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Plastiq $500 Free Credits: +
Best Secured Credit Cards to Build Credit Fast!
If you want to get free flights and free cash by hacking credit cards, then this video is for you.
Today I’m going to teach you how to build credit fast using secured credit cards.
And make sure to watch until the end where I share with you a secured card that actually earns cash back.
How to Build Credit Fast
1. Pay on time. While it takes months to build your credit with good payment habits, one or two late payments can cause a big drop in your score. And not only is paying on time good for your credit, it keeps you from having to pay late fees and even losing your card.
2. Pay in full. In fact, pay multiple times a month to keep your utilization ratio low – because you don't know when your issuer will send your account information to the 3 major credit bureaus. This will also help you avoid interest charges.
3. Place a small charge on the card. Don't forget to use the card each month. If you lose your card to inactivity, you can't build credit month by month. Put a recurring reminder on your calendar to ensure that you don't forget. Or better yet, place an auto debit for a small charge on your card.
4. Keep your cards open forever
5. Remove any errors from your score: AnnualCreditReport.com
Your goal is going to be to build credit with a secured card then transition to a rewards card
How do secured cards work?
in October 2018, 21.2% consumers were rejected when applying for credit cards,
Secured cards work just like regular cards
Credit limit is based on initial deposit
They report to all 3 major credit bureaus
Always avoid any annual fees or hidden fees, these cards have neither
Discover IT Student Cash Back
* Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
* $0 annual fee
* $20 statement credit each year for 3.0 GPA+
Chase Freedom Unlimited
Earn 3% cash back on all purchases in your first year up to $20,000 spent.
$0 annual fee
Top Secured Credit Cards
Discover was accepted by 9.3 million merchants nationwide as of 2014, compared with 9.5 million that accept Visa and MasterCard
American Express, however, is accepted by only 6.9 million merchants
Capital One® Secured Mastercard®
initial $200 credit line after making a security deposit of $49, $99, or $200
No rewards
$0 annual fee
Discover it® Secured
2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically.
Earn unlimited 1% cash back on all other purchases.
Match all cash back in first year
$0 annual fee
$200 - $2500 deposit as balance
Automatic review 8 months into unsecured card
If you’ve learned anything from this video, give us a like and make sure to Subscribe so you get all my best life hacks first. We publish new videos every Monday. And since you now know how to build your credit score with secured cards, I’ve got another video that teaches you how to get free flights. Click on the playlist to watch that next.
Advertiser Disclosure: Some of the card links and other products that appear on this website are from companies which Life, Tailored will earn an affiliate commission or referral bonus. Life, Tailored is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers.
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