A Three-Step Process to Building Credit

build credit

Moving through life today with no credit is an impossible ordeal, especially with the economy where banks and companies are constantly testing your financial capabilities.

Unfortunately, all kinds of businesses will take your credit score as a determining factor when you apply for something, not just bank products. This could be a financial agreement about a product, such as a sofa or a phone contract.

In addition, internet and mobile companies will look at your credit score before agreeing to do business with you because credit is the way in which modernity conducts its business. This means that unless you’re able to leave a substantial deposit every time you wish to access a service or credit, building good credit is the right solution.

Building credit can be your number one resource during your adult life, sadly, this won’t happen overnight, so be ready to make sacrifices and have patience before you can have credit at your disposal.


Having a steady paycheck is not part of your credit score, but technically the entire financial scheme works under the premise that you have a steady source of income. This means having a job is one of the basics before you even think about building credit. This will highlight to lenders that you have the capability to maintain repayments and this also commonly includes having to state your earnings during the application.


One of the easiest ways to start your good credit score is applying for a credit card. Applying for credit should be the first move after you have the certainty of steady employment. This does not mean that lenders will lend you money instantly, actually, it can be hard unless you try additional options, like a secure or joint credit card.

Using one of those initial forms of credit can open the door to a strong financial relationship with banks. If you are unable to obtain a credit card, then some banks will allow you to use your correct management of savings accounts with the bank as justification that you are a reliable individual to provide credit.

Pay when you have too

If a bank has decided to do business with you, you must cherish that trust for your own good. That means paying within the dates established, remember that after this point there’s a report with your name on it. That means that there´s a financial bureau sending and receiving your credit information and telling lenders if they should keep trusting in your financial responsibility.

Try to do this at least for six months, the chances are that the lender will extend the credit after this time if they see good behaviour from you. This all adds up to the overall credit score. Patience is key here as these processes are never built overnight.

As you grow old, so does your credit score, which means that you´re creating a good reputation for yourself in the future which is very important when you start thinking about having kids or a family to support. However, it’s also important to remember that a singular miss payment can have a significant detrimental effect on your overall score.

There are other recommendations that are worth mentioning, like start good saving habits so that in the event of a calamity you don´t rely that much on credit and risk yourself to be in a situation where you simply can not meet your monthly payments. If you already have a credit score and wish to boost your savings,  perhaps you can look for other sources to get money.

There are options to consider if you’re not being offered a credit card but require some financial support, it’s worth checking whether you had paid PPI as you may discover that you’re owed money by the bank which will help your financial situation.

Obviously, it takes more than three steps to build credit properly and without feeling overwhelmed, but if you manage to start a good relationship with a bank you´re halfway there. Try not to go beyond your capabilities and strive to always pay on time, this may entail some big sacrifices but that’s the idea in life, being patient so you can achieve all your milestones.

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