If this year or the last year - and some change has showed you anything um, one of the big things i'm sure it showed all of you is that being financially stable is, is really big in so many different ways as far as actually having liquid assets. So, that's you know money in your account, also having an important factor as well, which is credit. Today's video we're going to really talk about how to get approved for that first credit card, the things that we can kind of do i'll, give you like two options: let's go right into this video, i'm super happy to give you the updated version. Hope you guys enjoy this.

Video isn't specified for a specific age group um. This is for all age groups. Um. We have people who are young, who are 17 18, who haven't had the possibility to have a credit card yet, and you have people who are older.

Um, who just never really wanted to get into credit, maybe family and friends, maybe scared them away from it. Maybe they've you know seen things that they just didn't want to get involved, or maybe they just didn't. You know think about it at that point. So it's no discrimination and it's no uh.

You know specific age range. This video is for everybody for anybody who has never had a credit card. This video is for you think, before getting a credit card. The first thing we need to do is we really want to make sure we're ready for our credit card now it seems very cliche, but you definitely want to make sure you're ready.

It's going to need to be. You know paid um if you do use it and you're going to also need to be using it responsibly as well, so mentally make sure you are mentally mature enough to make sure you have that financial, the financial assets to pay the credit card down um. So don't obviously spend more than what you have uh. So that's really.

The first thing really make sure you are ready for the credit card, because it is a big responsibility. A credit card can make you or break you in a lot of ways. So we got three different ways that we can really try to target getting our first credit card and um. So let's get right into it, so the first one is going to be the student credit card so for our college students.

This one is for you. If you are a student, you possibly have the opportunity to get a credit card um. You know a student credit card and i'll put a link down below for my favorite um credit card. It's the discover it student card, that's my favorite one! I love discovering what they do, especially for people who just really want to keep it simple.

A discover is really there with no annual fees, and things like that so discover is probably my favorite. So that's the first way we can go about. It is the student credit card route. The second route is for anyone at this point look for credit cards that want to really target moderate.

To no credit. Now i will say i will i'm not against any banks. I just want to kind of put it out here: there's a bank called credit, one based off of what their fees are and how they charge things and i'll definitely show you here. If i'm not mistaken, when i looked last time, they charge just a lot of fees, a lot of fees and they really take advantage of someone who has moderate to limited credit, and i don't like the way that they do things.

So i would highly advise you guys to stay away from them. Um but yeah definitely look for credit cards and i'll put some down in the link below uh credit cards that try to target moderate to no uh credit uh pretty much for people, because those are the ones that you're gon na want to go for. You. Don't really want to go for an american express platinum card as your first credit card, the chances of you being approved for that card are very slim because those cards, typically they want people who have a little bit more established history and a score.

So you really want to stay in that ballpark and, like i said i'll, put some information down for the credit cards that i really think that you guys should go to and, like i said, credit one is a no-no in my opinion, stay away. But if you want to go ahead and do it it's up to you, but that's just my disclaimer now here's my story um just so you guys can understand how i know what you guys are going through the first two methods i tried. So don't be, don't be discouraged if it didn't work for you, because the person that you're looking at right now talking to you it didn't work. For me i was a student um, so i went for the student credit card route and i told them my situation and you know, though, there's a human on the other side of the phone or on the other side of the counter.

They don't make the rules um, the banks do um. I didn't have any credit history i'm talking about. I couldn't even get a phone in my name without putting down a down payment. So when i was when i started getting like phones and things like that, i had to put down huge down payments um when it came to cars.

If i wanted to, you know, buy a car which i didn't, but if i wanted to, it would have have to been a huge down payment or a crazy high interest rate. I didn't even try and uh the student credit cards too, or the ones that try to target low credit just or no established history. They just work for me um, so my favorite way and honestly, most effective way from age 18 to, however old you are um, is, is secured credit card. That is honestly the best way.

So i gave you those other two methods, because sometimes they do work for people um, but they didn't work for me and now after this pandemic, banks have gotten more restrictive with their guidelines and their rules. I'm not saying that you're going to be declined for either of the other two methods i just gave to you, but the best way to put it is, if i just told you that if you go over here, you have 80 chance of uh making this happen Versus if you go over here, you have a 20 20 chance of making it happen. Most of you are probably going to go over to the 80 round. I mean i know i will when it comes to things like this secure credit card.

This is how it works. It's very simple: it is a credit card, there's nothing wrong with it. It's nothing that you should be embarrassed about walking around with. It looks just like a normal credit card, and i'm gon na put my favorite secured credit card down below.

If you guys are not surprised, it is a discover card and i explain more about the um, the secured credit card with this video. So if you want to watch this video after you watch this one, just click on right over there um. So i cannot explain that to you as well secured credit card to sum it up um there you give me 500 and i i'm the bank. So you give me 500 and i will take that 500.

I won't do anything with it. I'll put it in the savings account that you cannot touch and then, in exchange for that, i will give you a 500 credit card, um limit that you can use monthly. Now, when you pay me back monthly you're not going to be taking the money out of the savings account you're going to still be making your own payments, i keep the 500, and what that's doing is i'm trusting you i'm getting that relationship established with you. You have limited to no credit history, so i have that money that 500, as a security deposit as collateral, is what they use.

So if you don't pay it back. Unfortunately, it's going to hurt your credit score, but at least i get my 500 and you can't go over the 500 threshold most of the time. So if you don't pay it back, we just take your 500, but i know that's not what you guys are going to do. You guys are going to make your own time payments you're, going to be um, very mature, you're, going to be very proactive and make sure, like i said, guys, you're staying under that 10 or or lower utilization rate um, especially for those really like lower cards.

10. 3, 5, whatever it is, the closer to zero, the better but still use the card. So that's what i would do go to a bank. My favorite one is discover, discover has a really good one because they give you cash back while you're doing it.

No annual fee, they don't take advantage of - they actually really want to help you. So the secured credit card is the best method to to go with because it's not guaranteed 100 but, i would say, maybe 90 of the people who go to get a secure credit card if they have no credit or bad credit or limited credit. The chances that i'm being approved are very likely because you're giving them the money it's kind of like you're borrowing against yourself in a sense, that's probably and again, you're doing it with the bank and then after you've done that for maybe about a year or so They will give you your 500 back, but then they will also keep the account open and they will keep it open, and now it is a unsecured credit card which is just your typical credit cards that you see every day. So not only are you getting your payment history built up, but you keep the account open, which is another important factor in building your credit score.

So i think that's the the basics on getting approved for your first credit card. To sum it all up guys, you got three ways you can do the student method with a student credit card to see. If they'll, you know help you out that way, um you can go for credit cards who aim towards limited or moderate, but typically with that method, they want to take advantage of you with annual fees and this fee and that fee or you can go the secure Credit card route, there's a bunch of secret, secured credit card banks out here. I just have to pick my favorite um because they don't charge any annual fees and they give you cash back to discover the discover, secured credit card, discover its secured credit card and really establish yourself.

Take that 500, i believe, discover, i think, is a 300 or a 200 um deposit. Take that don't think about it and they'll give you that money back in about a year or so and once you've done, that you've established this relationship and there you go you're. All set and you're ready to to get to get more credit cards, so i hope this video really helped you guys. I hope you guys um take this write, some notes and, like i said, share with your family and friends.

If you guys are having like one of those nights, i know a lot of my subscribers talk to me all the time they watch my videos in schools uh online. They they do them with their parents when they're having like a financial night, whatever you got to do sit your family down, sit your friends down, watch this video share it um yeah and get this knowledge out. I hope you guys enjoyed the video and, if you guys have any further questions, make sure you subscribe to the channel and comment down below and also hit me up on instagram too i'm on there quite often at the cc maestro um slide into dm. Ask me any questions and i'll be happy to answer some questions for you that way as well.

I will talk to you guys soon, thanks so much for watching take care. You.