How to Build Personal Credit Fast

Building a positive credit history is an important step to take for your financial future. With a history of good credit, you can qualify for new credit accounts and higher limits. You will also receive the best interest rates and avoid monthly and annual fees on your credit accounts. You can start building credit by opening new accounts and managing them responsibly.

Instructions

1

Visit a local bank and to open a checking and savings account. Complete the application given to you and provide the banker with your identity information, such as a driver's license and opening deposit. You will need a small deposit to open each account.

2

Open a new credit card account. You can apply for a credit card with your bank and research other financial institutions online. If applying with your bank, complete the application in person or online through your online banking account. If applying with another financial institution, use their online application form.

3

Open a retail store card. Many gas companies and retail stores offer credit cards good for use inside their stores. The finance company who manages these cards will report to the credit bureaus, which will help you build credit. Visit a store you shop at regularly and complete a store card application. Mail the application to the address listed on the brochure.

4

Open a secured card if you are having trouble qualifying for traditional credit. You will need to supply a security deposit to open this type of credit card, but you can receive the deposit back if you keep your account in good standing for several months.

5

Use your credit cards and retail cards every month, but keep your overall balance low. A high balance will reflect negatively on your credit report.

6

Pay at least the minimum amount due on each credit card by the due date. Paying your bill on time will build positive credit.

7

Visit your bank and apply for a small personal loan after you have maintained your credit cards for six to 12 months. Having a mix of credit types will improve your credit rating.

8

Pay the payment due on your personal loan every month by the due date.