What Is the Best Way to Get a Credit Rating?

There's no law that requires adults to maintain a credit rating. However, anyone who plans on financing a car or buying a home ought to consider the importance of having good credit and take steps to develop a credit history. Several tactics are available to help you get a credit rating. And numerous lenders and banks are prepared to help you along the way.

Instructions

1

Request credit from a department store or gas station to begin establishing credit. Check into store and gas credit cards. Major credit card issuers generally approve applicants with a prior credit history.

2

Start with a secured card. Pay a $500 deposit and initial setup fee and obtain a secured credit card with your bank.

3

Build a rating with student accounts. College students can take advantage of easy approvals offered by companies that offer student credit cards. Look for applications on your campus and online.

4

Get a "no credit" car loan. Research auto dealers to find a company that approves buyers with no credit history. These "fresh start" or "first time" loans have higher rates, but they provide the opportunity to establish a credit rating.

5

Increase your rating with on-time payments. Gradually raise your credit and build a strong credit rating by paying your bills on time.

6

Pay balances in full. Satisfy your outstanding debts each month to avoid accumulating debt and to keep a high credit score.