Things You'll Need:
- Bank account
- At least $1,000
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Step 1
Get a secured loan from your bank. A secured loan is one that the bank gives to you as a personal loan against a deposit of the same amount. Most banks keep the money that you give to them in a fixed deposit in your name. This is the most efficient way of building your credit profile if you do not have a credit card. Getting a secured loan is easy. All you have to do is visit your bank and offer them an amount like $1,000. They will lend you the exact amount in the form of a loan which they will report to the credit bureaus.
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Step 2
Make monthly payments on the loan in a timely fashion. This will also be reported to the credit bureaus which will increase your score. Do not pay off your loan ahead of time even if you have the money. Remember you are only playing a trick on the credit bureaus.
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Step 3
Pay all your other bills on time. Most companies do not report your timely bill payments to the credit bureaus but all delinquent accounts are reported, so avoid that.














Comments
Rockney said
on 11/24/2008 Good information! 5*!