The Video Banks Don’t Want You To See

If you found this video, then understand that what I’m going to tell you goes against everything you will ever here on YouTube and in public. It’s what banks don’t want you to know and its what the 3% know.

I still remember how cool I felt walking into a bank as a college student and setting up my first account, the bank was chase I just turned 18 and I was super exited to set up direct deposit not and not have to wait days to get my check in the mail anymore.

However, I learned that a bank is tricky, they have incentives, which is to make money, and they don’t really care if I make money. Business is business for these people. So, in this video, I’ll be keeping real, business is business but I also want you to know what they know so you are on equal footing.

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1. Credit Card to Build Credit and the best Way to Use it

-My first credit card was with Barclays and guess what they are bank

-At the time I didn’t understand how banks using relationships to manipulate customers

-So I wanted to apple computer for $3,000 dollars, and Barclays say we can help, and give you 18 months to pay it interest free and apple will even give you points that you can convert into gift cards

This is called an affiliate relationship:

-Where two companies create synergy, by working together

-By Barclays approving people for credit, apple gets more sales, and apple using Barclays, they get more people to charge interest too

-Now don’t get me wrong, the people that work at these companies are good people, but its just that system is trash

Here is why this is the worst way to build credit

-Credit has 2 very important parts ( payment history and utilization )

-I basically got new a credit card, which ding my credit, then it was maxed out which hurt my credit, and I miss a payment boy that would have been strike 3

-For me the story ends with me having something I don’t need, but for a lot people it ends with payments they can never afford to pay off at 18-24% ONCE THE TERM IS OVER

The best way to built credit

-Get a secured credit card, they require you to deposit a small amount of $50-100, as -your starting credit limit and give you the money back later ( Discover and capital one )

-Put a small bill on it and set it to auto pay

-This builds payment history and keeps your balance low ( building credit without the debt )

Results:

Mom went from no credit to over 725 in less than 12 months

2. Buying a House and how to do it

-This is a good one too, bank tells me interest rates are low and it’s the best time to buy

-You know how they convince you to buy something you cant afford, they make the payments lower, extend the time but keep the price the same

-Plus banks usually don’t hold on to mortgages, they sell them, for a profit and move on to the next

A lot of people get stuck:

-With a home they can barely afford

-Best case they pay it off in 30 years and end up with terrible investment

-Worst case they lose it

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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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