Further, you might apply to take alternate types of payment history into account, such as rent payments or cell phone bills.
Below, we cover how to build credit without a credit card—an unsecured one, that is.
If you don’t meet the requirements for having credit cards on your own, having an authorized user status on a cardholder’s account might be beneficial to building positive “payment history,” a credit scoring component.
By paying rent, utility bills, and rent, you also demonstrate your ability to manage other liabilities. Taken together, these added items can create a good credit score worth using when applying for a loan or credit card from a bank or credit union.
Alternate Payment History Appearing in Your Credit Report
Having a co-signer credit card works similar to carrying a joint brokerage account or bank account—you both have access to the funds. However, they differ because joint accounts list both owners as equals, meaning they share the account title and legal responsibility.