5 Secured Credit Cards That Graduate To Unsecured Credit Cards To Get A Higher Credit Score

hey what's up guys houston here and for those of you just finding my youtube channel welcome please remember to hit that subscribe button and bell now today's video is another strategy video to building business credit as well as personal credit using secured credit cards now the videos the best secured credit cards graduate to the unsecured now like i said you're going to go from personal credit to business credit i'ma show you these strategies how to leverage secured credit cards to do this and for those of you that's been following me for a while again salute i really appreciate the support now here's the interesting thing about it a lot of people they just write up and they tell you about secure cards that graduate to unsecured card however i'm going to give you a strategy that not only is going to help you build up your personal credit while leveraging secured cards but it's also going to help you build up your business credit and where you don't have to always think about if i have a paydex score or done in bradstreet in order to build a business credit i promise you just focus on what i'm telling you and i you'll walk you through everything and i promise you you'll be able to build up not only personal credit but as well as business credit funding also now let's jump into it the first one we're going to be talking about is bofa okay bank of america secured okay now with bank of america secured credit card here's the thing about it why am i choosing this one thing about bank of america secured okay it goes from 300 up to 4 900 okay that's how much you can deposit on a secured credit card and it graduates after 12 months all right now again like i said we're going to be focusing on building not only personal credit but business credit now i would tell you when you getting a secured credit card with bank of america not only do you want to open up a personal uh bank account but also a business bank account so the money that you're putting on your secured credit card what you can do to start some of the transactions and make weekly deposit into your business bank account this is how you help get the ball rolling even if you have bad credit to start building your business credit up at the same time okay so with the bank of america goes anywhere from three hundred to forty nine hundred now here's another thing about bank of america uh even before you get the secured card you may to see if you get a pre-approval on a regular credit card so they do have a system that can allow you to see if you do a pre-approval now if you don't do the pre-approval again i would say start with the secured credit card open up the personal bank account then open up the business bank account and the money that you put on the secure credit card i would make weekly deposits of 25 to 50 dollars a week okay also one of the things you have to remember about the secured credit cards like i said uh the amount of money you want to spend is keeping it below 30 percent however like i said if you need to use the whole amount make sure that you're making weekly payments on your secured credit card okay so the more accounts and the stronger the relationship when you have with bank of america again even though it says 12 months they periodically look at your account to see the activity the on-time payments and stuff they may graduate you sooner than the 12 months all right so that's the first one the bank of america secured credit card now the second one is b b the a okay now with the bbva understand that the bbva is a bank that's not all over the united states so there's only a handful of states there in however this is what you need to do and consider if you're trying to leverage bb va all right now with the bbva secured card they have the secured card for you start at 500. all right then it graduates after 12 months all right and then here's why i like it in terms of leveraging to build business credit bbva they have a business secured credit card as well okay so if you with bbva you open up your p your uh personal bank account your business bank account your secured credit card and your business credit card right so then you deposit money from your secured account over to your business bank account then transfer that money over to your business credit card so you can have a circle or a cycle going on with money like again like i said making sure that you're doing it at 25 50 increments a week the more activity you have on the account the faster it gets the opportunity to uh graduate from a secured card over to a unsecured credit card okay so that's the reason i like bbva because they give you more opportunities to not only build up your personal credit but you're also building up your business credit now you may say well houston why am i doing this and why am i not using their 30s are done in brass street here's the thing about it i never tell people that dunn and brad street is a bad company okay or buying their 30s is a bad idea the thing about it i'm teaching you how to actually build a relationship with the financial institutions that's going to issue you the money okay so that's where you want to be like if you buying from granger c new line and stuff like that in terms of like business funding and stuff um that capital you can deposit into your business bank account to build up your business credit much faster instead of buying those net 30s okay so that's the reason you want to go directly to the source instead of walking all the way around the corner just to get to the same place all right so that's the reason that i'm telling you using this here strategy will give you a much faster result than using net 30s or done in bradstreet okay not saying that they're not necessary but in terms of business funding this strategy will give you more leverage much faster okay so let's go on to number three okay navy fed and rewards okay now i made the video in terms of showing you how to leverage navy federal i put a link in the description or on the video so you can see that video as well but also leveraging navy federal when you open up your personal account then also opening up a business account right so then you got the navy fed in rewards secured car and again the good thing about it like i said they want you to put in about two hundred dollars so in terms of when does it switch over to a regular credit card this usually average about six months now again recycling money once you open up your navy federal account setting up your business or your company then opening up your business account with navy federal okay now if you having issues or don't know how to set up your corporation and stuff click the link in the description set up a consultation with three-way funding we'll walk you through it as a matter of fact we offer the service to do it for you okay now also with navy federal they have a pre-approval process as well again the video that i made actually explains about the pre-approval process i i also actually explain how to excuse me i also explain how you can actually become a member of navy federal even if you're not military okay so i did explain that in another video like i said i'll put that video in the link or in the description so you can get access to that okay now here's number four this is esther c capital one okay now granted capital one here's the thing or why i do appreciate what capital one does okay their credit card limit starts at two hundred dollars but you can start with paying 49 99 or the 200 all right now if you're on a fixed income if you want to fix income capital one will allow you to do it an installment of twenty twenty dollars starting at twenty dollars okay they'll let you start at installments of twenty dollars but you have to have once you get approved for the for the secured card okay once you get approved for the secure card you have to have that uh 200 paid within that 35 days okay that's what they expect now you probably ask well what about the business side of things here's the business side of things as well now wouldn't i if you have capital one opening up a business bank account okay and then see can you qualify for their um for their uh spark cash okay now remember i told you in a in a uh capital one video i made and talking about the requirements okay let me slow down when i talked about the capital one account i was telling you about the different work excuse me the different requirements and everything well here's something that they did all right if you set up a business bank account and you qualify for a capital one spark cash business card it will no longer be reporting on your personal credit because capital one has the history of they're going to report your business card on the personal credit and the business credit well now and so what happens say that you max out that that business credit card that affects your personal credit in the utilization right well with what they just did and this is for new open accounts okay what they did for new accounts moving forward okay if you get qualified for the um capital one spark business okay um yes they're going to pull all three credit bureaus all right however when you start using the card it will not report on your personal credit so if you max out the card as long as you continue paying on the card it won't affect your personal credit so that's the great thing about what capital one did but again it also gives you that leverage that you need in terms of not only just building up personal credit but also building up the business credit now in terms of when does it graduate now they periodically six months okay excuse me periodically six months all right so that's the thing you have to keep in mind um sorry about that guys that's the thing you have to keep in mind uh so give it six months but like i said if you open up the personal account the business account and you start making your deposit once you get your security card taking the money from your security card deposit into your business bank account uh then taking the business money from the business bank account deposit back onto your security card you have money recycling and again if you use the card making sure you make the weekly payments on it this is very important because again all the credit bureaus this is why i'm telling you to make weekly payments because the credit bureaus they don't all report at the same time so that's the reason that your credit scores you may have a 740 over here a 760 over here and a 720 over here it's because they're not picking up all the data at the same time but if you make your payments on a weekly basis when a report and stuff it will show a lower amount and you have more accuracy in the reporting okay so that's the reason that i'm telling you to make the weekly payments all right now let's go to number five number five you have city city mastercard now with the city mastercard here's the thing about it it's two hundred 200 okay now here's the interesting thing about it they said between 12 to 18 months on the city right but at the same time i like city is because you have a a higher threshold okay so remember i told you in terms of city just say that i'm gonna teach you a strategy so pay pay attention to this strategy and i promise you no one ever explained this to you if they even had the opportunity say that you now with city they don't usually offer a secure card supposedly to people with bad credit they want to deal with people with no credit or limited credit right now i want you to stick with me because this is a strategy i promise you nobody ever showed you but i'm going to show it to you today so guarantee you you can put money on this one if you do it right it'll work for you okay now they usually want you to be about maybe uh i think they said maybe about a 640 well to get a city security but again some people have got it with less than that all right but here's the here's the strategy say that okay you just so happen to get approved for the city uh home depot okay home depot car and say that they gave you just say 500 right so say that okay before you even went over the city you was already approved for a home depot card for five hundred dollars and you had a low credit score all right now here's the thing what if you was to buy a visa gift card at home depot say a couple visa gift cards at home depot about 300 okay then you take that 300 remember you're using their money not your money right because you got approved for the home depot so you're not even coming out of pocket to actually do this so you got a home depot card for 500 you used it and got some visa gift cards right for 300 okay so that 300 you deposit it into your secured card you're using their money that's the thing about it this is what i mean about strategy and thinking you're using their money okay now pay attention all right so you made the deposit there right now you open up the personal account you open up the business account you put the money or you can put the money from that home depot card put it into your business account then take the money from your business account and put it into your secured on your secured credit card then take the secured credit card payment to make your home depot payment so you're recycling their money not your money their money you get it nobody's explaining this this is what i mean about three-way funding we actually talk about strategy this is strategy people so when you're broke and you can only get the basics this is how you leverage strategy all right so again like i said make it weekly to payments if you're able to make twenty dollars fifteen dollars uh you know just make weekly to payments on that on that card but again recycling the money right and you're using actually their money okay now understanding like i said they said with the secured car it takes about uh 18 to 20 uh 12 to 18 months however here's what's happening you're still building up your business credit and you're building up your personal credit at the same time this is what's so exciting about this because nobody else said hey you don't got no money here let me show you what to do right and this is what one of the strategy i was thinking about putting in the book but i think you all need to know this strategy because i think now you all said wait a minute i have an opportunity to actually start a business and restore my personal credit all right now let's go on to number six okay number six is wells fargo okay now with the wells fargo secured car here's the thing about it it goes anywhere from three hundred to ten thousand okay three hundred to ten thousand now i always tell people when you're doing secured cards you always want to do the max all right so then with wells fargo again what what what do wells fargo have that some of the other banks don't have again they offer a secured business card which i must say some they one banker told a client that they are no longer offering that product so i don't know if it's because of a regional thing or if it's going to be uh nationwide but i um i didn't call to verify that but i know that they at this time they're still offering but someone in another region of the country said that they don't they're not able to get this card so again i don't know if it's just a regional thing or statewide thing that's supposed to happen but we're going to just say assume that they still offer it state nationwide okay let's just say and maybe they had some information that wasn't accurate okay so with the wells fargo with this your security card again opening up your personal account your business account now you put your money in the secured card then transferring that money over into your business bank account then also getting and then transferring that money over to your secured business account business credit card secure your business account and then into your secured business credit card again here's something that i continue to say now wells fargo does not report to dunn and bradstreet no they do not okay however the activity you use with your business bank account and your business credit card that information will get picked up by other business credit card companies it may not be the major credit card companies but other credit card companies will pick this information up excuse me credit reporting bureaus will pick this information up so don't let uh because they don't report the dun and bradstreet discourage you because that's not the way you want to look at this you want to look at this as you're still building a personal credit as well as the business credit okay so that's the reason you want to look at it like that in terms of when do they uh convert the security convert over to the unsecured now the security converts over to the unsecured they say about 12 months all right but again depends on how much activity you have going on you may be able to convert this much sooner because i think once you get to a 640 you can do a pre-approval like wells fargo citibank capital one navy federal bank of america they do pre-approvals so as your credit score gets stronger you can always do a pre-approval means a soft pull to see if you're ready to qualify for a credit card so you uh unsecured credit cards so you can graduate much sooner than this time frame all right so that's the reason that you want to leverage these here financial institutions now let's talk about number seven us bank all right and granted u.s bank is another bank that's not all over the country but for those that are able to get into u.s bank it's from 300 to five thousand okay now again i like u.s bank the reason i like i've been banking with u.s bank for wow almost 10 years okay and they they've been very very generous to me like i said talking about a couple hundred thousand generous so i like them i like the way that they operate because most of the time they on the credit cards the interest rates are higher but they do offer a promotion every six months so you can get a lower interest rate on your credit card but i like them because they automatically give you credit line increases so the more you use your accounts and stuff the more you make your deposits and stuff they give you the increases every six months so this is why you want to work with a u.s bank if you have a u.s bank in your area okay again setting up a personal account setting up a business account um getting the security card then taking the money from the secure car depositing it into your business checking account again you're doing that to build up the business credit okay that's the reason that you're doing it because the reason you want the business funding versus most of the personal funding because you'll get more capital okay and most of the time people they're they're thinking about starting a business anyway right or the opportunity may come up where they may have a a real estate deal that they want to be a part of or they may want to invest into somebody else's bill or a deal or they may want to invest in the stock market or something right so with you being able to build up your business credit and being getting qualified for business credit funding and stuff it gives you the leverage so that way if you max out your business credit cards and you keep your low dti under your personal credit cards then you're able to get more credit on the personal side as well as the business side and then the cards you max out on the business side again it won't affect the personal credit but that capital can be used to do some of your investments like real estate may want to buy a car for toro again you may want to do the stock market forex trading and stuff like that but you don't want it to hurt your personal credit so that's the reason you want to make work both sides at the same time now there are other uh secured credit cards out there but the reason i'm picking these because these are directly tied to major banks that you can open up business bank accounts with that way you can get business credit funding as well as personal credit funding so that's the reason that you want to do this okay so here's the last one now excuse me let me go back to the u.s bank so at u.s bank they do six months and then plus they also do a pre-approval so while you building up your credit using the security card and for depositing money from the secure card to your business bank account then taking money from the business bank account to deposit back on to your secured uh credit card again utilizing then if you're utilizing this secured credit card making your weekly payments and stuff look at all of this activity that's happening okay this is what they want this is what financial institution they want to actually see you utilizing all of this activity with these accounts the more accounts you have the more activity the more money that they see that hey he can handle this okay so that's why you want this leverage now number eight and this is the last one this was it's a fano the first national bank of omaha now omaha the first nights in the bank of omaha they finna really get into the game okay now here's the cool thing about them all right so they do a 300 deposit on security cards up to 5 000 okay then they convert at 11 months now here's the neat thing about it guess what they offer they offer secured business credit cards right so again you're talking about recycling money opening up a business personal account and a business bank account doing a secured uh card as well as a secured business card okay again having all this all of this activity going on of recycling money this is how you actually play the game this is how you build that foundation of stability so you're a person that's starting with bad credit say that you working at mcdonald's or something you have bad credit or say that you doing door dash or instacart or something you have bad credit but you want to be able to not only build up your personal credit as well as build your company first of all if you're doing like independent contract work like door dash uber and lyft and stuff like that you should be operating under your ein so again if you have questions and i need help with setting up your corporation properly for that click the link and check out three-way funding schedule consultation now again leveraging okay the ein leveraging the business so that you'll be able to get more funny all of this is about is a money game this is a money game but there's a strategy to the money game and i'm giving you the simplest ways to do it i promise you following the steps i tell you i don't care again if you don't have if you dropped out of high school and you worked at mcdonald's if you follow my strategy i promise you within two to three years you should be hitting at least six figures because i'm showing you not only how to build up the personal credit but how to build up the business credit okay and this is the simplest strategy to do it especially when you have challenging credit or bad credit and you need to restart okay so you want to start with the financial institution but still build up the business credit side so once your credit score keeps going up once you hit that 680 mark the game's over because you are already established relationship with these financial institutions you made your deposits you utilize the accounting stuff this is the stuff that you want to show that hey i know how to manage money i know how to manage credit and stuff so that they'll be able to give you more

Channel: 3WayFunding

Views: 16,965

Keywords: credit card, secured credit cards to build credit, citi secured credit card, secured credit cards explained, secured credit cards how they work, secured credit card bank of america, secured credit card for business, secured credit cards no credit check, secured credit card capital one, secured credit card for bad credit 2021, secured credit cards that graduate, best secured cards 2021, secured card, higher credit score, high credit limit, best capital one secured credit cards

Id: 58Cc2AvEqKw

Length: 29min 51sec (1791 seconds)

Published: Wed May 12 2021