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Question By
Jostynfr

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Please Help me out as soon as possible
I am a college student and started building my credit not long ago. with the college loans and stuff. I just applied for a credit card on capital one and got approved for a 300 line. The thing is i need a personal loan of 600, and i would like to know if it affects my credit or is it not recommendable since i just got the credit card approved?

What i was thinking was on getting the personal loan to buy the stuff i need for college, and paying the minimum on the loan with the credit card, and just clearing off the credit card with what i get paid at my job?

What would you recommend?

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Top Contributor
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If you get another card/loan, it will affect your credit negatively at least at first.  Once you start making payments on the card/loan, your scores should slowly increase.  Regarding your student loans, are they federal?  If so, have you already looked into consolidation, deferement and/or forebearance?  If not, please call Crest at 469-619-0644 and they can let you know in 10 minutes if they can help.  Many folks they talk to have a zero monthly payment due to new repayment programs available.  Best of luck to you!

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