How to Use Your Cable Bill to Build Credit

June 2, 2016 &• min read by Jeanine Skowronski Comments 0 Comments

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Cable companies aren’t in the habit of reporting your payments to the credit bureaus, at least when it comes to your traditional credit reports. But if that’s something you want, there is a way to get those monthly bills to help your credit score.

Simply put, consider paying for cable with your credit card.

Unlike cable providers, credit card issuers do generally report to the major credit reporting agencies, so using your plastic to pay for a bill that you’re already in the habit of covering from month to month can help you build a payment history, the single biggest factor in establishing credit scores.

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Of course, for this strategy to work, you have to pay that credit card off on time and, ideally, in full. Otherwise, it will have the opposite effect on your score and you’ll wind up paying interest just to watch your favorite television shows.

To make sure you don’t miss a payment, sign up for alerts or, even, set your credit card bill to auto-pay. You could also pay the charge off via a linked debit card account as soon as it’s processed if you’re worried about winding up with a big balance (which could affect your credit utilization, another major factor of credit scores) at the end of the month.

A Few More Tips & Tricks

There’s a chance that your provider will charge a fee for paying by credit card, so be sure to check that there’s no extra charge before using this method. And, if you do set that credit card to auto-pay, monitor your monthly cable statements. You don’t want to miss a new fee or billing error and wind up paying more than you owe or intended.

Rewards credit cards can earn you some points, miles or cash back, so if you have one in your wallet, you might want to use that particular piece of plastic to pay your cable bill. If your credit is on the brink and you don’t have any credit cards, you can consider applying for (and then using) a secured credit card, which is designed specifically to help people build credit. (You can learn more about the best secured credit cards in America here.)

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A Quick Reminder

Unpaid cable bills can damage your credit, even when they’re not being covered by a credit card. Accounts that go unpaid long enough can wind up in collections, which will hurt your scores. (You can see how any collections accounts may be affecting your credit by viewing your free credit score, updated every 14 days, on Credit.com.)

If your credit is in rough shape, due to an collection account or other payment history troubles, you may be able to improve your scores by paying delinquent accounts, addressing high credit card balances and disputing any errors that may be weighing them down. And remember, you can build good credit in the long term by making all loan payments on time, keeping debt levels low and adding to the mix of accounts you have, as your score and wallet can handle it.

More on Credit Reports & Credit Scores:

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Boost Your Credit Score: 8 Helpful Credit Monitoring Apps

October 16, 2019 &• 4 min read by Farnoosh Torabi Comments 2 Comments

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Maintaining a healthy credit score requires a good bit of focus, determination and hard work. There’s a lot to keep up with: We need to pay our bills on time, reduce debt and maintain a low debt-to-credit ratio, among other requirements—all to ensure a top-notch credit score. We can use all the help we can get! To that end, here are eight credit monitoring apps that can help keep your credit building on track.

1. Credit.com

One of the only truly free credit monitoring apps—most others require you to have a paid subscription to their digital service in order to use the “free” app—the Credit.com mobile app allows you to access your entire credit profile, including your credit score and insight into how it compares to your peers. You’ll see where you currently stand, see how your score has changed—and why—and get credit information and money-saving tips tailored to your score.

Availability: Apple and Android

Cost: Free

2. myFICO

The myFICO app is free, but it requires an active myFICO account, which means it effectively costs $20 per month or more, depending on which features you want. With this app, though, you can view and monitor your FICO scores—the most widely used credit score—and credit reports. They also provide a FICO Score Simulator, which shows you how your score may be affected if you take certain actions.

Availability: Apple and Android

Cost: Free, but requires an active myFICO account

3. Lock & Alert from Equifax

Lock & Alert from Equifax lets you lock and unlock your Equifax credit report to protect against identity theft and fraud. You’ll get an alert any time your account is locked or unlocked so you know you’re the one in control. A credit lock is not as secure as a credit freeze, but it does offer some level of protection and is generally easier to turn on and off. This app works only for your Equifax credit report, so if you want to lock all three reports, you’ll have to work with TransUnion and Experian separately.

Availability: Apple and Android

Cost: Free

4. Experian

The Experian mobile credit monitoring app lets you track your Experian credit report and FICO score, with an automatically updated credit report every 30 days. The app also comes with Experian Boost, which can help you boost your score. The app alerts you when changes to your report or score occur, and offers suggested credit cards based on your FICO score.

Availability: Apple and Android

Cost: Free, but some features require a paid Experian account

5. Lexington Law

If you’ve signed up for credit repair services with Lexington Law, you can use their free mobile app to keep track of your progress. In addition to providing access to your credit reports from all three credit bureaus and updates on ongoing disputes, the money manager feature, similar to Mint, helps you track your income, spending, budgets and debts.

Availability: Apple and Android

Cost: Free, but requires a paid Lexington Law account

6. TransUnion

The TransUnion mobile app allows you to refresh your credit score and credit report daily to see where you stand. It offers instant alerts if anything changes and offers Credit Lock Plus, which allows you to lock your TransUnion credit report to avoid identity theft and fraud. The Debt Analysis tool lets you calculate your debt-to-income ratio, and it allows you to view public records associated with your name.

Availability: Apple and Android

Cost: Free, but requires a paid TransUnion Credit Monitoring account

7. ScoreSense Scores To Go

ScoreSense offers credit scores and reports from all three credit bureaus and daily credit monitoring and alerts to changes on your reports. This app also provides creditor contact information so you can address errors on your report quickly and efficiently. Score tracking features let you review how your score changes over time and how it compares to your peers.

Availability: Apple and Android

Cost: Free, but requires a paid ScoreSense account

8. Self

Self helps you build—and track—your credit, making it great for people just establishing their credit profile or trying to rebuild damaged credit. Self offers one- and two-year loan terms, but instead of getting the money up front, the amount is deposited into a CD. You make regular payments for the term of the loan (at least $25 per month), and then get access to the money. There is no hard inquiry to open the account, but your payments are reported to all three credit bureaus, helping build your credit. Plus, while you are repaying your loan, you will have access to free credit monitoring and you VantageScore so you can track your progress.

Availability: Apple and Android

Cost: Free, but requires a Self loan repayment of at least $25 per month

Credit Monitoring Apps to Fit Your Needs

With so many different options, you’re sure to find a credit monitoring app that meets your needs. And don’t forget: you can always check your score for free using Credit.com’s free Credit Report Card.

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How to Use Your Wanderlust to Build Credit

June 15, 2016 &• min read by Jill Krasny Comments 0 Comments

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Love to travel? Good news: There are ways to put that wanderlust to use with a travel rewards credit card.

Though travel rewards cards aren’t the easiest to get approved for as they require an excellent or good credit score, those who are able to snag one can use it to build better credit. (Just remember, before you apply it’s important to know where you stand so you don’t get turned down only to see your score suffer as a result of the inquiry.)

Travel Rewards Cards & Credit

A travel rewards credit card lets accountholders earn points or miles that can be put towards hotel stays, airfare and other travel expenses. These rewards can help travelers lower the cost of vacations, and the card itself can be a good tool for building credit.

If you make payments on time, eventually your score will begin to rise because this behavior creates a positive payment history, an important factor in credit scoring models. The card’s credit limit will also count toward your credit utilization rate, which is another big factor in scoring models. Your credit utilization rate is how much debt you carry versus your total available credit. For best credit scoring results, it’s recommended that you keep your debt below 10% and at least 30% of your credit limit(s). So if you charge a vacation and then pay most or all of the purchases off right away, your score could benefit.

You can keep track of how your usage and payments are affecting your credit by signing up for Credit.com’s free credit report summary. Beyond seeing your credit scores, you’ll be able to check how you’re doing in five key areas of your credit report that determine your credit score, including payment history, debt usage, inquiries, credit age and account mix.

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Since interest rates for travel rewards cards tend to vary depending on creditworthiness, you’ll want to be mindful about carrying a balance. Doing so could hamper your credit goals, and the interest you pay could exceed whatever you’ve managed to glean from rewards. Many travel rewards cards carry annual fees, too, so you’ll want to make sure your spending habits justify the potential cost. (You can read about the best travel credit cards in America here.) Of course, making purchases on your card and paying them off quickly (and on time) will generally boost your credit.

Remember, if your credit is looking a little lackluster and you’re having a hard time qualifying for any type of credit card, you may be able to improve your scores by disputing errors on your credit report, paying down high credit card balances and limiting new credit inquiries until your score bounces back.

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How to Use Your Shopping Addiction to Build Credit

June 8, 2016 &• min read by Jill Krasny Comments 0 Comments

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If you love to shop, you can use your fashion sense to build or even rebuild your credit.

Store-branded credit cards are some of the easiest cards to qualify for and are often extended to those who have bad credit because they have lower criteria than traditional credit cards. Using them, especially if you’re loyal to a particular store, can bring card rewards, discounts and, if you pay your balance off every month, better credit.

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Immediate Savings

In most cases, when you apply for a card, the retailer will offer a discount on that day’s purchase. Sometimes the discount will be extended to purchases made within a short time frame (24 hours, for example), as an incentive to spend more. The risk is that instead of saving money, you end up spending more than planned, so it’s wise to be wary.

Watch Your Credit Scores

When you open your new credit card, you may see a dip in your credit scores for two reasons: one, the inquiry created when the issuer checks your credit score, which may cause your scores to drop, though usually not more than a few points. Second, a new account with a balance is often seen as a risk factor. As long as you pay on time and keep your balances below 30% of your credit line, or ideally 10%, you could eventually see a slight rise because you’ll have a positive new credit reference, which is beneficial if you are trying to build or rebuild credit.

As you use your new card, you can track how your usage and payments are affecting your credit by signing up for Credit.com’s free credit report summary. In addition to getting two free credit scores, you’ll get your own credit report card that shows how you’re doing in five key areas on your credit report that also determine your credit score — payment history, debt usage, credit age, account mix and inquiries.

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Know the APR

Interest rates for department store credit cards are almost always high, often between 19% and 22%, or more. If you carry a balance, the interest you pay will likely exceed the amount you saved with the discount. This means carrying a balance could hamper your goals, especially if you fail to make on-time payments.

Given store credit cards’ high APRs, you won’t want to go on a shopping spree with them, nor will you want to put more purchases on the card than your budget can handle. (For tips on cutting back without feeling deprived, you can go here.) That said, making a couple of small purchases a month, say, on home essentials or groceries, and paying them off quickly (and on time) will likely beef up your credit.

Before You Apply 

Before you fill out an application, you’ll want to know where your credit stands so you have a good sense of what type of card you might qualify for. Knowing your score will also inform your decision to apply for a card in general, as inquiries on your credit report can cause your score to take an unnecessary hit.

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Source: credit.com

How to Start Building Credit Once You Turn 18

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Good credit is crucial to unlocking many financial opportunities in life. When you have a great credit score, you can get lower interest rates on car loans, credit cards and mortgages. Some employers and landlords even check credit reports before they make a job offer or approve a resident application. While developing a solid credit history takes time, follow some of these tips on how to establish credit once you turn 18 to get started as soon as possible.

1. Understand the Basics of Credit

Make sure you understand the basics of how credit works. Your credit reports are maintained by three major credit bureaus—Experian, TransUnion and Equifax. It contains data on your current and past debts, payment history, residential history and other facts. This data is supplied by lenders, creditors and businesses where you have accounts.

The information contained in your credit report determines your credit score. Higher credit scores are more attractive to lenders and creditors. The factors that influence your score include:

As a new adult, some of these factors may not currently apply to you. However, they can all negatively or positively affect your score, depending on your behavior as a consumer. Educating yourself on credit now helps you avoid costly mistakes in the future.

2. Monitor Your Credit Report and Credit Score

Now that you understand the basics of building credit, you need to start monitoring your report and credit score. Monitoring your credit is one of the best ways to learn what will positively or negatively impact your scores. It also helps you catch inaccuracies or signs of identity theft sooner.

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You can check your credit report for free annually with each major credit bureau. As you review your report, look for any negative or inaccurate information that could be screwing up your credit. You can also check your credit score, updated every 14 days, for free at Credit.com.

If you’re really serious about understanding your credit reports and scores, sign up for ExtraCredit. With Track It, you can see 28 of your FICO scores and credit reports from all three credit bureaus.

3. Sign Up for ExtraCredit

ExtraCredit does more than just show you your credit scores. Have you recently started paying rent or utilities? BuildIt will add them as new tradelines with all three credit bureaus. That means you’ll get credit for bills you’re already paying—building your credit profile each month.

4. Become an Authorized User

If you have a friend or family member willing to add you as an authorized user on their credit card, you can piggyback off their credit card activity to help establish your credit. Even if you don’t use the card, the account can still land on your credit report and potentially positively impact your score.

This method poses some risks to the primary cardholder and you, the authorized user. If you or the primary cardholder rack up too much debt or miss payments, that activity could end up damaging the credit of both parties.

You should also verify that the credit card company in question reports card activity to the credit file of authorized users. If they don’t, your credit won’t see any benefit.

5. Get a Starter Credit Card

Credit cards are one of the best tools around for building credit, but you might have trouble qualifying for one when you have no credit history. Luckily, there are a few credit card options for young people with little or no credit.

Unsecured Credit Cards: If you don’t have the money to make a security deposit, consider an unsecured credit card such as the Avant Credit Card. This card offers a process that presents you with a credit line based on your creditworthiness before you apply. It also has no penalty or hidden fees—a perfect fit for any young adult’s starter card. You do need at least some fair credit history to be approved, though.

Avant Credit Card

Card Details
Intro Apr:

Ongoing Apr:
25.99% (variable)

Balance Transfer:

Annual Fee:

Credit Needed:

Snapshot of Card Features
  • No deposit required
  • No penalty APR
  • No hidden fees
  • Fast and easy application process
  • Help strengthen your credit history with responsible use
  • Disclosure: If you are charged interest, the charge will be no less than $1.00. Cash Advance Fee: The greater of $10 or 3% of the amount of the cash advance
  • Avant branded credit products are issued by WebBank, member FDIC

Card Details +

Secured Credit Cards: A secured credit card requires an upfront security deposit to open. Your deposit will typically equal your initial credit limit. For example, a $500 security deposit would get you a $500 credit limit. These cards are easier to qualify for, and you can use them to make purchases, just like traditional credit cards, while also establishing some credit history.

OpenSky® Secured Visa® Credit Card

Card Details
Intro Apr:

Ongoing Apr:
17.39% (variable)

Balance Transfer:

Annual Fee:

Credit Needed:
Fair-Poor-Bad-No Credit

Snapshot of Card Features
  • No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
  • The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
  • Build credit quickly. OpenSky reports to all 3 major credit bureaus.
  • 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
  • We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search “OpenSky Card” in Facebook.)
  • OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way.
  • *View our Cardholder Agreement located at the bottom of the application page for details of the card

Card Details +

6. Make Payments on Time

Making timely payments is the most important thing you can do to build credit, as payment history makes up 35% of your credit score. This applies to credit cards, loans, utilities such as cell phone services and any other account that requires a monthly payment. No matter the account type, a late or missed payment that lands on your credit report can do significant damage to your credit score.

7. Maintain a Low Credit Card Balance

Your credit utilization ratio, or the amount of available credit you have tied up in debt, is another major contributor to your credit score. Most experts recommend keeping your credit card balances below 30% of the available credit limit. Ideally, you should pay your balance off in full each month to avoid interest and keep your utilization low.

8. Get a Loan

Getting a loan just to build credit is generally not a good idea, as you shouldn’t take on debt only for the sake of your credit score. But if you have a valid reason, such as needing a car or money for college, a small loan in your name can help you build credit.

As with credit cards, loans only build a good credit history if you pay them on time every month. You also want to ensure your creditor reports payments to the credit bureau. If you also have a credit card, getting a loan can help improve your account mix, which makes up around 10% of your credit score.

9. Keep It Simple for Now

The more credit cards and loans you open, the higher your chances are of falling into debt. When you’re just starting out, you should probably play it safe and manage one basic credit card and/or small loan until you get the hang of things. Trying to manage too many debts at once could get you in over your head.

Over time, you can start to add other credit cards or loans to the mix, diversifying your credit profile and adding more opportunities to build credit. And because the age of your accounts affects your credit score, just keeping accounts open will help you build credit history in the long run. When you’re starting to figure out how to build your credit, do it slowly, carefully and with a constant eye on your statements and credit reports.

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Source: credit.com

What’s the Fastest Way to Boost My Credit?

October 29, 2018 &• min read by Jeanine Skowronski Comments 0 Comments

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Article originally published September 1st, 2016. Updated October 29th, 2018. 

It’s a common question around these parts: how do I fix my credit? And, while credit scores do have a lot of nuances, the answer is actually pretty straightforward: pay all your bills by their due dates, keep your debt levels low, add a mix of accounts as you can afford it and voila! — your credit score should rise steadily over time.

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  • Did you ever figure out what was going on with your credit?
  • Nope, all I know is, it’s still bad
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Still, for people plagued with bad credit or someone looking to get the absolute best rates on a new loan, waiting it out can seem like an unattractive option — and so the question gets a little more pointed: how do I fix my credit fast?

Truth be told, there are no guarantees when it comes to getting a quick credit boost. Exact point increases will vary depending on your full credit profile and, even if you’re teetering toward top-tier credit, your score’s beholden to a lender’s schedule when it comes to reporting new information to the major credit bureaus.

Most creditors provide updates to the big three bureaus every month — meaning, yes, you can boost your credit in 30 days, but any shorter timeframe is admittedly a long shot.

Still, there are few steps you can take to try to raise your credit score in the short-term. Here’s a breakdown of ten of your best options.

Credit utilization ratio— how much debt you’re carrying vs. your total available credit — is a huge part of credit scores, second only to payment history. But while you can’t just erase a missed payment from your credit file (most negative information takes seven years to age off of your credit reports), you can pretty readily boost your utilization rate by wiping out big credit card debts.

Experts generally recommend keeping the amount of debt you owe collectively and on individual cards below at least 30% and ideally 10% of your credit limit(s).

So, if you’re close to maxing out one card and/or you’re carrying big balances on all of them, paying those debts down can result in a fast boost. Just be sure to pay charges off by your statement’s billing date as opposed to their actual due date because that’s when most creditors will update account information with the credit bureaus.

And, of course, refrain from making any new purchases once the debt’s been eradicated.

Essentially, a different solution to the same problem — you may be able to improve your utilization rate by getting an issuer to give you a higher limit on one of your existing cards. Just be sure not to use up that extra credit. Otherwise, this move can have the opposite effect.

And be prepared to see an initial ding to your score — creditors sometimes pull your credit when you ask for a limit increase, and that could generate a hard inquiry on your credit reports and cost you a few points.

You might easily make up those points and then some, however, if the credit limit increase is large enough.

Errors on credit reports are more common than you may think, so it’s important not to simply take a bad score at face value — particularly because getting an error removed can be one of the faster ways to fix your credit.

The Fair Credit Reporting Act requires that the bureaus investigate and remove items deemed to be errors within 30 days of a dispute being filed.

That’s why it’s a good idea to pull your credit reports — you can do so for free each year at AnnualCreditReport.com — and routinely review them for any inaccuracies that may be unduly weighing your credit down.

Once you receive a copy of your credit reports from the three major credit bureaus- Experian, Equifax, and Transunion, you can take a closer look at each item that is on there.

You have already read about getting an error removed, and this is a good step to take, but don’t stop there. Look for accounts you have on your credit profile that show late or missing payments and verify the accuracy of each item. If you see something that is wrong, send your dispute so that the problem can be investigated.

Yes, you may be paying your balances each month, and you are paying them on time, but you need to keep in mind that your creditors are reporting your balances to the credit bureaus only once per month.

If you have a credit card, for example, that you are constantly maxing out and reaching your limit on throughout the month, the statement you receive will show the balance. You make the payment, but since it was reported only once that month, it is basically showing that you are using 100% of the available balance on that credit card.

If you send in payments twice a month, however, you are essentially breaking up your payments, and you are effectively keeping your overall credit card balances much lower than if you continue to only pay once per month.

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If you want a nice boost to your credit and you want to help improve your credit utilization ratio, you can consider opening a new credit account. This is especially helpful if you find that your current credit utilization ratio is much too high.

Opening the new account adds to the available credit you have and will show that with the new balance, you are using less. However, this is not a good option if you are already juggling multiple accounts. You may end up hurting your credit instead of helping it if you try to stretch your credit too thin.

Have you taken a closer look at the current debt you owe? Have you considered negotiating the debt you have in collections to rebuild your credit? Many collection agencies will be willing to negotiate because they really won’t be losing any money on the debt if you are able to settle for less because they most likely bought the debt account for a minimal price.

It never hurts to open a negotiation to try and settle the debt you have for a smaller and more manageable amount on your credit accounts. If you find that you are unsure about this process, or if you don’t know if it is something you should do, you can always seek the help of a credit counselor to help educate you on the process and offer suggestions as to what you can do otherwise.

Another fast way to boost your credit could be to become an authorized user on someone else’s credit account. For this to be a viable and recommended option, you will need to find someone you trust, such as a close friend or relative, that is financially responsible and is willing to do this for you to help improve your credit rating.

As an authorized user on someone else’s account, their account will still show up on your credit report, and their payment history, credit utilization ratio, and credit card balances will become part of your credit history and may award you with a good credit score.  Not all credit card companies report authorized users however, so you will want to make sure that if you do become an authorized user, that the account information will show up on your credit reports.

In addition to paying on your accounts twice a month, you should also make sure to make your payments on time every month. Your payment history makes up approximately 35% of your FICO score.

If you find it hard to remember your due dates, consider placing your accounts on auto pay with reminders so it reminds you that the payment is coming due and it will then automatically make the payment for you.

Finally, make sure you are mixing up your credit choices instead of focusing on using just your credit cards, for example. Using different types of credit can boost your score fast – even though it wouldn’t be a significant boost.

If you need an appliance, instead of using your credit card, you should consider a small personal loan instead. It shows that you can effectively and responsibly utilize different types of credit.

One of the biggest hits to your credit is a bankruptcy and people are often anxious and ready to begin boosting their credit following their bankruptcy. In theory, someone looking for credit after a bankruptcy may actually appear to be less of a risk because they are not able to qualify for Chapter 7 for another eight years.

Following your bankruptcy, it is recommended that you make all your payments on time, learn how to manage your money efficiently, and find ways to reestablish your credit without trying to borrow money too soon and this could prove to be the fastest way to build credit.

You should also keep a very close eye on your credit reports and credit scores from the major credit bureaus and look for any errors or inaccuracies including any mistakes with your address, employment, or personal contact information.

The best way to start improving credit following a bankruptcy is to open a secured credit card account and make your first deposit into the account.

Although these ten strategies are a good start to finding the fastest way to boost your credit, you need to remember that it still may take several months for the credit reporting agencies to report the improvements on your credit report.

While they may be “fast” methods, they are certainly not miracle credit cures, so you need to have a fair amount of patience when it comes to seeing the positive effects on your credit report.

Be sure to dispute any errors you find with the credit bureau in question (you go here to learn how). You can also view two of your credit scores for free each month on Credit.com as you monitor your progress toward building better credit.