REBUILD Credit | Fico Score


Looking to rebuild credit? Duane here
with How To Build Credit TV and in this video I’m going to share 3 tips that
I use that enable me to rebuild credit. But before we get started I have a quick
message Once again my name is Duane
with How To Build Credit TV. This channel offers 100% free information about how to do credit,
how to get cashback actual cash money from using credit cards, as well as
credit card reviews. So if this sounds like something in which you’re interested be
sure to subscribe and click the notification bell so you don’t miss a
thing. Not too long ago I was exactly where you are, looking for a way to
rebuild credit. I was tired of my credit, credit score and credit history holding
me back. So I decided to start researching how to rebuild credit. These
are the exact same steps that I took to rebuild my credit from 518 – a little
over 700. The first thing that I did on my journey to rebuild credit was number 1 get a copy of my credit report. There are a lot of places online where you can
get a free copy of your credit report but the place that I like to go to is
annual credit report.com It’s free to get this service you’re
entitled to a free copy of your credit report. You’re entitled to one copy for
the entire year. So it’s imperative that you get your hands on the credit report
because it may have information on there. Like if it’s wrong or inaccurate like if
there’s a misspelling or if there’s accounts on your credit report that
aren’t yours if you dispute that you can actually get that taken off of your
credit report and that will it will help your credit score actually go up.
Especially if the information is inaccurate so be sure to make sure you
get your free credit report that’s the first thing you need to do if you’re
interested in rebuilding your credit. The next thing I did after I got my credit
report was to check my credit score. Once again there’s a bunch of free places
online where you can get your credit score for free. If you don’t mind signing
up for a free trial you can do it that way and get the score for free or you
can use places like Credit Karma. You can also use nerd wallet. You can just google
these places and you’ll have all the information there in front of you. If I
were you I would just go to like I said Credit Karma or nerd wallet.com and put
your information in and they’ll actually provide you with a credit score. The
reason why you need to get your credit score is be
we need to know exactly where we’re starting right, so we want to be in the
know when it comes to rebuilding credit. We don’t want to leave it up to chance
we have to have all the information that we need in order to be
successful. For example, did you know that our credit score is comprised of 5
different categories? If the answer is no then you’re kind of shooting in the dark
and when we’re trying to when we’re talking about a rebuilding credit or
anything for that matter we want to make sure we have all the facts. We want
to make sure that we’re in the know so that we know exactly what areas to
attack. Now there are five different categories that make up our credit score.
I’m not going to go into that in this video but I will link a video at the top
right of the screen. You can click on that link or you can
wait till the end of the video and I’ll link the video there as well. Okay so
once again the first thing you want to do in regards to rebuilding credit is
you want to get a copy of your credit score. You want to get a copy of your
credit report as well so credit score and credit report they’re two different
things right. So those are the first two things the next thing. The next thing that I did in my
journey to rebuild my credit was get a secured credit card. The reason why I
decided to get a secured credit card was I didn’t have to worry about being
approved or rejected for the card, with a secured credit card it’s pretty
straightforward. You basically give the bank collateral by putting up anywhere
between $200 up to $2,500 depending on
the secured card that you’re getting. If it’s with discover or Capital One or
Citibank and so you would put up that amount of money with the bank initially
and then they’ll hold that money for a period of time. And whatever you deposit
is going to be your credit limit. In my case with Discover Card I deposited
$1,200 initially to get the Discover card and then the max
amount that the Discover Card goes to is $2,500. So I think
after like a month or two I went ahead and maxed it out at twenty five hundred
dollars. So in other words I sent the remainder which was thirteen hundred
dollars to Discover Card and then now my credit limit is twenty five hundred
dollars. And the reason why I did that also is because it actually is to my
benefit to have a higher credit limit. That’s one of the things that is on the
credit report that I’ll go out going more detail about in the video. So
getting a secured card is very helpful because it takes out the guesswork as
far as are you going to be accepted are you going to be rejected. And so you’re
pretty much guaranteed approval with a secured card. The only way you you’re not
able to get a secured car is if you’ve had a bankruptcy. But even in some cases
you can get a secured card. There are a lot of different credit card companies
that offer secured card. Capital one being one of the best discover card which is
my favorite because I’m able to earn cash back. I actually have a video
regarding cash backing I’ve been able to earn over three hundred dollars and
counting in cash back, so that’s pretty straightforward.
Citibank has a secured card so you have a couple of choices. There are of course
a lot more out there there’s Wells Fargo there’s Bank of America the list
goes on and on and on. Okay so getting a secured card is good and that’s what I
did. After I got the secured card I was I was very careful about taking care of
my business. I would always pay my bill on time. I
never kept a balance that’s just something that I did because I didn’t
want to get any interest. So I paid my balance off, as a matter of fact I pay my
credit card like once a week sometimes twice a week just because I’m a nerd. I
just want to make sure that I have zero interest and with my Discover card I
actually have like I said gotten over $300 in cash back and still counting
and I have paid zero in interest. I will also show you guys that in a video. So
those are the three steps that I took to help rebuild my credit. I’m
pretty certain that those things, those steps will work for you. If you’re
diligent take your time and do your research. Knowledge is certainly power so
you definitely want to make sure you do your research. Okay? Thank you for
watching this video if you have any questions about how to rebuild credit
please feel free to leave them in the comments. I will get back to you as soon
as I can be sure to comment, like and subscribe.
And until next time take care and be blessed. peace!

One comment on “REBUILD Credit | Fico Score”

  1. Jo S says:

    Do u know which credit bureau Discover pulls from, also would there be any reason I am denied, when applying for Discover It card?

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