Build Credit For FREE!? (for Beginners and Gen-Z)

Discussing the best ways to build that credit score for free - for Beginners, Gen-Z, Millenials! I go over 4 methods that you can utilize TODAY to begin building your credit score.

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I do think that by having a good credit score it will make your life WAY easier. Not having a credit score will just make your life — suck, when it comes to getting a car, buying a home for rental or investment purposes or even just renting an apartment.

A credit score is essentially a financial report card. Every time you make your payments on time, there's a track record being built there. The more instances of you there are on record of you paying something off on time - the better your score will get.

Having a good credit score means that you'll be able to SAVE more money in the long run if you are SMART about how you use utilize your credit score.

There's also a common misconception that you need to spend money or go into debt to build your credit, but, there are plenty of FREE and also LOW COST alternatives to building your credit that I want to share with you today. And these are some of the best methods to do so.

4 Methods:
1. Secured Credit Card - No Annual Fees
- Put up collateral, spend money on card ($5-20), repeat for 6-12 months, pay on time! You'll establish a great credit score doing this.

2. Get added as an Authorized User
- This is another free method and often a hack.
- You can ask someone to get added to their credit card as an authorized user, you essentially piggyback off their credit score and will slowly build your credit score over time
- Best if you're under 18 but can also be done after 18

3. RentalKharma (not free)
- Another solution to build your credit score without using a card is RentalKharma.
- Let's say you rent a place from a landlord, RentalKharma essentially calls your landlord and verifies that you've been paying your payments on Time
- They then act as an intermediary to credit reporting agencies and essentially report that your rent being paid on time also qualifies as on time payments - thus establishing a credit score without using a credit card

4. Co-Signer (situational)
- This is really situational but lets say you want to improve your credit score and you know someone that is creditworthy, has a great credit score, and that is much older. And at the same time, you want to apply for a loan such as a car loan, then having a cosigner will help improve your credit score
- Although there might not be a required credit score, a cosigner typically will need a credit score in the very good or exceptional range—670 or better. A credit score in that range generally qualifies someone to be a cosigner, but each lender will have its own requirement.
- Essentially, this is one way to get a free credit boost, but its VERY situational because it already assumes that you have a situation in which you need a loan - such as getting a car.

Let me know if these tips helped you! I love hearing from you guys.

▶️ My name is Humphrey Yang, I am an entrepreneur who has built multiple businesses and is passionate about Personal Finance. If you're trying to build a solid foundation of Financial Literacy, learn to invest, and become financially free - then I'm here for you. We'll cover topics like getting out of debt, managing money, building credit, multiple income sources, passive income, etc.

📧 Contact: If you have a question feel free to leave me a comment on my videos or follow me on IG and send me a DM! If you have a business related inquiry, please then send me an email at humphreytalks@gmail.com

Disclaimer: I am not a financial advisor, any investment commentary are my opinions only. Some of the products and services that appear on this channel are from companies that I have an affiliate relationship with, such as Robinhood, for which I recieve a small percentage made via those links, but it doesn’t cost you anything extra!

Видео Build Credit For FREE!? (for Beginners and Gen-Z) канала Humphrey Yang