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How to build credit with a credit card?

Home › Questions › Credit Building › How to build credit with a credit card?

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  • September 8, 2024 at 10:20 pm #992
    KikoffKikoff
    Keymaster
    September 8, 2024 at 10:22 pm #994
    KikoffKikoff
    Keymaster

    Assuming you already have a credit card, there are a couple of basic things you can do to start building your credit.

    Stay on top of your credit utilization ratio

    Being responsible with the credit you use is the most important place to start. Keep an eye on your credit utilization ratio and try to keep it around 10%. Your credit line might not be very high at first, with a limit of perhaps $500 or $1,000. So, if you can avoid making big purchases with your credit card that you can’t pay off right away, you should.

    Enroll in autopay

    Most, if not all, credit cards give you the option to enroll in automatic payments. Late payments can hurt you by adding interest to your monthly credit card bill, or by dinging your credit if the late payments are included on your credit report. Payment history is one of the biggest factors in your credit, so making payments on time, ideally in full, is important as you build credit. Keeping your credit utilization low will also make autopay easier to stick to since you hopefully won’t have to worry about automatic payments overdrawing your checking account each month.

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The information provided in this blog post is meant for informational purposes only and does not constitute financial advice. Kikoff Inc. is a financial technology company and not a bank. The Kikoff Secured Credit Card is issued by Coastal Community Bank, Member FDIC. Terms and conditions apply & individual results may vary. Make consistent on-time payments to maximize credit building potential.  Credit factors outside Kikoff, like other account balances or delinquencies, can have an impact on credit building progress.  Subject to approval via identity verifications and subject to terms and conditions. Kikoff Credit Account reported line of credit intended exclusively for credit building purposes & can be used to finance the purchase of monthly Credit Service plans and/or digital educational material via the Kikoff Store. For more information, visit our Terms and Conditions and Privacy Policy. We report to the major credit bureaus: Equifax, Experian, and TransUnion. Features, tradelines, bureau reporting, & pricing may vary depending on plan purchased. This post may contain marketing messages and advertisements in compliance with the CAN-SPAM Act. Please refer to our Secured Card and Credit Account Terms for detailed product disclaimers.

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1 Based on real Kikoff members who made a purchase with the Kikoff Credit Account between January 2021 and March 2024 with starting scores below 600 and made their first payment saw an average Equifax Vantage 3.0 score increase of 28 points after their first month. Late payment may negatively impact your credit score. Individual results may vary.

2 Based on Kikoff customers who used the ⁨Credit Account⁩ product and made on-time payments, and didn’t add non-Kikoff delinquencies/collections to their credit profile. This data is based on observed Equifax Vantage 3.0 credit score changes, and is current as of November 2022.

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