How can I build my credit history as an international student new in the US?

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    Stilt Team (Edited )

    It is important to understand different aspects of a credit score. There are 5 major components of a credit score.

    1. Payment History - Based on a borrower’s payment history. This is the most important factor. Making regular payments on previous credit is very important. Try not to be late on your credit card and other credit payments.
    2. Credit Utilization - Make sure you don’t max out credit cards. It is important to maintain a good utilization rate (< 30% of your credit limits).
    3. Length of Credit History - It is important to show that you can consistently use credit responsibly that’s why you length of your oldest credit account is also matters.
    4. Credit Mix - Having different accounts and types credit accounts can show that you can manage different types of debts.
    5. New Credit - Low number of recent credit inquiries are important to show that you are not looking for credit all the time.

    There are a few ways you can have the above:

    1. Apply for a secured credit card
    2. Apply for a credit builder loan
    3. Get a co-signer
    4. Become an authorized user on someone else’s credit card

    Doing the above will help you build a credit history faster (you can’t do a lot about length of credit).

    About Stilt:

    Stilt provides loans to international students and working professionals in the U.S. (F-1, OPT, H-1B, O-1, L-1, TN visa holders) at rates lower than any other lender. Stilt is committed to helping immigrants build a better financial future.

    We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible.

    Visit us at https://www.stilt.co. If you have any questions, send us an email at team@stilt.co.

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