The 5 Best Credit Cards for Building Credit for 2021

If you didn’t build credit in 2019, then 2020 is the perfect year to start building credit. Once you have credit you can own a home, own a car, or even buy an iPhone much easier.

So that’s why in this video im going to share with you the 5 best credit cards to start building credit, and I even included a free alternative to all those loan credit apps like SELF lender that are rebranding themselves.

The 5 Best Credit Cards for Building Credit for 2020

1. Discover Secured Card ( no annual fee)
Story:
Beg: This is by far one of the most attractive secured cards
Climax: But because of that its also hard to get into this credit card, since it offers rewards and bonus
Ending: So theirs a chance for getting denied
Pros:
- Cash Back up to 2% categories and 1% on everyday purchases
- Cash Back match after one Year
- Refundable Deposit
- It's like a normal credit card and reports to the 3 major credit bureaus ( Experian, Equifax, and Transunion)
- Convertible to unsecured after 8 months
- They have a great customer service team
Cons:
- It's hard to qualify for ( even they say for people new to credit or trying to rebuild)
- If you have any bankruptcies or charges off, it could be a straight no
- Minimum Deposit $200 bucks ( so if you don’t have $200, maybe save up and then apply, or choose a lower option)
- High Apr ( just pay in full)

Tip: People with a score below 670 can be accepted or with no Score, but you just need to prove that your income can support you. ( if you get denied, try calling and pleading your case)

2. Capital one secured ( No Annual Fee)
Story:
Beg: My mom needed to buy a bed, she had the cash and no credit, no one would touch her.
Climax: I applied for the Discover card first they said no, then the capital one card and they said yes
Ending: after a few months, she had a score of 709 and has 3 credit cards with a total credit line of $3,000 plus

Pros:
- Low-Security Deposit, $49, $99 and $200 ( my mom did 800) – they decide
- An initial credit line of $200 backs plus your deposit ( Mom line $1000 Total)
- Higher Line after 5 months of payments
Cons:
- No Rewards or Bonus
- High Apr ( but it's to expect with these secured Cards)
- Closing account to get Deposit back
Tip: Start with 200 or what you can afford, before you close the account, make sure you’ve been approved for other credit cards, so your history is not as affected.

Or: Put in $49 if they ask for that, and after the 5 month raise the line

3. Citi Secured Credit Card ( no annual fee)
Story:
Beg: Sounds like a mixture of the Discover and capital one
Climax: But that’s not the best thing
Ending: In the end, you have a higher deposit but no real benefits

Pros: ( very basic)
- No annual fee
- They report to the 3 major beaus
- They match your deposit for credit line
Cons:
- Discover like a deposit of $200-2500 bucks
- No rewards
- 18 months locked security deposit ( unless they deem you ready)
- No bankruptcies in the past 2 years

Tip: If you have no line credit line and already tried to discover and capital, this is your next bet.

4. Open Sky ( annual fee )
Story:
Beg: This is not a good option
Climax: Its actually one of the worst
Ending: That’s I only recommend it after you tried everything else

Pros:
- No credit check ( so even if you have a bankruptcy that happens yesterday they’ll still accept you)
- They report to the 3 major credit bureaus
- Credit deposit of $200-$3000 and it's refundable

Cons:
- $35 annual fee
- High fees Across the board ( late payment is $38)

Tip: If you have to get this card, get it for 1-18month and do everything textbook and apply to other secured cards and then cancel this one

5. Non-profit lending circles ( for people that are going to ask me about self lenders or any of these places)
Story:
Beg: Very good way to get a loan without having a credit
Climax: and also build credit while getting this loan
End: It’s a simple, interest-free loan

Pros:
- An interest-free loan made in a community with 6-12 people
- Default rate less than 95%
- No strings

Cons:
- Not available everywhere

Link: https://missionassetfund.org/lending-circles/

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Видео The 5 Best Credit Cards for Building Credit for 2021 канала TommyBryson