How to Increase a Credit Score Without Credit Cards

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Increasing a credit score without the use of credit cards can be achieved by paying auto loans and installment loans on time. Find out how to increase a credit score through mortgage payments with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management
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Video Transcript

This is Patrick Munro, Financial Advisor, talking about how to increase your credit score without credit cards. It's possible to do a better score in your credit bureau without credit cards by paying auto loans on time, by paying installment loans on time, these are loans that have nothing to do with credit cards. You may have a mortgage, if you pay it on time as well, this is a great opportunity for you to do just that. Credit cards only comprise about a quarter of all activity out there, and many times you can do trade accounts as well that are reported on the credit bureau. The key is to always be timely in your payment, make sure you don't max out your credit line with any particular vendor, and keeping that balancing act in place is a great way for you to increase the credit score, and, of course, you'll notice you have not used any credit cards in that particular process. Also, your bank account, make sure it stays fairly flush with cash as well because it is also reported. This is Financial Advisor Patrick Munro talking about how to increase your credit score without credit cards.

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