How to Add Good Payment History to a Credit Report
If you are trying to improve your credit score, one of the quickest ways to get a higher rating is to add a good payment history to your report. Even if you have a past history of delinquencies, this can have a dramatic effect on your overall credit rating.
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Instructions
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Take out a secured credit card. If you have bad credit, this is the easiest way to add a good payment history to your credit report. Almost anyone can get a secured card and most companies will report to the credit bureaus.
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Spend a little money every month on that card. The key to adding a good payment history is to charge a small amount to your secured card each month. Whether it is for a tank of gas or something small, you want to actually use your card. You will need to control your spending habits however and limit yourself to one purchase a month.
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Pay your bill on time every month. Since you will only be purchasing only small dollar items, it will be easy to pay off your card completely every month. Make sure you send your payment in a week before it is due.
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Check your report. After about three months, you should be able to see a change in your overall credit score. If the card company is not reporting to the credit bureaus, you can contact them to add your good payment history to your credit report.
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Start slowly. In order to get a good payment history on your credit report, you need to start slowly. Use only one card, and then six months later, add another. Keep paying everything on time and your efforts will pay off. It will be easier to get a loan once you have a history of paying your debts on time.
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Tips & Warnings
If you already have a credit card or loan that you make payments on, but your lender or card company is not reporting to any of the credit bureaus, ask them to start. This will definitely help you build up a good payment history on your credit report.
Remember to control your spending. Credit cards are not free money and it is all too easy to do damage to your credit score. Practice good spending habits and with diligent effort and on time payments, you can improve your score.
