It will definetly help you build good credit if you make all of your payments for over one year. The one year part is critical though. If you pay it off sooner than one year then you might as well not have gotten the loan just to build your credit beause it just get wiped away. It doesn't effect it neither good nor bad, it would be like it never really existed. Also, try and get a cosigner so you can get a lower interest rate. Because you are the borrower it will show on your credit, unless it's not repaid and then it will affect the cosigner.
Will a small Sallie Mae student loan (2k) help me build good credit? Or will it only report if I don't pay?
I have a Sallie Mae Student Loan and as long as I pay on time, my credit score looks real good.
Will a small Sallie Mae student loan (2k) help me build good credit? Or will it only report if I don't pay?
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Good luck!
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