Other Tips For Building Solid Credit
In addition to getting a new credit card and using it to build up your credit, there are a number of other specific tactics you can use to raise your credit score.
Try these strategies:
- Team up with someone who has good credit and a good payment history. For example, let’s say your spouse has a really solid credit history and a credit card with a relatively low balance. They can add you as an authorized user to their credit card.
- When they do that, their available credit becomes yours and you begin to benefit when they make payments on time.
- Consider keeping older credit cards, even if you don’t use them much anymore. Why? Because the age of your credit history impacts your credit score. Having an older card on your credit report extends the total age of your credit.
- You may want to enroll in the Experian Boost program. With this program, you connect your bank account that you use to pay your utility and cell bills to Experian. Then you highlight on-time payments you’ve made to these companies and these payments are added to your credit report.
- Once they’re added, your credit score is increased.
- Get a secured loan, which is similar to a secured credit card. Essentially, you deposit a set amount into a bank account and then can borrow against the deposited amount. When you make on-time payments, they’re added to your credit report and your score increases.
- Finally, you may want to look into non-profit lending organizations. In recent years, a number of organizations have been created that are designed to help people get financing and build their credit.
- For example, Mission Asset Fund makes small loans available to certain individuals which can be used to improve credit scores.
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