How to Build Credit Without a Credit Card #shorts
Channel: Mike the Credit Guy 
Date: 16/06/2022

What if your credit score isn't high enough to qualify for a credit card? Credit issues occur. 40% of Americans have a FICO score below 700. Here's the Mike Meza guide to building credit without a card.

Cards aren't your only option for building credit. Credit reporting agencies use credit card purchases and payments to evaluate creditworthiness, but not exclusively. You can qualify for the card you want if you make payments on time and keep your debt-to-credit ratio low (below 30%).

1️⃣ Secured card application
Secured credit cards have lower approval thresholds because cardholders must make a cash deposit. A $200 deposit equals $200 in credit, $500 equals $500, etc. Secured cards let you make purchases and payments and may offer bonuses. After a certain number of on-time payments, some credit companies raise your limit. NOTE: Debit cards that build credit are also in this category like the Credit Sesame Debit Card https://bit.ly/mikecreditsesame

2️⃣ Borrow money
When paid on time and in full, personal loans can help build credit. These loans have higher APRs than credit builder loans (especially if you have a limited credit history or have defaulted on loans), but they can help build credit.

3️⃣ Car loan
On-time car payments build credit. If you want to build credit and need a car, look for a low-to-medium APR with affordable monthly payments.

4️⃣ Payoff a loan
Repaying loans, like student loans, on time can improve your credit rating.

5️⃣ Change payments
Student, auto, and personal loans are just the tip of the credit iceberg, say creditors. They're willing to consider alternative payment data to help you build credit.

6️⃣ Credit-building loan
When you apply for a credit builder loan, the full amount is deposited into a secure account. You can't get the money immediately, unlike a regular loan. Instead, you make a fixed monthly payment until the loan is repaid. Credit builder loans let you build credit without spending extra money. All payments are reported to credit bureaus to boost credit. #credit #creditbuilding #credittips #creditreport #creditrepair #credithacks #creditsesame

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Text: #Limitless to: 877-356-3577 

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Find the links to everything I talk about in my videos as well as credit-building products, services, and resources: https://limitlessculturegroup.com/social-3

Credit Building Resources:
Downloadable templates and DIY credit tools: https://cutt.ly/dispute-library
Get your credit reports and FICO Scores: https://cutt.ly/my-score-iq-youtube
Learn to travel 100% for FREE: https://cutt.ly/youtube-travel-for-free

Credit & Debit Cards for Building and Rebuilding Credit:
Amex Platinum Card: https://cutt.ly/amex-platinum-card-youtube
Extra Debit Card: https://cutt.ly/1O1LGcv 
Tomo Card: https://cutt.ly/TO1XWgm 
Petal Card: https://cutt.ly/UO1VSNz 
Capital One QuicksilverOne Rewards Card: https://cutt.ly/oO1BO3M 
Step Teen Credit Builder Card: https://cutt.ly/GO1B1gN
Credit Sesame Card: https://bit.ly/3roHLXK
Destiny Mastercard: https://cutt.ly/mO1NhWU 

Other Credit Building Products:
Self Installment Credit Builder: https://cutt.ly/self-credit-builder
Greenlight Banking and Investing for Kids & Teens: https://cutt.ly/greenlight-investing-for-kids-and-teens-youtube 

About Limitless Culture and Mike Meza:
Hi, I'm Mike. I established Limitless Culture with a singular objective, to improve creditworthiness and provide credit education for regular, everyday people with fun and engaging content, DIY products, and (for some because no everyone needs it) monthly credit repair services for people with specialty disputing needs. I want to empower working-class people and their families to be able to take control of their credit files the right way.