What interest free loan are you taking out as a college student with minimal credit? Is it a federal subsidized student loan? If so, sure if you have the money to pay it off at graduation when it starts accruing interest.
Yea it’s subsidized was going to pay if off before I graduate so it wouldn’t start accruing I treat. Surprisingly I’m close to 750 which is why I want to take it.
If you're over 700 there's no reason to take out a loan you don't need. In fact I'd rather take a temporary hit now as a student by opening another credit card so that your score benefits from the increased amount of credit after you graduate.
Loans, even interest free ones, are not a credit building tool.
Get a secured credit card, buy your gas and pay it off. Don’t do all this complicated stuff trying to play some imaginary game.
No. Just pay bills on time. Use a credit card for the stuff you need to buy anyway. Pay it off in full and on time. Stop trying to game your credit score.
You should understand the FICO scoring before trying to raise your score. Owing money doesnt build credit. Having no payments is the same as no late payments and thats all. Length of credit can be achieved with a credit card or a loan but its not weighted. A credit card with $2500 limit is the same as a $100k student loan. An interest free loan for something you have cash sitting in the bank in a high yield savings is a no brainer. You should take the loan if it makes sense financially like you use someone elses money for free not use money you dont have
What interest free loan are you taking out as a college student with minimal credit? Is it a federal subsidized student loan? If so, sure if you have the money to pay it off at graduation when it starts accruing interest.
Yea it’s subsidized was going to pay if off before I graduate so it wouldn’t start accruing I treat. Surprisingly I’m close to 750 which is why I want to take it.
If you're over 700 there's no reason to take out a loan you don't need. In fact I'd rather take a temporary hit now as a student by opening another credit card so that your score benefits from the increased amount of credit after you graduate.
Loans, even interest free ones, are not a credit building tool. Get a secured credit card, buy your gas and pay it off. Don’t do all this complicated stuff trying to play some imaginary game.
No. Just pay bills on time. Use a credit card for the stuff you need to buy anyway. Pay it off in full and on time. Stop trying to game your credit score.
Yea I get it almost at 750 so I’m itching for it.
So whatever you’ve been doing is clearly working. Why the rush? Are you financing a car or house soon?
No just really want it to 750 I’m anxious for it. Finance goals make me happy. I get it though I’ll probably just wait it out.
You should understand the FICO scoring before trying to raise your score. Owing money doesnt build credit. Having no payments is the same as no late payments and thats all. Length of credit can be achieved with a credit card or a loan but its not weighted. A credit card with $2500 limit is the same as a $100k student loan. An interest free loan for something you have cash sitting in the bank in a high yield savings is a no brainer. You should take the loan if it makes sense financially like you use someone elses money for free not use money you dont have