It’s true. There are a lot of things you can do without using credit. You can pay for your rent, food, and other necessities with a check, debit card, or cash. But building a solid credit history is important even if you prefer to pay with cash. Find out why and how to get started building your credit.
Why do you need a credit history?
If you don’t plan to take out a mortgage or loan or apply for a credit card, you don’t need to worry about establishing a credit history, right? Actually, that’s a common misunderstanding. Good credit is important when you want to get a loan or a credit card, but it’s also used to make other important decisions, like whether to:
A strong credit history is important because how well you handle your money can show whether you are a responsible, reliable person.
The basics of building good credit.
When you’re just starting to build your credit history, lenders may look at a few things to help them decide if you are credit-worthy, including:
The next steps focus on getting credit and using it wisely:
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