5 Ways to Build Credit Without Credit Cards

Hey Wicked Club fam!

Happy Friday! I’m super excited to announce that we’re doing another community event “Credit and Chill” for Wicked Pay on July 27th @ Washington Square Park, NYC. Come hang out with us for a donut-fueled credit conversation. You can expect donuts and drinks, photo ops, and engaging credit discussions that are anything but boring. Let us know if you’re coming by responding to our poll on Instagram! 

🗒️ This week’s rundown:

• Topic of the week: 5 Ways to Build Credit Without Credit Cards

• Chase and Instacart+ Team Up for Exclusive Benefits!

• Quarterly Reward Activation Reminder

🚀 5 Ways to Build Credit Without Credit Cards

Building credit is important, but not everyone wants to dive into the world of credit cards. If you're one of those people, don't worry! There are plenty of other ways to build your credit score. Here are five easy methods to help you get started.

1. Get a Credit Builder Loan

A credit builder loan is like a training wheels loan to help you establish credit. Here's how it works:

• The lender puts the loan amount into a savings account or CD instead of giving it to you.

• You make monthly payments until the loan is paid off.

• Once you're done, you get the money, and your on-time payments are reported to the credit bureaus.

Think of it as a savings plan that builds your credit at the same time!

2. Become an Authorized User

Got a family member or friend with a good credit history? Ask them to add you as an authorized user on their credit card. Here's why it's awesome:

• Their positive payment history shows up on your credit report.

• You don’t need to actually use the card to benefit from it.

• It’s a low-risk way to start building credit.

Just make sure they have a solid payment history and a low balance on the card.

3. Report Your Rent Payments

Paying rent every month? Turn those payments into a credit-building tool! Here’s how:

• Use a rent reporting service like Experian Boost, Piñata, or RentReporters.

• These services report your on-time rent payments to the credit bureaus.

If you have personal loans, regular payments towards those payments will also help boost your credit score.

4. Take Out an Installment Loan

If you need a loan for a car or some other big purchase, this can also help your credit. Here’s why installment loans work:

• They require regular, on-time payments.

• The lender reports your payment history to the credit bureaus.

Just be sure to borrow only what you need and can afford to pay back.

5. Get a Secured Credit Card

Okay, this one's technically a credit card, but it’s a special kind that works a bit differently. Here’s the deal:

• You put down a security deposit, which becomes your credit limit.

• Use the card and make on-time payments.

• The issuer reports your payments to the credit bureaus.

Once you’ve proven yourself, the issuer might even upgrade you to a regular credit card and return your deposit.

Some Tips for Building Credit

While you're building your credit with these methods, keep these tips in mind:

• Make On-Time Payments: Always pay your bills on time. This is the biggest factor in your credit score.

• Check Your Credit Report: Get a free copy of your credit report from each of the three major bureaus (Experian, Equifax, and TransUnion) every year. Look for errors and dispute any mistakes.

• Keep Your Credit Utilization Low: If you’re using any credit lines, keep your balance below 30% of your credit limit.

🥪 Chase and Instacart+ Team Up for Exclusive Benefits!

Calling all the savvy shoppers! If you’ve got a Chase credit card, you can unlock fantastic benefits with Instacart+. Think $0 delivery fees, sweet cashback, and more. Let’s dive into the details!

🚚 Get Free Delivery with Instacart+

Chase is bringing you awesome perks when you sign up for Instacart+ with your eligible Chase card. Here’s the scoop:

• 12 Free Months: If you’ve got a Sapphire Reserve® or J.P. Morgan Reserve® card, you’re in luck!

• 6 Free Months: For all you Sapphire® and Sapphire Preferred® cardholders.

• 3 Free Months: Rocking a Freedom®, Freedom Flex℠, Freedom Unlimited®, Freedom Rise℠, Freedom® Student, Slate®, or Slate Edge℠? You’re covered too!

Earn Statement Credits*

But wait, there’s more! You can also earn some extra cash back:

• $15/month: Sapphire Reserve® and J.P. Morgan Reserve®

• $15/quarter: Sapphire® and Sapphire Preferred®

• $10/quarter: Freedom®, Freedom Flex℠, Freedom Unlimited®, Freedom Rise℠, and Freedom® Student

*Just a heads up, statement credits don’t apply to restaurant orders powered by Uber Eats. Check the terms and conditions for all the deets.

Additional Perks

• $0 Delivery Fee: On eligible orders over $35

• 5% Credit Back: On eligible pickup orders

• Lower Service Fees: On eligible orders

How to Get Started

1. Sign Up for Instacart — It's Free!
   Yep, no fees to sign up. You can order for delivery or pickup with or without an Instacart+ membership.

2. Add Your Chase Card
   Join Instacart+ with your eligible Chase card to unlock these perks.

3. Enjoy Instacart+ Benefits
   Think unlimited $0 delivery fees on orders over $35, reduced service fees, and more.

Ready to Dive In?

Unlock these exclusive benefits and make your shopping experience even more rewarding with Chase and Instacart+. Sign up today and start saving! Happy shopping! 🛒✨

🔔 Quarterly Reward Activation Reminder

We have entered quarter 3! If you have any of these below-mentioned credit cards, don’t forget to activate these rewards to ensure you receive all the cashback!

🚀 Action Items for Wicked Club Fam

🔍 Got questions? We've got answers! Don't hesitate to reach out if you have anything on your mind about the app.

⬇️ Want to optimize your credit card rewards? Download our app to start maximizing your rewards today!

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💬 Connect with fellow credit card enthusiasts? Join our Discord server for the beta testers and other credit card enthusiasts here.

✨Want to see behind the scenes of how we’re building Wicked Pay? Follow our CEO Pooja on Instagram at @poojabuilds.