Hey what's up Shawn here now: let's talk about something that is very, very important in life and that's never taught in schools, we're going to be talking about credit and more, in particular, how to actually build your credit now. I know I've made videos in the past about maybe how to get your credit up the fastest way, but this is more towards how to build it up for the long term, fun fact, what's worse, having no credit or having bad credit, it doesn't matter because if You're an either boat. You need to start building some credit look again today. We're gon na be talking about the best ways to actually build your credit up.

Okay, the three best ways to build your credit up and have a little bit of a foundation. Now my buddy and I Simon over at Kate credit - I works with numerous individuals to do this and again you want to build your credit up for the long term, but no matter what your inclinations are or what your scenario is like, let's say, you're brand new. You don't even have a credit card yet or let's say, you've had multiple lines of credit. A little bit of older you've established some credit, no matter where you fall on the spectrum.

These are gon na, be three great tips actually building your foundation and your credit. So, let's get started, oh wait! If you're wondering what actually gets factored into a credit score check out the other video I made on that again in this video we're just going to talking about how to build your scores up, not necessarily what gets factored into them. Now, one way to build your credit score is up is actually get a secured line of credit now, what's a secured line of credits, basically a credit card that holds your hand and pretty much does not let you fail so if you've never had a credit card Before you're gon na want to get a secured credit line and again like I just mentioned its fail proof, so you pretty much when you apply and pretty much everyone gets accepted into one of these secured credit lines, cuz pretty much. If you want a five hundred dollar line of credit, you give them a five hundred dollar, refundable deposit.

So essentially you give them five hundred dollars and then now you have a five hundred dollar credit limit every single month and again pretty much everyone gets approved. So if you need one of these or you're thinking on one of these, you want to learn more about these. Just Google OpenSky, that's what I recommend using phenomenal, secured credit line. It will build your scores up really well, and the best part is: is it reports to all three of the bureaus? So you can't get much better than that.

So once you have a card like that or really just any card in general to actually build those scores up, I've mentioned this in the past. Best way to do it is to keep your credit utilization low. You want to be staying at about that 30 % work. So if you've got the $ 1,000 credit line, you only want to be spending about $ 300 a month on it.

This shows that you're responsible - and you have some self-control, regardless of what your lifestyles like. Oh and don't be late on making payments, if you get a secured credit card or really any credit card to build up your credit, please just set it on automatic payments. Just never have to worry about it or really just set reminders to never be late, because you're trying to build your scores when you have a late payment, you are really digging yourself a huge hole so keep that credit utilization low, make your payments on time and You'll, do just fine in building up your credit with a secured credit card or really just any credit card in general. Now, the second way to build your credit is actually apply for a credit builder loan.

Now these are another type of product that basically holds your hand in building your credit, op they're phenomenal, pretty much you apply for a credit builder loan, most life you're gon na get accepted, and what you do is you pretty much just make deposits every month into? Essentially, a savings account that builds your credit up like I said these are extremely easy to apply for extremely easy to get approved with and will basically hold your hand throughout the process. The best part is is once you're done, making these payments. On your credit, you get the money back so once this loan is paid off, you get that money back. So essentially, it's almost like just a payment plan that credit bureaus treat as a credit line and pretty much just builds your credit for just depositing.

You know 100 bucks a month into an account pretty simple honestly and lastly, the third tip for building your credit from the ground up is to essentially just become an authorized user on someone else's account. I know I've talked about this before, but again this is ridiculously easy. If you have a parent or maybe a friend or a brother or a sister or an uncle or any type of relative with some great credit, just ask them to be an authorized user on their account. You don't have to spend a penny on it.

Don't even worry about it, just let them handle it for you and being an authorized user on that account shows the credit bureaus that you've got responsibility because you do have access to use that account, but you really shouldn't be using it. Just let your friend or your relative, who actually started that account, let them use it, let them build the credit for you. You don't have to do anything because I know building credit can sometimes be hard and annoying and to be reminded to you know, make your payments on it and oh did. I spend thirty percent of my credit limit this month.

I don't really remember all those things can be a pain, so just ask someone to be an authorized user on it, and that is probably the easiest way ever to build a foundation for your credit report. But those are basically the three best biggest tips you can get for increasing your credit, I mean so simple. Anyone can get a secured line of credit. Anyone can get a credit builder loan and anyone can really be an authorized user on someone else's account.

They don't require that much work and we'll hold your hand through the process build your crisper. You won't have to worry about it, but if you're sitting there going hey, that's still too much for me, hey, I don't even know where I go about getting this kind of stuff. I don't have the time. I don't know what I'm doing just check the description down below you can contact my buddy Simon.

He does this kind of stuff for a living. He'll walk you through the process. They'll help you out. You can build some credit up that way, but if you want to learn more about credit score's, what gets affected in them what's the fastest way to raise it all sorts of other credit related questions, or maybe even how credit applies to a home mortgage and what Not everything will be down below in the description guys or you can head on over for more information about me in regards to credit and mortgages and all that kind of stuff at lending shawn, malcolm calm, but stop limiting yourself.

I know this information isn't taught in school. Okay, credit needs to be taught in school. Nobody really knows what's going on in regards to building your credit up, so hopefully you learn something new and if you want to get started and kind of build this foundation out the best time to start was yesterday so get going as soon as possible and I'll See you in the next video.