What are some of the best ways to build good credit w/o a credit card?

Question

I want to be able to buy a home soon but I don't think I have any credit history and my husband doesn't have the best credit. I would real working answer please, and thank you.

Answer 1

Go back and payoff all of the negative accounts on your credit report, as well as your husband's, and then take out a small personal loan, make the payments on time, and make certain the lender reports the account to the credit bureau each month.

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Answer 2

I read somewhere that one way to help build credit is to take out a small loan and then repay it in a timely manner.  Car loans that are paid back promptly and on time build a credit history.

Answer 3

You should apply for a credit card... there are many you can get with little or no credit.  The goal is to just pay them off on time, everytime.  

http://www.buildcreditblog.com/credit-ca...

Answer 4

"The trick is to build credit without going into debt for garbage like office furniture or stuff that clobbers your balance sheet.  The best way I found is to borrow funds to hold them on deposit, make some interest payments, then give back the deposited money.  If you agree to just hold it on deposit, www.creditloader.com will let you borrow the funds with NO CREDIT CHECK and NO PERSONAL GUARANTEE.  They got mine reported to Experian Business Credit."

Answer 5

It all begins with a checking account.   It is much harder to build credit without a checking account.

Get a "secured credit card."   It is a kind of credit card that relies on your own deposit.  It is a good way to begin your credit history.  You deposit a modest amount in the credit card's bank and draw on it when you charge on your card, then make a payment to top it off again.

As you develop a history of paying on time, you will be able to get an unsecured credit card.  Continue to make payments on time.  

You can also get 'store" cards, such as a Sears card.  That is a credit card that is offered by one store or chain of stores.

A car loan will look good on your record.  Buy a car.  

Do not take a fixed-payment personal loan.  It is not as good on your record as a credit line.

Student loans also make your credit record look good.

It takes time to build up a good reputation.  That's what your credit record shows, your reputation for paying on time.  

Ultimately the credit you have available is a function of your reputation for payment and your collateral.  Collateral is the stuff you offer as a guarantee for a loan, such as car that gets repossessed if you do not make payments.

Answer 6

you could build credit by getting a small personal loan, credit cards are bad only if you abuse them and are not able to manage your money otherwise they are good to have because they not only help you build credit but they also help you earn rewards if you get approved for the rigth credit card but usually this will happen only when you have good credit. just to take a glance www.fastcreditcardapprovals.com here you are able to compare all major credit cards side by side on rates, fees and rewards, check out the reward cards and you will see what I'm talking about, I have a miles card and earn miles for every dollar I spend but pay no interest because I pay it off before the end of the month which eliminates all interest rates plus it has no annual fees.

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http://www.bestcreditrates.net

Answer 7

The only way to build good credit is to buy or take out a loan and pay back as agreed or b 4 agreed.  

If you have good collateral such as an auto of some worth, gold rings, or such things with good value then make an appointment with a banker ( NOT A LOAN SHARK) relate your desires to him and I am sure he will guide you in the right direction.  I am here for more help!

Answer 8

Yes, the quickest way is to buy something small....like something you can afford to pay cash for but buy it on credit.  Like furniture or jewelry.  Get it on credit....the best kind is the NO interest for a year.  If you have $500 then buy something worth that much, then spend the next 6 months paying double payments and get it paid off NO interest.  

We have done this with furniture, jewelry and even cars!  Always pay at least double your payment due, and pay off in half the time they request.

However, on the house thing....they are lending money to just about anyone!!  Good or bad credit.  There are loans out there for all!  You might get stuck with a higher interest rate than others, but you can always refinance later.

Good luck

Answer 9

Your credit report is a history of your use of credit.  If you don't use credit, there's nothing to be a history of.  Credit cards are one of the major categories and you have no history there.