If you didn’t build credit in 2019, then 2020 is the perfect year to start building credit. Once you have credit you can own a home, own a car, or even buy an iPhone much easier.

So that’s why in this video im going to share with you the 5 best credit cards to start building credit, and I even included a free alternative to all those loan credit apps like SELF lender that are rebranding themselves.

The 5 Best Credit Cards for Building Credit for 2020

1. Discover Secured Card ( no annual fee)
Story:
Beg: This is by far one of the most attractive secured cards
Climax: But because of that its also hard to get into this credit card, since it offers rewards and bonus
Ending: So theirs a chance for getting denied
Pros:
– Cash Back up to 2% categories and 1% on everyday purchases
– Cash Back match after one Year
– Refundable Deposit
– It’s like a normal credit card and reports to the 3 major credit bureaus ( Experian, Equifax, and Transunion)
– Convertible to unsecured after 8 months
– They have a great customer service team
Cons:
– It’s hard to qualify for ( even they say for people new to credit or trying to rebuild)
– If you have any bankruptcies or charges off, it could be a straight no
– Minimum Deposit $200 bucks ( so if you don’t have $200, maybe save up and then apply, or choose a lower option)
– High Apr ( just pay in full)

Tip: People with a score below 670 can be accepted or with no Score, but you just need to prove that your income can support you. ( if you get denied, try calling and pleading your case)

2. Capital one secured ( No Annual Fee)
Story:
Beg: My mom needed to buy a bed, she had the cash and no credit, no one would touch her.
Climax: I applied for the Discover card first they said no, then the capital one card and they said yes
Ending: after a few months, she had a score of 709 and has 3 credit cards with a total credit line of $3,000 plus

Pros:
– Low-Security Deposit, $49, $99 and $200 ( my mom did 800) – they decide
– An initial credit line of $200 backs plus your deposit ( Mom line $1000 Total)
– Higher Line after 5 months of payments

Cons:
– No Rewards or Bonus
– High Apr ( but it’s to expect with these secured Cards)
– Closing account to get Deposit back

Tip: Start with 200 or what you can afford, before you close the account, make sure you’ve been approved for other credit cards, so your history is not as affected.

Or: Put in $49 if they ask for that, and after the 5 month raise the line

3. Citi Secured Credit Card ( no annual fee)
Story:
Beg: Sounds like a mixture of the Discover and capital one
Climax: But that’s not the best thing
Ending: In the end, you have a higher deposit but no real benefits

Pros: ( very basic)
– No annual fee
– They report to the 3 major beaus
– They match your deposit for credit line
Cons:
– Discover like a deposit of $200-2500 bucks
– No rewards
– 18 months locked security deposit ( unless they deem you ready)
– No bankruptcies in the past 2 years

Tip: If you have no line credit line and already tried to discover and capital, this is your next bet.

4. Open Sky ( annual fee )
Story:
Beg: This is not a good option
Climax: Its actually one of the worst
Ending: That’s I only recommend it after you tried everything else

Pros:
– No credit check ( so even if you have a bankruptcy that happens yesterday they’ll still accept you)
– They report to the 3 major credit bureaus
– Credit deposit of $200-$3000 and it’s refundable

Cons:
– $35 annual fee
– High fees Across the board ( late payment is $38)

Tip: If you have to get this card, get it for 1-18month and do everything textbook and apply to other secured cards and then cancel this one

5. Non-profit lending circles ( for people that are going to ask me about self lenders or any of these places)
Story:
Beg: Very good way to get a loan without having a credit
Climax: and also build credit while getting this loan
End: It’s a simple, interest-free loan

Pros:
– An interest-free loan made in a community with 6-12 people
– Default rate less than 95%
– No strings

Cons:
– Not available everywhere

Link: https://missionassetfund.org/lending-circles/

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