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Level 6

Credit score

Even though I don't have a credit card..but why does it still says N/A?? however do I need a credit card in order to improve my credit score?? but I don't want use a credit card in order to improve my credit score.is that's the reason why it's not improving my credit score??? & what else could I do in order to improve my credit score??
2 Replies
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Level 6

Credit score

So this sound like you don’t want credit cards. But inorder for lenders to evaluate you credit worthiness, you will need to open a credit. So you can start with a secured card. For example, with Capital One, you can start off with 300 secured card. (That is you own money on credit card). Use about 30 percent equivalent to 90.00. Make you payment regularly and ahead of due date. Do that for three months and you will see your credit improving.
Level 2

Credit score

You can also have your self added as an Authorized User to someone elses account. You want an account that is in stellar standing and a card that is reported to the credit agencies. Typically if its a well known one it will be. Most teenagers get their credit started when their parents add them to a good standing card. Your credit, or lack of credit, will not effect their credit or accounts at all. But the length, limit and payment history will appear on your credit as soon as the agency reports it to the bureau. Many report monthly, some quarterly. A card will be issued to you but the account owner can just cut it up. You do not need to make any purchases. There is absolutley no risk to the account holder. My husband and I just did this with 2 of my parents cards, because they have stellar credit scores and both their cards are in great standing and high limits. Within 30 days those card histories appeared on our credit and raised our scores about 60 points. So I know personally that it works. You can research this too and find many articles about this option. Good luck!