Can't Get a Credit Card? Try These Credit-Building Tips
Many things in life depend on your credit score, from interest rates to credit cards, loans and even the place you live! If your credit score is good, you have a better chance at getting good financial offers, but if your score is low or nonexistent, your chances are slim.
If your credit score is low or you haven't built any credit at all, improving your score may seem impossible. Most people think you can only build your credit score with credit cards, but they don't qualify for good credit cards because of their poor credit rating. The good news is that what feels like a no‐win situation is not so after all. Try either of these tips to build your credit score without a credit card.
Use Experian Boost
Payment history makes up a large part of your credit score. This is evident to Experian, which is why they have launched Experian Boost. With this program, you can include your utility and cell phone payments in your credit score calculation.
If missing a payment is a concern of yours that leaves you hesitant about signing up, don't fret ‐ Experian only counts payments that have been made on time! This means if you miss a payment, it will not harm your credit score!
Set up a CreditStrong Account
Credit builder loans are a good option for building or rebuilding credit, such as those offered by CreditStrong. These loans allow you to borrow money without a hard credit pull, while locking the funds in a locked savings account that serves to secure the loan. Once the required payments are made, the account is unlocked, thus releasing the funds to you. During this time, you will receive positive payment reports to the credit bureaus, which will build your score for up to 24 months.
For help on improving your credit, contact us today.