✅From no credit history to almost a 700 in less than 2 months, if you want to find out how to this, I recommend you stick till the end of this video.

Secured Credit Cards: Explain ( Normal no deposit & Secured has a deposit)
These Credit cards allow rebuilding or establishing credit without having to make big purchases. For example, a regular credit card gives you a line of credit, and you can buy and repay it at the end of the month or carry a balance. But the problem is that some people cannot qualify for a standard credit card, so the secured credit allows you to open a secured credit card that’s backed up by your deposit. Meaning you must make a deposit, and you’re borrowing your own money and having to pay it back, and if you don’t, they charge you interest. And before you say it’s ridiculous, well by doing this, you establish your credit history and rebuild your credit. Oh, and in 6 months they return your deposit and give you the option to upgrade to regular credit card.

Ps. When you make a deposit, they usually give you 200 bucks of their money to match your deposit to have a decent credit line.

Benefits of Secured Credit cards:
• Easier to Get approved
• Lower APR for some but usually not for the flagship cards. Because you can upgrade after does 6 months.
• Lower credit limits, depending on the deposit and also helps with overspending.
• After you’re done with the first card they usually give you access to a Regula Credit Card if you’ve been responsibly making your payments on time
Drawbacks of secured cards:
• Have to pay a cash deposit. Which could be good and bad
• Low credit limits can result in a high utilization ratio, meaning this can affect your credit score.

Open Sky Secured Credit Card
Requirements to get in:
– No credit check which means you if you have bad or no credit at all, it doesn’t matter. All you need is to be able to deposit $200 bucks, cover the annual 35$ fee and some income for the monthly bills.
Minimum Deposit: $200 bucks
Benefits: No soft or bad inquiry since they don’t need a credit check.
Pros: You’ll get your deposit back once you close the account.
Cons: 3% foreign transaction fee. Visa online charges 1%, meaning they are pocking 2%. Online banks have shown us this.
– $35 annual fee
– Low Apr to encourage carrying a balance, don’t do it. Ever.

Capital One Secured Mastercard
Requirements to get in:
– Personal Experience you don’t need a credit history and can also be used to rebuild your credit.
Minimum Deposit:
– $49, $99 or $200 and they match it to get you to $200. Example if you deposit 49 bucks they give 200 also to get you a credit line of $250
Benefits:
– No Annual Fee
– Low deposit
– High Chance of getting Approved
– Higher credit line after five months with no late payments
– No foreign transaction fee
Pros:
– Establishing a credit history with Capital one will get you offers and access to other great credit cards that offer sign up bonus and cash back.
– Like the Capital One Venture Credit Card with a $500 dollar sign up bonus.
Cons:
– If you have terrible credit, they won’t accept you. Like bankruptcy, charge off, or past due balance on Capital one cards.

Tip If rejected, call them and ask them to reconsider by humanizing yourself. 1-800-219-7931

Discover it Secured Credit Card
Requirements to get in:

Minimum Deposit: It’s higher than Capital One and its 200$ minimum or as much as $2,500
Benefits:
– 1-2% cash back ( Gas, Dining and so on)
– They double the rewards at then of the year ( if you earn 1$ cash back then make 2$)
– No Annual Fee
Pros:
– Good approval odds but it’s for people that are new credit or trying to rebuild. Example: 650 and up would be my recommendation. Don’t risk the Hard Inquiry; just get one of the other two and rebuild for the first year.
– If you do well this card, you can get access to the normal card, and they have even better rewards.
Cons:
– High Deposit for some people ( I think this is good, will make you think twice before spending )
– You have to have the deposit before applying and if you don’t get approve they give it right back

Tip: if rejected call Discover and ask them to reconsider and humanize yourself, call Discover at 1-800-347-2683 and ask them to reconsider your application.

*Pro Tip*
Information is key

Link:
Great Video: https://wallethub.com/credit-cards/secured/

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