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5 answers

How did your student loans ruin your credit?

I've seen many a person complain about all those student loans and how hard it is to pay back those loans. But I also see lots of folks taking out extra student loan money to buy cars, take vacations, buy fancy gifts for boyfriends/girlfriends, etc.

If you have defaulted on your student loans, creditors are less likely to extend credit to you. Any credit card will have very high interest and probably large fees. You would do better to forget the credit card and work on fixing your bad credit.

2007-12-28 13:35:09 · answer #1 · answered by bdancer222 7 · 0 0

I was in the same situation about 7 years ago. I called the student loan people and they told me if I started making SMALL monthly payments ...for 6 months they would remove the bad credit report.

So 6 months of paying the loan I had excellent credit once again.

Student loans dont have to be paid when you lose a job or your not making enough money to pay them...just need to fill out a forbearance form during these times. It will keep you from defaulting. They are friendly to work with...not like credit card people.

Dont get credit cards....they will ruin your life.

2007-12-28 13:38:47 · answer #2 · answered by weatherednboston 1 · 0 0

You do not mention how your student loan ruined yuour credit. I assume perhaps wrongly that you were unable to make payments as specified.

Now the obvious way to proceed is not to incur more debt, on a credit card, but to begin paying down your outstanding loan. When you have payed down say 5% of the student loan, talk to a bank about getting a very low limit credit card... with the understanding that you will pay it off completely monthly.

This is a way to prove that you can handle credit honourably.
You can make your credit card have a larger limit by pre-paying, taking it to a negative balance, to pay for larger purchases.

But getting further credit without proving you can handle it is not in your own best interest, long term.

2007-12-28 13:42:24 · answer #3 · answered by donfletcheryh 7 · 0 0

Get a secured card....You don't need an unsecured credit card if you have ruined credit....you probably wouldn't qualify for one anyway...and if you did it would be one of those horrible low-limit cards that have massive up-front fees....leaving you with an actual available limit of maybe $50.

2007-12-28 13:36:44 · answer #4 · answered by CatDad 7 · 0 0

Yes, however I would stay way from high risk cards. Apply for cards such as walmart or target. After about a year you should be able to qualify for other cards with low rates

walmart and target offer 9.99 to everyone and should approve you for some amount. high risk cards are designed for their clients to fail

2007-12-28 13:38:41 · answer #5 · answered by Anonymous · 0 0

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