5 Ways to Build Credit Without a Credit Card

Having a good credit score is one thing, but I will keep repeating this point…𝘽𝘼𝙉𝙆𝙎 𝘿𝙊𝙉’𝙏 𝙅𝙐𝙎𝙏 𝙇𝙊𝙊𝙆 𝘼𝙏 𝙔𝙊𝙐𝙍 𝙎𝘾𝙊𝙍𝙀 🧐

The credit score is a major factor but it’s not the only one. Think of people who don’t have alot of history or proof that they are good managers with their finances

One factor is account mix. Not having a good mix of accounts is a red flag to the banks. Firms want to see potential consumers who have a good mix of accounts, which show that we can handle various types of credit.

Remember, we want at least 10 positive accounts so here are five ways to add to your account mix:

1️⃣ 𝙍𝙀𝙉𝙏 𝙍𝙀𝙋𝙊𝙍𝙏𝙀𝙍𝙎- yes, paying rent can now be added to your report. All you need is the name of the company or homeowner, the dates you lived there, and $10 per month. You can link your payment source to make reporting easier. The companies normally verify with the landlord basic information like if whether or not you were a good tenant and did you pay your rent on time. This is great if you have family members who have homes or if you stayed with your parents for a bit.

2️⃣ 𝙍𝙀𝙉𝙏𝘼𝙇 𝙆𝘼𝙍𝙈𝘼 — same concept as above, just a different source. Why not utilize both??!! Also, they will backdate you two years of credit history too!! Not only will you add to your account mix, but your average age of accounts will get a boost as well.

3️⃣ 𝙎𝙀𝙇𝙁 𝙇𝙀𝙉𝘿𝙀𝙍- the quickest way to add an account in my opinion. No down payment, affordable monthly payment, and with the possibility of earning rates on a CD at the end of the term.

4️⃣ 𝙎𝙀𝘾𝙐𝙍𝙀 𝙇𝙊𝘼𝙉𝙎- go to a small bank or current bank and ask if they provide secure loans. Ask the minimum amount needed and make the deposit. They will freeze the money and give you a check. Just keep making payments for 6 months to a year. Yes, there is interest but a well built report pays in the long run. FYI, you can get three loans with three banks for the same dollar amount to get three positive accounts. All you’ll be doing is rotating the balance with three low minimum payments.

5️⃣ 𝘽𝙊𝙊𝙎𝙏 𝙎𝙀𝙍𝙑𝙄𝘾𝙀𝙎- services like Experian boost will give you credit for monthly subscriptions. I get my Netflix reported every month. Link the account you pay with and the company will verify the subscriptions.

If you thought this was powerful information, imagine what you’ll get with our ebook “Bank Secrets” and the add-on Mastermind Group for advanced credit solutions!!

See you on the other side!!