Comparing Secured Cards: Which One Is Best?
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6 жыл бұрынComparing secured cards from major issuers: which one is the best? More balance transfer cards: bit.ly/2v2Vkjk
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@AskSebby 5 жыл бұрын
You only need 1 secured card, and let it age with good credit behavior (pay off balance in full) for 12 months before moving on to better cards. Adding more will just burn 5/24 slots for no reason: www.asksebby.com/blog/how-much-are-chase-credit-cards-worth
@lj4001 5 жыл бұрын
Ask Sebby what do you think about the new Amazon Credit Builder which gives you 5% cash back on amazon purchases and graduates in 7 months to an unsecured credit card?
@shawnparker2692 6 жыл бұрын
Hey Sebby - I had a secured Wells Fargo card $1000 dollars. I needed this to rebuild credit and traveling sometimes a debit card won't work to rent a hotel room and car rentals. After 1 year I graduated to unsecured card and my limit was raised to $1600 and annual was dropped. That was my experience just this year. Just an FYI love the channel and followed your advice from 600 - 720 score in less than a year
@luisesquijarosa9968 6 жыл бұрын
Shawn Parker question I’m also trying to increase my credit score, may I ask you? “How did you get your scores that high”!
@msjlo901 6 жыл бұрын
Discover is the best hands down. They have awesome customer service!
@richardjordau 6 жыл бұрын
Agreed. They are so nice and helpful
@drazrmaxx1093 5 жыл бұрын
Agreed I love my discover card
@MyAb111 4 жыл бұрын
Their payment processing is slow af, and a lot of places don't accept discover.
@waldo1967 6 жыл бұрын
I checked on secure credit cards for my Son. Capital One holds on to the security deposit for as long as the card's open Discover will return the security deposit after 9 months of on time payments.
@Romeowilson2323 6 жыл бұрын
waldo1967 I was told once the card is converting the deposit is refunded
@averagejoe3312 6 жыл бұрын
Once my card converted, I never got my deposit back. They just kept it and kept on going. They raised my limit from $200 to $500, but didn't get the deposit back. That's why I'm canceling my Capital One and keeping Discover. At least you some money come back in your pocket with Discover.
@fredfong48 6 жыл бұрын
Thanks for that info Waldo, its good to know, please post anything else you found out about this secure credit cards, if you read below I asked Sebby if it is good to get a Chase secure card, since we will be applying to some of their unsecured cards later, ok take care
@jeremyforrest1997 6 жыл бұрын
This is from Capital One's Secured Card page: "Why Does Capital One Require A Security Deposit The security deposit is used as collateral against your credit line. The security deposit is refundable if you close your account and pay your balance in full. If your account is deemed eligible for unsecuring, we will return your security deposit to you as a statement credit."
@jeremyforrest1997 6 жыл бұрын
I was trying to highlight the point that they do return deposits, as a statement credit.
@shoniquebowens2034 6 жыл бұрын
Thank you so much Sebby for your channel! I just subscribed Saturday. I had applied for a secured Discover it with a $300 cc limit before I found you channel lol. After a losing a job from a job accident and it damaging my secured credit card with Capital One. I did my research and Chose Discover to help me and I’m back on this journey again to rebuild my credit and clean up my credit report. My deposit was pulled yesterday from bank account and I’ll update with credit score when it happens
@duanetv1925 6 жыл бұрын
AMAZING VIDEO....as always! Very informative and clear. I agree with everything said in this video. Secured credit cards provides an easy way to improve your credit score. I currently have 2 secured credit cards. The Discover It secured card and the Citibank secured card. I agree, hands down that the Discover It secured credit card is the best one based on the cash back and cash back match. I currently have over $300 of cash back on my Discover Card. You are one of the Kings when it come to anything credit card related. I always look forward to your content! I'm subscribing right now so that I don't miss any of your future videos.
@al3xg87 5 жыл бұрын
First of all great video! second I've been doing a lot of research into different secured credit cards since I wasn't smart about my credit health earlier in life and wanted to get back on track I currently bank with Wells Fargo and was naturally debating between both Discover and WF but after seeing your video and reading everyone's helpful comments I concluded that the best option is the Secured Discover Credit Card because not only you can start building bad credit but you also get perks like cash back and they return your deposit and have great customer service as well. I will post my personal results after 6mo of experience.
@santiagotruillo8673 6 жыл бұрын
Great video! Thank you very much for the chart and having actual categories to compare. I really appreciate your analysis on the longevity/future of using each card. This is something I was really wondering about and going to research. Best video I have seen on this topic and I'll be watching more of your videos for more information. Thanks man!
@jazzieb4438 5 жыл бұрын
I just found your KZfaq channel and you are defiantly helping me a lot , thinking about going with the secured discover card next month seems like a good fit for me and I subscribed so hopefully you can keep teaching me 💚
@taliavg7388 6 жыл бұрын
Thanks! I got the Discover It Secured card after watching this. I have other non-secured cards but was not sure if I would be approved as I am still building credit. I really appreciate your breakdown of this area of cards! Cheers~
@beenblack90 5 жыл бұрын
Very insightful. This helps me a lot in ways I never knew I could be helped. Thank you for taking the time to share this information, it is very much appreciated.
@GlobalGaming101 6 жыл бұрын
My first credit card was a discover it. Had great results! I had a $200 limit, now I’m upgraded to their 5% rotating categories, with a $1200 limit. It’s easy and anyone can do it! Just don’t go into debt :)
@lancer1758 6 жыл бұрын
When did they up your limit. And so far they have the best customer service.
@armandol1826 6 жыл бұрын
GlobalGaming101 I got my card 2 months ago with a $1000 credit limit lol
@armandol1826 6 жыл бұрын
Lance R customer service is the best. Discover and amex are the best at fighting for your money and support
@epiksar 6 жыл бұрын
Lance R when i first got my card, they added 500 to my limit after just 6 months. They'll bring it up if they see you're a responsible spender
@GlobalGaming101 6 жыл бұрын
Lance R, it’s different for everyone. I got my limit increased after a year from getting my card.
@Dsmooth1989 6 жыл бұрын
Im just got approved for the Discover secured card can't wait to use it. And looking for my credit to be very high within the next six to eight months. Which I do have a good score now. Talk to you guys later
@amb158 6 жыл бұрын
Discover sounds like the best from what i have been seeing online, also- new to the channel and i love it, you give really good advice, i wish my teachers back in school would’ve given me a small fraction of the information i am getting now. Thank you
@katherinebass6486 6 жыл бұрын
very informative, clear and concise. good verbiage and not too boring, but factual and useful info. thanks.
@CreditFast 5 жыл бұрын
This video does a great job of highlighting the best secured credit cards with low fees. One thing I did to rebuild my credit was to use Self Lender which is a low fee secured installment loan. It helped me to add credit mix. I then had revolving accounts (credit cards) and one installment account on my credit report. Credit mix accounts for 10% of your credit score. It's been two years & with responsible credit use I have good credit. I hope this tip helps everyone.
@dral22 6 жыл бұрын
Thank you for taking the time to explain the difference. I have never had a credit card because of confusion. Now I know which secured card is best for me. God bless you 🙏🏾💡
@AskSebby 6 жыл бұрын
Remember that secured cards are a stepping stone to reward cards: www.asksebby.com/blog/best-starter-credit-cards-2018
@ballpython324 6 жыл бұрын
Great video! Thanks for the blog post.
@Janeduh27 6 жыл бұрын
Just subscribed!!! Thank you for the 411, Discover sounds like it’s the best option for me.
@ul6375 5 жыл бұрын
Ur soooo hot
@SilverFan21k 5 жыл бұрын
Excellent video sir and I love the excel spreadsheet! You are awesome!
@mcomeslast 5 жыл бұрын
Oh I wish you could have shown me these videos when I was a kid, lol. Glad I have them now.
@oscararce2323 6 жыл бұрын
Your videos are very helpful Sabby
@feltondubroc9878 6 жыл бұрын
Hey there thank you for all your advice and lessons on credit I have a quick question if you could answer I have a regions secure credit card how great
@colimonmichel3461 6 жыл бұрын
First of all, why the heck a video like this doesn't get millions of views?Thank you for the great pieces of advice man. I have a question though. Can I apply for all the secured credit card that will become unsecured over time? thanks again.
@AskSebby 6 жыл бұрын
Feel free to share it with others :) Yes, that's what I'm referring to when I talk about them "graduating" the card.
@OrieMcIntosh 6 жыл бұрын
The Capital One Secured card was good to get myself established. If I was starting all over again right now, I’d select the Capital One again or Discover Secured. Only downside to my current Capital One Secured is, I got it when it had an annual fee, and apparently it could be a much longer wait to graduation in comparison to the newer no annual fee Secured card they offer.
@AskSebby 6 жыл бұрын
The main issue with CO is that there isn't a set graduation schedule. It's highly dependent on how you use the card (which is either good or very bad, depending on your habits).
@010295k 6 жыл бұрын
Got approved with no credit for discover awesome
@rp71284 6 жыл бұрын
Just a FYI on Discover, after 1 statement, you can product change from a Discover it Chrome to a Discover It Secured (which is eligible for the 5% categories, and 1% everywhere else). Which is very helpful in the first year.
@adriancamarena6922 6 жыл бұрын
rp71284 I applied for a discover secured card and got approved but on my app it says I have a discover it chrome? Is that normal?
@nervgirl1102 5 жыл бұрын
What’s the difference between chrome and secured? Wouldn’t going to secured for it be a downgrade?
@TDJHUSTLES 5 жыл бұрын
I'm definitely going to get the Discover it card because of the cash back rewards, also because it doesn't have any foreign transaction fees. Great video!
@michaeljo281 4 жыл бұрын
I just got approved for discover it and waiting on card. I also signed up for self.incfor 25.00 for 2 yrs. In the 1st month my score jumped 95 pts. I also have another secured card trying to build my credit up asap along with my positive car loan. Discover and self is a good way to build it fast
@danielweller4899 5 жыл бұрын
Hey Sebby, what kind of mic do you use? Thanks for the great credit tips!
@romaintelles2891 6 жыл бұрын
just got discover it secured, cant wait to strt the credit card process
@JohnDoe-fz9ck 4 жыл бұрын
Got the citi card. Takes longer to graduate but i chose this card because im after their double cash rewards card once i get upgraded. It also makes finding my second card hard to choose as i don't know the possible upgrades/product changes other companies have.
@derekb4life 5 жыл бұрын
Please make a video on wells fargo secured business credit card and other secured business credit card to make a comparison.
@redeux 6 жыл бұрын
Thanks for posting this. I had an secured credit card a few years ago. Had an annual fee, no graduation option or product change. I found it rather predatory and was glad that my oldest credit account was a store credit card. After a few years of having several unsecured credit cards I didn't mind cancelling that secured credit card since it wasn't my oldest line of credit. Wish I would've had a video like this to walk me through it at the time though. I think I lucked out but I still get frustrated with the idea that people are getting screwed over with AF and no graduation option/product change on what could be their oldest line of credit.
@lesterjones9335 6 жыл бұрын
redeuxtv Man im stuck with a secured that dont go anywhere. Funny i just got two cc from two different banks a few months ago. Its just bad im stuck with this one card.
@micco6020 6 жыл бұрын
Lester Jones if you have 2 more cards you arent stuck. I would open a new card and then cancel the secured card after asking them to waive the annual fee and them refusing. You will still have three cards
@joshuajohnson9383 6 жыл бұрын
figured i would comment with me experience since i have three of these cards. i opened wells fargo first for 300$, then 2 months later i opened capital one for 100$ down, and discover for 200$ down. i have 18 months on time payments with wells fargo and the card has neither graduated nor increased and is not up for review. the capital one card raised from 200$ to 500$ on its own in 6 months, and should jump to a 1000$ at 12 months. discover has stayed the same but the cashback has been nice. so ya, my recomendation is the capital one and discover. all three cards were approved with a 535 score. gl everyone
@joshuajohnson9383 6 жыл бұрын
Update: today March 5th capital one refunded my security deposit. Right after my 11th on time payment.
@Driveright698 6 жыл бұрын
Josh Johnson Thanks, was scared I wouldn't get approved. My lowest score is 596 the rest are over 600. Wish me luck 🙏🏾🙏🏾🙏🏾🙏🏾
@joshuajohnson9383 6 жыл бұрын
Update: March 19th, 11 months on time payment reported, discover raised limit to 2000$. Wells stays original 300 and cap 1 still 500. Did not yet receive my deposit back from discover.
@derricklawrence3185 6 жыл бұрын
I applied with capital one. When I applied with them, they even stated that if you pay your bill on time, you will get your deposit back.
@simply_christina87 5 жыл бұрын
Capital one denied me and my credit score is 517. I was sure I was going to get accepted because Credit Karma said that I had good approval odds but I guess not.
@lile4life713 6 жыл бұрын
I had first progress for my secured cc there was no af and no hard hit it's good if you don't want a af or hard hit I still have it
@jennywalden2202 5 жыл бұрын
I know this is an older video. I'm wanting to try Discover out, but am not certain of the approval odds (bad medical debt). We're moving next month and don't want anything to reflect negatively (in addition to current) when our credit is checked. Any suggestions? Great Channel!!! Thanks Bunches!!!
@OurDailyMeme 6 жыл бұрын
I’m just starting out; got approved for capital one platinum unsecured with a $300 cl and I hope to get a discover it card since it seems like the most fitting for me. Thank you. :)
@natureloves9440 5 жыл бұрын
What if I want to build my credit but then cancel a card after my desire creditScore? If I keep my utilization at 0% when canceling will that still affect my credit? How would canceling a card affect my credit in a long run? would I not be able to a house??
@briannabrown8386 5 жыл бұрын
You have helped so many with credit, Sebastian. I have Discover & Open Sky (both secured). I also have a First Access (unsecured). I don't use the FA one, just have it to look good on my credit report. I use the Discover most - paying it off every week when I get paid. Now, I am hearing I should only have opened one secured card? However, my thinking was showing I can handle $800 in credit lines with 1-15% in credit utilization. Is this good? Any guidance helps. Thanks!
@nylotus 5 жыл бұрын
Thanks for this video! I got approved for Citi. I'll start with that... possibly Discover after. Is it bad to have two?
@roberttaylor8906 6 жыл бұрын
I read a post on a forum somebody alleged that with Citibank you cannot product change from a main line Citi card to one of the co branded cards such as going from the American Airlines aadvantage card to the Sears MasterCard... Will have to investigate further, if I end up going down this route and it does not work I will just switch to the dividend card instead. It would be nice to have my own even though I am having my dad add me to his as an authorized user
@MistermookS 5 жыл бұрын
Hi sebatian, i recently paid my credit card debt through a collections agency. I wanted to know if im still eligible to get a secured card to rebuild my credit. Thanks
@gator1593 6 жыл бұрын
If you start with the Citi Secure Card, can you graduate to the AAdvantage Card or their Prestige card with travel benefits?
@derricklawrence3185 6 жыл бұрын
I went with capital one. I don't have any debit and yes I check my credit often. I have never had a credit card before in my life and I make pretty good money. When your use to paying cash or using a debit card all the time. A credit card never crossed my mind until I went to rent a car. What a nightmare that was for me to find a company that would take a debit card. Have not had a problem with hotels. Also your videos are really good and informative.
@mightyquinn18 6 жыл бұрын
I am self-employed so how will this affect me when I apply for a secured card?
@irenelagosadrianzen2560 5 жыл бұрын
What if I spend 30 dollars on my secure credit card (lets say on the 3rd) and I pay it off 2 days after, instead of doing it a couple days before the due date? Does that still affect my credit score in a good way? I'm trying to build credit here for the first time here. Thank you!
@jeremymartinez4438 6 жыл бұрын
Can you product change from a bank of America card to a Merrill lynch card
@japheth96 5 жыл бұрын
Thanks for the info, much needed!
@freeweed 5 жыл бұрын
Got a $500 Discover and a $50 Capital One 6 months ago. They were my first cards, and had no debt or credit. Discover just emailed me saying they were sending me a check for the $500 and and upping my credit to $1500. I could also check my fico score on the Discover app and am at 731. In just 6 months!
@bradleyberreth7540 5 жыл бұрын
I have a 650 credit score wich one would be best just building
@juliogonzalez9442 6 жыл бұрын
I've had the US Bank Aeromexico secured card over 2 years, I called them to request upgrade to unsecured , I'll see how that goes. On the other hand Wells Fargo secured had for little over year .
@torchbearer678 5 жыл бұрын
Hey sebby, i am 20 years old with a credit score of 560. I already have a student discover card but i was wondering if getting a capitol one/ citi secured credit card will help out or is a good idea. If i do get it i do not plan on closing it and plan on graduating. I would like your help. What are your thoughts?
@goddesignd 5 жыл бұрын
So what happens if they don't graduate your card and you get a regular credit card what happens to your secured card? One teller told me oh you can just dissolve it into your account if you want. How does this affect my score?
@steveplus6711 6 жыл бұрын
Spoke with Chase in branch, they do have a version of the Slate card as a secured card, but they only offer it to current checking/savings account holders who are applying for an account for their children who are explicitly under the age of 21.
@AskSebby 6 жыл бұрын
Interesting!
@D.Anderson 6 жыл бұрын
I have Wells and Us bank visas no issues.
@rhondaturner3908 6 жыл бұрын
I'm hearing discover is best secured card.maybe its best item of accepted everywhere to minimize use allowing to build credit. I'm considering citi and discover to build my credit. Not sure yet
@ugly1260 6 жыл бұрын
spot on video, this helped me a lot!
@trese0000 5 жыл бұрын
Anyone has insight on Citi Secure Mastercard?
@MultiThunder54 6 жыл бұрын
Just got my Discover It Secured card a few days ago. It is by far the best offer out there. According to credit karma, just opening the account and having 0% utilization bumped my score up 91 points. I thought I would have to wait 6 months for an increase like that. That being said, I am still planning on waiting 6 months to apply for another card (Hopefully Chase Freedom or Citi Double cash) so that I can show consistent good credit habits. I also plan on increasing my limit within a month or two by putting more money down (you just have to call discover after your first month to be able to do this). I'm looking forward to getting my deposit back in the future as well, at which point I will product change to the 5% cash back Discover it.
@carlosmartinezz3022 6 жыл бұрын
Joseph Vargas Great choice. I got my security deposit back ($1100) in 7 months and asked about PC to discover it 5% rotating categories and they said it is possible to do. If you have any questions the online chat is by far the best customer service I've had from a Credit card company.
@Jo.Raquel 6 жыл бұрын
Joseph Vargas You didn't use your cc at all?
@carlosmartinezz3022 6 жыл бұрын
Jraquel26 Yes, I used it quite often but payed 3 days before due date and making sure only 1-2% of total credit line be reported to credit report. To me this really helped my credit score rise constantly. As of now I'm at 725 Fico with only a year and a half of credit history. 2 credit cards that were secured and graduated and one loan to have a great credit mix.
@CumminsN14DBest 5 жыл бұрын
Give Me Clarification Brotha, Lets Say You Have a TransUnion & Experian ''THIN File'' Rating/score of 0, But Your Equifax score is in the 650 range (Credit Karma), can I Qualify for the Discover IT and The Capital One Secured cards for rebuilding my credit? PLEASE LET ME KNOW ASAP Thanks.
@OrisueCrew 6 жыл бұрын
Should you pick a secured card based on the card you will eventually want to product change to? For example, if I know I want the Citi Costco card in the future, would I be more likely to be approved for it if I had a Citi secured card first?
@MrTherock14e 6 жыл бұрын
Thanks for this
@andrewhong1250 6 жыл бұрын
Thank you for putting up this video. I have learned a lot of things from following your KZfaq every day. I was researching secured card for my cousin, and it is great to see this video. I have a few questions. Does the graduation program give the deposit back? Should that be one of the consideration? Since secured card will be people's first card, shouldn't it be more like a keeper card to build up the score?
@AskSebby 6 жыл бұрын
1) Deposit is returned 2) Yes, exactly why I did this video to help people think long-term
@Rowinrowen1 5 жыл бұрын
Good video. Thanks for the info
@maryadams4719 6 жыл бұрын
Do you recommend applying for a Discover IT secured card if I was denied a discover card about one year ago? Thanks, love all of your helpful videos!!
@mzox210 6 жыл бұрын
Mary Adams yes
@Austin.8150 4 жыл бұрын
Do I pay same amount if I don't spent it? Each month
@kilquik88 6 жыл бұрын
Think Discover is the best. their customer service is unmatched.
@themrbear85 6 жыл бұрын
I recommend signing up for multiple secured cards to help average age of card down the road...
@themrbear85 6 жыл бұрын
if you signup for three cards right away and one year later you get a great offer so you signup for another card.. At 1 year mark when you have 3 x 12 month old cards and 1 x 0 month old cards --> 3*12 + 1* 0 = 36, 36 /4 = 9 month is at avg age of the acct.. if you just get 1 secure card (12+0)/2 =6 month is the avg age of the acct at 1 year mark.... Average age of credit card is just one of the factors that go into calculating your score...
@italiancapo7 6 жыл бұрын
How do you survive in SF?! So expensive in the Bay Area!
@mzL0NLEY 5 жыл бұрын
What do think of credit sesame?
@frenchguy4888 6 жыл бұрын
I have the Wells Fargo secured because it has cell phone insurance if you pay your bill with it.
@Jo.Raquel 6 жыл бұрын
FrenchGuy I just found this out because First Citizens Bank Credit Card also have the insurance for your cell and if you pay for your cell with it. I'm switching banks, I can't stand Wells Fargo.
@chanelalgrabli884 6 жыл бұрын
Why can't you stand wells fargo ?
@superchickensuperchicken7939 5 жыл бұрын
Ask Sebby, I heard having a secured credit card makes you look like a risk to the lenders is that true?
@frenchguy4888 6 жыл бұрын
Sebby, my parents have a Wells Fargo Visa and when their account was compromised they closed the card and opened a new one like you talk about in the video, however it didn't hurt their report. Even though they technically close the old one and open a new one, I think the bureaus all see it as the same account.
@AskSebby 6 жыл бұрын
Compromised != product change.
@camiapage1375 5 жыл бұрын
Do you have to use ur secured credit card?
@boringlyawesum 6 жыл бұрын
i started rebuilding with the discover card about 18 months ago, i put down 600 and was spending about 1,000 a month with it. graduated after 6 months and they gave me a 1,000 dollar credit limit. in a year and a half the only two places that didn't take my card were hole in the wall mexican restaurants, one was cash only the other only mastercard or visa.
@feltondubroc9878 6 жыл бұрын
Hey there thank you for all your lessons and advice on credit I watch all your videos I have a quick question if you don't mind answering.... I'm trying to build credit I just have no credit and I have a region secured credit card how good is it for a starter and would you recommend something else?
@AskSebby 6 жыл бұрын
Doesn't matter. It's just a stepping stone. Whatever gets you on the board.
@feltondubroc9878 6 жыл бұрын
Ok thank you
@juantaramera5643 6 жыл бұрын
Hey sebby has the infinite travel portal made it harder to get cheap flights? I read they don't show any flights on the portal under $100 😔 I was considering that card next ritz Carlton
@AskSebby 6 жыл бұрын
Yes. Recently, I feel like the tickets have been more expensive. Still doing research on this to figure out why though.
@johnnycruz2006 4 жыл бұрын
I've now had the capital one secured credit card for a full year this February, .. On time payments all year,....I want a 2nd card should I apply for a discover secured card,..... Or the discover unsecured card?
@alexanderleon191 4 жыл бұрын
Johnny Cruz obviously the unsecured card you’re not building credit from scratch anymore. You have established your credit and secured credit cards are only to build or to fix credit.
@cristhofer06 6 жыл бұрын
Hi, I’m new in the country and I have no credit score. Would you recommend to a person with no credit score to start credit applying to one or two secured card? (if two is the answer, apply for them at the same time or with a period of time between ? )..... thanks
@AskSebby 6 жыл бұрын
2 secured cards and then wait 12 months to go for Chase 5/24 cards.
@misstianawells7813 6 жыл бұрын
I just wish I would have saw your videos earlier. I have to Credit One bank cards and I'm about to cancel now. Is the Citi secure MasterCard good or not good? But ask for a minimum of a 200 deposit but it has no annual fees. Is that a good card??
@AskSebby 6 жыл бұрын
Honestly, just keep the Credit One card for now and get starter cards. There's zero reason to get another secured card right now: www.asksebby.com/blog/best-starter-credit-cards-2018
@marcialbode7770 5 жыл бұрын
The td bank one is best 3x dinning 2x grocery 1x on everything else only 29 dollar annual fee but after 7 month of on time payments they automatically make it unsecured and waive the fee
@lilmamadrea87 6 жыл бұрын
Will closing a secured credit card account hurt your credit? I had capital one they automatically upgraded me to quicksilver. I closed the secured out because I felt I would go into debit with both besides the interest rate is high on the secured.
@AskSebby 6 жыл бұрын
Closing all cards, in the long-term, will hurt your credit score. Interest rate should not matter since you shouldn't carry a balance. Pre-pay your cards every few days so you don't have bad surprises at the end of the month.
@jordanfromphila 6 жыл бұрын
Thanks man you really help me
@Herf18 5 жыл бұрын
Hi, I just went to my chase bank(who don't have a secured cc) and they told me to go to creditcards. com to shop for a secured card to get. I did and picked a Discover card. I got approved and it says my credit line is $500. Does this mean I can deposit up to 500 into a discover bank (Which I don't have an account or anything for)? Will I be unable to use it unless I go to a Discover bank and open an account with this secured card or something? Sorry for the poorly worded questions. Not too sure on what I'm doing with all of this stuff. Thank you!
@tonyv33ee 4 жыл бұрын
If you were approved for a 500 credit line it makes no sense for them to ask for a security deposit unless you yourself elected for a 500 dollar secured card
@trese0000 5 жыл бұрын
Hi Sebby, I have some questions regarding the Chase 5/24 rule. I'm looking to boost up my credit a bit before tackling the Chase Quadfecta (looking to get CIC also), but wanted to know would applying for these unsecured cards take up slots in my 5 count? I'm in the high 600's so I'm just trying to figure out the best route as to not use up my slots, but still boost my credit up into the high 700's. Thanks
@AskSebby 5 жыл бұрын
Yes. Just pre-pay your cards (low utilization) and let your stuff age (12 months on oldest non-AU card ideally). www.asksebby.com/blog/how-to-increase-your-credit-score-by-pre-paying-your-credit-cards
@trese0000 5 жыл бұрын
Ask Sebby Thanks for the response. I’m not sure what is a non-AU card. But my true question I was asking was, does applying for secured credit cards take up slots for 5/24? I wasn’t sure if only unsecured cards counted towards that rule or is it secured ones too.
@DanQuach93 5 жыл бұрын
Question: Secured Cards still give you a hard inquiry, right? Just asking for confirmation
@charlesurias 6 жыл бұрын
Discover > Citi > Capital One >> others.
@luisesquijarosa9968 6 жыл бұрын
I have the Wells Fargo’s secured card and the discover secured card. Both cards are ok for my situation, just received my premier, and cap. one unsecured resently. What other card should I apply for?
@AskSebby 6 жыл бұрын
Chase 5/24 cards.
@isaacdienes2099 6 жыл бұрын
Hi sebby, I’m 18 and looking into credit cards I’ve tried watching videos but I’m still confused, how many secured credit cards should I apply for. I see discover is the best for starting out but is it better long term than the other cards.
@AskSebby 6 жыл бұрын
I would only apply for one.
@dbird2997 6 жыл бұрын
Hey Sebastian than you so much for your KZfaq channel. I've learned more from you about credit cards than I've learnved in my whole life. So I am almost at the end of my 1st year with my secured Discover card. It babe unsecured at month 7 or 8 and I just got an increase in my credit limit up to $1600 and my credit score in 764. Here's my question to you? I looked into getting a citi credit card and checked to see which ones I was pre-qualified for. They said the Costco card, Thank you preferred, thank you premiere, Simplicity, and Diamond preferred. I was going for the Double Cash though. Should I apply for one of these or just apply directly for the double cash? Thanks in advance!
@AskSebby 6 жыл бұрын
I would do the TY (Preferred/Premier/Prestige) or an AA card and downgrade to the DC after Year 1 (if that card no longer makes sense for you). It might make sense to look into Chase though (each non-Chase card you get is taking up a Chase 5/24 slot).
@dbird2997 6 жыл бұрын
Thanks for the advice Sebby!!!
@user-vf9ye8ll8o 6 жыл бұрын
If I get the capital one secured credit card, would I have to keep it forever? I’ve had a chase checking account for a long time, and really like them. I just want to build my credit from scratch.
@AskSebby 6 жыл бұрын
You can close it in the future but it will negatively affect your report in the long-term. The best strategy would be to open other keeper cards after you start building your score.
@XhuaaHOneyy 6 жыл бұрын
Love the Citi bank secured card - it automatically graduates to unsecured after 18 months.
@mzox210 6 жыл бұрын
They just pull $200 from my bank account does that mean I got approved?
@jc4liferesearch5 6 жыл бұрын
Mzox210 yes, but 18 months graduation as stated above is too long, BOA, WELLS will do it 6-12 months if you're in good standing
@jc4liferesearch5 6 жыл бұрын
Julia 18 months is way too long, BOA, Wells will do so in 6-12 months if you're in good standing with them.
@MrStarofTruth 5 жыл бұрын
i have one of those and Citi allows you to have 2 at the same time to build credit faster...
@ikelopez4427 5 жыл бұрын
Julia that’s hella long time to wait, discover it is 8 months and Capital one secured card is 5-6 months
@zp883 6 жыл бұрын
Discover it, all the way
@nervgirl1102 5 жыл бұрын
I’m getting discovered it Chrome in the mail...should I apply for it or just go for secured? I don’t have credit yet
@AskSebby 5 жыл бұрын
Discover It (5% categories card) is better.
@gregjones8800 3 жыл бұрын
Can I get a Discover Card even when I have an account with Bank of America
@tonkpilsneak 6 жыл бұрын
Hey Sebby, thank you for your videos, I just got approved for capital one and Wells Fargo do you think this 2 are enough? im trying to rebuild my cs, credit limit combined is 1500
@AskSebby 6 жыл бұрын
I think that's fine. You can add other foundation cards after that.
@LouieFlips 6 жыл бұрын
Hi Sebastian, I got the Capital One Secured CC with $300 deposit and credit line of $400. My question is, do I have to make purchases to total up to $200 to $300 and then pay it off before my billing cycle and leave less than 5% in balance? and pay it when my statement is due Or can I just make a small purchase of 5% of my balance and pay it of when my statement is due? I await your response. Thanks in advance for all your knowledge!!
@AskSebby 6 жыл бұрын
I would read: www.asksebby.com/blog/how-to-increase-your-credit-score-by-pre-paying-your-credit-cards
@fredfong48 6 жыл бұрын
Sebby I have a question in regard your video and secure credit cards, you mention on videos before that Chase credit cards are the best ones to get in the beginning bcs of the rule they have. In terms of secure credit cards would it be beneficial to get a secure credit card with Chase so that you have a better chance down the line to qulify for one of their cards like the Chase Unlimited or the Chase Saphire, let me know if I am on the right track of thinking? Thanks
@AskSebby 6 жыл бұрын
Chase doesn't really offered secured cards (outside of some children/spouse circumstances AFAIK).
@fredfong48 6 жыл бұрын
Thanks Sebastian, my credit is little below 600 what secure card do you recommend to bring my score the highest points, I know the cards are all different and it depends on a case to case situation, but if you were in my situation which secure card would you get, I have been hearing, the Capital One Secure card is a good one, also the OpenSky Secure card is good, and you mention the Discover Secure credit card is good, what is your number one choice, thank you! And also do you think is worth paying $49 or $99 to get help from Creditrepair.com or the Lexington Group, which help you repair credit. I would really like to know your opinion, thanks!
@BIGDADDYKNOWSBEST1011 5 жыл бұрын
You are the best thanks for the help
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