@@emelynunez9196 I started with a 200$ prepaid card but any secured card will work you’ll jus hav 2 make sure they’re being utilized differently depending on the balances (sorry it took 5 days for a response lmao)
As long as you keep up the the same habits it shouldn't matter what your max limit is but just the fact that you're allowed to have that limit shows responsibility
Got my first credit card a few months before turning 20, did this method along with a couple other things… it’s been about 6 months and I’m at a 700 credit score 🥰!! Otw to the dealership literally as I’m typing this !
I just turned 18. Never was informed about the importance of building credit. 😐. But thank you for this video i will start with a discovery card thank you 🙏
Right and thats why i left high school its all bullshi the point of school is to make you an employee for life, and retire at age 65 and maybe have vacation for 2weeks
I’m 17 and I want to buy my dream truck before i graduate next school year.Ive been wanting my dream truck or a truck since I was 14.Thanks for your help.
Watched this guide before I got my first card, followed everything perfectly. I’ve had my discover account for 7 months and now my score is 735. Don’t sleep on this video man.
Glad to see a video like this out there. I'm 20, got my first card when I was 18 by talking to a banker directly, which got me past the student card stage and straight to a normal no fee card. Always talk face to face it really does make a difference especially in smaller towns. My credit went up fast and I'm sitting at a really good score. I should mention that I had a part time job as a lifeguard as well with decent income for my age since I worked more than most during school, which also helped
Wow I’m 18 with a monthly income about 6-8k monthly what’s your advice on building credit quick . And I graduated already so I can’t do the school thing anymore
@@2024gtbuild Congrats! And my advice would be to go into the bank you've been with for a while and schedule an appointment with a financial advisor. From my experience (and depending on the bank) they love to help, and if you explain to them how you want to skip the student credit card to start off with a different one, they might try and help you. If you can't get it with the first bank maybe try another, or you can start with a student card which will still get your credit going. I wish you the best of luck!
This helped a lot ngl I’m 16 and I want to start my clothing brand and get car and move out at 18 so this is helping me understand so when the time comes it will be beyond easy for me to know and build my credit
At 19 I had a 760 in 24 now and have a 461 bad decisions will ride with you for 7 years. Be smart kids. I gross and net 3870 a month through the va and working on a job so I’ll get more but just try and get money smart. I learned it the hard way and am still dealing with it
I took quantitative literacy in my senior year of high school, and I wasn't taught all of these tips for building credit. I was taught how important credit is, and that secured credit cards are an option, but not much else.
I have watched a lot of videos about how to build your credit but with people not my age, It was really nice to see someone closer to my age actually doing this.
Bro you are the best I absolutely learned a few things and have a better understanding after watching this. I'm 40 with 0 credit and looking to finally start building better late then never I guess and I've heard a lot of people speak about the same things your saying but you made it so much clearer in my opinion in your explanation and made me feel more confident in getting my first card. The master has become the student and I'm Greatful for you knowledge on this subject. Stay blessed see you at 850
Question should we keep the secured discover card for a year or 18 months to bring our score up to 700? Also should we buy something two times out the month or should we buy something just once a month. To get our score? Thank u if u can help me out
1-2% is insanely low. The sweet spot is 15-30%. If ur credit card limit is 1000$, spend 150-300$. You could also open 2 credit cards with 1000$ each and now 15-30% utilization rate is 300-600 a month. I suggest putting 300-600 aside every month and just use ur credit card instead of ur debit to build credit and just pay off the balance with the 3-600 u put aside. U MUST PAY OFF IN FULL , TURN ON AUTO PAYMENTS .
I've never worried about utilization but I always pay it fully on time and i have over 700$, it may help if you want to raise your score quicker though, but it's not necessary
Yeah, somethings that you pay with your debit just use your credit like you said set money aside that you were already going to spend anyways on your debit and just use it for your credit simple
im 19 planning to move out and i want to live in a nice apartment. im self employed and i really want to be approved so this is very helpful. i’ll come back in a year to update and see if im where i want to be 🤞🏽
Nothing wrong with adding him on as an AU and letting him apply for his own secured credit card too. I added my niece a few years ago at age 15 as an AU, and her credit score is now 750. A great credit score for a kid (young lady ☺️). But the credit bureaus report her usage as an AU, but creditors prefer to see how you handle your own line of credit. So, I say do both. And guess what? Just bc you add him as an AU doesn’t mean you have to grant him access to the card immediately or ever. You can use it once a month on a small purchase and pay that small amount off monthly. Or you can cut the card up or put it away. It will still help his credit score and history.
Turned 19 a couple months back and kinda regret not starting a year ago when I turned 18, but seeijg comments im glad its not too late right now, I'll keep going, thanks
Im 18 and my discover card comes in soon, this is my first card and I got approved for a 2000 credit line, so Im gonna try to follow this as best as I can and see how it goes.
I’m 20 almost 21 and I haven’t started to build credit yet because I didn’t know the benefits about having a credit score. Now that it’s been explained by coworkers and family I’m ready to start and I came across your video which explained it very well on what to do and how to do it
Basically, get the card and put something inexpensive or make sure your card has a low balance when the billing cycle comes. After the billing cycle ends the due date to pay you card off is in 21 days, you can pay it off in full then. I think😂
And I agree with his method of keeping utilization at 1-2%. Credit card/bank doesn’t like high utilization and drops my score each time I go higher 🤷🏽♀️. But I understand having a higher utilization bc the credit card company sees that you can spend, manage, and pay off that bill monthly= responsible. So when you ask for a credit limit increase every 6 months (which you should! -but don’t use that limit bc it’s there-don’t do that!) they will increase it considerably. A higher credit limit decreases your utilization percentage, which you want.
@@katwoman1883 Do you think it makes a difference in the amount of time it will take to boost my credit if the utilization is at 1-2% verses 10%? I am trying to build my credit rapidly as soon as I turn 18, and keeping it at 1-2% ($1-$2) a month on a $200 credit line seems crazy but if the credit bureau's look at percentages and not dollar amounts that would make sense.
@@TAnimationssame! That’s the exact thing I want to figure out. I just feel like , in order for your score to change you would have to increase your utilization a bit more. That 1-2% just seems like such a insignificant amount.
Great recourse. Also another tip. Don't listen to the people at the banks. I turned 18 and walked into a bank asking for a secure card. I was also starting a business at the time so they told me to apply for both. Of course, I got denied. After I got denied, they had me apply for the secured card AGAIN and got denied. 3 hard inquiries for nothing, in one month. Crazy stuff. Discover is definitely the best place to go for a first card. Don't bother with other banks or credit unions.
great informative video man! i just turned 18 on sept 21st and i applied for the discover it secured a day later. lets see where ill be at in 6 months!
Thank you for this. I just legally came to the US with residency and I am looking to build my credit. This is all a bit daunting but I’m looking forward to this.
My child was 16 I put her name on my credit card The day she turned 18 she had a credit score of 786 5 days later we thought out for a credit card she got a $5,000 limit The credit history shows to be 6 years That's how long I've had that credit card. Just a little help from the parents
Your child has idea how lucky she is. Make sure she is grateful. And show her informational videos. Tell her not knowing this will make her poor when you're not around. MAKE SURE SHE KNOWS THE SEVERITY. Awesome father, great job👍
@fuzezenitsu5496 I instilled into my kids all of them you pay your bills you don't have the money you don't buy it credit is for you to make money from them. I have four children they are all adults I did this for all of them everyone that's able needs to help the kids while they can.
Turning 18 this September so I’m trying to build my knowledge on credit because I do want to get my own apartment with my gf and other things, very useful video!
I am looking at how to improve my soon to be 18 year old sons credit score 👍 Thanks so much for the great info. I will get him to apply for a secured credit card, keep his utilisation lower than 10% 👍
This was really helpful. I'm from the states but grew up overseas, and never actually began my credit journey. Just relocated back home for my full-time job. But it was a harsh reality in understanding how much credit is valued in pretty much every big-ticket purchase or rental situation (apartment, car, etc.). Thanks for your secured card recommendation! Wanted to get your opinion on Chime's credit building card, as it's become quite popular as of late? I'm 24, btw.
Thanks for the feedback! And it's so true with big-ticket purchases like you said. I'm not too keen on Chime's card but I know of people that use them for banking and haven't heard anything bad. If you think its benefits fit your lifestyle better than Discover, Capital One, or any other bank's secured credit card then go for it!
@@EmanDalio Just wanted to follow up here. I applied for the Discover card you recommended two weeks after, and was instantly approved. Added $500 as a secured deposit, which will help me have a bigger unsecured line after 7-8 months like you said. I'm looking to keep my usage between 5%-15%, and have setup automatic payments so I don't forget. Usage was a little high in February, but I'm looking to bring it down significantly going forward (if not lower than 5%). Around Oct-Nov, I'll be applying for 1-2 of Chase's options for credit cards as you suggested. Thanks again for the tips. Will keep you posted on my journey as a case study for you to track. All the best!
@@EmanDalio Following up again! Discover graduated my account earlier this month, returned my deposit and added $1,500 to an unsecured line. Forgot to update earlier. But Chase pre-approved me for Freedom Unlimited in April, which 5x my monthly revolving credit, and lowered the utilization. There was one month of high usage which took about 30-45 days to recover, but now my score averages 705 across all three credit bureaus. Thanks again, this video is incredibly helpful.
I added my son as a authorized user he turned 18 last month and his credit is 759 so I must of done something right now I'm working on teaching him how to use his credit to get ahead
Watched this vid 6 months ago and now I have a 738 credit score All I did was open a discover it secured card, make 1 - 2% utilization payments for 6 months. 💥
Hi! So for example, I have a 1000 cc limit, use 10% of it so $100 and then PAY BEFORE the deadline the $90 and then leave 10$ to PAY ON THE DEADLINE? to make it look like it was 1% uliization?
hey man im about to have a wells fargo acccount and was wondering if i can still get the discover it card, im also 19 years old with zero credit history.
@@Alex-x6q3t No problem with opening one. I'd also recommend opening a High Yield Savings Account so you can get a good amount of interest on your savings (either Ally, CapOne, SoFi, etc.)
Whatever you do, don't use the First Progress card. My husband is still "unscorable" after 3-4 months of paying that card off on time each month. He's from the UK, so that's why he started off with no credit score. On the video itself, EXCELLENT ADVICE.
I dont know if i sounded dumb but my technique is that i would make a big purchase of what ever it is that i want and let's say it costs like 5k, So what i do is that after that purchase I will not use my credit card for any big purchases not more than $100 and every due payment let's say the minimum payment is $45 a month... I put at least $300 in every time i get my pay check, so therefore I get to pay my credit card and also get to save money while building credits👌🏼 Rn I currently have 774 credit score at 19 yrs old.
What if im actually trying to spend money, as in get a credit card to go to a dealer to get a downpayment on a car thats cost 25,000 and pay around 500 a month ?
The limit would be too low on a secured card. If you have several credit cards with higher limits ask the dealer if you can spread the down payment across the cards
Wait so I've been using my Discover credit secured line, like my debit card. I make 600-900 a week,(I'm no unreasonable to tarnish my credit score) but I always pay my balanced early. My balance is due at the end of every 20th day of the month. I've been doing this for 2 months.
I also applied to self credit builder, as my score is 648, I'm trying to maximize my score as much as I can each year. May I please gain some insight sir 🙏 🙂
I say pay a majority of the balance a few days Before the closing date. That way a low balance, like Eman says, reports to the credit bureaus. Pay the balance by its due date.
I pay my balance down to literally leave 1 cent left (so i dont have to calculate 1% it will just round to 1%) which is the lowest you can go of course. Most of these companies let you pay an amount back so just pay to where there is 1 cent left. Then let autopay pull the 1 cent out your bank. I do this 3 days before closing date. Score is 740 but i have a bunch of inquiries right now pulling it down hard because i applied for a bunch of credit cards in the same day a year after my first credit card. All got approved because inquiries only show up a day after u apply most of the times. So when all the companies checked i had 0 inquiries but got approved for 6 cards same days. My limit jumped from 500 to 10000 overnight and my total accounts became 9 which is better. I would only do this if you are the building stage of credit and wont need credit for at least another 6 months but preferably have a 2 year buffer in mind. I was 19 when i mass applied and will probably mass apply in another 2 years. I probably wont need credit till im out if college in 5 years and my score should be very high and i wont need to do much more work on my credit other than just waiting for my age ti go up( basically doing nothing)
Wait if you don't mind explaining I'm a bit confused, I'm an international student and credit is new to me. I just applied for a card and my limit is $1000, So are you saying I spend let's say 100 each month, my payment date is the 25th of each month and by the 25th I have to pay about $99.99 to leave 1 cent, will I be charged interest on the remaining 1 cent left? And this process of leaving the 1 cent increases credit?
So If I have 300 limit spend 200 but before my statement cycle closes I pay 185 to leave me with $15 debt which would represent 5% utilization I pay those 15 dollars after I get the monthly statement right?
Really helpful I’m turning 18 really useful Love the fact that he said if you l like the video give it a like but didn’t leave out to dislike the video if I didn’t because of this I gave him a like even though I usually don’t when people ask 😂🎉
So say I were to buy a pack of gum, should I use the credit card and then pay it off right away or should I wait a day or two before my due date to pay it off? Also, at 3:06 what do you mean by paying it down to that 1-2% sweet spot? Like pay off the card until you owe $1-2 on the cycle? I'm confused on that part.
It’s not a specific dollar amount that he’s talking about. It’s a percentage. So aim for 1-2% utilization. For example if your credit limit is $300 you would want around $3 on the closing date which is before the due date.
Join our new community for Credit Q&As, One-on-Ones, and More Resources at The Credit Mastermind 👉www.skool.com/the-credit-mastermind-4547
I’m turning 19 in a month and this is one of the most informative and helpful peices of knowledge I’ve come across
Same bro just got a card
@@fishjuice3987 hows it going so far?
@@portablebeans2409 717 score in 3 months
@@fishjuice3987 HOW ??? and which card ?
@@theyluvaariel local bank using around 600 each month and paying in full
Coming back to this video a year later and I hav a 760 credit score with a 10,000 max limit don’t sleep on this guide 🙏🤞
God damn bro, nice!
Out of curioisity, what was the set balance if you don't mind me asking? I'm trying to figure out how much to do lol.
@@emelynunez9196 I started with a 200$ prepaid card but any secured card will work you’ll jus hav 2 make sure they’re being utilized differently depending on the balances (sorry it took 5 days for a response lmao)
As long as you keep up the the same habits it shouldn't matter what your max limit is but just the fact that you're allowed to have that limit shows responsibility
Thanks
Yo im 29 its never too late to learn the right way.
Got my first credit card a few months before turning 20, did this method along with a couple other things… it’s been about 6 months and I’m at a 700 credit score 🥰!! Otw to the dealership literally as I’m typing this !
They def treated you like royalty
Did you end up getting the car you wanted?
🗣️
any updates??
I just turned 18. Never was informed about the importance of building credit. 😐. But thank you for this video i will start with a discovery card thank you 🙏
how’s it going?
update?
Update ???
This should be a class in high school you need good credit for everything
Right and thats why i left high school its all bullshi the point of school is to make you an employee for life, and retire at age 65 and maybe have vacation for 2weeks
thank you very much! i’m 17 and this helped very much. this should definitely have more likes than it does right now
Good job bro !!right now's the time. To work on your credit niw
same
Wow moved 6 months ago to the states and now with this I got 767 you are amazing!
Ik this has another to do with anything but to move from state to state what do you do for a living
@@Geauxcrazyhp She mean't like from a foreign country to the US; they call it the proper name 'States"
I’m 17 and I want to buy my dream truck before i graduate next school year.Ive been wanting my dream truck or a truck since I was 14.Thanks for your help.
Watched this guide before I got my first card, followed everything perfectly. I’ve had my discover account for 7 months and now my score is 735. Don’t sleep on this video man.
aye man boutta give it a try and see whats up good luck bud
I’m confused do you have to go to someone to get a discover card?
@@ynglizaa5564you can apply online
@@ynglizaa5564it should offer it on credit karma
@@ynglizaa5564no u have to apply on the discover website
Glad to see a video like this out there. I'm 20, got my first card when I was 18 by talking to a banker directly, which got me past the student card stage and straight to a normal no fee card. Always talk face to face it really does make a difference especially in smaller towns. My credit went up fast and I'm sitting at a really good score. I should mention that I had a part time job as a lifeguard as well with decent income for my age since I worked more than most during school, which also helped
Wow I’m 18 with a monthly income about 6-8k monthly what’s your advice on building credit quick . And I graduated already so I can’t do the school thing anymore
@@2024gtbuild Congrats! And my advice would be to go into the bank you've been with for a while and schedule an appointment with a financial advisor. From my experience (and depending on the bank) they love to help, and if you explain to them how you want to skip the student credit card to start off with a different one, they might try and help you. If you can't get it with the first bank maybe try another, or you can start with a student card which will still get your credit going. I wish you the best of luck!
@@2024gtbuildhow teach me how to make that much
@@2024gtbuildwhat do you do for work to earn that much a month?
just turned 18 today and this video helped immensely, thank you
Happy late bdayy
@@CilB thank you so much :D
8 months later ? Did you credit score increase ???
thank you im fresh 18 and knew nothing abt credit . i didn't understand how i can build credit until this video thank you
I’m 24 better late with this advice than never. My score is already in the 550 range. I’m trying to reach 800 near the end of the year.
You got this man!
This helped a lot ngl I’m 16 and I want to start my clothing brand and get car and move out at 18 so this is helping me understand so when the time comes it will be beyond easy for me to know and build my credit
dont move out at 18
Real shiii, use the free housing to stack bread before moving out@@itzsmi3471
@@itzsmi3471yup. you will always end up back at home
@@itzsmi3471facts bro u gotta work on yourself more before that
Appreciate you my guy, im 19 with twins on the way and keep getting denied for places to stay due to no credit, I’ll update yall in a year.💪🏽💯
Keep grinding my friend. Keep us posted, we'll be waiting!
Good luck twin
How it looking
Wya bro
I'm 18 in 9 months and I appreciate your help so much! This was very informative.
I’m 17 turning 18 in 8 months this was helpful 👍🏾
I turned 18 in march and not going to college, I am trying to be an investor for the long run, thank you for the info brother🤝
How did it go bro? Any advice for me in life I’m 19.
At 19 I had a 760 in 24 now and have a 461 bad decisions will ride with you for 7 years. Be smart kids. I gross and net 3870 a month through the va and working on a job so I’ll get more but just try and get money smart. I learned it the hard way and am still dealing with it
Hey do you have any tips on getting started with credit
Simple, clear, and straight to the point. Best credit video I've watched👍Thank you.
I’m 19 and I don’t know anything about credit this is helpful
I do
Starting my credit and got approved for an unsecured thru discover thank tou!!!
Lets go!!!
you can add your son or daughter to yours and they can start credit that way too nice nice for sure ty
Yes!
I took quantitative literacy in my senior year of high school, and I wasn't taught all of these tips for building credit. I was taught how important credit is, and that secured credit cards are an option, but not much else.
I have watched a lot of videos about how to build your credit but with people not my age, It was really nice to see someone closer to my age actually doing this.
Bro you are the best I absolutely learned a few things and have a better understanding after watching this. I'm 40 with 0 credit and looking to finally start building better late then never I guess and I've heard a lot of people speak about the same things your saying but you made it so much clearer in my opinion in your explanation and made me feel more confident in getting my first card. The master has become the student and I'm Greatful for you knowledge on this subject. Stay blessed see you at 850
So glad I was able to help and thanks for the kind words! See you at 850 💪
@@EmanDalioI just turned 18 and got denied for the card mentioned in the video due to lack of credit history what do I do
Question should we keep the secured discover card for a year or 18 months to bring our score up to 700? Also should we buy something two times out the month or should we buy something just once a month. To get our score? Thank u if u can help me out
I am turning 18 in 1 month and just found out how important building credit is. Thanks a lot 😀
1-2% is insanely low. The sweet spot is 15-30%. If ur credit card limit is 1000$, spend 150-300$. You could also open 2 credit cards with 1000$ each and now 15-30% utilization rate is 300-600 a month.
I suggest putting 300-600 aside every month and just use ur credit card instead of ur debit to build credit and just pay off the balance with the 3-600 u put aside. U MUST PAY OFF IN FULL , TURN ON AUTO PAYMENTS .
I've never worried about utilization but I always pay it fully on time and i have over 700$, it may help if you want to raise your score quicker though, but it's not necessary
Yeah, somethings that you pay with your debit just use your credit like you said set money aside that you were already going to spend anyways on your debit and just use it for your credit simple
I have a credit line of 1k does the 10% statement still hold or no?
What 2 credit cards you recommend if you have low credit
@@marivochi5616 spend less than 30%
im 19 planning to move out and i want to live in a nice apartment. im self employed and i really want to be approved so this is very helpful. i’ll come back in a year to update and see if im where i want to be 🤞🏽
Good Luck!
Great vid . I will start helping my son. He just turned 18. I wanted to add him as an authorized user, however I feel it’s best he does it himself
Nothing wrong with adding him on as an AU and letting him apply for his own secured credit card too. I added my niece a few years ago at age 15 as an AU, and her credit score is now 750. A great credit score for a kid (young lady ☺️). But the credit bureaus report her usage as an AU, but creditors prefer to see how you handle your own line of credit. So, I say do both. And guess what? Just bc you add him as an AU doesn’t mean you have to grant him access to the card immediately or ever. You can use it once a month on a small purchase and pay that small amount off monthly. Or you can cut the card up or put it away. It will still help his credit score and history.
You should still put him as an AU lol , that’s your child always make the best for him
Turned 19 a couple months back and kinda regret not starting a year ago when I turned 18, but seeijg comments im glad its not too late right now, I'll keep going, thanks
Im 18 and my discover card comes in soon, this is my first card and I got approved for a 2000 credit line, so Im gonna try to follow this as best as I can and see how it goes.
Thank you man probably the best video I’ve seen so far talking about this.
I’m at 651 ! Going up 💯
nice what r u at now?
Update us, what are you at now ?
im 17 and learning!
Very wise for a young man. That is exactly how you do it. Just don’t open too many credit cards.
Thanks for the kind words! And agreed
great video very indepth and straight to the point, thats a subscribe!!!
I’m 20 almost 21 and I haven’t started to build credit yet because I didn’t know the benefits about having a credit score. Now that it’s been explained by coworkers and family I’m ready to start and I came across your video which explained it very well on what to do and how to do it
Basically, get the card and put something inexpensive or make sure your card has a low balance when the billing cycle comes. After the billing cycle ends the due date to pay you card off is in 21 days, you can pay it off in full then. I think😂
Correct!
And I agree with his method of keeping utilization at 1-2%. Credit card/bank doesn’t like high utilization and drops my score each time I go higher 🤷🏽♀️.
But I understand having a higher utilization bc the credit card company sees that you can spend, manage, and pay off that bill monthly= responsible.
So when you ask for a credit limit increase every 6 months (which you should! -but don’t use that limit bc it’s there-don’t do that!) they will increase it considerably.
A higher credit limit decreases your utilization percentage, which you want.
@@katwoman1883 Do you think it makes a difference in the amount of time it will take to boost my credit if the utilization is at 1-2% verses 10%? I am trying to build my credit rapidly as soon as I turn 18, and keeping it at 1-2% ($1-$2) a month on a $200 credit line seems crazy but if the credit bureau's look at percentages and not dollar amounts that would make sense.
@@TAnimationssame! That’s the exact thing I want to figure out. I just feel like , in order for your score to change you would have to increase your utilization a bit more. That 1-2% just seems like such a insignificant amount.
this went so much into detail which is something most people don’t, appreciate this video!!😌
Glad it was helpful!
Great recourse. Also another tip. Don't listen to the people at the banks. I turned 18 and walked into a bank asking for a secure card. I was also starting a business at the time so they told me to apply for both. Of course, I got denied. After I got denied, they had me apply for the secured card AGAIN and got denied. 3 hard inquiries for nothing, in one month. Crazy stuff. Discover is definitely the best place to go for a first card. Don't bother with other banks or credit unions.
great informative video man! i just turned 18 on sept 21st and i applied for the discover it secured a day later. lets see where ill be at in 6 months!
Thank you for this. I just legally came to the US with residency and I am looking to build my credit. This is all a bit daunting but I’m looking forward to this.
Discover it $200 minimum deposit = $200 of available credit. Using 10% is $20 and 20%=$40
You can do it!
My child was 16 I put her name on my credit card The day she turned 18 she had a credit score of 786 5 days later we thought out for a credit card she got a $5,000 limit The credit history shows to be 6 years That's how long I've had that credit card. Just a little help from the parents
Your child has idea how lucky she is. Make sure she is grateful. And show her informational videos. Tell her not knowing this will make her poor when you're not around. MAKE SURE SHE KNOWS THE SEVERITY. Awesome father, great job👍
@fuzezenitsu5496 I instilled into my kids all of them you pay your bills you don't have the money you don't buy it credit is for you to make money from them. I have four children they are all adults I did this for all of them everyone that's able needs to help the kids while they can.
I’m glad someone had good parents😂
Thank you, I'm Starting my building now. Thanks again
Turning 18 this September so I’m trying to build my knowledge on credit because I do want to get my own apartment with my gf and other things, very useful video!
Wishing you the best on that!
Seriously, thank you so much for this and for being clear about things. I’m already 24 without any type of credit so this was very helpful 😊
Glad it was helpful!
Just turned 18 last month and want to build credit good video and explanations. Going to check in a year the goal is 700+ Credit score!
Ima be honest your edits are so smooth can't even tell audio wise
I already have chime credit builder I’ll try discover but it seems more intimidating 😭
Looks intimidating at first but Discover is pretty chill💪 Can always continue to stick with Chime too!
I am looking at how to improve my soon to be 18 year old sons credit score 👍
Thanks so much for the great info.
I will get him to apply for a secured credit card, keep his utilisation lower than 10% 👍
Great plan! You're very welcome!
Great insight 🥰
This was really helpful. I'm from the states but grew up overseas, and never actually began my credit journey. Just relocated back home for my full-time job. But it was a harsh reality in understanding how much credit is valued in pretty much every big-ticket purchase or rental situation (apartment, car, etc.). Thanks for your secured card recommendation! Wanted to get your opinion on Chime's credit building card, as it's become quite popular as of late? I'm 24, btw.
Thanks for the feedback! And it's so true with big-ticket purchases like you said. I'm not too keen on Chime's card but I know of people that use them for banking and haven't heard anything bad. If you think its benefits fit your lifestyle better than Discover, Capital One, or any other bank's secured credit card then go for it!
@@EmanDalio Just wanted to follow up here. I applied for the Discover card you recommended two weeks after, and was instantly approved. Added $500 as a secured deposit, which will help me have a bigger unsecured line after 7-8 months like you said. I'm looking to keep my usage between 5%-15%, and have setup automatic payments so I don't forget. Usage was a little high in February, but I'm looking to bring it down significantly going forward (if not lower than 5%). Around Oct-Nov, I'll be applying for 1-2 of Chase's options for credit cards as you suggested.
Thanks again for the tips. Will keep you posted on my journey as a case study for you to track. All the best!
@@EmanDalio Following up again! Discover graduated my account earlier this month, returned my deposit and added $1,500 to an unsecured line.
Forgot to update earlier. But Chase pre-approved me for Freedom Unlimited in April, which 5x my monthly revolving credit, and lowered the utilization. There was one month of high usage which took about 30-45 days to recover, but now my score averages 705 across all three credit bureaus.
Thanks again, this video is incredibly helpful.
I added my son as a authorized user he turned 18 last month and his credit is 759 so I must of done something right now I'm working on teaching him how to use his credit to get ahead
Thank you young man, so much!!
You're welcome!
thank you i turn 19 in june n hve no idea about building credit
Great video! I will share this with my clients seeking to build credit.
I’ll be back in a year to update
Thank you my boy quick east and very informative
Just turned 18 and thanks for the video
Today i just became 18 so thanks i really need this
Im 13 and thank you i will be using this in the future👍🏽
Im 17 turning 18 in 3 months thanks!
Watched this vid 6 months ago and now I have a 738 credit score
All I did was open a discover it secured card, make 1 - 2% utilization payments for 6 months. 💥
Let's gooo💪Congrats man, welcome to the 700+ Club
Hi! So for example, I have a 1000 cc limit, use 10% of it so $100 and then PAY BEFORE the deadline the $90 and then leave 10$ to PAY ON THE DEADLINE? to make it look like it was 1% uliization?
That's right!
I have 0 credit history/experience I just turned 20 3 days ago I hope this go well
how is it going?
@@jules6438 it’s going well
how is it going ?
@@cooqeh1550 I’m still working, hoping to finance my first car by May
hey man im about to have a wells fargo acccount and was wondering if i can still get the discover it card, im also 19 years old with zero credit history.
Is the Wells Fargo a credit card account or bank account?
@@EmanDalio bank account. but im not sure if I should open it because I got a job and my mom wants to open it for me.
@@Alex-x6q3t No problem with opening one. I'd also recommend opening a High Yield Savings Account so you can get a good amount of interest on your savings (either Ally, CapOne, SoFi, etc.)
@@EmanDalio okay, thank you!!!
Whatever you do, don't use the First Progress card. My husband is still "unscorable" after 3-4 months of paying that card off on time each month. He's from the UK, so that's why he started off with no credit score. On the video itself, EXCELLENT ADVICE.
Good to know! And thanks for the feedback!
What’s the best amount of money to deposit when they ask u 200,500,1000,2500 which one is the best?
Any amount is fine. I did 200
Very helpful
I messed by applying for to many credits in a couple months. 6 😢credit cards I looked desperate but in reality I was excited 😂
its ok! this is a common strategy. every 6 months apply to what you want. 🤙
Eman is back!
Good to see you again bro!
I dont know if i sounded dumb but my technique is that i would make a big purchase of what ever it is that i want and let's say it costs like 5k, So what i do is that after that purchase I will not use my credit card for any big purchases not more than $100 and every due payment let's say the minimum payment is $45 a month... I put at least $300 in every time i get my pay check, so therefore I get to pay my credit card and also get to save money while building credits👌🏼 Rn I currently have 774 credit score at 19 yrs old.
Thank you for the video🙏🏽
My pleasure!
im saving this for another 5 years
Keep making videos bro !!!
What if im actually trying to spend money, as in get a credit card to go to a dealer to get a downpayment on a car thats cost 25,000 and pay around 500 a month ?
The limit would be too low on a secured card. If you have several credit cards with higher limits ask the dealer if you can spread the down payment across the cards
Wait so I've been using my Discover credit secured line, like my debit card. I make 600-900 a week,(I'm no unreasonable to tarnish my credit score)
but I always pay my balanced early. My balance is due at the end of every 20th day of the month. I've been doing this for 2 months.
I also applied to self credit builder, as my score is 648, I'm trying to maximize my score as much as I can each year. May I please gain some insight sir 🙏 🙂
You're right on track. Just be sure too have a very small balance show on the closing date
I say pay a majority of the balance a few days Before the closing date. That way a low balance, like Eman says, reports to the credit bureaus. Pay the balance by its due date.
Great job✌🏾
Appreciate it 🙌🏽
Good video U should upload more videos
More videos coming soon!
Thanks, I'm 19 and want to help the future me. 😅
That's nice name bro same with me and you're speaking is really good 😌
Thank you so much 😀
I pay my balance down to literally leave 1 cent left (so i dont have to calculate 1% it will just round to 1%) which is the lowest you can go of course. Most of these companies let you pay an amount back so just pay to where there is 1 cent left. Then let autopay pull the 1 cent out your bank. I do this 3 days before closing date.
Score is 740 but i have a bunch of inquiries right now pulling it down hard because i applied for a bunch of credit cards in the same day a year after my first credit card. All got approved because inquiries only show up a day after u apply most of the times. So when all the companies checked i had 0 inquiries but got approved for 6 cards same days. My limit jumped from 500 to 10000 overnight and my total accounts became 9 which is better. I would only do this if you are the building stage of credit and wont need credit for at least another 6 months but preferably have a 2 year buffer in mind. I was 19 when i mass applied and will probably mass apply in another 2 years. I probably wont need credit till im out if college in 5 years and my score should be very high and i wont need to do much more work on my credit other than just waiting for my age ti go up( basically doing nothing)
Wait if you don't mind explaining I'm a bit confused, I'm an international student and credit is new to me.
I just applied for a card and my limit is $1000,
So are you saying I spend let's say 100 each month, my payment date is the 25th of each month and by the 25th I have to pay about $99.99 to leave 1 cent, will I be charged interest on the remaining 1 cent left?
And this process of leaving the 1 cent increases credit?
Man I hope you make it big in life. What are you going for?
Thanks man, I wish the same for you. As of now I have my sights on real estate and a business to call my own w/ a full time job as a safety net
So If I have 300 limit spend 200 but before my statement cycle closes I pay 185 to leave me with $15 debt which would represent 5% utilization I pay those 15 dollars after I get the monthly statement right?
Really helpful I’m turning 18 really useful Love the fact that he said if you l like the video give it a like but didn’t leave out to dislike the video if I didn’t because of this I gave him a like even though I usually don’t when people ask 😂🎉
super insightful!!!! thank u!
Thank you for the information
My pleasure
I would love some credit mentorship from you !!!!
I got you!
So say I were to buy a pack of gum, should I use the credit card and then pay it off right away or should I wait a day or two before my due date to pay it off?
Also, at 3:06 what do you mean by paying it down to that 1-2% sweet spot? Like pay off the card until you owe $1-2 on the cycle? I'm confused on that part.
It’s not a specific dollar amount that he’s talking about. It’s a percentage. So aim for 1-2% utilization. For example if your credit limit is $300 you would want around $3 on the closing date which is before the due date.
How to get Credit Card limit increase
Will make a video on this 👍
Thank you for telling me about credit karma I’m
i loved this!! new sub:)
Thanks! Happy to have you here!
thank uuu❤
You're welcome!
Does it count as a hard inquiry when you apply for affirm?
Thank you Sir
Most welcome
my first credit was bank of America customized rewards
Bro's casting spells with those hand motions