How to build a credit score for medical students?

credit score for medical students

What is a credit score?

A credit score is a three-digit number that determines the creditworthiness of an individual. If the credit score of an individual is higher it is a smooth process for the individual to get loan approval with better interest rates. Therefore, it is advised to maintain a good credit score.

Credit history determines the credit score, considering factors like a number of accounts, total level of debt, repayment history, and some other factors. Lenders will look at the credit score to determine the creditworthiness of the borrowers.

So, how can medical students overcome a poor credit score and build a higher credit score? There is no uniform solution for improving your credit score because everyone’s credit history is unique. 

In this blog, we will share a list of strategies to raise your credit score for medical students to help you get started on your journey to a higher credit score.

6 ways to Improve your credit score for medical students

Become an authorized user:

To build a good credit score you need a lengthy credit history. Ask your parents to add you as an authorized user in their credit card. If your parents had a good credit history in their credit card it will have a positive impact on your credit score.

Get a credit card:

If you have a regular income job, you are qualified to apply for a credit card. But if you don’t have regular income, you can opt for a medical student credit card. Some banks and credit issuers are offering such credit cards and it is easy to qualify for that.

Maintain good credit habits:

Make smart choices in using your credit card for payments. Pay off your balances before they exceed the time period. Manage your debts efficiently.

Make small purchases:

It is advised to use your credit card for small purchases or bill payments which may include electricity bills. It will be easier to repay in time. Make sure that you consistently pay your minimum payment for each month. Don’t carry forward balance for next month which can affect your credit score.

Check your credit report:

Under federal law, you can receive your credit report once a year either from your bank or credit card issuers. Review your credit report get a clear picture of your credit dealings and try to avoid the mistakes that you have made in your past credit transactions.

Pay down your student loans:

Many college medical students graduate with their student loans, if you repay your loan on time it will boost your credit score. You can even make repayments while studying which will create a good credit history.

What are the don’ts for building your credit score?

Avoid using multiple credit cards:

If you have more credit cards, your monthly debt will be higher. As a medical student, it will be difficult to repay such a huge amount. Every time when you apply for a new credit card, your credit score will decrease by certain points. Therefore, avoid getting multiple credit cards.

Don’t co-sign for your friend’s credit card:

If you cosign for your friend’s credit card, you are liable for the debt in that account. If there is any default in the repayment it will also affect your credit score negatively.

Don’t ignore your credit limit:

Always keep track of your credit limit, don’t use beyond the credit limit. Lenders will check your usage of the credit limit for lending their money. Always use less than 30% of your credit limit up to which you can repay in full every month.

Don’t use your credit card for non-necessities:

Make your own difference between needs and wants. Use your credit card only for needs. Young adults could be misled into using the money by spending it on wants. It will also go beyond the credit limit.

Don’t miss opportunities to build your credit:

If you are moving out to a new apartment with your friends, pay the utilities in your credit card which will increase your credit history.

In conclusion:

Building a credit score as a medical student is a pivotal step towards financial independence and stability. Students can establish a positive credit history by becoming an authorized user, getting a student credit card, and maintaining good credit habits.

It’s necessary to make timely payments, keep credit utilization low, and regularly monitor credit reports. With patience and responsible financial management, students can lay a solid foundation for a good credit score, which will help them in their future loan processes.

Also Read:

How To Get A instant Personal Loan Without Documents


Is it possible for students to build a credit score while studying?

Students can build their credit score while studying by getting a student credit card. The qualifying process of getting a student credit is easier. They can approach their banks or even credit card issuers to apply for student credit cards.

How long does it take to get their first credit score as a student?

It takes three to six months of credit activity to get their first credit score. They are required to pay their due in time to build a proper credit score.

Why is it important to build a credit score as a student?

A good credit score will help you to qualify for a loan with much better interest rates. It takes five to six years to build a credit of 750-800 therefore it is advised to start building a credit score as a student.

Is it necessary to become an authorized user?

Becoming an authorized user will help to have a lengthy credit history which will have a positive impact in building their credit score. However, it is not a necessary process to build a credit score as a student.

Hariharan Ravichandran


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