“A Guide to Building Credit: Accounts That Help and Those That Don’t”

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Build Your Credit with O1ne Mortgage

Establishing a strong credit history is a significant achievement that can unlock numerous financial opportunities. However, not every account can help you reach this goal. Your personal credit is based on your history of borrowing money and repaying it as agreed. As you manage your finances, it’s crucial to know which types of accounts can and can’t help you achieve a good credit score.

Accounts That Can Help You Build Credit

Generally, most types of debt can be used to build credit. Here’s a breakdown of specific accounts that can help you achieve your goal:

1. Credit Cards

Most credit cards, both secured and unsecured, report your balance and payment activity to the three major consumer credit bureaus: Experian, TransUnion, and Equifax. To build credit with a credit card, use it regularly and pay your bill on time every month. It’s best to avoid using a large percentage of your credit limit to keep your credit utilization rate low. Ideally, paying your bill in full every month will help you avoid interest charges.

2. Installment Loans

Installment loans offer a lump-sum disbursement of loan funds that you’ll pay back in monthly installments over a fixed term. Common types of installment loans that can help you build credit include:

  • Mortgage loans
  • Home equity loans
  • Auto loans
  • Student loans
  • Personal loans

To build credit with an installment loan, borrow only what you need and make your monthly payments on time.

3. Lines of Credit

A line of credit is a form of revolving credit, similar to a credit card. During the initial draw period, you can borrow money up to your credit limit, pay off the balance, and repeat as needed. During the repayment period, it acts more like an installment loan. Whether it’s a personal line of credit or a home equity line of credit, you can use this type of account to build credit by maintaining a balance and making every payment on time.

4. Credit-Builder Loans

If you’re new to credit, you may have a hard time qualifying for a traditional installment loan. A credit-builder loan can be an option. Instead of giving you the loan proceeds upfront, the provider sets the cash aside in a savings account or certificate of deposit. You’ll make monthly payments for a fixed term, and once completed, the provider will disburse the funds to you, plus any interest earned.

5. Authorized-User Accounts

If you can’t get approved for a credit card on your own, consider asking a family member to add you as an authorized user to their credit card. The account’s entire history will be added to your credit reports, helping build your credit history if the primary account holder has used the account responsibly. You can also use the account to make purchases as an authorized user, but you won’t be responsible for making payments.

Accounts That Don’t Help Build Credit

While some of these accounts may have other uses, they typically can’t help you establish and maintain a good credit history:

1. Payday Loans

Payday loans are expensive and don’t help you build credit. Consider alternatives like bad-credit personal loans if you’re struggling financially.

2. Cash Advance Apps

Cash advance apps function as payday loan alternatives and typically don’t report your payments to the credit bureaus.

3. Checking Accounts

Checking accounts are useful for everyday money management, but regular activity, including debit card purchases, won’t help you build credit. Deposit accounts like savings accounts, money market accounts, and certificates of deposit also don’t contribute to your credit report.

4. Prepaid Debit Cards

Prepaid debit cards allow you to spend only what you load onto the card, so there’s no debt element, and they can’t be used to build credit.

5. Utility Accounts in Some Cases

Utility providers may run a credit check when you apply for an account, but this soft credit check won’t affect your credit score. While monthly utility payments typically don’t help build your credit history, using services like Experian Boost® can add positive payment history to your Experian credit report.

How Long Does It Take to Build Credit?

To generate a FICO® Score, you’ll need at least one credit account open for six months or longer. Building a solid credit history can take several years, so avoid offers for fast credit-building services—they might be scams. To accelerate the process, consider signing up for services that provide free access to your FICO® Score and credit report, along with resources to help you learn about and build your credit history.

The Bottom Line

Building credit can feel like a monumental task, especially if you don’t know where to start. Understanding what can help you establish your credit history and what can’t is crucial for taking meaningful steps in the right direction. While you’re at it, continue to monitor your credit to track your progress and learn more about how your actions impact your credit score.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

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