Preparing for the Bitcoin Boom: Cheat codes to Good Credit

From pop up shops to digital currency, millennials have played a major role in redefining the landscape for investing.

As banks begin to acknowledge the demand for digital currency options, the credit card industry will likely follow suit. Your credit profile will be your hammer for success as much as your crypto portfolio is the workshop. So get started building a strong credit profile if you haven't already.

I could write chapters on how to be credit savvy, but here I'll put just a few solid, legal tips on building a stronger profile within a year (a la cheat codes for credit):

1. Piggybacking. Find someone you trust (like a parent or lifelong friend) and ask if you can be an authorized user on their longest paid-on-time, lowest balance, highest spending limit credit card. Because you are just looking for score benefits, you won't need them to give you a card. It is important they always pay on time and are financially responsible, otherwise it'll hurt your credit. Both the age of the card and utilization will give your score a boost. (I saw a 73 point increase.)
2. Get credit for renting your apartment. For a relatively small monthly fee, companies like RentReporters will go back 3 years and report on-time rent payments. Even if your parents are your landlords, your credit profile will benefit from this option.
3. Secured credit card. A secured card requires a cash deposit to mitigate risk of lending to people with bad or no credit. If you can't get an unsecured credit card, get a secured card through Capital One or Discover. Most people without a bankruptcy qualify. Pay in full every month and within a year of responsible use, your score will see a benefit of possibly 50+ points. Plus you'll get your deposit back.
4. No more collections. Accounts in collections have a huge impact on score. In most cases it is best to let collections accounts age off (takes 7 years from the initial late date)....instead of disputing them. But it is absolutely pertinent that no other accounts go into collections. Ever.
5. No missed or late payments. Pay before the due date. Always. No exceptions. In general, payments are a numbers game, the more on-time payments you have, the better your score will be. Here, the more positive payment history you have sort of negates unfavorable payment history.

Whether you're a dabbler or an all-in digital investor (complete with a Mr Monopoly top hat), all eyes are on the horizon for the next big wave. Make the most of the ride by being credit-worthy.