How to Obtain a New Credit File

If you are just out of college or have recently become a resident in the U.S., you need to obtain a new credit file. Your credit file is used by all lenders to assess whether you are suitable for credit. Without a credit file, it will be difficult to obtain lines of credit. With a little time and patience, and by following a few guidelines, you can obtain a new credit file.

Instructions

1

Get a prepaid card to obtain a new credit file. Apply online. Its fast. Check out websites for the best deals. Its usual to pay a joining fee and a monthly management fee. Use of the card is free, except ATM withdrawals. Apply for a card that offers credit reporting.

2

Get a secured credit card to obtain a new credit file. Apply online. The process is simple, but you do need to be able to make a deposit which is used as collateral. Charges apply. Your credit card limit can be up to two times your deposit. Use the card wisely, and keep within your budget. Pay off the total amount each month.

3

Arrange to have a co-signature on a credit card with someone who has a good credit history. These are available to help obtain a new credit file. It gives confidence to a lender. Should you fail to repay the money, the cosigner is required to pay.

4

Get a store card. Store cards are easier to obtain and will get you a new credit file. Interest rates are higher, but if you pay off the balance every month, no interest will accrue.

5

Pay for your utility bills by automatic monthly debit. Utility companies report to credit reporting bureaus, so paying on time will help to build up your credit file.