Except if you have a lot of money at your disposal, you’ll undoubtedly require building credit without a credit card at some juncture in your life. Whether you’re purchasing a home, car or big-ticket extravagant item, the first thing that a majority of creditors examine is the credit score.
Do i have a credit score without a credit card?
Do I have a credit score without a credit card? To answer your question, you’ll be required to commence to build credit without a credit card and improve your score in advance to applying for a major loan. Regrettably, numerous people think that opening and using a credit card is the only way on that road.
Eluding credit may not be the best monetary resolution and since the phase of your credit financial records is normally a feature that is used to compute your credit score, it's important to build credit score without a credit card as soon as possible. If you are looking for credit cards with no credit score and with highest cash back rewards, then the following are recommended.
Capital One Quicksilver Card
Offers 1.5% cash back on all acquisitions, $100 sign-up bonus with a perk of having up to the 10th ride free with Uber.
Discover it Chrome for Students
2% cash back at eateries and gas stations on up to $1,000 in combined acquisitions. 1% cash back on all other acquisitions, good grades rewards and no annual fee. No late fee on first late payment or APR change for paying late. 0% intro APR on acquisitions for 6 months, then a flexible APR of 13.24% - 22.24%.
Discover it for Students
Earn 5% back on revolving extra categories of up to $1,500 in spending each quarter and 1% back on all other acquisitions, $0 annual fee. No late fee on your first late payment, no excess fees, and no foreign transaction fees. Free FICO score, preliminary APR of 0% on acquisitions for 6 months and 10.99% on balance transfers for 6 months, and an ongoing APR of 13.24% - 22.24% flexible APR.
Journey Student Rewards from Capital One
Earn 1% back on every acquisition. Extra recompenses on cash back when you pay on time. $0 annual fee and no foreign transaction fees.
Build credit score without credit card
Although using credit cards prudently is a simple way to uphold a healthy credit score as well as a promising credit report, there are other ways to build credit.
- Repair mistakes on your credit report; examining your credit report once a year can also help you detect fraudulent activity or identity theft.
- Recompense rental fee and service bills; rental fee disbursements can assist you shape credit, but only if you report the expenses through a third-party company. While rental fee and service bill payments don’t affect your credit score, they can positively impact your credit report.
- Acquire a loan and recompense payments timely; recompensing installment loans timely is one of the most effective way to advance both your credit score and credit report. Credit unions and community banks also normally propose credit-builder loans with the precise resolution of assisting members build credit.
- Attach to another person’s credit; sign on as an authorized user on a friend or family member’s credit card, this way you don’t have to necessarily use the credit card, but you will be acting as if you are using the card. Hence, your credit score will improve as a result of the primary cardholder’s activity.
- Apply for a secured credit card; you will have to deposit to the issuing bank to be used as security and afterwards, you will be allotted a card with a credit limit of that amount. They are usually used by people who require to reestablish their credit after insolvency with annual fees and greater interest rates.