 TITLE: Does Adding a Credit Card Improve Your Credit Score? CONTENT: How to Improve Your Credit Without Credit Cards\n-----------------------------------------------\nIf you don't want to open a new credit card, there are still ways to increase your credit score.\n*   **Get a credit-builder loan.** With a credit-builder loan, a lender will open an account for you and deposit a set amount of money in it. You then make payments toward that amount on a monthly basis. Once you reach the deposit amount, the lender releases the funds to you (plus interest, if that's part of the agreement). The lender reports those on-time payments to the three credit bureaus (Experian, TransUnion and Equifax), enabling you to build your score. You can generally take out credit-builder loans for $300 to $1,000.\n*   **Open a secured credit card.** A secured credit card may have less strict criteria than an unsecured card, making it easier to access. Typically, you'll pay a security deposit to obtain a secured credit card, which often becomes your credit limit on the new card. Once the card is opened, you can use it the same way you would a traditional credit card. As long as the issuer reports your secured card account activity to the credit bureaus, on-time payments and low credit utilization can help you improve your credit.\n*   **Become an authorized user on someone else's account.** If you have a trusted relative or friend who has good credit, you might ask them to add you as an authorized user to their credit card. As an authorized user, your credit score will benefit from their good payment history. However, if you know they carry a high balance or occasionally miss payments, you may want to skip this option. If the account has derogatory marks, it won't help your scores.\n*   **Get credit for on-time utilities and streaming payments.** On-time payments for your utilities, phone and even streaming subscriptions can count toward your credit scores if you sign up for Experian Boost™† . Experian Boost is a free service that allows you to get credit for regular bill payments and streaming accounts such as:\n*   Disney+™\n*   HBO™\n*   HBO Max™\n*   Hulu™\n*   Netflix®\nWhether you open a new credit card or not, there are always opportunities to establish a track record of responsible financial management. Being mindful of those opportunities will set you on the path to improving your credit score. END