How to Get Good Credit When You Don't Have Any

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Getting good credit with no credit history is done by getting a small credit card, using it regularly and paying the bills regularly to build up credibility. Build up good credit, even in the absence of any credit history, with information from a financial manager and currency trader in this free video on finance.

Part of the Video Series: Credit Reports & Credit Scores
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Video Transcript

I'm Roger Groh. Today we're here to talk about how to get good credit even though you haven't had any credit. You know it's sorta strange in today's world to talk about good credit, but that's still most ninety five, ninety six, ninety seven percent of the people out there have wonderful credit. But the question is how do you get it if you've never borrowed money before. Well, the place to start is with credit cards, very small credit cards, hundred dollars, two hundred dollars. Go use it, again very small amounts, and then make sure that you make regular payments on your credit cards on time and make sure that that data is reported correctly on your credit report. Again the credit reports aren't about the amount of money that you borrow. The credit reports are about did you pay back that money according to the schedule that you agreed to do it. If you did, you get a great credit number. If you didn't, you get a lousy one. Those are some simple steps that you can take and I'm Roger Groh.

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