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Best Loans to Help Build Credit

by Pauline Paquin

Trying to build credit can seem like trying to build the London Bridge over night. It is not an easy task, nor is it one that happens fast. It will take plenty of time to get your credit score either boosted from damage that occurred as a result of a mishap or just started from the ground up. There are a multitude of different loans out there for you to apply for, but the key is to focus on the ones that will boost your credit the most.

Your credit score is comprised of many factors, of which 30% is the credit utilization rate. This is a measure of the amount of credit you have outstanding compared to how much you are provided. For example, if you have a $1,000 credit limit and you used $900 of it, you have a 90% utilization rate, which is not good. Generally, lenders want your utilization rate under 30%; anything over that threshold and your credit score is negatively affected. Installment loans, however, do not affect the utilization rate. This is a great way to take out credit and not negatively affect your credit score. As you make your payments on time, you will boost your score instead.

Guarantor loans allow you to take on a loan with a family member or a friend being reponsible for the loan if you are unable to repay. That person will vouch for you and your ability to repay, so make sure you will live up to their expectations.

A mortgage is another great loan that offers fixed payments and a fixed loan. This regularity of the loan helps to keep your credit intact and there is no credit utilization factor to bring your credit score down. The longer you hold the mortgage and the more often you make your payments on time, the more likely it is that the mortgage will help to boost your credit score. Just make sure that you take a mortgage that you can easily afford and keep up with on a monthly basis. In addition, do not take out a HELOC (Home Equity Line of Credit) as they are reported as a revolving line of credit, just like a credit card.

If you have a lot of outstanding revolving debt, it can be beneficial to your credit score to consolidate it into a personal loan. This helps to regulate your payments, get the balance paid down, and does not give you access to any more money. This will help to bring your credit score back up after being dragged down by excessive revolving debt. Without the ability to continually use a credit account, your credit utilization rate will go down and your credit score will go up. There are some companies that even cater to giving loans to people with bad credit.

The best way to keep your credit score up is to keep stable credit (installment loans, mortgages, and personal loans) on your credit report with on time payments. In addition, you should not use credit cards whenever possible. Pay cash or use your credit cards very sparingly, as the credit bureaus do like to see a healthy mix of revolving and installment debt on your credit report as long as it is used responsibly. Avoid using revolving debt until you have yourself established, however, in order to keep your credit score high.

How to Improve Your Credit With Student Loans

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

It’s easy to be disappointed by your student loan debt. Not only do you have to pay back thousands of dollars, but interest adds up. It eats away at your hard-earned dollars and could hold you back from buying a home or marriage.

But while student loan debt can be a huge risk, it can also help you build your credit. If you’ve ever asked yourself, “How can I build my credit?” here are a few ways that student loans can give your credit a boost.

Your credit impacts everything you do

Credit affects everything. Your credit score represents your creditworthiness. The better the history, the higher the score.

Your score is calculated using your credit history and credit utilization, which is how much credit you’re using versus how much you have available. It also includes how long you’ve had credit and the variety of accounts you hold, from credit cards to student loans and car loans.

Looking to buy a home or car? Your credit will be checked. Need to move into your own apartment? Better have good credit. In some cases, your credit is a factor in employment decisions too.

If you have poor credit, or no credit history at all, accomplishing basic goals, such as renting an apartment or getting approved for a credit card, can be difficult. Having good credit can help you get better interest rates on student loan refinancing, car loans, and more.

Student loans are installment loans. These differ from revolving credit lines, such as a credit card. Installment loans are provided once and paid back over a set period of time.

Nick Ducoff, co-founder of Edmit, an online resource for researching college costs, said student loans are helpful for young adults who aren’t ready to sign up for revolving credit.

“Paying back your student loans on time can positively impact your payment history and the amount owed,” Ducoff said. “Just staying on top of your student loans is enough to increase your credit score [to] the 700 range by the time you have to apply for a larger loan.”

Installment loans affect your credit profile, but how they affect it depends on you. It doesn’t matter if you have federal or private student loans. What matters is that you’re responsible with your debt and make on-time payments.

Paying back your student loans on time will build up your credit and improve your credit score.

How to improve credit with student loans

If you have student loans, there are a few things you can do to ensure your loans are helping you build good credit.

1. Make all your payments on time

“Using your student loans to build your credit isn’t always easy, but it is simple: Complete every payment in full, on time,” Ducoff said.

Creditors look at your payment history to determine your creditworthiness. If you’ve missed or made late payments, your credit score will suffer for it. While payments aren’t the only thing affecting your credit score, they’re the largest determining factor.

If you find yourself running late on payments, it’s time to make a plan.

“It’s important to know your capacity, both financially and personally, to make on-time payments every month, and then to set a system that will prevent you from ever missing a due date,” Ducoff said.

Missing payments can hit your credit report hard. Late payments will stay on your credit report for up to seven years. If you had a late payment put on your credit report today, it wouldn’t go away until 2025. Plus, the more payments you miss, the more delinquency marks you get on your report, which means the more your score plummets.

To help keep your payments on track, use autopay through your loan servicer. It deducts payments from your bank account each month. You can also set calendar reminders to make sure you submit your monthly payments.

2. Make your payments affordable or get help

If your payments are overwhelming and you struggle to make them each month, you might periodically skip one or two. But remember rule No. 1: Always make on-time payments.

So what should you do if you can’t afford your payments?

Talk to your loan servicer and see what options are available for your situation. You might be eligible for an income-driven repayment plan or deferment until you get back on your feet.

“If you find yourself in a tough spot and cannot make a due date, you should contact your lender right away to discuss payment options,” Ducoff said. “Lenders don’t want you to become a credit risk; they have incentives to work with you to find a repayment plan that you’ll be able to meet.”

Ducoff warned that waiting past even one missed payment could mean interest starts piling up. That would make it harder to regain control of your payments. You might be eligible for deferment or forbearance, where you can temporarily pause payments without hurting your credit.

3. Consider student loan refinancing

Keeping your student loans in good standing is a great way to build credit. But managing multiple loans can be overwhelming.

If you want to make your loans more manageable, you could consider student loan refinancing. Refinancing means you’ll make one loan payment rather than many different ones. If you qualify, you could save by reducing your interest payments.

Refinancing can help keep your payments on track. That’ll help you build good credit.

Use your student loan debt to build credit

Student loans can play a positive role in building good credit, as long as your payments are manageable and you keep up with them.

Doing so can help you in other areas of your life. With good credit, you might be eligible for other credit-building incentives, such as lower rates on a mortgage or car loan.

Paying off your student loans might seem daunting, but doing it the right way will help build your credit and your financial future.

Building credit can be tricky. If you don’t have a credit history, it’s hard to get a loan, a credit card or even an apartment.

But how are you supposed to show a history of responsible repayment if no one will give you credit in the first place?

To have a FICO score, for example, you need at least one account that’s been open six months or longer, and you need at least one creditor reporting your activity to the credit bureaus in the last six months. (A VantageScore, from FICO’s biggest competitor, can be generated more quickly.)

Several tools can help you establish a credit history: secured credit cards, a credit-builder loan, a co-signed credit card or loan, or authorized user status on another person’s credit card.

Whichever you choose, make sure you use it in a way that will eventually earn you a good credit score.

Five ways you can establish credit

1. Apply for a secured credit card

If you’re building your credit score from scratch, you’ll likely need to start with a secured credit card. A secured card is backed by a cash deposit you make upfront; the deposit amount is usually the same as your credit limit.

You’ll use the card like any other credit card: Buy things, make a payment on or before the due date, incur interest if you don’t pay your balance in full. Your cash deposit is used as collateral if you fail to make payments.

You’ll receive your deposit back when you close the account.

Secured credit cards aren’t meant to be used forever. The purpose of a secured card is to qualify for a card without a deposit.

Secured credit cards aren’t meant to be used forever. The purpose of a secured card is to build your credit enough to qualify for an unsecured card — a card without a deposit and with better benefits. Choose a secured card with a low annual fee and make sure it reports to all three credit bureaus, Equifax, Experian and TransUnion.

NerdWallet regularly reviews and ranks secured credit card options.

2. Apply for a credit-builder loan

A credit-builder loan is exactly what it sounds like — its sole purpose is to help people build credit.

Typically, the money you borrow is held by the lender in an account and not released to you until the loan is repaid. It’s a forced savings program of sorts, and your payments are reported to credit bureaus. These loans are most often offered by credit unions or community banks; at least one lender offers them online.

It’s also possible to get a loan or an unsecured credit card using a co-signer. But be sure that you and the co-signer understand that the co-signer is on the hook for the full amount owed if you don’t pay. (See “What You Need to Know About Co-signing.”)

4. Become an authorized user on someone else’s credit card

A family member or significant other may be willing to add you as an authorized user on his or her card. As an authorized user, you’ll enjoy access to a credit card and you’ll build credit history, but you aren’t legally obligated to pay for your charges.

Find out whether the card issuer reports authorized user activity to the credit bureaus.

Ask the primary cardholder to find out whether the card issuer reports authorized user activity to the credit bureaus. That activity generally is reported, but you’ll want to make sure — otherwise your credit-building efforts may be wasted.

You should come to an agreement on how you’ll use the card before you’re added as an authorized user. If the primary cardholder expects you to pay your share, make sure you do so even though you aren’t legally obligated.

5. Get credit for the rent you pay

Rent-reporting services such as Rental Kharma and RentTrack take a bill you are already paying and put it on your credit report, helping to build a positive history of on-time payments. Not every credit score takes these payments into account, but some do, and that may be enough to get a loan or credit card that firmly establishes your credit history for all lenders.

Build your score with good habits

Building a good credit score takes time, probably at least six months of on-time payments.

Practice these good credit habits to build your score and show that you’re creditworthy:

  1. Make 100% of your payments on time, not only with credit accounts but also with other accounts, such as utility bills. Bills that go unpaid may be sold to a collection agency, which will seriously hurt your credit.
  2. Keep your credit utilization low — utilization is your balance when compared to your limit. We recommend paying in full each month, but if do you carry a balance don’t let it exceed 30% of your credit limit.
  3. Avoid opening too many new accounts at once; new accounts lower your average account age, which makes up part of your credit score.
  4. Keep accounts open for as long as possible. Unless one of your unused cards has an annual fee, you should keep them all open and active for the sake of your length of payment history and credit utilization.
  5. Check each of your credit reports annually for errors and discrepancies.

Learn how to check your credit scores and reports

A credit report is a record of how you’ve used credit in the past. Your credit scores estimate how you’ll handle credit in the future, using the information in your credit reports. You’ll want to monitor both to watch for errors and to see your credit-building efforts pay off.

Credit reports show how you’ve used credit in the past. Scores use that data to estimate how you’ll handle credit in the future.

Several personal finance websites, including NerdWallet, offer a free credit score. Look for a site that also offers free credit report information, as well as educational tools such as a credit score simulator.

Financial Advisor, DCL

If you have a less than perfect credit score, or you’ve never had any credit score at all, you’re probably wondering how you can start building your score. Building credit is one of the most important things you can do for your personal financial situation. The longer you have a lack of credit, the less opportunities you will have to grow your wealth or enjoy a decent lifestyle.

But the strategy you use for building your credit will depend on the situation you’re in. If you have never had credit before, your building process will be different than if you have poor credit because of previous financial issues.

This guide has been created to help our readers understand how to build their credit for the future. If you’re having trouble finding reliable information on how to build your credit, this article is the perfect resource for you. Make sure to take in all the information provided before beginning your credit building journey.

If you don’t have a credit score, it’s probably because you’re young or because you’ve never applied for financing before. Sometimes the hardest thing to do is to apply for your first loan or credit card – it may seem like no lenders want to take a chance on you. But there are a few ways you can start to build your credit.

A secured credit card is a card that has a deposit on it. If you want to build your credit, but no one will accept your credit card application, you can offer to deposit an equal amount to the limit. For example, if you want a $500 credit limit, you would deposit $500 into the credit account.

Many lenders offer this type of credit card to help people get on the lending ladder. Although you will need money to put up to secure the card – this won’t be possible for everyone. Just make sure that you make your payments on time – this will help you build your credit for the f

Student credit cards are offered to those who are at university. Lenders know that students who are studying often need a credit card to help fund gaps in income, therefore they offer credit cards to students even if they don’t have a solid credit history. This is a good option for those who are still in school.

Sometimes the easiest way to start building credit is to get a phone plan. Believe it or not, getting a post-paid phone plan typically requires at least a soft credit check. You’ll want to make sure that you pay your bill on time – this will indicate to lenders that you can maintain financial agreements.

Building Credit for Bad Credit

If you have a bad credit history, your approach to building credit will be different. Check out our suggestions below.

So, what is a debt consolidation loan? A debt consolidation loan pays off your current debts and reissues them to you at a lower interest rate – it also consolidates all your debts into a single payment. This makes paying off your debt easier, it also reduces the amount of debt that you will end up having to pay back. This is one of the best ways to start building your credit.

Credit cards can be hard to pay back because you can constantly re-spend your limit. This results in countless people being stuck in debt traps they can’t escape. If you use a debt consolidation loan, you’ll find that the structured payments of a term loan make paying back your debt much easier. The lower interest rate also helps! Millions of Americans have got their financial health back on track after using a debt consolidation loan to reorganize their debt!

If you can’t consolidate your debt, you should try and keep your balances as low as possible. One of the major components of your credit score is how high your balances are. If you pay down your debt, you’ll see immediate improvements in your score.

Lastly, make a commitment to exhibiting good borrowing behavior in the future. If you start making all your payments on time, and paying down your debt, you’ll find that you score improves quicker than you think!

Another way to help make yourself more attractive to lenders is to stop using risky lending products. Lenders want to find borrowers who don’t exhibit risky characteristics.

So, building credit takes quite a bit of effort – is it really worth it? You probably ask yourself this question a lot, but the answer is simple – yes. Having good credit is one of the best ways to ensure that you have a successful financial future. It provides you with opportunities that you would not have access to if you had a poor credit score. Below we will explore some of the advantages you’ll be afforded if you commit to building your credit.

Those who have better credit scores are offered lower interest rates. Lenders know you are not as risky of a borrower so they offer better deals. In many cases, the exact same lender will offer different interest rates to different clients (all based off credit score).

If you have a higher credit score, you’re more likely to be approved for financing. This means that you will be able to take advantage of investment opportunities and other beneficial financial activities in the future.

Not only do you have easier access to finance at lower rates, you also get to work with better lenders. The lenders with the best reputations tend to also have the highest credit score requirements. When you have a low credit score, you will often be working with people who are preying on desperate borrowers – these companies may end up taking advantage of you.

Building your credit is serious business. Make sure to commit to taking the process seriously. If you manage to take a step in the right direction, you’ll find that your credit begins to repair itself in no time!

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