Building Credit for Your Dream Home: 5 Clever Tips (Minus the Credit Cards!)

Learn how to boost your credit to get a better rate as a homebuyer --without applying for a new credit card!
Jun 07, 2023

So, you're on the hunt for your dream home, but your credit score is in need of a little TLC. Building your credit doesn't always require opening credit cards. Here are some nifty tricks to amp up your credit score without applying for new plastic.

  1. Rent Reporting: Who knew that paying your rent on time could actually help you build credit? Rent reporting services work alongside work your landlord to report your timely rental payments to credit bureaus. This way, your responsible renting habits have the chance to shine on your credit report. 

  2. Experian Boost: By linking your utility, cell phone, internet, and even eligible streaming service accounts to Experian Boost, your payment history for these bills can be included in your credit file. Finally, those pesky monthly bills can work in your favor! 

  3. Authorized User Status: Have a friend or family member with impeccable credit? Ask if they'll add you as an authorized user to their credit card. As an authorized user, you'll inherit their credit history, making it rain positivity on your own credit report. Just be sure your creditworthy benefactor continues to handle their finances responsibly; you don't want to be caught in a credit storm.

  4. Secured Credit Card: While it's not entirely avoiding a credit card, a secured credit card can be a good option for building credit. A secured credit card is like a regular credit card, except you'll need to make a deposit as collateral, which then becomes your credit limit. By using this card judiciously and making timely payments, you're on your way to establishing credit history without the temptation of going on a reckless spending spree. 

With these clever credit-boosting methods, you can set sail on your homebuying journey armed with a solid credit score. Remember, building credit takes time and consistency. Be patient, pay your bills on time, and keep your credit utilization low. Before you know it, you'll be unlocking the door to your new home with confidence.

Did you find this article helpful? Please share it!

Important Notice: The information provided on this landing page and associated social media content from Dreamlink Mortgage is for general informational and educational purposes only. It does not constitute financial, legal, tax, or professional advice. Mortgage rates, terms, fees, and availability are subject to change without notice and may vary based on individual circumstances, creditworthiness, location, and market conditions. Dreamlink Mortgage is not making any commitment to lend or guarantee loan approval. All loan applications are subject to underwriting guidelines, verification, and approval by Dreamlink Mortgage or its affiliates. We encourage you to consult with a qualified mortgage professional, financial advisor, or attorney to discuss your specific situation before making any decisions. This content may include links to third-party websites or resources, which are provided for convenience only. Dreamlink Mortgage does not endorse, control, or assume responsibility for the content, products, or services offered by these third parties. By accessing or using this landing page, you agree to our Terms of Use and Privacy Policy. Dreamlink Mortgage is an equal housing lender. NMLS # 2059746. For questions or more information, contact us at eric@dreamlinkmortgage.com (mailto:eric@dreamlinkmortgage.com) or visit dreamlinkmortgage.com.