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Improve Your Credit Rating Without Using Credit Card

By Faye Mergel
Published: Thursday, February 13th, 2014

Unless you are extremely fortunate and have tons of cash – you will need a credit one time or another. Taking a loan can sometimes be more practical and profitable even though you have your own money and whenever you are seeking a credit – it will be your credit scores that will be checked by most of lenders. People with a limited or no credit history at all are required to build up their credit rating and boost their credit score if they if they want to apply for a big credit. For many people having a credit card and using it is still the only way of building up a credit history, but in reality there are a number of other ways too that can also help you in building history and improving your credit score without even using your credit card.

Most of you pay some recurring bills on a monthly basis like house rent, utility charges, cable and telephone bills etc. you can always give your service providers a call and request them to report your account activity to the major credit bureaus. If you have responsible payment habits and always pay all your bills in time, then you can certainly build up a good credit history and as your payment history is accountable for 35% of your credit record you can certainly expect it to have a positive impact on your credit report.
Becoming an authorized credit card user can also be a great option but this is also advisable only if you have a good and dependable paying habit. Signing in as an authorized user can always improve a credit profile by a certain degree.

Applying for a small persona loan from a credit union with limited accessibility and restricted membership can also boost up your credit score by a considerable margin. Similarly applying for installment loans can also be a good choice in this purpose. Paying out installment loans timely for an extended period can also help you in building a better credit report. It will present you to the creditors as a responsible borrower and this can also account for 10% of your credit score.

If you are student, you can also take a Federal student Loan, that doesn’t require a credit check. Moreover as it is an installment loan it will add to your credit score there are also other available options like peer to peer loans or trying out alternative credit scores to improve your credit rating.

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