want to reach a credit score of over 700 as fast as possible? Well we have a beginner video for you today, although some of our regular viewers may want a refresh on these two methods that can really raise your credit score very quickly. If you like credit card and credit score tips and tricks, please subscribe for more videos several times a week.
So to improve your credit score you need some of some kind of credit product showing up on your credit report. But in order to get approved for any kind of credit product you need a credit score. It’s kind of a chicken and the egg situation. Now some credit cards, like the capital one platinum and the discover it card will approve people who are starting from nothing, but not always, and if you have damaged your credit through missed payments, collections, bankruptcy or whatever, then it is very hard to get approved for a credit card. Cue our first secret weapon…
Alright so, the first of these secrets is secured credit cards many people who cannot get approved for a credit card may wonder what to do, well one answer is to get a secured credit card. A secured credit card takes some money from you usually equal to the credit limit, that they hold in an account and you basically borrow money from yourself each month. Your information gets reported to the credit bureaus each month like a normal credit card, but there is no risk to the bank, because it is your own money.
Now my favorite secured card right now is the Discover it secured credit card, because it actually earns some rewards. 2% back at gas stations and restaurants on up to $1000 in spend per quarter and then 1% on everything else. Now that may not sound as impressive as other cards, but most secured cards don’t earn anything.
The card lets you put down as little as $200 for the deposit and they will refund your deposit after 8 months as long as your account is in good standing and you always pay on time. They then transform your card into a non-secured version. This is important, because some secured cards require you to close the card to get your deposit back and that harms your credit score so you don’t want to do that.
You can get this card right away when you are 18, so I would say to any 18 year old watching this. If you don’t have $200 yourself ask your parents to borrow $200 for 8 months, and get one of these cards. Building your credit score will open a lot of doors for you.
Ok now for the second secret and that is authorized user cards. So US credit cards allow cardholders to add people to your account as authorized users. Then the payment history, utilization etc… will also report to the authorized user’s credit report as if it was theirs. And they will get a card that they can use to spend money. Now the main cardholder is still responsible for paying it back so you will have to work that out together. You can spend, and then Venmo them money or give them cash. Or another option is they simply do not give you the card. Just cut it up. The information you need will still report to your credit report.
But one important thing is you have to make sure the account is in good standing, and the person isn’t keeping really high balances, that will ruin your credit. And there are a couple of other considerations. 1. Is that the card should report to all three credit bureaus. While most credit cards do this for the primary cardholder, some don’t for authorized users. And 2. The card should ideally report the whole history of the account to your credit report, not just from the time when you got the card. If you can get a card that reports the whole history, it looks like you had a credit card for years, even though you just got it. Notable American Express doesn’t report the whole history.
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25 comments
Video on Best authorized user cards:
i had a card in my sock drawer for over 5 years. i used it back in march to pay rent $1200 i never got a bill and my credit line is still $5000. what should i do?
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is the heat in your house not working? you look cold there
so how mush money can you use from 200 each moth
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Question on Authorized Users: Person A has very good credit (715 as example)… Person B needs help (560 as example), but has 4 other different credit cards….Person B becomes an Authorized user on Person A's different card, how will this affect Person B's other 4 cards? Does an Authorized users credit become higher all across the board?
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