It's possible that you might be curious about how to build credit, without using a credit card. Here's Bankrate's guide. Continue reading for more information about retail credit cards and secured cards. Also, make sure that you pay all your bills on time. This will help you build credit. You don't have to do it all. It just takes time. It is definitely worth it.
Bankrate's Guide to Building Credit Without a Credit Card
You don't have to apply for credit cards if you aren't interested. However, it is possible to build a positive credit record without having to establish credit scores. Credit cards are the fastest way to improve your financial standing. A mere 40% of Americans have a score below 700. This means that you may have trouble securing new credit if you've already maxed out your current cards.
Secured cards
Consider a secured card to help build your credit. Secured credit cards report monthly credit bureau payments. A secured card does not require you to make an initial deposit. They work like a credit card and come with a revolving loan that you can replenish as you make payment.
Retail credit cards
Considering applying for a store credit card is a great option for people with bad or no credit. The cards are approved quickly and can be used to make purchases in store or online. Some store credit card are part of the payment network so you can use them at any retailer. These cards can be a great way to rebuild your credit, and offer many benefits and rewards. Be sure to think about how you'll use the store credit card before you apply.
Make on-time payments
While credit cards can be a great way to build credit, they are not the only option. Credit card payments do count towards your credit score. But there are other ways you can improve your credit score. Being an authorized credit card user is a great way to build your credit.
Increase your credit limit
Most card issuers will pull your credit report when you request an increase in credit limit. However, not all do. The request you make won't have a negative impact on credit scores. A higher limit may have some benefits but you need to think about whether you are able make all your payments and pay your new card off in full each month. If you need the credit to pay large bills or refinance debts, an increase in credit limits can have negative effects on your credit.