Add Good Credit to Your Report

When applying for credit, you may be turned down because of an insufficient credit file, or no credit file. Maybe you have accounts with a good standing that you would like lenders to see. Many small businesses do not report to the Credit Reporting Agencies (CRAs) because the CRAs require businesses to pay a fee to have their credit information about you added to their files.

Companies that do not report to the CRAs include credit unions, utility companies, doctors, hospitals, local finance companies, landlords and even some insurance companies. However, most of these companies do check your credit report and score before they offer their services to you. An easy way to add good credit to your account is to ask the CRAs to add the accounts that are not reported to your credit report. This may cost you a fee, so check with the individual CRAs before a request is made.

Another way of adding credit to your report is to open new lines of credit. Remember that opening too many new lines of credit can raise red flags. What you want to achieve with this is to show the different types of credit that you use.