Rebuilding without Plastic

[I Is Broke]

How do I build up my Credit Score without using Credit Cards?

I was discharged on 03/24/05 and would like to work on getting my Credit score higher.

I have utilities in my name, but do they report to the credit bureaus?

I have an apartment in my name, but do they report to the credit bureaus?

Please advise what I can do, besides getting plastic.

Thanks.

[HHM]

Generally, utilities and apartments DO NOT report. I have heard of a service that can report your apartment lease and I think someone posted a link somewhere in this forum, but it sounds more like a scam...but judge for yourself.

Do you have a car that you are financing.

[I Is Broke]

I am not financing anything. My car is 3.5 years old and paid in full.

I have a loan on my 401K, but that is it. That will be paid off shortly.

[HHM]

I understand your reservation about not getting new credit, and frankly that is a good attitude to have. However, for better or worse, having good credit is important in today's society, so you probably should get a low balance card, charge a small amount, (i.e. $100-$200), then pay the MINIMUM payments until paid off, recharge it, etc. That way you establish a positive payment history on your credit report.

[HRx]

Hi,

You're definately going to have to obtain some form of credit in order to rebuild your credit. The most commonly used ways at getting ones credit re-established is by applying for secured credit cards that report to all three CRA's, or by apply for a secured loan through ones bank or credit union.

Rent and utilities are not forms of credit. There's a current "scam" out that requires individuals to pay a "company" "X" amount of dollars, to have thier thier rental payments reported to the CRA's. Eventhough, your rent payment history gets reported, paying rent is NOT "credit" because, rent is paid in advance, therefore, creditors will not recognize this particular tradeline on your credit report! My advice, is to wait until you start recieving "pre-approved" credit applications in the mail (some will be good, others will be bad) instead of randomly applying for several credit cards, to ultimatley get denied, and adding unnecessary inquiries on your credit report, bringing down your credit score.

Good Luck!

[jeslyn]

If you're worried about overspending, I would recommend getting a credit card and setting up your utilities to be paid with it each month. Then, I would set up an automatic bill-pay with your bank and pay off the balance of your credit card in full and on time every month.

Then put the card in a safe place- just not your wallet! I recommend the "sock drawer" approach!

That's my plan, anyways. :p