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How To Build Your Credit
Establishing credit is essential. Learn what it means to build your credit.
VantageScore is here to help.
The first step to getting a credit score is ensuring you have a credit file. For consumers who are new to credit or who haven't used credit for a while it can be challenging getting on the first rung of the ladder. Thankfully there are services available that help you establish and build a credit file.
Rental Payments
Make the most of your largest expense.
If you are responsible for rent, then some services help you show-off your ability to make regular on-time payments. When rent payments are used to establish a new credit file, VantageScore models will use them to generate a credit score straight away (and not wait 6 months like conventional credit scoring models). Adding rental data to an established credit file could add up to 150 points to your score.
Secured Credit
Everyone has to start somewhere.
If you aren't responsible for rent or utility bills, there are still options available to you to get started with credit products that won’t require a credit history. Credit scores improve when your credit file shows you can maintain payments for a range of products, so these products could complement, or be an alternative to, rent or utility reporting.
Utility Payments
Make your utilities work for you.
The gas and electricity payments every modern household makes can also help thicken your credit file. This can also extend to your phone line, cable and even streaming services. As with rent, VantageScore models will use utility payments to generate a credit score on new files straight away or add up to 150 points to established scores.
Store Credit Cards
