Building Credit as a Med student

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pb576
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Building Credit as a Med student

Postby pb576 » Mon Nov 05, 2012 6:11 pm

So here's the details. I have subpar credit. I also have a mortgage back home (I rent the home out). The payments have been on time, etc. I am also in medical school, so I recieve student loans.

Upon graduating in 2015, I will be looking to take another 200k out in loans to open my own practice etc.

My question is, what is the best way to go about rebuilding my credit as a student. I don't necissarilly need a credit card for the money aspect of it, but I definitely need to look to the future and have good credit so that my dream of building a practice can be met.

Suggestions? Tips? All help is appreciated.


pb576
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Postby pb576 » Tue Nov 06, 2012 12:38 pm

Anyone know?

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djrez4
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Postby djrez4 » Tue Nov 06, 2012 2:29 pm

Step one - get copies of your credit reports and make sure they're accurate. You can get a report from each of the three bureaus at www.annualcreditreport.com. If there are inaccuracies, dispute them.
Step two - obtain secured credit card from a reputable issuer. Cap One is reasonable. If your bank issues them, even better.
Step three - use the card responsibly. Never carry a balance and keep your utilization low. Watch your credit score rise.
Step four - when your score hits the mid-600s, apply for a prime card. Chase Freedom seems to be easy to get these days and offers great rewards.
Step five - use your cards responsibly. Never carry a balance and keep your utilization low. Watch your credit score rise.

That's the upstanding way to do it. There are other methods, but if you want to learn about them, you need to go to www.creditboards.com and join the dark side of the force.

Also - don't be a general practitioner. Specialize for the big bucks.
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pb576
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Postby pb576 » Tue Nov 06, 2012 6:55 pm

Thank you so much for the response. I checked the actual score and I sit around a 635. Would a student card be good? Or just go ahead and go with my bank? I use ING bank.

Daniel
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Postby Daniel » Wed Nov 07, 2012 2:08 pm

pb576 wrote:Thank you so much for the response. I checked the actual score and I sit around a 635. Would a student card be good? Or just go ahead and go with my bank? I use ING bank.


With a score around 635, you would be in the range of people approved for some of CapOne's unsecured cards, could very likely get approved for a card from a bank like WF, BoA, or USB that you have deposits with. Although the cards start out with lower limits in this score range, the big retail banks tend to increase peoples limits proactively.

Anyone else know what unsecured cards are good bets in this score range? Would a card like the Barclays NFL card be worth it here (Since everyone and their mother seem to be promoting it right now)?

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Snowman
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Postby Snowman » Wed Nov 07, 2012 5:48 pm

Daniel- I though the NFL card was a visa signature? and I've heard its been issued by Barclay's, which as I've read on this forum are very inquiry sensitive. But it's meant for NFL fans who just go to the games or are completely devoted to the game. I've met someone who has it, but he is a huge chargers fan, so it's worth it for him.
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Daniel
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Postby Daniel » Wed Nov 07, 2012 6:51 pm

Snowman wrote:Daniel- I though the NFL card was a visa signature? and I've heard its been issued by Barclay's, which as I've read on this forum are very inquiry sensitive. But it's meant for NFL fans who just go to the games or are completely devoted to the game. I've met someone who has it, but he is a huge chargers fan, so it's worth it for him.


I agree that unless the rewards are relevant to your desires a rewards card isn't amazing, but I asked because I have heard from some people with FICO's in the 600's that they seem to get approved. I honestly don't know enough about the card to recommend it, but if anyone else has more information it might be a non CapOne, non retail bank card worth applying for.
Regarding the Inquiry sensitivity, I am trying to find where I read it, but I heard Barclays is more Inquiry sensitive on their rewards cards, but not on their others. I could very well be wrong here as I am having trouble finding my source for that.



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