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Most are reported as revolving credit, the same as a credit card. Many local home improvement stores also offer credit accounts, and some are available with the payment of a deposit in lieu of good credit.
Staples office supply store has several credit products, including a personal credit account administered by Citibank.
You can take several steps toward a healthy credit file without the use of credit cards. Keep paying old bills That old student loan may feel like an albatross around the neck, but years of on-time payments and the age of the account will boost your score.
An account in good standing factors into your score until ten years after it’s paid off and closed, so don’t miss payments or pay late.
Pay off collection accounts, too, since the newest version of the FICO score ignores paid collections (but seriously dings your score for unpaid collections). Report your rent For consumers with subprime or unscoreable credit, reporting rental payments is a very smart move.
An Experian study found that for consumers with “thin” credit files (not enough data upon which to base a score), adding rental history made them scoreable. Furthermore, consumers who already had credit scores saw their scores rise by an average of 29 points. A large portion of the consumer credit score is based on payment history and account age.
Luckily, only a small portion of your credit score is based on having and using revolving credit products (credit cards).
Your FICO score is based on the following: The Vantage Score, another consumer credit rating system, uses similar criteria, in a slightly different formula developed by three credit reporting agencies (Equifax, Trans Union and Experian).
A secured credit card will work until the consumer can qualify for a traditional card (again, be sure it reports to the credit bureaus).
Clearly, the most important factors are establishing a history of on-time payments to all creditors and keeping debt low in relation to the amount of credit available to you (known as the credit utilization ratio).
Consumers who can't – or don't want to – obtain a credit card can build credit in other ways.
Before applying for store credit, be sure the vendor reports to the credit bureaus. Check with your utility company The vast majority of utility providers only report derogatory information to the credit bureaus, but if you live in Detroit and you pay your bills on time, you’re in luck.
DTE Energy reports all payment histories, both positive and negative.