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No Hard Inquiry Credit Card - 3 Soft Inquiry Credit Cards - YouTube
Channel: CreditFast
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avoid a hard credit inquiry with these
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credit cards
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many credit card companies today allow
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you to apply for a credit card with a
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pre-approval soft credit inquiry in the
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end with these credit card offers you
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will have to receive a hard inquiry in
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order to open an account but that's not
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what I'm talking about today the credit
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cards I will be talking about today you
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can open from start to finish and not
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receive a hard credit inquiry so let's
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get started and the first one I'm going
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to be talking about is something that I
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used myself and that was self lender
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self lender was a big part of what
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helped me to rebuild my credit and since
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then self lender has improved even more
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now you can actually open up a self
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lender account without a hard credit
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inquiry they use something called check
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systems to establish an account with you
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so there's no hard credit inquiry and
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then you start building your credit with
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this installment loan but the really
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exciting thing that self self has
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introduced and this is the most
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important part of why I'm talking about
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self right now is just less than twelve
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months they've had this new program out
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where you have your existing credit
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builder alone and from that after you
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start paying your loan back and you have
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a certain balance in your account you
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then aren't able to take out a self Visa
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secured credit card simply using your
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your payments as collateral from your
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credit builder loan so I'm going to show
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you this little clip right here from
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self that perfectly explains how this
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new self visa secured card works the
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self Visa credit card is the credit card
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that puts you in control how do you
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apply for a secured card usually you
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need an upfront security deposit to back
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your account and
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started but unlike other secured cards
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the self visa car does not require an
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extra deposit just use savings progress
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from your credit builder account to
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secure your card instead what really
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sets the self car departs there's no
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hard credit inquiry no additional
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upfront deposits and you can use your
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card anywhere in the u.s. visa is
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accepted to become eligible for the card
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first sign up for a credit builder
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account with self next reach at least
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$100 in your savings progress and by
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making your last three monthly payments
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on time and have no outstanding fees
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from there choose how much of your
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savings you want to use for your
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security deposits how much you choose
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will also set your credit limits with
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self you can use your money and keep
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building that credit for more is it self
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dot Inc
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you
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also the very nice thing about self if
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you open account with self they offer
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free credit monitoring I used it to help
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monitor my progress so when I opened a
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self credit builder loan I just opened
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one for five hundred dollars that's
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technically all you need in order to
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start building credit with self it will
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be a one-year loan so that's twelve
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installment payments and that's very
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helpful for building credit but they
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have different different loan options
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available and you can go with a higher
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amount so if you do open the self Visa
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card you can then have a higher credit
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limit but either way the great thing
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about the self Visa secured card it will
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report back to the credit bureaus so you
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will have with self you will first open
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a credit builder loan which is an
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installment loan then second you will
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open up the secured Visa card from self
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and that is a revolving line of credit a
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credit card so that that will put two
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different trade accounts onto your
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credit report and this will give you
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credit mix and credit mix is something
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really helpful to have on your credit
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report having a variety of different
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credit trade lines will boost your score
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a little bit it will help you build
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credit a little higher and a little
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faster
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so today I've told you about different
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credit card offers to avoid hard credit
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inquiries if this has helped you in any
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way I'd appreciate it so much if you
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could hit that like button and subscribe
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if you want to see more videos like this
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these are topics I cover these are
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topics I cover regularly so if you like
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it subscribe so the next way to build
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credit without a hard inquiry is by
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using the shopping cart trick now the
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shopping cart trick is one of the first
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articles I wrote in my blog in 2017 at
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towards the bottom of that article I
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list credit cards that I was able to get
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a pre-approved offer using
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only the last four digits of my social
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security number which means this would
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be a soft credit inquiry so there is a
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method to this shopping cart trick you
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have to do a couple things in order to
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get approved for it I explained it in
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the article you can read other articles
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online on how to do exactly do it it
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still works and it's a little bit more
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difficult for it to work but the credit
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card that I'm going to recommend that
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you can still get it to work for is the
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Express card the Express store card and
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that usually works for most people so if
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you follow the instructions step by step
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and use it when you're on the Express
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website you should be able to get
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approved for this credit card and what
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makes that a really good deal besides
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not only having a soft credit inquiry is
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there are no fees associated with this
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card so it's no annual fee and there's
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no monthly maintenance fees so if you
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have not the best credit and there are
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people that have had no credit there are
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people that had really bad credit and
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they still got approved for the Express
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credit card and if you can it really
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helps you to start building credit a
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free way to build credit and then you
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can slowly work your way up and apply
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and get approved for other credit cards
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that require no annual fees or security
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deposits so this is definitely a method
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you need to check out I know that
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Express still only requires the last
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four digits of your social security
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number in order to do a soft credit
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inquiry so the last six months if you
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are able to get anything approved using
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the shopping cart method please let us
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know in the comment what offers they
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were I know that Express card still
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works and that's the one I'm telling you
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about today but if you know of different
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card offers tell us in the comment
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section below
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alright there are major secured cards
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that allow you to get approved without a
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hard credit inquiry they are green dot
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primer visa applied bank visa and open
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sky
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VESA now I'm going to only talk about
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open sky in this video because this is a
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credit card a secured credit card I have
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covered in other videos and it is an
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option to get approved for credit if
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you're having trouble getting approved
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from other banks a open sky will
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probably approve you they will approve
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most people and you don't even need a
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bank account to open account with open
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sky another reason I decided to talk
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about open sky versus the other two
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offers is that it has the lowest annual
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fee from these secured credit card
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offers without a hard credit inquiry so
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that's why I'm singling out open sky and
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that annual fee is $35 so you need to
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put a 200 dollar security deposit and
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after that you will receive a $35 annual
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fee so if you're looking for a major
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credit card and you're having trouble
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getting it open sky visa might be the
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right option for you so how do I feel in
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general about hard credit inquiries well
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I try to avoid them if I can but in most
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cases I don't get to avoid them and in
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my personal opinion they are not the
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worst things so none of these soft
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credit inquiry credit offers if they
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don't work for you there are some unique
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and interesting offers out there that
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can help you build credit there are two
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that I'm going to mention right now
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one is the Capital One secured card and
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the other is the discover it secured
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card I just did a discover its secure
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review video so if you want to learn
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more about it check it out but these
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secured cards are really the top secured
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cards out there and they do require a
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hard inquiry and just to let everyone
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know not everybody gets approved a lot
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of people do my advice to you is that
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you know you should be very selective of
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what you apply for maybe go on different
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banks like that
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do have a pre-qualification process so
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you'll have a better idea whether you
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can get approved or not before you apply
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because the way I feel if you get a hard
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credit inquiry and you get approved for
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a line of credit it really doesn't
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matter because this new line of credit
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if you use it responsibly will help
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raise your credit score and that credit
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inquiry doesn't really matter so if you
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have one or two credit inquiries it
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really doesn't matter it just it just
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makes it more difficult if you get
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denied for credit because that will keep
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lowering your credit score each and
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every time you get denied it will lower
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your credit score so some people need to
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take about six months off from applying
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for credit cards and then after waiting
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six months they can go back and try for
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applying for new lines of credit the
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reason for that is that a hard credit
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inquiry stays on your credit report for
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two years but it's really the first six
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months that impacts an individual the
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most so that is the reason why you'll
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see people sometimes take a break from
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applying from credit cards just to
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lessen the effect that the hard credit
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inquiries are currently having on their
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credit report plus if you have other
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credit cards on your credit report you
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can take that time to build positive
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credit history with that so that'll also
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raise your credit score so after six
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months you'll have a lot better chance
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getting approved for good credit card
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offers so I talked about the shopping
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cart trick in this video and I also
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talked about the shopping cart trick in
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another video the ten easiest store
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credit cards to get and you should
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definitely check that out because I do
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mention that this is one of the easiest
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ways to get approved for credit cards
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store credit cards so if you're willing
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to apply for a credit card with a hard
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credit inquiry I can recommend to store
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credit cards I did review videos on both
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because I feel very strongly about them
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they are the target red card and the
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Kohl's Charge Card these are to store
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credit cards that my viewers have
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reported that they
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I've been able to get approved for the
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Kohl's Charge Card does have a
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pre-qualification application so if
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you're not sure if you can get approved
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you can fill that out first it'll give
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you a good idea it's not guaranteed but
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if you go through with the full and if
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you go through the full application with
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the hard credit inquiry you probably
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will get approved so that's a good
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option there and I'm recommending the
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target red card because from what I've
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been hearing from viewers is that they
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have told me they have not had the best
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credit when they applied for the target
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red card and they were still approved
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plus target is a great store to have a
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store credit card with because you
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receive 5% off on all your purchases
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automatically even if they're on
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clearance there are a few little things
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you don't give 5% on but they are full
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so few and minor and I don't think I've
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ever run into one of those okay so what
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credit cards have you been using to
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build credit have you been using the
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discover it secured card or a different
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credit card let us know in the comment
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section below
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until next time
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