Different ways to create/maintain good credit scores as an int'l student

Amit Mehra, Co-founder and CEO, Gyandhan explains the various ways in which you can create and maintain a good credits core

Let's take a look(Pic: EdexLive Desk)

A few ways in which a credit score is created and maintained are:

1. Build credit early

Start early(Pic: EdexLive Desk)

Start small, such as opening a secured credit card or becoming an authorised user on a parent’s account, to begin establishing your credit history early

2. Limit hard inquiries

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Avoid unnecessary credit checks or loan applications. Multiple hard inquiries in a short period can temporarily lower your score.

3. Set up auto-payments:

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Automate your loan and credit card payments to ensure they are always paid on time, minimising the risk of missed payments.

4. Diversify your credit mix

Let's diversify(Pic: EdexLive Desk)

Having a mix of credit accounts (for example, installment loans, credit cards) and managing them responsibly can positively impact your score. This can be done by being a co-borrower in one of your parent’s loans.

5. Monitor your credit report

Keep a watch(Pic: EdexLive Desk)

Regularly check your credit report for errors and rectify any discrepancies promptly to maintain an accurate score.

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