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How to build new credit

how to build new credit

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Open at least one bank or credit union account. Checking and savings accounts make you look more attractive to lenders when you don't have any credit history, according to Pulliam Weston. Many credit applications ask whether you have any accounts and look more favorably on you if you can say "yes."

Apply for a credit card from a department store or other retailer, Pulliam Weston advises. Try to get a branded gasoline card if you prefer to use one brand. Stores and gas companies are often more lenient in approving accounts for people with little or no credit history. They report transactions to the credit bureaus, so use the cards regularly once you get them to build up your records. Credit score

company FICO recommends keeping the balances reasonable and making every payment on time.

Apply for a Visa or MasterCard once you build up an excellent payment history on retail and gasoline cards. It may take six months to a year to prove you are a good enough credit risk for the major credit card companies.

Request free credit reports through, the Federal Trade Commission advises. Your new credit only counts if the lenders are reporting your accounts to Equifax, Experian and TransUnion, which are the three main credit bureaus. is the official government website mandated by the Fair Credit Reporting Act to give no-cost reports every 12 months. If an account does not show up, call the company and request that it start reporting your information.

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