AFTER THIS VIDEO: WATCH MY UPDATED 2021 SECURED CREDIT CARD CHOICE:
https://youtu.be/oUd3xoBiocs
This video I will show you how to build you credit score. Secured credit cards are the way to go for someone who is just starting out with credit and rebuilding credit. Secured credit cards are my favorite option Whether its your first credit card, you have no credit, or credit repair this method does wonders!
Discover Secured Credit Card Link:
https://www.discovercard.com/application/displayLanding?pageFileId=double-listingsite-secured&sc=GEGX&cmpgnid=ls-dca-ir-secured-GEGX-980&irgwc=1&gclid=z7wwM239ixyJW-M0MSU5wRc5Ukl1grRPIzsrVY0&sid=04664157&pid=170911&aid=568217
Official Merchandise!
https://teespring.com/stores/the-cc-maestro
SUPPORT THE CHANNEL BY APPLYING FOR CREDIT CARDS WITH THE LINKS BELOW:
Apply for an American Express Card® with this link. We can both get rewarded if you're approved!
http://refer.amex.us/WALTETeFU6?XL=MIACP
Earn $150 bonus with Chase Freedom. I can be rewarded too if you apply here and are approved for the card. https://www.referyourchasecard.com/2/UTZI1UCI5U
My Amazon Store Link:
Amazon.com/shop/theccmaestro
As an Amazon Associate I earn from qualifying
purchases. Support our channel by shopping on Amazon!
Tripod we use:
https://amzn.to/2QxBYPS
Microphone we use:
https://amzn.to/2UIUALu
Follow my social media:
Instagram: @TheCCMaestro
Twitter: @TheCCMaestro

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.

By Stock Chat

where the coffee is hot and so is the chat

26 thoughts on “Secured credit cards: explained”
  1. Avataaar/Circle Created with python_avatars Melissa la guera mitotera Hernandez says:

    Can I get an unsecured credit card then for $200 just to use it for gas during the month ? And Pay it at the end of the month? If I’m a stay at home mom would they qualify me ? My income is child support and the child tax credit right now. Totaling 1200 a month. I don’t pay rent though. My credit is kinda poor about 560 last I checked 😩

  2. Avataaar/Circle Created with python_avatars Myel Nailed It says:

    So , you get the secured credit card … the $200 you deposit is JUST a deposit… so do you have to put your own money on their , spend it and pay back what you spent at the end of the month ?? I just got one through my bank

  3. Avataaar/Circle Created with python_avatars Kinks & Curls says:

    My credit union just approved me for 1k and told me to stay under $300. Thanks for the video. I plan on staying small – talking about $10 bucks monthly hell maybe $5

  4. Avataaar/Circle Created with python_avatars OG LaZer says:

    I have no credit and I want to start with capital one is it possible to get good credit in a month or two

  5. Avataaar/Circle Created with python_avatars KTnarnia says:

    Here's what I don't understand: I give them $300 for a $300 limit. Why do I get charged any interest at all for making minimum payments (not in full) each month? My deposit should be security enough for them!

  6. Avataaar/Circle Created with python_avatars Julia Jessa says:

    Thanks Dumpsdawg on telegram for my physical clone card I’m happy I receive it as you said bro thanks🤝🤝✅

  7. Avataaar/Circle Created with python_avatars Lindsay Reiter says:

    I watched another secured credit card video and it was frightening. So glad I found your video! Thank you for sharing all this great information and your personal experience. My Discover It card should be in my hands in two weeks. I cannot wait to use it responsibly and continue to repair my credit. And yes…Bella + Canvas shirts are the best!

  8. Avataaar/Circle Created with python_avatars Kolour Me Retro says:

    I just got my security credit card and it’s hella complicated plus I’m not sure if I’m paying it off right like I would per say spend like 17 at Walmart and transfer it to credit when I get home same day like is that the correct way to do it I don’t want to wait too long to pay it off

  9. Avataaar/Circle Created with python_avatars Youtuber Youtuber says:

    I have a question !! Loved the video by the way !! Soooo even though it’s your money you can’t spend how ever much you want on your secured credit card ? Is it bad to spend 200 if you have $300 dollars on your credit card ?

  10. Avataaar/Circle Created with python_avatars Nery Salguero says:

    I'm have to rebuild my credit again. Past few years have been hard and it hurt my credit. Thanks all the info

  11. Avataaar/Circle Created with python_avatars Attt Reh says:

    Do I have to open a credit card account or just apply for credit card?? Also why they give us Secured credit card not regular credit card??

  12. Avataaar/Circle Created with python_avatars Jorge Gavino says:

    So it’s just as easy as spending $20 a month for gas? So simplified, great informative video you’ve earned new sub! Also can I still have a secured credit card whilst having a checking account…?

  13. Avataaar/Circle Created with python_avatars Daniel Zhang says:

    Nobody knows what will happen today or tomorrow because I believed my credit will remain the same forever after several credit repair companies failed but on YouTube here I got recommended to EAGLE SPY HACKER can't say it all. but these guys saved my life and gave my dead credit a new life and also helped with removing my negative and inquiries . they're highly recommended, send your mail to 
     –   {  EAGLESPYHACKER@ gmail ● com   }very good and reliable.

  14. Avataaar/Circle Created with python_avatars Rayann Velasquez says:

    Great video! So I have a secured credit card for $200 can I pay my phone bill for $35 every month and pay it off every month and be ok or should I still just do $20?

  15. Avataaar/Circle Created with python_avatars The Credit Card Maestro says:

    I see this video is helping many 😃. Don’t forget to thumbs up the video, subscribe and SHARE! Any questions? DM me or comment below!

  16. Avataaar/Circle Created with python_avatars TiaA says:

    If I pay off what I spend weekly do I still have to pay a bill at the end of the month even tho I paid everything off

  17. Avataaar/Circle Created with python_avatars Andrew Mata says:

    So say my balance is at 200 and I spend 190 but I pay 180 the same week so I can only pay 10 at the end of the month does that keep my utilization percentage good?

  18. Avataaar/Circle Created with python_avatars Patrick Wilson says:

    Just MAKE SURE YOU ARE UTILIZATION RATIO!!! I PAID IT OFF EVERY MONTH. THEN DISCOVER IT TOLD ME I WAS DOING IT WRONG LEAVE A UTILIZATION RATIO…

  19. Avataaar/Circle Created with python_avatars eeeVeee says:

    so if i put 400$ on the secure card. how much should i spend a month? and how long till i advance to another card

  20. Avataaar/Circle Created with python_avatars Owen Marshall says:

    I'm very happy and grateful about you Dumpscardingg you so adorable and trustworthy am doing this again and I am getting my cc from him *Dumpscardingg* on telegram you are the best I own you more business bro I gat you for life 💯💯

  21. Avataaar/Circle Created with python_avatars Marc Leon says:

    Excellent video you got right to the point and didn’t waste our time. Thank you and I just subscribed

  22. Avataaar/Circle Created with python_avatars Micah Daniel says:

    So once i qualify for an unsecured card still keep my secured card open? An does the money i put down just remain on that secured card or is that the refundable down payment an how does that work?

  23. Avataaar/Circle Created with python_avatars G Mac II says:

    Do you not get the $200 back the same day? I was listening to Jay Morrison and he said you get it back the same day.

  24. Avataaar/Circle Created with python_avatars Karrington Taylor says:

    Would it be a good idea to put something like a subscription on on a secured card

  25. Avataaar/Circle Created with python_avatars DA TRUTH901 says:

    Thanks bruh I'm 33 years old and have no credit and I'm trying to get credit this helps me out a lot thanks so much homie💯💯💯✌✌✌

  26. Avataaar/Circle Created with python_avatars Mike Alonzo says:

    Would you recommend getting a second secured credit card a couple months after you’ve had your first one or could you get a couple at the same time?

    Thanks In advance.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.