Building credit takes time. If you have a new credit card, make a small charge each month and pay the balance in full every month. Doing so will help build a positive payment history over time. Responsible credit use and reliable payments are essential to having good credit scores.
You don't need to carry a balance on the credit card; you simply need to show activity and positive re-payment information to demonstrate that you consistently manage debt well.
It takes at least three to six months of activity before a credit score can be calculated. Over time, by using your card responsibly, you will demonstrate to lenders that you are a good credit risk and your credit scores will increase.
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Do you have questions about credit?
Join our live video chat every Tuesday and Thursday at 3:00 p.m. ET on Periscope. Rod Griffin, Director of Public Education at Experian, is available to answer your questions live.
Scoped on: 1/31/2017