Are student loans enough to build my credit score up from 620's to 700's?

Answers:2   |   LastUpdateAt:2012-08-30 17:40:03  

Asked at 2012-08-18 06:06:02
I just went through a period when I was very wrong with my credit card. I had a bankruptcy in '06 and I had 3 credit cards which I was delinquent for about 6 months. Call the 3 credit cards and they all offer a solution that I paid off in about 3 months.

I just checked my credit score is 623. If it is not too good, but considering what my credit history has been as surprising to me is even higher than 600! I have 0 credit cards and started paying my student loans recently last December '09.

So back to the question : Will my student loan is enough to build my credit card or should I apply for a credit card to go along with my student loan to build my credit fast? ( That probably only be accepted by insurance, I am willing to do). I 'm not worried about being delinquent on payments because this is the first time I've had a very stable and paying well . All I want to build my credit now and save for a house!

Thank you kindly !
Answer1damilolaAnswered at 2012-08-27 19:54:16
student loan repayment will be an increase only few points . If you need a credit card to rebuild your credit. Their difficulty is to find a lender willing to give you one with its history of debt default cc A secured card can be your only option
Answer2Julia BrownAnswered at 2012-08-30 17:40:03
Pay your student loans on time will increase your score . Application will lower your credit score. Getting credit also lower your account unless you make a lot of money . After paying the loan back over time to increase your score , but that will be offset by your debt to income ratio - as well as your payment history , balances relating to limit , etc. If you want your score to go up in under the current situation should not apply for any credit until your score is at least 700 .
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