How to build a credit with a credit card| MoneyFor

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Key takeaways

Raising your rating with a credit card is one of the easiest and most effective ways to do it.
Consistently making payments on time and keeping your utilization low demonstrates financial reliability and positively impacts your score.
If you don’t want to use plastic to pay, there are other ways to boost your score including credit builder loans and payment reporting.

Building credit with a credit card is one of the most common and easiest ways to raise your score quickly. All you have to do is use your card regularly and responsibly. Pay all your bills on time every time and only spend a small percentage of your limit. You’ll demonstrate that you can manage borrowing and repaying money on a regular basis. Keep this up and your score will shoot up.

We’ll go over in detail how to raise your rating with a card and what to watch out for.

How to start building credit with a credit card

Issuers report your payment history and usage to the three major credit bureaus – Equifax, Experian, and TransUnion. They put the data on your reports which are used to calculate your three-digit scores. Use your card responsibly and you’ll be able to establish a positive payment history relatively quickly.

To start improving your score with a card you’ll first need to get one. The type you get will depend on your score, among other factors. If you have a good score, you will have your choice of cards. If your score is poor, you may want to opt for a secured card and use it to establish a positive payment history. Other options include an unsecured card for poor scores or a student card. Many issuers offer unsecured cards designed to help build up your rating but most come with an annual fee. If you don’t want your own card, you can become an authorized user on someone else’s card.

We’ll go over the choices below.

Secured credit card

Secured cards require a refundable security deposit that sets your limit. The deposit can be as low as $100 or as high as $5,000. It depends on the card issuer. Secured cards are a good choice if you have a bad score because they are easy to qualify for and often have lower fees (possibly no annual fee) and APRs than unsecured cards for poor scores. Other than the deposit, they work just like regular cards.

Be sure to make at least the minimum payment every month by the due date. Also, make sure your card issuer reports to all three bureaus as it’s the only way your score will improve.

Unsecured credit card

If you don’t want to put down a deposit, you can apply for an unsecured card specifically designed for those with low scores. A card in this category will often come with extra fees like an annual fee, a higher interest rate, and a low limit. Pay more than the minimum payment to avoid the high interest rate.

Use it responsibly to boost your rating, always pay your bill on time, and you can move onto a better card.

Become an authorized user

If you don’t want to apply for your own card, ask a trusted friend or family member if you can be an authorized user on their card. Make sure the primary cardholder has a good score. That way your score then benefits from their responsible use. If you or the primary cardholder don’t use the card responsibly, that could affect both your scores.

Make sure that the credit card company will report your usage to the three credit bureaus as an authorized user. This is the only way it will help you build up your score.

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Know your credit scores

It’s important to know your scores so you know where you stand. Your scores affect your ability to obtain loans, mortgages, and even rent an apartment. They are a measurement of how responsible you are. Namely, if you can be counted on to repay what you owe. Having a good score increases your chances of getting approved for a new credit card account with a lower interest rate and a higher limit.

There are multiple scoring models. The main one used by the majority of lenders is FICO. Your FICO score is calculated by weighing the following factors:

Payment history – 35%
Utilization – 30%
Length of credit history – 15%
Types of accounts – 10%
New inquiries – 10%

Check your credit reports and FICO score at AnnualCreditReport.com. Look and see what you’re doing that’s keeping your FICO score down. Have you only had accounts for a short time? Have you made a lot of late payments? Are your balances too high?

Now that you know what you’re doing wrong and what goes into calculating your FICO score, you’re ready to raise your rating.

Go to MoneyFor for more tips and tricks.

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What are the best ways to use a credit card to build credit?

There are multiple proven strategies for using credit wisely while improving your credit score. We’ll go over a few to get you started.

Use only the credit you need

It can be tempting to use your card for everything but don’t. Treat your card like a debit card and only charge what you can afford to pay for in cash. That way you’ll have no problems paying in full by the due date.

What is your credit utilization ratio?

Your utilization ratio is your current balance compared to your limit. To determine your utilization ratio, divide your balance – what you’ve spent – by the total limit. This is important on all your cards cumulatively and individually.

For example, if you have a total limit of $10,000 and are now spending $2,000, your utilization ratio is 20%. That’s a good place to be.

You want to keep your credit utilization ratio low to enhance your score. Try to keep it under 10% – but above 0%. 10% can help you improve your score fast but it can be hard to do, especially if you have a low limit. A general rule of thumb is to keep your rate below 30%.

Pay off the balance in full each month

The best way to build credit with a credit card involves paying your bill on time. Set up automatic payments to ensure you never miss a due date as payment history is a critical component of your score. Always pay more than the minimum payment – the entire balance if you can. This way you’ll never be charged interest.

Credit card management tips

Responsibly using a new card can have a positive impact on your score, but exactly how much will a credit card raise your score depends on your consistent payment behavior and utilization rate. To keep your score going up, follow these tips.

1. Never pay late

Always pay your bills on time. Late payments can drag down your score and stay on your credit report for up to seven years. More recent late payments will hurt your score more.

Set up autopay or reminders so that you never miss a bill. If you think you’re going to be late, call your card issuer as soon as possible. A lot of times they won’t report until a payment is over 30 days late.

Making timely payments every month is the best thing you can do for your score.

Go to Credit Score Builder to find out how to effectively build credit!

2. Always pay in full

Make a habit of paying off your bill in full every month. Firstly, you can save a lot of money on interest charges if you pay off your entire balance by the due date instead of only making the minimum payment. As of November 2023, statistics from the Federal Reserve on accounts that charged interest showed that the average interest rate is 22.75%. Some cards have even higher APRs. Make every effort to avoid these high interest costs.

Secondly, paying off your entire balance will lower your utilization rate. As we said earlier, a lower usage rate helps establish a better score.

3. Don’t apply for too many new accounts at once

Only apply for credit accounts you need. Every time you submit an application, the financial institution will do a hard inquiry which will temporarily lower your score. Your score should only drop by a few points and bounce back within a year. One hard inquiry isn’t a big deal, but a lot at once can do damage.

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How to build credit without a credit card

It is possible to raise your rating without a card. While they make it easy to improve your score, you do have to be careful and responsible or you can go into debt. Luckily there are alternatives.

Credit builder loans

One option is a credit builder loan that lets you improve your score and save money at the same time. With this loan, the borrower doesn’t get the money immediately; instead, the financial institution holds on to it and puts it in a savings account. The borrower makes monthly payments until the loan is paid off in full. The lender reports the monthly payments to the credit bureaus to boost the borrower’s score. After they’ve made their last payment, the lender gives the borrower the loan money, minus any fees owed or plus interest earned depending on the loan.

Like with any other loan, compare the fees and policies of different lenders. Before applying, you should also ensure that the lender will report payments to all three credit bureaus. Reporting payments is the only way the loan will help you improve your score.

Report ALL your monthly payments

Reporting other monthly payments can help people with a limited history or or poor scores to raise their rating. A lot of companies will report rent, utility, phone, and subscription payments. This way people can get improve their scores with bills they are already paying.

It’s a useful service if you’re wary of borrowing money and going into debt or want to give your score an additional boost. As always, make sure that the service reports to all three credit bureaus. Then continue to make on time payments as any reported late payments can hurt your score.

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Use a debit card that reports payments

You can use certain debit cards to improve your score. Most of these debit cards function like secured cards without a security deposit. They report your payment activity to credit bureaus, allowing users to establish a positive payment history.

Most of them work by connecting to your bank account. The card company then sets spending limits based on your bank balance and transaction history. You can spend within your spending limit. Most cards will debit the money directly from your account so you don’t have to worry about paying a bill. Then the card issuer reports your payment activity to the bureaus.

Many of these debit cards do charge fees like an annual fee. It’s important to review the terms and conditions to understand the fees and if they fit your budget.

The great thing about a debit card that reports payments is it does not involve borrowing money, so there’s no chance of going into debt. Instead, it focuses on helping you raise your rating through the responsible use of a debit card. That said, a debit card is not as effective as a credit card at improving your score.

Frequently asked questions

1. Is it better to pay off your credit card or keep a balance?

It is generally better to pay off your balance in full each month. This avoids accruing interest and demonstrates that you can use the card responsibly. Carrying a balance can lead to unnecessary interest charges and potentially increase your utilization ratio, which might negatively impact your score.

2. What is the best credit card payment method to build credit?

The method you use to pay your bill does not matter as long as it is paid on time and in full. Setting up auto pay can help you avoid missing payments and establish a positive payment history.

3. How much of a $500 credit limit should I use?

Experts recommend using no more than 30% of the limit. When you have a $500 limit you should keep your spending under $150. Staying below this threshold helps demonstrate responsible usage and maintains a low utilization rate, which is favorable for your financial health.

Bottom line

Hope you got answer of the question of how much will a credit card raise my score. Cards are a convenient payment system that can also boost your score when used responsibly. But remember that they can be good or bad for you in the long run, depending on how you use them.

They can help you raise your rating if you only use a small percentage of your limit and pay off your balance in full monthly. But if you think it will be hard to control how much you spend, then try a different way to improve your score.

There are plenty of other options if you want to avoid debt and borrowing altogether. Ask be an authorized user on a friend or family member’s card. Apply for a debit card that reports payments. Or use a rent reporting service. Figure out what works for you and boost your score.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

7. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

8. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

9. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

10. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

11. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

12. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

13. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

14. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

16. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

17. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

18. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

19. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

21. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

22. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

23. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

24. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

25. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

26. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

27. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

28. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

29. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

30. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

31. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

32. Tipping or not tipping has no impact on your eligibility for SpotMe®.

33. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

34. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

35. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

36. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

37. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

38. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

Best Way to Build Credit With a Credit Card

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