Building credit can be challenging if you can’t get approved for traditional credit products, but several alternatives can help you establish a strong credit history.

Alternative Options for Building Credit

• Secured Credit Cards
  • Deposit required as collateral.
  • Regular payments can help build credit history.
• Credit-builder Loans
  • Small loans that you pay back over time.
  • Money often held in account until loan is paid off.
• Become an Authorized User
  • Join someone else’s credit card account.
  • Benefit from their payment history.
• Peer-to-Peer Lending
  • Borrow from individuals through platforms.
  • May not require traditional credit checks.
• Rent Reporting Services
  • Report rent payments to credit agencies.
  • Demonstrate history of on-time payments.
• Utility Accounts
  • Some utilities report to credit bureaus.
  • Paying bills on time helps build credit.
• Credit Unions
  • More lenient lending criteria.
  • Offer various types of credit products.

Statistical Overview of Credit Building Methodologies

Mind Map of Building Credit Alternatives

• Building Credit
  • Credit Cards
    • Secured Cards
    • Authorized User
  • Loans
    • Credit-builder Loans
    • Peer-to-Peer Lending
  • Reports
    • Rent Payments
    • Utility Bills
  • Institutions
    • Credit Unions