You may have seen an ad from a credit repair company claiming you can get an instant credit history. This is somewhat true, but the quickest way to establish is risky and not truly necessary. Most people will have to establish credit by taking a loan with less than desirable terms.
Joint Accounts
Joint accounts are the quickest way to establish a credit history and the easiest way to obtain credit, because someone with acceptable credit has already received approval for a loan -- you just put your name on it. This comes with a major drawback: you become liable for the balance on the account and if the primary holder misses a payment, you too receive a negative item on your report.
Secured Credit Card
You might find a creditor willing to issue a credit card without you any credit history. Some lenders target people of college age with low limit cards. The 2010 CARD Act, however, restricts access to any type of credit for people under 21 unless they can prove they have an ability to pay on the limit. People of all ages will probably have an easier time obtaining a secured card. Secured credit cards require the borrower to put a deposit equal to the limit in a separate account, which the bank draws from in case of default.
Alternative Credit
If you cannot obtain any type of credit, you might be able use a credit history not reported to any bureaus. Before the use of credit scores, lending decisions were based on informal judgments, such as canceled checks. When you have monthly bills, such as rent or utility payments, you can bring in receipts from those bills to a creditor and they must consider this, according to Wells Fargo.
Warning
Avoid credit repair companies or counselors that claim they can give you a credit profile with good credit history. Some tactics they use might include stealing the Social Security number of a deceased person with good credit. Either way, using a credit profile that does not belong to you is illegal regardless of whether you perform the action.
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