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.
Check out the scope to hear answers to all the questions asked:
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
Want to instantly increase your credit score? Experian Boost™ helps by giving you credit for the utility and mobile phone bills you're already paying. Until now, those payments did not positively impact your score.
This service is completely free and can boost your credit scores fast by using your own positive payment history. It can also help those with poor or limited credit situations. Other services such as credit repair may cost you up to thousands and only help remove inaccuracies from your credit report.