4 Easy Ways to Build Credit

Some people aren't taught about credit history until they need it. Just know, it's never too late! If you don't have credit history right now, don't panic. There are simple ways to get started and establish yourself as a responsible borrower.

• Secured Loans - Getting approved for a loan with no credit history can be tough but secured or "share-secured" loans are different. By using your savings account or certificate funds as collateral, you can start your own credit history. Ask an Abound representative how or apply online.
• Authorized Users - If you're just starting out, your parents or other family members may be able to add you as an "authorized user" or "additional cardholder" on one of their existing credit accounts. This could help build your credit history. Before pursuing this strategy, Experian recommends checking with the lender to ensure they report authorized users accounts to all three credit bureaus.
• Co-Signers - Have an immediate need for a car loan or student loan? Adding a co-signer, usually a parent ot guardian, can help you qualify for a larger loan amount right away to finance what you need. Remember, you're co-signer is agreeing to take on this debt if you don't repay it, so be sure you have a solid plan to make regular, on-time payments.
• Rental Payments - If you're currently renting, you may want to ask your landlord to report your payments to help build your positive credit history. These payments, along with utilities and others, could boost your credit score. Learn more about tools that can help.

Before your start building credit, it's important to get the basics of money management down. Get started with Abound's free financial wellness resources on budgeting, saving and borrowing wisely.