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In this video we are going to look at the Ava credit building system, which includes the Ava credit building card.
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Building your credit score it's one of The most important and often overlooked Things for anyone living in the United States the average credit score for 18 To 24 year olds is just 6.79 and you Have to get to the over 40 age range Before we start seeing average scores Over 700 but a score over 700 is what's Required if you want to be able to sign Up for the best rewards credit cards or Get the best interest rates on loans and Mortgages in fact for the best interest Rates on mortgages you really need to be Over 740. now that brings me to a credit Building system that I recently Discovered that brings a stroke of Genius to the age-old question of how Does a young person with no credit or Perhaps an order person who has damaged Their credit start to build or rebuild Their score well that system is Ava and No not the creepy robot Ava from ex Machina Evo I said stop But the unique credit building app Ava That features an out of the ordinary Credit Builder card and a savings Account that builds credit as well and You may be thinking how does a savings Account build credit well keep watching And you'll find out hi I'm Ben Hedges Aka the credit Shifu I upload videos on Credit cards personal finance and luxury Travel if you like the sound of that why Not subscribe here on YouTube and you
Can also follow me on Facebook Tick Tock And Instagram my handles are on screen Below so in this video we are going to Do a review of the Ava credit building System one of the fastest growing credit Building Solutions today with 300 000 Users and a 4.9 star rating on the App Store now for disclosure Ava did reach Out to sponsor this video but you know What a lot of companies reach out to me And I only choose the ones that I think Will have a genuine benefit to my Audience so if it's on the channel you Know it's going to be good but the Question is just how good well Ava Features a suite of products to build Your your credit the first one is their High limit Credit Builder card this card Requires no hard credit pull to sign up There's no interest and there's no Annual fee the card guarantees you a 2 500 limit which is a lot higher than Most starter credit cards some will give You just a 300 limit but here's the Genius part at the start the card limits You to just 25 per month in spending and Can only be used for recurring digital Subscriptions now the spending limit Does increase with time good behavior And depositing money in the Ava wallet But at the start it is limited to 25 per Month and there is a very good reason For that that we will get into in just a Moment but first what can you use the
Card for well like we said recurring Digital subscriptions I look through Their list of eligible subscriptions and I was like audible yeah I have that one YouTube premium I have that one ring Doorbell I have that one so don't go Coming to my house I have a ring Doorbell you will be on camera but Anyway Netflix Hulu in a load of other Popular ones are also on there so the Card pays for one or two of these small Charges every month and then gets Auto Paid from your bank account that gives You an on-time payment reported to all Three U.S credit bureaus every month and In fact your first payment is due seven Days after you get the card so you get Your first on-time payment really Quickly and then after that it is once a Month and payment history is actually 35 Of how your FICO score is worked out Then why the 25 per month spending limit So starting with a limit of 25 per month In spending that would equal one percent Credit utilization on a two thousand Five hundred dollar card so credit Utilization is the amount of your credit Line that you use so if you had a credit Line of 100 and you spent one dollar on The card that would be one percent Utilization and so if the credit line is Two thousand five hundred dollars twenty Five dollars is one percent of that and Credit utilization or what FICO calls
Amounts mode is 30 of how your credit Score has worked out so either Guarantees positive information as long As you pay on time on these two factors That make up 65 of how your credit score Is calculated and these two factors are Also considered high impact factors now I've never seen a credit build a card Quite like this before a card that Forces you to keep ultra low utilization In order to help your credit score often Credit gurus online say keep your credit Utilization under 30 to maintain a good Score if you want a really great score Keep it under 10 personally I keep it at About five percent or less but whatever The range that you want to keep it in Just know that the more minute your Utilization the higher your score this Makes it Superior to most secured credit Cards where you would pay several Hundred dollars as a deposit and then Get a card with like a 300 limit that You end up being at about 60 or 70 Utilization on unless you are constantly Paying it off all right let's now talk About the their other key product the Savings Builder and this is a savings Account that builds your credit score With this account you commit to putting At least 25 in the locked savings Account every month for 12 months now Ava considers this an on-time payment And reports it to all three U.S credit
Bureaus after 12 months you get your Lump sum given back to you but how does Saving build credit is this actually Legal well yes it is because what's Actually going on in the background is That Ava is issuing you a zero percent Interest loan but they are not giving You that money straight away no no no no No they're keeping it in a locked Account and you are first of all paying Back the loan over 12 months and then They will release the loan amount to you At the end so it feels to you like it's A savings account but behind the scenes More is going on just don't forget you Do have to put 25 in your savings Account every month because credit Reporting goes both ways okay if you Miss a payment negative information will Get reported to your credit report but With these two products combined you get Both a revolving credit account with the Credit Builder card and an installment Loan with the savings account and you Get two on-time payments reported to Your credit report each month one from Each so actually these two products Together cover four out of the five FICO Factors of credit either then has a Couple more products in their Suite of Services there's credit score monitoring Where you can check your credit score And get insights into what is affecting Your score then there is savings monitor
That uses AI to constantly look for Savings I.E lower interest rates on your Outstanding debt if you have it so that You can refinance and consolidate your Debt and potentially save a lot of money And speaking of money are there any Hidden costs with Ava well no there's no Interest and the credit Builder card has No fees of any kind there is just a Simple monthly subscription six dollars Per month if you pay annually and nine Dollars per month if you choose to be Billed monthly and with my link below You can get 20 off your first year with Ava whether you pay monthly or annually So guys that is my review of the Ava Credit building system I think it's a Really comprehensive system for those Who have never built credit before or Those who have but have damaged their Credit and need to rebuild if you are Someone with a credit score over 700 I Think this probably isn't for you but if You're someone with a credit score below 700 I think you will definitely benefit From using Ava in fact 70 of Ava members Say that they saw an improvement within 30 days of using the product many people Reported improvements of over 45 points Even up to over a hundred points through Using Ava so guys do check out the Service and get 20 off your first year With my link below then once you have Built your credit if you're interested
In any of the high level rewards credit Cards that we talk about regularly on Our show you'll be able to get them and You'll also get the best interest rates On a mortgage or car loan which could Literally save you thousands of dollars Per year please subscribe to my channel For more videos on credit cards personal Finance and luxury travel and we'll see You in the next one bye-bye
