How to Start My Credit Score

Start Your Credit

Not having a credit score can impact your ability to obtain a personal loan, auto loan and credit card. There are several ways to quickly establish credit and begin building a credit score. Starting your credit is only the first step. Being responsible and maintaining your credit is key is building a solid rating and acquiring the best rates on all types of financing.

Things You'll Need

• Bank account
• Employment
• Utilities
• Credit card

Instructions

1. Visit a bank or credit union. Apply for a savings or checking account before applying for credit.

2. Find employment. Credit applications will request information about your income and employment history. Get a job, and maintain steady employment prior to requesting a new line of credit.

3. Save money. It's easier to obtain a secured credit card with no credit history. Save at least $500 for your security deposit.

4. Apply for utilities in your name. Get a telephone line or other household utility in your name to demonstrate a level of responsibility and help you obtain your first line of credit.

5. Submit a credit application. Apply for a secured credit card with your bank or credit union.

6. Know your due dates. Be aware of your due dates, and pay your credit card on time to raise your credit score and build a solid rating.

7. Exercise self-control. Avoid the temptation to shop uncontrollably. Use credit for emergencies, and pay off your debts to keep a high score.

References

• Federal Reserve: Improving Your Credit
• Bankrate: How to Establish First Time Credit
• Wells Fargo: Establish Credit