New to credit - tips on building?

[Anonymous]

Hello,

I'm 28 and in pharmacy school with poor credit (550-570). Growing up, my parents never really taught me about credit, how to build it, and the importance of having a good score. About three years ago I applied for a Capital One Quicksilver and was approved for $1k SL but it hasn't increased since. I have a few medical bills that have gone to collection (~$1-2k total) and I have about $150k in student loan debt (will be around $175k by the time I graduate). Over COVID I got behind on my car payment and CC payment, however I am now caught up and current as of last month (and will be able to stay that way moving forward). 

Due to being a full-time student in a doctorate program, I'm unable to work much more than a handful of hours a week (mostly for experience) and this limits the amount of debt I can tackle right now until I'm a full-fledged pharmacist come the spring of 2022. In the meantime, what can I do to help improve my credit? Also, what is a realistic credit score I should aim for? 

I recently applied and was approved for 2 cards: Discover IT Secured ($200) and NFCU nRewards Secured ($200). I'd like to ask for a CLI on my CO QS (to help with utilization), but I'm afraid with 2 late payments in the last 12 months I'd be denied (thought about calling them to explain the COVID situation and since I paid my balance off in full, if they'd consider taking the late hits off my report, but am unsure of the chances). 

What other tips can you give me to help improve my credit over the next year or so? 

I appreciate y'all's help! I'm so excited to be a member of this forum and start working towards better credit! ☺️

[FireMedic1]

Nice career. Actually nothing you can do for now. You got some nice cards that will graduate eventually. IMO. Education first. You got a good start. But the fall behind in which I guess you mean late payments. Let them age and the less they'll ding you. Advance your career for now. Once you start making Rx pay. Then you can grow more and more since income will be tight until then. More credit doesnt mean higher scores. Its how you handle payments and what reported each month.

If you cant pay it. Dont charge it. No need to pay interest if you dont have to. Once you get your degree. You should be in a good spot for future growth. Good luck!

[Anonymous]

@FireMedic1 thank you for your help! That's what I'm trying to tell myself when I look at my score, just wait until I'm out of school and then I can tackle it head-on. Sometimes it can just be a little disappointing (especially when I couldn't get approved for autoloan or person loan without a co-signer). Trying not to let that get to me though! Thank you again!

[FireMedic1]

No problem. Credit will always be around. Once you graduate and report what your income is then. Well you know what it will be. You'll look much better then than now. But you still have 2 nice cards to keep you going till then. Nothing to complain about there. I believe the thin file is your crutch morethan anything. Once some history is built things will be much easier then.