– Avoid a hard credit inquiry with these credit cards. (loud booming) (gentle music) Many credit card companies today allow you to apply for a credit card with a pre-approval soft credit inquiry. In the end with these credit card offers, you will have to receive a hard inquiry in order to open an account. But that’s not what I’m talking about today. The credit cards I will be talking about today, you can open from start to finish and not receive a hard credit inquiry, so let’s get started. The first one I’m going to be talking about is something that I used myself,
and that was Self lender. Self lender was a big part of what helped me to rebuild my credit, and since then, Self lender has improved even more.
No Hard Inquiry Credit Card
Now you can actually open up a Self lender account without a hard credit inquiry. They use something called check systems to establish an account with you. So there’s no hard credit inquiry. And then, you start building your credit with this installment loan. But the really exciting thing that Self has introduced, and this is the most important part of why I’m talking about Self right now, is just less than 12 months. They’ve had this new program out where you have your existing Credit Builder loan, and from that, after you start paying your loan back, and you have a certain balance in your account, you then are able to take out a Self Visa secured credit card simply using your payments as collateral from your Credit Builder loan.
how Self Visa card works
So I’m gonna show you this little clip right here from Self that perfectly explains how this new Self Visa secured card works. – [Announcer] The Self Visa credit card is the credit card that puts you in control. (gentle music) How do you apply for a secured card? Usually you need an
upfront security deposit to back your account and get started. But, unlike other secured cards, the Self Visa card does not require an extra deposit. Just use savings progress from your credit builder account to secure your card instead. What really sets the Self card apart?
There’s no hard credit inquiry, no additional upfront deposits, and you can use your card anywhere in the US Visa is accepted. To become eligible for the card, first sign up for a Credit Builder Account with Self.
Next, reach at least $100 in your savings progress and by making your last three monthly payments on time and have no outstanding fees. From there, choose how much of your savings you want to use for your security deposits. How much you choose will also set your credit limit. With Self, you can use your money and keep building that credit. For more, visit self.inc. – Also the very nice thing about Self, if you open an account with Self, they offer free credit monitoring. I used it to help monitor my progress. So when I opened a Self Credit Builder loan, I just opened one for $500.
Credit Builder loan
That’s technically all you need in order to start building credit with Self. It will be a one-year loan, so that’s 12 installment payments, and that’s very helpful for building credit. But they have different loan options available, and you can go with a higher amount. So if you do open the Self Visa card, you can then have a higher credit limit, but either way, the great thing about the Self Visa secured card, it will report back to the credit bureaus. You will have, with
Self, you will first open a Credit Builder loan, which is an installment loan.
secured Visa card
Then second, you will open up the secured Visa card from Self, and that is a revolving line of credit, a credit card. So that will put two different trade accounts onto your credit report, and this will give you credit mix. And credit mix is something really helpful to have on your credit report. Having a variety of different credit trade lines will boost your score a little bit. It will help you build credit a little higher and a little faster. Today, I told you about different credit card offers to avoid hard credit inquiries.
These are topics I cover. These are topics I cover regularly. If you like it, subscribe. So the next way to build credit without a hard inquiry is by using the shopping cart trick. Now, the shopping cart trick is one of the first articles I wrote in my blog.
Towards the bottom of that article, I list credit cards that I was able to get a pre-approved offer using only the last four digits of my Social Security Number, which means, this would be a soft credit inquiry. There is a method to this shopping cart trick. You have to do a couple things in order to get approved for it. I explained it in the article. You can read other articles online on how to do exactly do it. It still works, and it’s a little bit more difficult for it to work. But the credit card that I’m going to recommend that you can still get it to work for is the Express card, the Express store card.
And that usually works for most people. So if you follow the instructions step by step and use it, when you’re on the Express website, you should be able to get approved for this credit card and what makes that a really good deal, besides not only having a soft credit inquiry, is there are no fees associated with this card, so it’s no annual fee, and there’s no monthly maintenance fees.
Approved for the Express credit card And Others
So if you have not the best credit, and there are people that have had no credit. There are people that had really bad credit, and they still got approved for the Express credit card. And if you can, it really helps you to start building credit. A free way to build credit, and then you can slowly work your way up and apply and get approved for other credit cards that require no annual fees or security deposits. So this is definitely a method you need to check out. I know that Express still only requires the last four digits of your Social Security Number in order to do a soft credit inquiry.
The last six months, if you were able to get anything approved using the shopping cart method, please let us know in the comment what offers they were. I know that the Express card still works, and that’s the one I’m telling you about today. There are major secured cards that allow you to get approved without a hard credit inquiry. They are Green Dot primor Visa, Applied Bank Visa, and OpenSky Visa. Now, I’m only going to talk about OpenSky in this content because this is a credit card.
If you’re having trouble getting approved from other banks, OpenSky will probably approve you. They will approve most people, and you don’t even need a bank account to open account with OpenSky. Another reason I decided to talk about OpenSky versus the other two offers is that it has the lowest annual fee from the secured credit card offers without a hard credit inquiry. So that’s why I’m singling out OpenSky. And that annual fee is $35, so you need to put a $200 security deposit, and after that, you will receive a $35 annual fee.
Soft Inquiry Credit Cards
If you’re looking for a major credit card and you’re having trouble getting it, OpenSky Visa might be the right option for you. How do I feel in general about hard credit inquiries? Well, I try to avoid them if I can, but in most cases, I don’t get to avoid them. And in my personal opinion, they are not the worst things. So if none of these soft credit inquiry credit offers, if they don’t work for you, there are some unique and interesting offers out there that can help you build credit. There are two that I’m going to mention right now. One is the Capital One Secured card, and the other is Discover it Secured card.
I just did a Discover it Secured, so if you wanna learn more about it, check it out. But these secured cards are really the top secured cards out there, and they do require a hard inquiry. And just to let everyone know, not everybody gets approved. A lot of people do. My advice to you is that you should be very selective of what you apply for. Maybe go on different bank sites that do have a pre-qualification process so you’ll have a better idea whether you can get approved or not before you apply because the way I feel, if you get a hard credit inquiry and you get approved for a line of credit, it really doesn’t matter because this new line of credit, if you use it responsibly, will help raise your credit score.
Hard credit inquiry
And that credit inquiry doesn’t really matter. So if you have one or two credit inquiries, it really doesn’t matter. It just makes it more difficult if you get denied for credit because that will keep lowering your credit score. Each and every time you get denied, it will lower your credit score. Some people need to take about six months off from applying for credit cards, and then after waiting six months, they can go back and try for applying for new lines of credit.
The reason for that is that a hard credit inquiry stays on your credit report for two years, but it’s really the first six months that impacts an individual the most. That is the reason why you’ll see people sometimes take a break from applying from credit cards just to lessen the affect that the hard credit inquiries are currently having on their credit report. Plus, if you have other credit cards on your credit report, you can take that time to build positive credit history with that, so that’ll also raise your credit score. After six months, you’ll have a lot better chance getting approved for good credit card offers.
So I talked about the shopping cart trick in this content. And you should definitely check that out because I do mention that this is one of the easiest ways to get approved for credit cards, store credit cards. So if you’re willing to apply for a credit card with a hard credit inquiry, I can recommend two store credit cards.
Store Credit Cards
They are the Target REDCard and the Kohl’s Charge card. These are two store credit
cards that my viewers have reported that they have been able to get approved for. The Kohl’s Charge card does have a pre-qualification application, so if you’re not sure if you can get approved, you can fill that out first. It’ll give you a good idea. It’s not guaranteed, but if you go through with the full, if you go through the full application with the hard credit inquiry, you probably will get approved. So that’s a good option there.
And I’m recommending the Target REDCard because from what I’ve been hearing from viewers is that they have told me they have not had the best credit when they applied for the Target REDCard, and they were still approved. Plus, Target is a great store to have a store credit card with because you receive 5% off on all your purchases automatically, even if they’re on clearance. There are a few little things you don’t get 5% on, but they are so few and minor, and I don’t think I’ve ever run into one of those. Okay, so what credit cards have you been using to build credit? Have you been using the Discover it Secured card or a different credit card? Let us know in the Comments section below.
Until next time!.