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Strategies for building credit without using a traditional credit card

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Strategies for building credit without using a traditional credit card
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Zach Griff Senior reporter | The Points Guy

The Points Guy (TPG) often discusses credit cards, including those best suited for college students and travel rewards. However, not everyone has established credit, which is essential for qualifying for premium cards offering significant points and miles.

For individuals new to building credit without a credit card, several strategies are available:

Becoming an authorized user on a family member's credit card is one option. "If someone in your family already has a credit card, they can often add you as an authorized user for no additional fee." This method doesn't require using the card but relies on the primary account holder making timely payments to improve one's credit score.

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Another approach is obtaining a loan. For those with limited credit history, getting a co-signer can reduce interest rates. Alternatively, individuals can secure loans independently but may face higher interest rates. Credit builder loans are also an option; these are specifically designed to help people build their credit. The lender holds the loan amount in an interest-bearing savings account until it is fully paid off.

Reporting other types of payments like rent or utility bills can also help establish payment history with credit bureaus. Services such as Experian Boost allow users to add bill payments to their reports, potentially enhancing their scores. However, this service only affects Experian reports and not TransUnion or Equifax.

Ultimately, while building credit without a card might seem challenging, there are various methods to explore that cater to different needs and situations.

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The Points Guy
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