The 4 BEST Credit Cards For Beginners In 2024 (No Annual Fees)

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⏰ Timestamps ⏰
00:00 Intro
00:27 Before Applying
02:53 Card #1
05:25 Card #2
07:09 Card #3
08:43 Card #4

📝 What are the 5 main factors that affect your credit score?
1. Payment History: Whether you pay your bills on time.
2. Credit Utilization: How much of your available credit you’re using.
3. Length of Credit History: How long your credit accounts have been open.
4. New Credit: How many new credit accounts you’ve recently opened.
5. Credit Mix: The variety of credit types you have (credit cards, loans, etc.).

What is a secured credit card?
A secured credit card is a type of credit card that requires you to make a cash deposit upfront. This deposit acts as collateral and typically serves as your credit limit. For example, if you deposit $300, your credit limit will likely be $300. Secured credit cards are usually designed for people who are building or rebuilding their credit. By using the card responsibly and making on-time payments, you can improve your credit score over time and eventually get an unsecured card.

What is credit piggybacking?
Credit piggybacking is when someone with a good credit history adds another person, usually someone with poor or no credit, as an authorized user on their credit card account. The person being added doesn’t need to use the card or even have access to it. Instead, they benefit from the positive credit history of the main cardholder, which can help improve their own credit score. It’s a way for people to build or boost their credit quickly by „piggybacking” on someone else’s established credit.

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Disclaimer: This content is for entertainment only and does not constitute legal, tax, or financial advice. It is for general informational purposes. The presenter is not a licensed professional. Viewers should consult their attorney, accountant, or financial advisor for advice on specific legal, tax, or financial issues.