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Using Steroids to Boost your Credit Score

What is the fastest way to build muscle mass? Answer: Using supplements.

What’s the fastest way to increase your credit scores? Answer: Using supplements.

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When you are newbie in the credit game, you don’t have much to show by way of past history, payment diligence, and responsible credit behavior.

The reason you don’t have this is because no one has lent you significant money as yet. And the reason nobody has lent you money yet is because no one else has lent you money yet.

This presents a dodgy problem, one that has a very simple solution.

Joining Hands

Supplement your existing (non-existent? – whatever) score by someone else’s score.
Become a joint card holder with somebody. All the details of that card history will also reflect in your credit report as also of the other holder. If the card has been used responsibly up till then, you have obtained instant brownie points without even doing anything.

Also, what this will do is give you a card with older history. This matters as older credit is better in establishing a higher score than newer credit is.

Another thing is that if this card has a sizeable credit limit then it will reflect in your credit utilization ratio and larger credit limit enables you to maintain your credit utilization ratio at levels of 30% or below, which is of significant importance in the scoring department.


If you get someone to co-sign a loan for you, you will qualify for larger loans than what you could normally get. This loan gives you a footing to establish good payment history which in the FICO scoring model assumes 35% in importance. Good behavior here will provide good muscle to your score.

Get someone to provide collateral for a prepaid credit card.

I am sure your father is more than willing to bet his prized possessions on your propensity for good behavior. After all, what is the use of a fancy car, if it cannot drive your son’s credit scores onto the highway?

A secured card allows you to gain greater credit limit which you can use for your day to day expenses, or charge your family expenses on that card. When you use this and pay back your dues on time… preferably before time, you make the FICO look favorably in your direction. Ah… what you wouldn’t do for that approving gaze.

These are sure shot ways to give you FICO mass a boost.

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Words to the wise

Please use these opportunities to establish good credit very responsibly. It is easy to get carried away.

Maxing out cards and making delayed payments score very poorly.

You need to also remember that when someone co-signs a loan with you or makes you a joint card holder, or provides collateral, they are doing it with trust. What you do will reflect on them. They may have worked hard for years to maintain a good credit score and you could trash it in an instant with wayward foolishness.

It takes seven years to wipe out blemishes on your credit report. Why would you want to gift someone seven years of agony when they were trying to add joy to your life?

Building good credit scores requires discipline, and common sense. Go make your dad proud. Soon enough you should have the ability to provide your own collateral if needed.

Enough said.


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