I'm going to teach you how to automatically build your credit score fast and free. Because not having a good credit score means you pay more for a loan, mortgage and a lot of doors stay closed for a long time.
Here the thing:
- If you’re new credit or older but want to build your score and don’t know how to, this video is for you
- If you have a bad credit score, because of bankruptcy or missed payings this video is not for you, but I'm going to link a video that can help you.
Fix your credit: https://www.youtube.com/watch?v=UlzCpRILM0s
1. Applying for a Credit Card and Getting Accepted
- So in order to make sure you get accepted for the credit card
- I'm going to recommend you apply for secured credit cards
- Opensky secured is for people with bad credit, capital one secured card if for people just getting started, and discover secured card is also for people getting started but it’s a little more difficult to qualify.
( tip if you get rejected, call the number and make your case, and tell them your income, and let them know basically you can handle it) – sometimes it might be a simple application mistake
Before you apply:
- Make sure to make a credit karma account to see your credit score
- And track your progress as you go
- Yes, you could pay for a more accurate credit, but it works great for me for the past 3-4 years.
Tip: I did this exact same thing for my mom, and the credit score is in the 700s.
2. System to Building your Credit Score Automatically
- Now that you have a credit karma account to track your score
- And your new secured credit card
- Here is how the system works
Here are the steps:
- Write down all your bills, and basically go on the website or for example contact customer service and change your payment method to your credit cards
- Not all of them will accept this and that’s fine ( do all the ones that do) – and make sure the ones that don’t set up auto-pay for you also or use bill pay
- GO to your credit card website or call customer service and ask them to pay the bill in full every month
Tip: You can also tell them, hey I get on the 15 so can you change my payment day to the 16 or the 15th, that way you know you’ll have money.
Tip: some of you will not be able to pay the bill in full every month, then make sure you add just enough bills so you can. Because if you don’t, they will charge you a ton in interest.
3. Here is why this works
- we are focusing on the two most important parts of a credit
- credit utilization and payment history
- you’ll never miss a payment because its on auto-pay, and you’ll never have balance because you're paying it off every money.
Basically, as you can see:
- The other parts of credit are only 35%
- But we focus on 65% and that way we can grow your score faster
- And as you get older, and you get loans and maybe new cards, the other sides of credit will also build automatically.
- everyone pays thousands of dollars from their checkings accounts or debit cards
- once you have a good enough credit score you can apply for a rewards card with cool perks
- that way by paying your bills and using this system, you get free money.
- Good cashback card by Alliant Signature Visa Credit card
- It gives you 2.5% back on everything you buy
- If you spend $1000 a month at the end of the year, you get to keep $300 in free money, minus that 95 fees it's $205 free plus all the benefits.
Tip: The options are endless, however, I recommend you pick solid cashback and 2 more that you like and use those automatically.
Secured Cards video: https://www.youtube.com/watch?v=vHO5_Hd8KnI
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
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