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How to start building your credit


Everyone needs credit. Credit helps you obtain a product or a service when you want it or when you need it. A positive credit history is an asset, not only when you apply for a credit card, but also when you apply for a job or insurance, or when you want to finance a car or a home. A good credit will play an important role in determining your future. Employers increasingly check the credit rating of prospective employees.

However, it seems difficult to begin to establish credit if you have not haven't financed a car loan, a computer, or some other major purchase.

If you have little or no history of credit, you'll want to begin establishing a positive credit history as soon as possible. The most important thing to do to establish and maintain good credit is to pay your bills on time. Slow or missed payments are a sign to the lender that you are not capable or have trouble handling credit.


Here's how to begin to establish your credit.

  • Open a checking account - Balance your checkbook each month so that you can be sure never to overdraw your account.

  • Apply for a credit card. Credit cards are an excellent tool for establishing good credit references. You can easily demonstrate your creditworthiness by paying your bills on time and having a stable relationship with a bank.

    You'll find it difficult to get bank-issued regular Visa and MasterCard credit cards. However, there are other forms of credit cards available with for people with bad credit or no credit:

    • Prepaid credit cards
      A prepaid credit card works like a credit card, but acts like cash. Because you prepay, there is no credit check. You open an account and "pre-load" the card with cash up-front, similar to a pre-paid calling card. Then you use your prepaid MasterCard or Visa anywhere these cards are accepted.
    • Secured credit cards
      A secured credit card is a credit card secured by a savings account that has been established in advance by the borrower. The amount in the account usually determines the limit on the credit card.

    • Unsecured catalog cards
      These cards are great for shopping in particular catalog stores and establishing credit. They offer generous credit lines than other cards.

    • Gas cards or Retail cards
      Department store or gas credit cards are usually easier to obtain than a bank-issued card with a Visa or MasterCard logo because the balances do not generally revolve.

  • Get you rent payment history reported. - With recent changes, FICO's expanded credit score will include your rent payment history. This will help many underserved people including recent immigrants, college students, new divorcees and widows, and those who live on cash, establish credit and improve credit score. Get you rent payment record reported in your credit file:Rent Reporting

  • Open a savings account - Make regular deposits and try to avoid taking money out of your savings account. To help you establish credit, some banks will allow you to take out a small personal loan secured by your savings account.

  • Optionally, you mayconsider asking someone with an established credit history -- perhaps a relative -- to co-sign the account if you don't qualify for credit on your own. The co-signer promises to pay your debts if you don't. You'll want to repay any debt promptly so you can build a credit history and apply for credit in the future on your own.








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