. Thank you. Much for viewing this video, if you have any concerns about secured cards or how to reconstruct credit, Please feel complimentary to leave a comment listed below and I will get back to you as soon as I can. I anticipate helping you due to the fact that I was able to assist myself initially, so this is truly cool, due to the fact that Im able to speak from my perspective, which has actually assisted my own credit history, and I d like to do the exact same, if possible. For as many individuals out there, Im not charging anything. This is a complimentary service right. Im just making videos on YouTube sharing the details. Thank you so much for seeing the video, please be sure to LIKE comment and subscribe. Thank you quite once again for seeing Until next time make sure and be blessed. Peace. As discovered on YouTube – Creative Commons License