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Hey credit Warriors welcome to the show And in this video I’m going to give you Five ways to build your credit score in 2023 now why is building your credit Score so important you may ask well it Can affect whether you have to pay a Huge deposit when you take out a new Cell phone plan rent an apartment and it Can also affect your approval for credit Cards and if you have a high credit Score it means that you can get the best Rates when you go for a car loan or a Mortgage in the case of a mortgage Having a high credit score could Literally save you hundreds of dollars Per month now people often say to build A credit score you’re going to need a Credit card but to get a credit card you First need a credit score which gives You a sort of chicken in the egg type of Situation so in this video we are going To go through a load of products that Can help you build your credit score With no previous credit history and if You like the sound of that do consider Subscribing to our channel for more Videos like this helping to provide you With value and succeed on your path to Financial Freedom alright let’s get go Number One secured credit cards Secured credit cards work by you first Providing a security deposit to the bank And then the bank then provides you with A credit card that has a credit limit

Usually the exact same amount as the Security deposit you paid for example You give Capital One two hundred dollars And they give you the Capital One Secured MasterCard with a 200 limit this Way you can only spend up to the amount That the bank holds as a security Deposit and if you max out the card and Don’t pay it back the bank can just use Your own money to settle the debt but in That case those missed payments would Still get reported to the credit bureaus So don’t do that but when used Responsibly secured credit cards will Report your on-time payments and your Balance each month helping to grow your Credit score so as long as you pay on Time and keep your credit utilization Reasonably low say maximum 30 but Ideally lower and uh because this is a Low limit card you may have to pay it Off several times a month to do that but If you can do those things it will Improve your credit score now Capital One has a secured card that is easy to Get but there are also cards from other Banks Banks like Bank of America U.S Bank discover and TD all have secured Cards notably Amex and Chase do not do Secured cards the only downside of a Secured card is obviously it does Require a hard credit pull to get Approved and it also requires that Security deposit up front now you will

Get that back if you close the card in The future and in some cases they may Let you graduate to a non-secured card After say six months or a year but you Do have to part with that money up front And if you don’t want to part with your Hard-earned cash even temporarily you May want to try our next method Authorized user cards An authorized user card is a credit card Where you are not actually the owner of The account instead you are added to Someone else’s account as an authorized User you get given a card and you can Spend money on their account in the Account and all its activity will show Up on your credit report and count Towards your credit score but you are Not actually ultimately responsible for The account they are now obviously You’ll have to work out your own Arrangement with the person whose Account it is maybe you pay them back Once a month for all the money you spent On it alternatively they don’t actually Even give you the card they just cut it Up but their account will still show up On your credit report and count towards Your credit score now the big Pro of an Authorized user card is that you don’t Need to part with any money at the Beginning in the form of a security Deposit and you still get an account That shows up on your credit report and

Will help improve your credit score as Long as it’s paid on time and the Balances are kept low but that’s the Thing you need to trust the person whose Account it is since if they miss Payments or run up high balances all That information is getting reported to Your credit report as well and it can Tank your credit score however as long As the person who’s accounted is has Good spending habits authorized user Cards can be a very powerful way to Improve your credit score since on some Authorized user cards they don’t just Show the credit history from when you Got the card on your credit report They’ll actually give you the card’s Full credit history from when the Primary card holder signed up so you Could have just got a card but it will Look like you have like say five years Credit history on your credit report Notably cards that do this are those Issued by Capital One Discover Bank of America and Wells Fargo but you do have To find someone who is willing to add You with most young people they’re going To look to their parents but again just Make sure your parents are financially Responsible but also for young people There is another type of credit card That you could look at Student credit cards Student credit cards are credit cards

Aimed at students with little to no Credit history and will sometimes give You a bonus for good spending and Financial habits or even good grades in College student credit cards should be Easy to get for most U.S citizens but Can be harder for international students Because of lack of address history in The US or perhaps having no social Security number which by the way is not That hard to get you can just go to a USCIS office show them your student visa And say you want a social security card And they will give it to you it doesn’t Entitle you to any Social Security Benefits and it’ll even say you can’t Work without DHS Department of Homeland Security authorization but it provides a Great way for the credit bureaus and the Banks to track your credit score Although they can sometimes track you From your name and address the social Security number is really the key that Allows them to track you properly but Talking about student credit cards this Brings me to the sponsor of today’s Video fizz fizz is a card that actually Describes itself as a debit card but it Does help you build credit the card is Aimed at students although in fact Anyone can apply you see what they do is They do a soft link to your bank through Plaid which is an industry way of doing A secure link to bank accounts they then

Give you a credit limit based on the Amount of money you have in your bank Account so for the user it feels more Like a debit card and it builds your Credit whilst having the security of a Secured credit card but requiring no Security deposit basically you can’t Spend more than you have and if you ever Miss a payment they even freeze your Card to stop you going into debt while Still reporting your credit history to The three credit bureaus Experian Transunion and Equifax to help build Your credit score this is a great option For those who want to be a bit more Financially cautious while in college The average college student graduates With around three thousand dollars in Credit card debt and that’s in addition To any student loan debt they may have But it would be impossible to build up That debt on a Fizz card there’s no Credit check to apply and no social Security number is required either so It’s an easy application no matter Whether you’re a US citizen or an International student and the card even Earns cash back at certain Merchants Like Shake Shack and some campus Specific restaurants if you’re Interested in Fizz I will put a link to The card Below in the description or you Can scan the QR code on screen now with Your iPhone which takes you to the

Application it’s really quick takes About three minutes and you can get a 20 Bonus when you sign up and use my code Ben so that’s my recommended student Card but there are many on the market Let’s now move on to our fourth credit Building method Credit Builder loans These are small loans which exist for The sole purpose of helping you build Credit you take out a loan but the money Isn’t given to you at the start instead It is held in a certificate of deposit Locked up in the bank until the end of The loan period when you’ve paid off the Loan the loan is finally given to you This way all those monthly on-time Payments get reported to the credit Bureaus which helps build your credit Score the bank issuing the loan takes on No risk because they don’t give you the Lump sum until you’ve actually paid off The whole loan and at the end when you Get that lump sum it’s just going to Feel like you are putting money in a Savings account all along and suddenly You have like I don’t know 500 to buy a New iPhone or something now self lender Is probably the most common provider of These loans on their website they offer Several different plans you can see the Cheapest one is a monthly payment of 25 And you get 520 after two years which Means that the loan costs you eighty

Dollars plus a nine dollar setup fee so Eighty nine dollars in total the only Drawback of the this is that it does Cost you some money over the life of the Loan so with the self-lender basic plan 89 spread out over two years but it’s Only a 25 monthly payment so that may be Easier for some people than to part with Two hundred dollars up front for a Secured credit card all right let’s move On to our final credit building method For 2023 Credit reporting services Credit reporting services are systems Which will report things to the credit Bureaus that wouldn’t normally get Reported for example utility accounts Would normally only show up on your Credit report if you missed a payment The positive data of on-time payments Each month is not reported but if you Sign up for a service like Experian Boost for example you can actually get Those on-time payments reported to the Credit bureaus Experian boost will even Let you report your Netflix or Hulu Subscription which I think is a little Weird because you could just cancel Netflix anytime if you couldn’t afford It but hey if it helps you build your Credit I’ll take it in my experience Experian boost will help people with Lower credit scores and thinner credit Files than most if your credit score is

Over 700 already you might not Experience that much benefit from it Just an increase maybe of a few points And if you’re in the upper 700s it might Actually even have no effect on your Credit score and as the name Experian Boost suggests it only reports to the Experian credit bureau another service That you can try if you rent your home Is rent reporters this service will Report up to four years of rent payments To your credit report after you enroll They contact your landlord and verify Your rent history then report it to two Of the three major credit bureaus Equifax and Transunion and they say they See an average credit score increase Amongst their customers of 40 points Although like with Experian boost I am Guessing that it’s probably more Beneficial to people with lower credit Scores rent reporters unlike Experian Boost though is not free it’s 9.95 a Month and there’s also a setup fee so You probably want to weigh out the pros And cons before you sign up for it one Thing to watch out for with any of these Services though is because it’s adding Extra monthly payments on your credit Report if you’re trying to apply for a Mortgage those extra payments May Influence your debt to income ratio and That could mean that prospective lenders Will not approve you for as large a

Mortgage as you wanted because your debt To income ratio is now higher now I Experienced this with my electricity Bill being reported by Experian boost Making it look like I had an extra 420 Monthly payment I know it was Winter we Had electric heat okay it was a high Payment for that month but anyway Um instead of writing a letter to the Underwriter explaining it Etc Um the mortgage company just told me hey Just disconnect Experian boost let’s Wait one more month and it’ll disappear From your report and we can go forward All right guys there are five ways to Improve your credit score in 2023 the Most important thing to remember with Any of these products is that you still Always need to pay on time if you pay Late it’ll actually have the opposite Effect and lower your credit score also In the case of revolving accounts like Credit cards keep those balances low Under 30 maybe even under 10 if you can And watch those credit scores climb Don’t forget if you are interested in The Fizz card as a credit building Method you can sign up by clicking the Link below or scanning the QR code on Screen with your iPhone if you sign up Which only takes 3 min minutes don’t Forget to use the code Ben for a twenty Dollar bonus on the card please Subscribe if you’re new and we’ll see

You next time bye