45 million Americans do not have a credit score – that’s one in every 10 adults! And it can happen to anyone – young adults on their own for the first time, military personnel returning from overseas, recent immigrants to this country, those who are widowed or divorced…and maybe, even you.
As many of us have experienced, having a credit score is important. Without one, you can’t get an auto loan, be approved for a home mortgage, get a “regular” credit card, find a better apartment, and be approved for a cell phone plan. But, with the right steps, you can gain access to credit and financial products, so that you can change the course of your future.
Key steps you can take now:
Get a secured credit card – A secured credit card is similar to a traditional credit card, but you provide a cash deposit. This deposit removes the need for a credit score.
Become an authorized user on another person’s credit card – Typically, you become an authorized user on the credit card of a spouse or parent. This should be for an established credit card account that has a history of being paid on time.
Have your monthly rent payments reported to the major credit bureaus – You can’t report your rent payments on your own, but you can sign up with companies like RentReporters to do this for you. You pay your rent, and it gets reported to the credit bureaus, just like a credit card or a student loan payment.
RentReporters is helping the millions of renters to build and proactively impact their credit score by reporting on-time rent payments to TransUnion, one of the major credit bureaus.