✅So how do you build your credit score without a credit card, that’s what I’m going to break down in this video.

1. Credit Builder Loan: ( Self, Credit Unions, banks offer this)
– Basically, once they accept you for usually $300 to $2500 bucks
– They will move the loan money over to a savings or cd that you can’t really have access to
– As you it off, they will basically report the payments, and ones you are done they will return the money to you.

Here is why this important:
– Payment History: 35% ( you want to be 100% on this, and if you ever miss a payment call in and ask for it to be waived and put the account on auto pay)
– How you owe aka Credit utilization: 30% (keep it below 10%)
– Length of History: 15% ( the earlier you start the better)
– Credit Mix 10%: having a mix of different account like credit cards, car loans, and student loans and so on
– New Credit 10%: New account you open

Overall Idea:
– Doing one of these Credit Builder loans is going to focus on building up your history, which then can help you qualify for a credit card. Which will make it 10x more easier to build credit.

– Usually comes with some fees
– And you’ll also be paying interest

2. Secured card ( self now offer secured credit card also based on the money you have in your credit builder loan account)
– Now I made a video yesterday with a full description of all the credit cards
– But I will give you a summary here

The idea:
– Apply for the Capital One Secured Card ( if you are trying to build credit but don’t have any and don’t have bad credit either) – if you get rejected call the company and say I have a job, and can put down a larger deposit if that helps
– If you get accepted for the capital one Secured Card: then apply for the discover secured card next ( but if you got rejected for the capital one secured card, you’ll most likely get rejected by discovering also)
– If they both said no, even after you called ( you most likely have bad credit and are not new to credit, so apply for the OpenSky credit card, or the self lender loan)

– Set the card on auto-pay
– Have your monthly bills charge the card automatically also
– Just forget about the secured card ( by the end of the year or in 3-6 months you’ll see a massive difference.

– This way you never have to pay any fees if you are new to credit
– And you also don’t have to pay any interest

3. Lending Circles
– Now missionassetfund is a very popular one I heard about

Her is how it works:
– You join a group with 10 people or more
– And you agree on how much money you’ll have to pay every month (let’s say $100 bucks for 10 months
– Every month one person in the group gets 1000 bucks and continues to pay $100
– By the end of the 10 months, everyone has borrowed 1000 and has paid back 1000. ( this helps with building credit very fast)

– A lot of these groups do require meetings
– This way you know the people who are working with you
– And you are less likely to default on the loan.

Now I promised you guys 3 others way to do it:
– Student loans: having student loan debt actually helped me build my credit score, but please do not get into debt to build a credit score to borrow more money. ( it’s a rat race)
– Personal Loans: Does the exact same thing as a credit-builder account
– Car loans: please do not buy a car you can’t afford to build credit, the point is to get better rates, not spend a more.

Why Build Credit – To get better rates when you borrow money
– However:

Credit Score: is not an indication of you being good with money, it’s just an indication of your history with borrowed money.
– So the goal is: to not pay interest
– Get a good Credit score
– And get some points and free vacations while you’re at it


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