When searching for ways to improve your credit, the most common advice we receive is to open a credit card. We’ve been told that in order to build a positive credit history, we need to open a credit card (secured or unsecured), make a small purchase once a month, stay under 30% of our credit limit and pay off the balance every month.
Although this can be a great tool to build or rebuild your credit, this is not the only solution. There are other ways to improve your credit. Let’s first understand why a credit may not be an option to build or rebuild credit.
5 Reasons Why A Credit Card May Not Be An Option:
- Credit card application denied
- Paid off credit card debt and not interested in taking on more credit card debt
- Never had a credit card and not interested in starting now
- Lack of credit card discipline
- Tempted to max out credit cards
It’s great to understand your…