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Building up your credit history is very easy! As soon as you build up your positive credit history, you'll never have to worry about getting turned down for a car or a house again, lest you destroy your credit.
Open up a Bank Account
The best way to start giving yourself some sort of financial history is to open a bank account. They don't involve a credit score, credit is not required in order to open the account itself. The sole purpose of this account is to open it and have it as a backing on your financial history. While it will not affect your credit score in any way, shape or form, but it does help to have some sort of account on your record. While the account will help you start to form your credit history, it also has some benefits of its own. These benefits include, but are not limited to:
- Keep your money safe
- Allow to make safe payments
- Maintain financial records
- Deposit your paycheck(s)
- Build up your savings
- Access your loans
The bank account is supervised and password protected, so you can be confident that your information as well as your money is kept safe and sound. No credit history? No problem.
Collect your Employment History
Get together a list of all of the jobs that you have held in the past and the income that they generated for the period of time that you worked there. This helps lenders see if you can hold down a job that will allow for a steady income. Without a steady income, a credit history is rather difficult to formulate and it won't show lenders that you are going to be able to pay off anything that you might owe to them. After all, if you can't hold down a job and make a decent salary, why would anyone lend money to you? Employment history that has been documented is something that can take you one step further to calculating your credit score and keeping it in the good range.
Collect your Residence History
Where have you lived in the past, in other words? This can help the lenders and credit score reviewers see how your income is generated and put into the form of a house of some sort. If you are making very little money and living a great house, it's likely that you've borrowed money from a family member or put yourself into debt some other way. This is not what these people want to see and it's certainly not going to help you create a good credit score, by any means. Owning a home opposed to renting or leasing a home, will help boost your credit score greatly. Being married and having a joint payment on the home is even better, because the lenders and people of that stature will consider you a very stable person.
Locate your Utilities
If you own, lease or rent a home, you are surely paying for utilities such as water, air and electric. The bills that you receive from these things, along with the receipts, can help you generate good credit so long as you are paying the correct amounts and the correct times. Obviously, if you are not paying the company the right amount, that will not generate positive reviews by any means. Keep the receipts that the company sends you and file them away. That way, when you need to show them to the lender or the credit score reviewer, you have the documents at hand and don't have to go searching for them. No credit history? No problem! Having your name on the receipt or the bill will not change your credit score directly, but it can help you take out a loan even if you don't have a credit score and it can be a great stepping stone to get to where you want to be.
Just because you don't have a credit score, that doesn't mean that you cannot successfully take out a loan or, better yet, build a score from the ground up. If you take the right precautions, you can be very successful.
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