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Student Loans - Can they build credit?
Posted on 7/12/13 at 3:22 pm
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?
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 on 7/12/13 at 3:23 pm to ToulatownTiger
yeah i mean you can do that but you'll have to pay the interest too
Posted on 7/12/13 at 3:23 pm to ToulatownTiger
Yes they do build credit.
Posted on 7/12/13 at 3:25 pm to ToulatownTiger
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.
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 on 7/12/13 at 3:37 pm to Draconian Sanctions
quote:6% interest on a 3k loan ain't all that bad
yeah i mean you can do that but you'll have to pay the interest too
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