As a brand-new attending physician, you’re stepping into a whole new financial world. Bigger paychecks, bigger decisions—and bigger financial responsibilities.
One thing you’ll hear a lot about? Your credit score. It’s often talked about as the ultimate measure of financial success. But is that really true? And more importantly, how does your credit score impact your financial goals as a new attending?
Let’s break it down.
During residency, your financial options were limited. Now, as an attending, you’re looking at big-ticket financial moves, like:
✅ Buying a home (often with a physician mortgage)
✅ Refinancing student loans
✅ Applying for disability or life insurance
✅ Investing in real estate or other assets
Your credit score isn’t just a number—it directly affects your ability to secure lower interest rates, qualify for physician-specific financial products, and build long-term wealth.
📌 47% of Americans have credit card debt (Lending Tree).
📌 The average credit card balance is $6,730 (Experian).
📌 Over 25% of American credit card holders do not check their credit report yearly (Investopedia).
For new attendings, avoiding high-interest debt while maximizing your credit potential is crucial. Let’s break down how to make your credit score work for you.
✅ Reality: A high credit score doesn’t measure wealth—it measures how well you manage debt. Many high-income professionals have low credit scores due to missed payments or lack of credit history. Building wealth is about assets, not just a high score.
✅ Reality: Responsible credit use actually helps lower borrowing costs. Avoiding credit entirely can make it harder to qualify for key financial products, like low-rate physician mortgages or student loan refinancing.
✅ Reality: Checking your own credit is a soft inquiry and does NOT impact your score. In fact, monitoring your credit can protect you from fraud and ensure accuracy before applying for major loans.
So, how do you optimize your credit score while focusing on your bigger financial goals? Here are five must-follow steps:
1️⃣ Pay Off Credit Cards in Full Each Month
Carrying a balance on your credit card? Stop now. High-interest debt can derail your financial progress. Use credit strategically, but don’t let it cost you.
2️⃣ Check Your Credit Reports Regularly
You’re entitled to three free credit reports per year (one from each major bureau). Check them at AnnualCreditReport.com to catch errors or fraud before they cause problems.
3️⃣ Avoid Hard Inquiries Before Big Financial Moves
Thinking of buying a home soon? Hold off on unnecessary credit applications before getting a mortgage or refinancing loans. Too many hard inquiries can temporarily lower your score.
4️⃣ Use Physician-Specific Financial Products
Many lenders offer physician mortgage loans that don’t require private mortgage insurance (PMI), even with a smaller down payment. A strong credit score helps you lock in better rates.
5️⃣ Leverage Credit Wisely, But Don’t Rely on It
Your goal isn’t just to maximize your credit score—it’s to build real wealth. That means saving, investing, and making informed financial decisions beyond just keeping a high score.
Your credit score is important, but it’s just one piece of your financial picture. Instead of obsessing over it, focus on paying off high-interest debt, building wealth, and securing your financial future.
As a new attending, you’re in a prime position to make smart money moves. Stay strategic, stay informed, and use your financial power wisely.