1. Become a secondary holder of a responsible family member’s credit card account
You will profit from the age of their credit history (supposing they hold the card before a minimum on 1 year), on-time payment history, and credit usage. While the primary cardholder is still accountable for making the payments, you get to gain the benefits of building credit from their activities.
2. Apply for a credit builder loan or a secured credit card
Consider this as a “starter credit card” that can be an effective way of building credit history. You’ll be required to pay a deposit upfront that significantly becomes your credit limit on that card, so you basically end up paying yourself back despite the fact that growing your credit and payment history.
3. Know payment relief possibilities for your existing bills and student loans
If you have gone for student loans, know when your grace period ends so you do not end up unintentionally missing payments. Opening payments as soon as you can at the end of the grace period is one more method to build a good payment history. On the other hand, if you cannot have enough money to make payments at that time, you should contact your lender immediately to see if there are payment liberation choices available. Many are eager to work with you on a payment plan that suits your requirements so you do not miss payments and reason your credit score to drop. Payment history accumulates 35% of your credit score, so on-time payments or approved deferments are very significant when building credit.