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CreditCardChaser's Steps to Building Credit From Scratch

SEATTLE, WA -- (Marketwired) -- 07/02/14 -- Building credit may seem like a daunting task. Credit is important for renting properties, getting approved for loans, buying a home, and even getting a credit card or job. For those with little to no credit, it is nearly impossible to qualify for the credit cards and loans needed to build credit. However, it is necessary to have good credit to have a solid financial future. So, how do you build credit from nothing?

Luckily,, a leading credit expert, has put together these steps to help consumers build credit from scratch:

1. Get educated.

Understanding how credit works is one of the most essential tools needed for building credit. A FICO score, or credit score, is made up of 5 different factors: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and types of credit used (10%). Lenders will use a consumer's credit score to determine their financial trustworthiness. So, people with good credit are much more likely to get approved for loans, credit cards, and more. People with bad credit, on the other hand, are seen as financially unreliable and may be turned down from getting the money they need.

2. Get a secured credit card.

Secured credit cards can easily help consumers build credit. Designed for those with no credit, they are easy to get approved for. Secured cards require a deposit to secure the credit line, but they are then used exactly as credit cards. They report monthly to all 3 major credit bureaus (Experian, Equifax, and TransUnion) so consumers can build credit fast. Once a user has used the card responsibly for awhile, he or she should be able to get a normal, unsecured credit card.

3. Get added as an authorized user on someone else's account.

Getting added as an authorized user on someone else's account, generally a parent or spouse, can help easily build credit. The authorized user will get a card issued with their name on it and can use the card as if they are the primary cardholder. However, it is important to use the card responsibly, as the primary cardholder is the one legally responsible. The credit card history will then be reported to the credit bureaus. Once the authorized user has enough credit, they will be able to get their own card.

4. Look into a credit builder loan.

A credit builder loan is a loan given by a credit union for a very small amount of money. Instead of getting the money upfront, the borrower makes payments over a period of time, and the money is placed in an interest-bearing account. Payments are reported to the credit bureaus, so credit can be established. Once the loan is paid off, the borrower will have access to that money.

These are some easy ways to build credit from scratch. For more information or credit education, access Credit Card Chaser:

About Credit Card Chaser:

Credit Card Chaser is an authority credit card site that offers innovative comparison tools, reviews, calculators, and reports to help consumers find the best credit card for them.

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