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How to improve credit and double your money

By Brandon Luke / October 6, 2015
build credit with a secured credit card

How to improve your credit while doubling your money



Some say that credit cards are evil. Every time I hear someone say this, I wonder if they actually think about what they are saying. A credit card is simply a service provided by a bank, or company, it is the responsibility of the user to handle the credit in a responsible manner. From what I have observed the only bad or “evil” thing that gets some into trouble is their spending habits. Having a credit card makes it easy to say yes to things you may not otherwise be able to afford, but it is also one of the best ways to double your money, and establish or improve your credit.

The graduating secured credit card

Often when the credit repair process is started, the individual cannot qualify for traditional credit cards, and this presents a problem because no matter how many of the negative items you get deleted, your score will not improve much without some positive reporting from a mix of accounts.

So what can you do?

Save as much cash as you can, and do a Google search for “graduating secured credit cards” There will be lots of information, and a lot of it will not be up to date, banks change the services they offer all the time, and just because a secured card is offered does not mean it will graduate after a certain amount of time.

What is credit card Graduation?

By now you should be asking this question in your head, a graduating secured is simply a secured line of credit that will automatically convert to an unsecured line after a specified amount of time. Typically after 6-12 months of responsible use, and on time payments of the account.

So if you put a $5000.00 deposit down with Bank of America,(my preferred banking institution, which happens to have a graduating secured card ) you will be extended a $5000 credit line, and it will report to all 3 major bureaus. You make all payments on time, and you don’t max out the card, and after approximately 6-12 months you will get your initial deposit back, and still have the $5000 credit line, but it is possible for the bank to bump up the line when the card graduates.

So in the end you have $5000 credit line with a possible bump up, and $5000 cash, congratulations you have effectively doubled your initial investment, and boosted your credit score at the same time.

In my opinion this method is a lot better than letting your money sit in a savings, or CD account for 12 months.

I hope this quick advice helps improve your life today. If you try it out, let me know how your progress is going in the comments. If you want help or advice with any subjects related to credit repair leave your question below and I will use the responses for future blog posts on credit repair.

About the author

Brandon Luke

Brandon Luke is a U.S. Army veteran, serial entrepreneur, real estate investor, and author who helps individuals improve their Health, Wealth, Love, and happiness though daily incremental improvement in each area.


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