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Updated: Nov 8, 2022

If you don’t have a checking account, potential lenders become very skeptical about the way you handle your financial affairs.

Open a savings account When potential lenders see a savings account on your credit application, it gives them a good feeling, regardless of the amount you have in your account.

Open a charge account with a department store These accounts are usually the easiest to get when you are new to credit.

Try getting a loan from a finance company Financial companies are usually more receptive to individuals who are just starting out in credit. The interest rate is a lot higher than a bank, but your chances of getting started are greater. Be sure you talk with your banker first to see the chances of getting a loan from your bank before applying to a finance company.

Find a co-signer Try to get your parent to co-sign a loan for you.

Building your credit using your current bills PBRC connects people who lack a traditional credit history with lenders who want to reach them. They document and verify rental, utility, phone, and other recurring payment that aren’t reported to other credit bureaus. Pay Rent, Build Credit, Inc. (PRBC) is an FCRA compliant repository that enables consumers and small business owners to build a credit file and score, based on their history of making rent and other reoccurring bill payments, which can be used to demonstrate creditworthiness when applying for housing, credit, insurance, and employment.

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