Building credit score without a Credit Card

Building credit score without a Credit Card?

Counting the ways to generate a credit score.any of the following actions or events would create a credit history that translates into your score:

• You took out student loans to get through college, even federal student loans that didn’t require a credit check
• Financing furniture or electronic purchases on store credit
• You received a court judgment that requires payments, such as alimony or child support
• If you had any type of account – including service contracts for smartphones

You’ve never had any credit at all and really have no credit score – you should take the following steps:

Check your credit score

There is credit bureaus and they each maintain their own version of your credit profile.

You may believe you have no credit score, when in fact you have generated a history at some point. So check the government-authorized report download website to make sure you really don’t have a report.

Start building credit

Smaller financing will always easy to get approved for. This includes opening a secured credit card or applying for a small traditional loan. Both of these will give you a small credit line to repay, so you can build a positive credit history.

Whichever type of credit you choose, pay it off responsibly for at least six months. Make sure to make all of your payments on time. If you have a secured credit card, try to pay off the balance in-full every month.

After roughly six months to a year, you should have enough credit history to qualify for other financing.