What's up everybody welcome back to the channel? Today's video is going to be about secured credit cards. Okay explained I'm going to explain the secured credit card process. How do we get one, what they are? What do they require and what are the next steps and all that good stuff? I'm also gon na give you my story and the best secured credit card, so you can actually get out here and either rebuild or start your credit earning, and this is for all age groups. So it is not just for students, it is not just for adults.

It's not just it's all age groups, 18, plus, obviously alright. So let's just make sure we get into the video. Also make sure you subscribe to the channel. All you have to do is subscribe.

Let me know: you're subscribed and you may have a chance at getting an Amazon gift card of $ 25 once we have 2,000 subscribers, so four of you will get an Amazon gift card as soon as we hit two thousand subscribers just for subscribing and letting me Know you subscribed let's get into this video all right. So what are secure credit cards so secure credit cards are just like a normal credit card. Normal credit cards are just typically called credit cards, but in reality, they're, unsecured credit cards. So first, let's understand unsecured credit card is something that people who probably have established credit or some type of credit or you have, and it requires no money down.

Aka no collateral, so collateral is something that somebody's going to take and exchange for something else. So, in this case, a bank will take your money in exchange for a credit limit, whatever you give to them, that is your credit limit. Okay, so that is what an unsecured credit card is. Unsecured credit card does not require collateral, hence just a normal credit card that maybe somebody with established credit or you know some type of credit.

So, for example, a Chase Sapphire Preferred or you know, a Chase, Sapphire Reserve or chase freedom. Something like that. American Express everyday card, those are your own secured credit cards. A secured credit card is for secured credit card is a collateral okay, so, typically in the only collateral that secured credit cards, work with is money.

That's all they want is the money. It's all about the money right. So what they'll do is I say, listen Walter. If you give me $ 200, I will give you a credit card for $ 200 credit limit.

I will put that money to the side for you. We won't give you access to it. You will make purchases on your credit card every month. Pay the balance in full.

Keep that $ 200 that you've given to us in a savings account. So you still got to pay whatever you spend every month, and hopefully you disown folks a bunch of credit and after maybe about a 6 months to a year. Typically, a year of on-time payments, great credit history and all this stuff gets reported to credit bureaus as well, which is awesome. We will possibly lend you a unsecured credit card and give you back your $ 200, so that is awesome so pretty much.

They may not trust you 100 % and that's okay, and they will. You know you give me 200 will give you 2 we'll put her 200 and a savings account that you cannot touch after you've done what we're supposed to do. We would give you that money back and your credit score is improved. We've done our job, we trust you now here is your $ 200 and stay with us.

Here is a unsecured credit card for X amount of dollars. Typically, the amount of money that you gave to them in the collateral unless you act for increase, but Co typically, so that is what a secured credit card is here is how we get it. Okay, go to a bank. Almost every bank offers secured credit cards.

My favorite, I would give to you a little bit later, but just for example, I'm gon na give you my story. I went to a Wells Fargo about four or five years ago when I started my credit journey, the issue with me and I'm sure a lot of you can relate on whether you have bad credit or you had no credit. Like myself, I had zero credit. I would try to get phone bill I'll try to get phone plans.

Like you know, with t-mobile Verizon AT & T. I would try to get student credit cards. I would try to get regular credit cards. I was trying to get everything and everybody said no, and I was like wow like everybody's saying no, but I pay my bills on time.

You know I have money in the bank, all that good stuff, but it didn't matter because my credit score did not show anything. So I went to Wells Fargo, they said. Listen, you give us, I think it was $ 300. You give us $ 300.

We would give you a credit line for $ 300 and that's what happened. I gave him 300. They put that in the savings account that I couldn't touch. That was my only credit card.

I was literally doing the very minimum. I was just doing like five dollars. That was the best of us anybody ever gave to me. I forgot who I talked to.

I think I was in a corner store that lady said listen, you know the best part about credit and, I said wait. She was like just go to your go to the subway, spend something for five dollars: pay it off and full. I think that's it and I was like wow, you made you made it sound, so simple and that's pretty much what it is just go somewhere. If you have $ 300 make a payment for it, I go to what Walmart and buy something for a dollar.

You know go buy something on for a dollar. I don't know five dollars go to chick-fil-a. I go to your favorite fast food store and just do that. Go buy some gas and just do like one purchase a month to show that you're actually using the car and paid in full um.

I think it's a big myth when people say keep it there. Let them charge your interest. I don't believe that pay it in full, we're in the business of making you and saving you money and helping you out not giving that make money and more money in their pockets. Okay, so pay it off fool.

And after a year your credit score will reflect. So after a year I went from the zero to about middle sixes, which is not bad. I was still only again. I only had a year or four credit history, one credit card, so middle six is four.

That was pretty good and when I was ready Wells Fargo pretty much hit me up and said: listen, here's your money back and here's the credit line and now my credit line and getting make sure you keep this car open. It's two thousand dollars now and again, and I don't use it. I kind of just have a recurring payment, never want to close your credit cards, but that's pretty much what it was and then my first unsecured credit card. I got they gave me ten thousand dollars and this is from a different Bank, but the first unsecured credit card I had was ten thousand dollars, which I still obviously have and I felt like I was on top of the world.

So that's how you really finesse the system, that's how you work the game. It's not even a finesse! That's how you work it. You make a small purchase. You pay them for you that for about a year two years, what a, however long it takes and they won't offer it back to you they'll, give you your money back now they the best secured credit card.

Then I suggest is the Discover: it's a secured cash back card. Here's why some secured credit cards offer you give you annual fees, discover no annual fee, that's what they project are cellphone, which is pretty good. Most secure credit cards give you nothing but a fee, and I get I dunno. I just said that, but they gave you no cash back or anything discovery gives you cash back, they're, going to give you 2 % cash back on supermarkets and gas stations up to a thousand dollars per quarter.

No, it's four quarters in a year! So, every three months up to a thousand dollars combined gas stations - supermarkets, 2 % cashback they'll - also give you one percent cash back on all other purchases. So not only are you not paying an annual fee but you're also getting cash back? I wish I knew that this card existed about four or five years ago, but I'm giving it to you this to me right now is the hottest option out. I want to give you guys the best option to rebuild your credit. History start your credit history again.

I don't come from a family where credit was really talked about much. It was briefly talked, but it was never like in depth. So I can understand. I feel that, and I also come from a family where credit has actually wrong people's lives.

So I understand that too, but credit can be a really good tool if you use it to your advantage, the biggest tool, if you don't have it in your pocket and you aren't wanting to spin it in your pocket, you're, not spinning on your credit card. Aka pay it on full. Do things that you we're gon na do anyway, build your credit history, get points, get cash back, etc. That's the whole game.

When it comes to credit, it's not to you know, spend $ 10,000 at Gucci or Louis and just pay it off and monthly increments, because you can't afford it. If you have it in your pocket to pay it on a credit card, if you don't and you're just trying to buy something that you just want, just don't do it. It's not smart! It's not good, because that's where interest comes so guys. That's my video secure credit cards.

What are they again? They are secured, so it's collateral, you have to give them money and exchange for a credit line. Anyone can get this from age 18 and up the chances you getting approved for this card. Unless your credit history is just drastically bad nine times out of 10 you're going to get approved now, don't take this to the bank and say the credit card master said you would get approved, but yes, nine times out of ten you would get approved and about A good year or two of making very small payments again we're not trying to get points too much right now we're just trying to re-establish or build our credit okay. So we just want to do very small, increments gas food pay it on full five to 20 dollars a month, make sure you stay again under 10 % of your credit utilization.

So, for example, if you have a line for $ 200, 10 % of 200 would be 20 bucks. Okay, make sure you stay within that 20 buck range per month, again, gas $ 20 food 10 $ 15 paid in full and that's pretty much it and then after that, they'll offer you a line. Let's see what your credit score is after that and go ahead and start your unsecured journey, but also keep that credit card open. Okay, keep that card open, don't ever that account that they give to you, even though they upgraded to an unsecured card.

Don't don't close! It just keep it open, okay, always and forever. Also guys, if you can see my t-shirt, the t-shirts are here, it says, got credit. If you can't see it got credit with the credit card. My stole logo on there make sure you go support the channel.

These are my shirts with my design on it. The link is in the description below I actually was testing out so many different qualities and prints and stuff, and I found out the belly camera shirts, with the best on they fit nice slim fit. I would just recommend, maybe going to size up if you don't like them being a little title in your arms, I'm just going like a size up but yeah. These are my shirts available for purchase down below make sure you support the channel.

If you found this video helpful, give me a thumbs up subscribe as well again we're doing the Amazon gift card giveaway. If you have any questions about, you know secure card process, let me know again the discover it card cash back was the best one for me. I'll also put that in the description as well have a good day and thanks for tuning in take care.