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ToulatownTiger
Southeastern LA Fan
Louisiana
Member since Oct 2012
4597 posts

Student Loans - Can they build credit?
I know, wrong board, but screw money board.

Every year, SLU offers me a 3k loan but i dont need it because all my school is paid for with TOPS. If i accepted the loan and pay it off can it help start my credit? I currently have none.

And any other suggestions on how to start building some credit?


Draconian Sanctions
Western Michigan Fan
#ReauxTheBeauxt
Member since Oct 2008
52416 posts

re: Student Loans - Can they build credit?
yeah i mean you can do that but you'll have to pay the interest too


TheBob
Nicholls St. Fan
Metairie
Member since Jun 2005
15316 posts

re: Student Loans - Can they build credit?
Yes they do build credit.


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40 Rouge
LSU Fan
Red Stick
Member since Feb 2009
1963 posts

re: Student Loans - Can they build credit?
Just get a low limit credit card ($500-1k)and use it for little things and pay it off every month. That'll get your history going better than loans.

All of the major companies have cards for students and for those with little to no credit. The interest rates will be high, but that's why you just need to be responsible about paying that balance off monthly to avoid getting into a hole.
This post was edited on 7/12 at 3:26 pm


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bee Rye
Chicago Cubs Fan
New orleans
Member since Jan 2006
28131 posts

re: Student Loans - Can they build credit?
quote:

yeah i mean you can do that but you'll have to pay the interest too
6% interest on a 3k loan ain't all that bad


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