If you are a foreign-trained healthcare professional who has just moved to the U.S. and is becoming rooted in your new community, you might still have a lot of questions about certain aspects of living and working in the U.S.
One of these questions might be, “How can I maintain good credit since I am just starting out with my first bank account and credit card?”
Here are five tips to keeping credit scores up:
1. Understand what a credit score is made up of
A “credit score” is a number that is derived from looking at many different aspects of your financial habits. This includes payment history (35%), level of debt (30%), age of credit (15%), types of credit (10%), and credit inquiries (10%).
Payment history shows if you pay your credit cards on time, and if you have faced any trouble paying what you owe. Level of debt is a ratio of how much you owe on your credit cards and loans versus what your credit line is. Age of credit is simply how old your credit card is and when your account was one.
Types of credit show whether you have credit cards, loans, etc. and credit inquiries are reports that banks and other financial institutions run to see if you qualify for a personal loan, credit card, car loan, and other credit.
2. Pay your bills on time
One of the easiest ways to keep your credit in good standing is to pay your bills on time. No matter if it’s for just a few things you bought at the store, or for a grocery store haul, be sure to pay your credit card bills on time. If you know you cannot afford to pay a high bill, limit your credit card use and keep balances low.
3. Don’t open too many credit cards
You might receive offers in the mail for credit cards, or when you go to make a purchase at your favorite store, you might be offed to open a store credit card with them. Steer clear having too many credit cards as it can lower your credit score. If you have a tendency to rely on credit, it can end up putting you in debt.
Looking to find a great recruiter?
Contact MedPro Healthcare Staffing! We work with foreign-trained professionals to find placements in cities across the United States. Plus, we work hard to ensure a smooth transition to the states and all the support you need for success. To learn more, contact us today or apply below!