Building credit - beginner

Building credit - beginner
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#1

Hi all,

I’m in the science field, preparing to go off to medical school and so it’s fair to say that my knowledge on credit and finance knowledge is very low.

I have a few loans from undergrad and have been working full-time for 2 years. I have never had a credit card.

What are some of the ways that I can build my credit? If you would suggest credit cards, what sort of credit cards and options should I look into?

As of now, I have an average score. Thanks all for your assistance.


#2

Hi ksfitzpa!

Like you, I didn’t get a credit card until a few years after I graduated college. (Even though I worked at NerdWallet at the time!!)

I pretty much had zero credit history, but I was able to get my first credit card by contacting my bank and asking for their most basic card, which has no annual fee. (Don’t expect to qualify for a rewards card right away). Then, I started charging things to it and paying off my entire balance in full each month. I set up autopay so I wouldn’t forget.

You may need to start out with a secured credit card, which is backed by a cash deposit equal to the card’s limit.

This article may be helpful as well: 11 Things You Should Know Before You Get Your First Credit Card.

Best of luck, and congrats on beginning your med school journey!
Teddy


#3

Thanks, Teddy, for the great advice and resources!

Will give these a look.