Credit Question
My question relates to a student loan. Right now I have zero college debt, but I have the opportunity to take a fed sub stafford loan (no payments until 6 months after grad). Does anyone think I should take this loan and just put it in a bank account and let it earn interest, to help my credit? Would that help? My other option is just to not take the loan and then get out of college with no debt. I am getting a large private scholarship and have been working through school so I could swing that.
Basically I am looking to build my credit as high as possible in the next 3 years so that I will be able to buy real estate.
Do you have no credit scores? If so, then yes I would do it.
[addsig]
I have credit scores, but dont know what they are. I have 2 credit cards a Citibank with a 3k limit, and a Elan Visa with a 1,750 limit. They have been opened within the last 8 months. I would guess my credit is good, but young. I have never had any late payments or anything, all low utilizations as well.
Yep I understand that and have been doing that. You would recommend that I take the loan then? Also if this keeps happening would you take a loan each semester? I mean I can hold onto the money somehow or something, it is not like I will be spending it. Im just looking for the best credit bump. I plan on paying off everything right after graduation because there is no prepayment penalty on stafford loans.
Thanks for the help. My question really isnt about buying property right now. I put it in the credit forum because that is all I am concerned about. I am living in a dorm, with upper lever finance and accounting classes breathing down my neck. I just wanted to know the credit consequences.
Ive worked 2 jobs all through school to get this far, I wont spend the money trust me. You really think that showing that I got a loan when I was 19, looking for a property at 23 wont help my credit much?