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More Than 1 Way To Have A Great And Alluring Credit Score Without Credit Cards.

credit score

Credit score management :

The proper way to improve credit score is not just by the usage of credit cards. The trick to have best credit history is to repay the debt on time. Some forms of debt that can increase credit history are mentioned in the following part:

The first one is Mortgages and Car loans. These loans are secured in form. Paying back the loan amount in time will add a good effect to the credit history of the borrower.

The second one is Personal Loans. They are both secured and unsecured in form. The interest rate for the unsecured loans are higher than mortgage and car loans but less than credit card interest rate.


credit score

Well, both of the above may not completely fulfill the purpose as it won’t increase credit score much. Just for the sake of credit history, one must prefer credit builder loans. Also, if a person has too much of existing debts, s/he may use personal loans for debt consolidation. This may have a proper effect on the credit history of the user.

The third one is Personal Line of Credit. For this, the credit union or the lender will provide the borrower with a credit limit, from where the borrower may withdraw till the credit limit has been reached. The interest rates are typically lower than interest rates on credit card. Clearing up the debt will help you to have a good score.


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The next in the row is Student loans. The best point of this loan is that once the loan is paid off and the accounts get closed with a good status, then that might be supporting your payment history and credit reports for at least 10 years. As per Forbes, student loans have it’s impact on nearly 45 million Americans.

The one coming next is credit builder loans. Here, the whole process is a way opposite. Here, the payments are done initially by the borrowers to the  lenders for a certain amount of time and then the loan amount is granted. It’s sole purpose is to build credits.

credit score

The rent payments that is the last one in this line doesn’t function much if it is not reported by the landlord. The landlords often report when people do not pay, which is actually a bad thing. So, depending upon rent payments to have a good credit score is not a good idea.

All the above options are a variable method to achieve for the said goal – building positive credit history. The most effective way is still the credit cards. It adds onto the positivity to the credit score along with offering rewards.

So, now we know that credit cards are not a must but an easy way to serve our purpose. The basic requite still remains the same which is paying off the debts properly on time. Probably, the above write up has helped you in some way. If yes, then please add a comment in that prescribed box. Thank you in advance!

source: More Than 1 Way To Have A Great And Alluring Credit Score Without Credit Cards.

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