Boost Your Credit Score INSTANTLY with Secured Credit Cards

Hey credit heroes. I have made every single credit card mistake so you don't have to. And today I'm going to share a unique way to build up your credit using a secured credit card. If you have existing credit problems or you're just starting to build credit, you're probably considered a high risk and you may have trouble securing a loan or even a credit card. That's why I want you to know about secure credit cards and how they can help you to build your credit score secure. So you better stick around.

So the big question is this. How can we take our passion for helping people with their credit and turn it into a successful business without taking loans? Without spending a fortune by bootstrapping it from nothing so we can help the most people and still become highly profitable? That is the question and this podcast will give you the answer. My name is Daniel Rosen and welcome to Credit Repair Business secrets.

In the 20 years since releasing my first credit repair software, I have helped thousands of businesses scale from the ground up. I experienced many of the same challenges that credit heroes face, and I learned proven ways to overcome them and succeed. And let me tell you, one of the hottest topics has always been credit cards. Love them or hate them, the reality is that credit cards are a huge part of your credit score and a lot of people's daily lives. I've heard pretty much every opinion about credit cards and probably as many misconceptions about them. I've even made a lot of mistakes with them myself. Years ago I used to live on credit cards and that got me into a lot of trouble. Now you might think you're a secure risk for a loan or even a credit card. After all, you've got a job and you pay your bills on time. But if you've had issues in the past that have hurt your credit score, or if you're young and experienced when it comes to building credit, maybe you don't have much credit history. Financial institutions may be reluctant to issue large limits for your credit cards. Here's how this relates to us. It might seem unfair, but it can all start with one lender. Even if just one credit card company gives you a card with a low limit, other credit card companies can see that and assume that your credit is damaged, so they'll give you a low limit as well. Once judgment is passed on you, it can be hard to get approved for credit limit increases or even additional cards. It's messed up, I know. So how can you escape this spiral? It all starts with your credit utilization. Credit utilization is how much you borrow compared to your credit limits, and that ratio makes up about 30% of your credit score. So you need to keep your total credit utilization across all your credit card accounts as low as possible, preferably under 30%. Now, to fully understand this, we have to do a little math. Sorry about that. I know it might be a little too early in the day to be doing math, but here we go. When calculating your overall credit score, scoring models will add up all the balances on your credit cards and then add up all the credit lines on your credit cards. They then divide the total balance by the total credit limit and multiply that by 100 to get your total credit utilization ratio and percentage. Okay, confusing, I know, but let's try a quick example. Let's say you have two maxed out credit cards, each at $1,000. Since they are maxed out, you would be at full utilization, 100% debt to limit ratio. It's bad. I know, I've been there. But if you get a new credit card with a $10,000 limit, then your utilization will drop dramatically because the scoring model add 10,000 to your total credit, but your debt is still only 2000. So your utilization drops from 100% to under 20%, and that can significantly increase your credit score. Wow, that's a crazy difference, right? If you want more practical advice on how to improve your credit, check out my free Start Repairing Credit Challenge. My team and I will guide you through how to fix your own credit and even how you could make money helping other people. All the training is super supportive with a clear action plan for you to follow. And the next challenge starts soon, so sign up for free@startrepairingcredit.com okay, now I know that qualifying for a new credit card with a $10,000 limit might be difficult. So I'm going to tell you about a unique way of building your credit with a secured credit card. Here's what you need to know. Traditional credit cards are unsecured. Unsecured credit cards operate like a loan, but with revolving credit. You're given a credit line with a limit, and you can charge purchases up to that limit. And then as you pay it down, you can reuse the available credit again and again. But a secured credit card operates differently. Instead of the lender providing you that credit limit, you provide you that credit limit. When you apply for a secured credit card, you give the bank or financial institution a refundable security deposit as collateral, which serves as your limit. And that amount shows up on your credit report as your credit limit. If you use the card responsibly, paying it off every month or at least 10%, the bank will give you the money back and give you the amount you deposited as a credit line. Okay, back to math. Let's say you opened a secured credit card with $2,500. When the bank gives you that money back, you can use it with another $2,500 and get another secured credit card with a $5,000 limit. Remember how I said cards with high limits lower your credit utilization score and how that's a good thing? And now do you see how secured credit cards can help? Isn't it great when the world works in harmony? Here's my final point. Keeping a reasonably low level of credit utilization can be tricky. Credit cards are so convenient. They suck you in and then the next thing you know, you've got more debt than you're prepared to deal with. In fact, I was addicted to credit cards for many years, so I know firsthand that you need to be careful. But using secured credit cards to build up your credit limits can have a great impact on your utilization percentage and ultimately your credit score. And I'll end by saying, if you still need a credit repair cloud account, check it out. It's the software that most credit repair businesses in America run on. Just sign up for a 30 day free trial at creditrepaircloud.com freetrial and if you'd like to improve your credit score and discover how to earn extra income repairing Credit for others, check out my brand new Start Repairing Credit Challenge. Doors are closing soon and it is completely free, so sign up right now@startrepairingcredit.com if you find value in what I share on this podcast, click below to subscribe and follow. Also, give me a thumbs up, give me a five star review, or share the show and help me to change more lives. If you have a question or a comment, drop it down below because I read each and every one of them. I would love to hear from you and I'll respond as soon as I can. So take care credit hero, and keep changing lives.

Hey everybody, it's Daniel again and real quick, I want to invite you to join what I believe is the best thing we have ever created inside the credit repair cloud community. And it is a free challenge that we call the Start Repairing Credit Challenge. If you want to repair your credit and increase your credit score and you want to learn how credit repair really works, or you dream of having a successful business of your own so you can change lives, make an impact and have financial freedom. Or maybe you're looking to add more revenue to your existing business. If that's your dream, you need to get into this challenge. We created this free challenge to help you to learn how to repair credit, help others, and maybe grow your very own credit repair business. A business that really helps people and changes lives. This free challenge will help you to understand the strategy, the tactics, and all the things you need to be successful at credit repair. And the best part is, it's completely free. So I recommend you do it right now. Stop everything, pause this audio, go online, and go to startrepairingcredit.com that's startrepairingcredit.com and join the next free challenge. And there's a challenge that's starting in just a few days. So go get started right now at startrepairingcredit.

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