Oct
5
SD2007 asked:
My friend just checked his credit report and it is not good (he never paid on his last credit card). He is about to get government student loans to help with his college expenses. Will this help build his credit, or will it hurt it? Will the benefit only come in when he makes payments? Would it matter if he paid it all off at once? He wants to invest in properties eventually, so he needs to get his credit shaped up quickly. Should he attempt to get another credit card and make payments? What should he do?
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My friend just checked his credit report and it is not good (he never paid on his last credit card). He is about to get government student loans to help with his college expenses. Will this help build his credit, or will it hurt it? Will the benefit only come in when he makes payments? Would it matter if he paid it all off at once? He wants to invest in properties eventually, so he needs to get his credit shaped up quickly. Should he attempt to get another credit card and make payments? What should he do?
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2 Responses to “How will student loans help or hurt my friend’s credit?”
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Student loans may help you build you credit when you are making payments on them.
Your friend should call up and pay the credit card company he owes. He should than get another credit card and this time he should be serious about it and always remember it’s someone elses money and that it should be paid in full monthly.
Good Luck.
Kansieo.com
first he needs to settle with the credit company he owes money too == than once he startes repaying his college loan his score will rise!!! getting another credit card with out paying off the first is a dumb move!!!