One thing you need to be successful in the US is a good credit score. Credit scores are used by lenders, banks, and financial institutions to understand how likely you are to pay back money that is lent to you.Read below to learn more about building credit as an international student. Here are several advantages of having good credit:
- Lenders are more likely to let you borrow money.
- You will get lower interest rates, meaning you pay back less.
- You will have more competitive repayment terms.
- You will have a higher credit limit for revolving credit (such as credit cards, loans etc.).
Credit scores are based on an individual’s credit history. There are various historical factors that go into calculating your credit score, and we’ll get into those later.