Nov. 28, 2022 Credit Management
- Open both a checking and savings account. These accounts are viewed positively by lenders. Shop around to find a bank you trust and that has no minimum balance requirements.
- Have your rent, phone, and other utilities billed in your name. Not all rental properties are reported to the credit bureau. Ask your landlord to verify.
- Apply for a bank credit card. You may need to begin with a secured credit card to get started. Secured credit cards may require a deposit so research your best options. Another option is a credit card. Be aware that you may need a co-signer.
- Consider a personal or credit-builder loan. You will be charged interest on the loan and make monthly loan payments to help build your credit.
- Ask to be an authorized user on another person’s credit card. Their credit history will appear on your credit report. Choose someone with a good credit history to build your own credit.
- Pay off your student loans as quickly as possible. If lenders can see you are paying down your student loan debt, it shows you are a responsible borrower.
When deciding how to build your credit score, do your research and choose the best option for you.