Building Credit Young?

Question

I'm 21 years old, comparedly considerably young to be worried about building my credit score but I'm the kind of person who's always trying to save but I'm still in college I'm already about 8000 dollars in the hole in student debt, I have regular student expenses, gas, insurance, nothing extravagant, I'm in my 3rd year of school got a yr to go and I don't want to be one of those stories you see about people getting out of school with a ton of debt and it takes the rest of my life to pay for it, I'm not looking for an easy way out just a formula for how to make the money I already make to work for me or atleast stretch it out any advise whatsover'll be appreciated thanks.

Answer 1

Student loan debt is some of the best kind of debt that you can have, believe it or not.  You see, you get graded on the types of debt you have, and this is very different from credit card debt.  Not only will it help you improve your credit month by month, but it will also give you a very low payment for the next ten to fifteen years.  On top of that, you get a tax deduction on the interest you pay every year...something you do not get with credit card debt or car loans.  

Therefore, my recommendation is to use your student loans to pay off credit card debt (if you accumulate it) and take your time paying your student loans back.  If you do not want to do that, then go ahead and start making payments now.  Depending on the type of loan, you are probably not accumulating interest yet, so you can actually pay less in the long run if you begin paying early.  

Also, to build credit, get a credit card now.  There are tons for students.  Keep your balance less then 35% of your limit and you will give the appearance of being an excellent credit risk.  

Hope this helps.

Answer 2

Try to carpool.

Answer 3

Just take credit and pay it in time, and your credit score will be set. To avoid common mistake while buiding credit, I recommend this one - http://freecreditreport.sinfree.net - to monitor changes in you score and pre-estimate future scores for different scenarios of payments.

Answer 4

crown financial on the internet

Answer 5

talk to a jew

Answer 6

Worry about your school not about your debt.  The interest you will pay on your student loan will be worth it many times over.  Assuming your goal is to start a career once you get out of school, you should be making plenty of money to pay off your loans.  If you really want to get out of debt, once you get that new job, don't increase your standard of living.  Use the extra money that you make to pay off your debts.

Answer 7

Hi,

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