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Student Loans - Can they build credit?

Posted on 7/12/13 at 3:22 pm
Posted by ToulatownTiger
Louisiana
Member since Oct 2012
4597 posts
Posted on 7/12/13 at 3:22 pm
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?
Posted by Draconian Sanctions
Markey's bar
Member since Oct 2008
84860 posts
Posted on 7/12/13 at 3:23 pm to
yeah i mean you can do that but you'll have to pay the interest too
Posted by TheBob
Metairie
Member since Jun 2005
16935 posts
Posted on 7/12/13 at 3:23 pm to
Yes they do build credit.
Posted by 40 Rouge
Red Stick
Member since Feb 2009
2696 posts
Posted on 7/12/13 at 3:25 pm to
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 7/12/13 at 3:26 pm
Posted by bee Rye
New orleans
Member since Jan 2006
33961 posts
Posted on 7/12/13 at 3:37 pm to
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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