#4 How to Build Credit Fast: The Ultimate Guide for International Students and Graduates on Post-Study Work Visas
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Guide on how to quickly build credit (for international students and grads on post-study work visas)
build credit International students and graduates who wish to stay abroad on post-study work visas must build their credit. Whether you intend to rent an apartment, get a car, or take out a loan, a good credit score will make your life easier. In this guide, we discuss money tips on how to build credit fast while managing life on a post-study work visa.
Importance of Building Credit
It takes a good credit score for a long way in life that you are financially free. It helps you:
- Loans and credit cards at a much lower professional interest.
- Short list a post for an apartment rental.
- Lay the groundwork for larger financial plans, such as homeownership.
Building credit quickly for international students and graduates on post-study work visas can also help streamline the process toward permanent residency or long-
Step-by-Step Guide on How to Build Credit Fast
1. Open a Bank Account
Open a bank account in your host country. This is your foundation for managing money and establishing credit. Seek out student-friendly banks that have low fees and convenient account set-up. how to build credit fast
Pro Tip: This helps people, even when they are newcomers to bank, be qualified for a secured credit card or credit-building program.
2. Open a Secured Credit Card
One of the simplest methods of starting your credit journey is acquiring a secured credit card. Here’s how it works:
- You post a small amount of collateral (e.g., 200−200−500).
- Your credit limit is typically your deposit.
- Just be sure to use the card responsibly and pay off the balance in full every month.
For example, if you’re based in the U.S., try secured cards through Discover or Capital One
3. Become an Authorized User
If you have a friend or family member with a good credit, get added as an authorized user on their credit card. It will let you take advantage of their healthy credit history.
Be mindful that the individual that you’re becoming an authorized user on also has a good payment history, as errors will also impact your credit.
4. Pay Bills on Time
Payment history is the largest factor affecting your credit score. Make sure to:
- Make all payments (rent, utilities, phone, etc.) on time.
- You should set up automatic payments so you never miss a due date.
Pro Tip: In certain countries, such as the U.S., it’s possible to report rent payments to credit bureaus using services like RentTrack or PayYourRent.
5. Take Out a Small Loan
Consider taking a small personal loan or a credit-builder loan from a bank or credit union. These loans are intended to help you establish your credit by reporting your repayments to the credit bureaus.
For example: With some credit-builder loans, the loan amount is kept in a savings account until you’ve paid it back in full.
6. Monitor Your Credit Score
Monitor your credit score regularly and your report to see the results and detect anything wrong. also Use free services like:
- Credit Karma (United States and Canada)
- Clear Score (UK)
- Experian (Global)
Pro Tip: Dispute any inaccuracies as soon as you see them on your report to prevent your score from taking the hit.
7. Avoid Common Mistakes
- Don’t rack up credit card debt (utilization under 30%)
- Try not to apply for multiple credit cards or loans simultaneously.
- Do not close old credit accounts, which help build your credit history.
How Post-Study Work Visas Can Help You Build Credit
If you’re on a post-study work visa, you’re already in a strong position to build credit. Here’s why:
- Since you have a full-time job, so you have a steady income, so you are considered a low-risk borrower.
- We will show you how your job can be used to qualify for better financial products.
- You can build your credit history before applying for permanent residency or other long-term visas.
Country-Specific Tips for Building Credit
United States
Before you can access credit products, you will need to apply for a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).
Add utility and phone bills to your credit report with services like Experian Boost.
Canada
You are going to need to apply for a Guaranteed Investment Certificate or GIC or secured credit card from one of the Canadian banks.
Go get credit building tools, like in Borrowell or Mogo.
United Kingdom
Sign on to the electoral roll to help your credit score.
Credit-building apps — Loq box or Credit Ladder.
#4 How to Build Credit Fast: The Ultimate Guide for International Students and Graduates on Post-Study Work Visas
