Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
TexasBlake

0 Contributions
0 People Helped
Grad Student Trying to Make Good Credit Score Better
I'm in my last semester of grad school, and I want to increase my credit score. I currently have one open credit card that is four moths old. I have made all of my payments on time and kept my utilization low. I have also taken out a $25,000 private student loan to fund my last semester of grad school. My current credit score is 720 - not bad, but I would like to make it higher (don't we all?). I have two questions:

1) How will my credit score be affected if I pay off my student loan early (1-2 years after graduating)?

2) Will opening an additional credit card at this time help or hurt my credit score in the short run vs. long run? Keep in mind, my other credit card and the student loan have been opened in the last 4 months, so I'm wondering if it is worth waiting a year or so before I open another credit account.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.