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Question By
xBlazer10

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Medical student seeking first credit card. What do I do?
I'm new to CK, and my score was 641 when I signed up. I have a significant amount of debt, 200K+, and I'll have to start paying within a year once I finish school. I've had no late payments on both a car loan and an auto insurance policy for a little over 1 year. Unfortunately, there's not much financial education in medical school, so I've never signed up for a credit card. I've been looking at finally getting one to start boosting my score. Any advice on the best place to start for someone in my position?

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Smart move!!

When I was going to college, there were credit card companies signing students up left and right.  You were smart to wait for a while.  Your best (possibly only) option right now is a secured card.  You have to deposit a few hundred dollars in the issuer's bank and that will be your credit limit.  The interest rate for carried-over balances is going to be high, so yoou want to make sure you pay the card every month when the bill comes in.  Just pay the total due as shown on the card.  Try to keep your usage at or below 20% of the available credit.  That will show good usage.

It could take a year for you to qualify for a "regular" credit card with a higher credit limit and the interest rate will still be high for a few more years, but smart usage will pay off with better credit scores.

Hope you have a wonderful medical career and an excellent financial future!!!

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