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Do Student Loans Build Credit?
How Does a Secured Credit Card Build Credit?
Do You Need a Financial Planner?
About High-Risk Personal Loan Banks
How to Apply for a First-Time Credit Card
About Instant Approval Personal Bank Loans
About Personal Bank Loans for People With Poor Credit
Credit Card Facts
About Interest Rates on Personal Loans
Do You Have to Pay Off Credit Cards of the Deceased?
Can Credit Cards Rebuild a Credit Score?
Do All Credit Cards Have a Variable APR Rate?
Do Debit Cards Help Build Credit?
About Short-Term Loans
About Using Savings to Pay Off Personal Loan
How Did Credit Scoring Come About?
Does a Paid Mechanics Lien Decrease Your Credit Score?
About Consumer Credit Counseling Agencies
Different Types of Savings Accounts
Are Home Improvement Loans Tax Deductible?
Difference Between Credit Unions & Banks
How to Close a Credit Card Account
About Federal Bank Regulations
Do Bounced Checks Affect Credit Rating?
How Does a Remodeling Loan Work?
Difference Between Secured & Unsecured Loans
Basic Money Management Skills for Youth
Best Way to Build Credit Without Credit Cards
Rebuilding credit usually involves beginning with a prepaid credit card to show the banks that bills are b… More
Once you have built up a bad credit history, it can be a big challenge to rebuild your credit. One way to … More
Having a good credit rating is important. If your FICO score is lower than 720, you need to work on impro… More
FICO has updated its method of tracking, calculating and scoring your credit. This article shows you what … More
The best way to build credit without using credit cards is to pay bills from utilities, rent or even gym m… More
Credit is a way that financial lives are managed in America, and it's important to have a good credit rati… More
These days it is important to establish credit and to keep it good standing. Whether you are looking to bu… More
If a person has no credit, the Federal Housing Authority, or FHA, still allows for alternate credit trades… More
Poor credit, which is generally considered a credit score that is lower than 619, can have a major effect … More
Establishing credit history is a vital part of consumerism for those who plan to eventually borrow money f… More
Repair your own credit by receiving your credit score, highlighting derogatory charges and negotiating pay… More
Maintaining a good credit history is important, especially if you plan to buy a home. Individuals with goo… More
A repossession of property used to secure a debt is one of the most devastating things that can appear on … More
Credit card interest rates affect your minimum payments and your ability to pay off the credit card. If yo… More
Summary: The best way to build credit without using credit cards is to pay bills from utilities, rent or even gym memberships on time. Think outside of the box to prove a positive credit history with advice from a financial adviser in this free video on money management and financial planning.
Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more
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"Hi, my name is Matt McKillen and I'm with Innovative Financial Group. A question posed to me today was, what's the best way to build credit without using credit cards. Well I've had many first time home buyers come to me to purchase a mortgage and they did not have any credit cards established in their name. And part of the process of us getting someone approved, especially when we're going through an FHA loan, is to be able to provide at least three trades or three credit references even though that may be what we call alternate trades. One of the forms of that is by having a letter from a utility company. So if you are renting an apartment be sure that you pay those light bills on time and those water bills on time because a letter from one of those companies can be used to help build a credit history. Another item I can kind of point out is when you pay your rent. Always pay with a check. A lot of times we require to look at twelve months canceled checks to prove that someone is making their rent payments on time. And it really shows value to a lender when they're trying to approve them for a mortgage and they don't have any credit card history on their credit report. We've even went so far as to get letters from gym memberships, that they make their gym membership payments on time. So just think outside the box, even though you may not have credit cards or credit card debt on your credit bureau, they are other things that you pay for on a monthly basis that can be used to help build your credit. Again, my name is Matt McKillen and I'm with Innovative Financial Group."
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