No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
learningthegame wrote:
I'm a grad student trying to boost my credit score. I have a bit of credit card debt left over from some leaner times, I've been paying off far more than the minimum and always on time but am wondering if it would be unwise to use student loan money to just pay off the whole card (after paying tuition, of course). I know moving debt around isn't generally a good idea but is it better to owe a couple thousand more on a student loan and have no credit card debt? Thoughts?
Interest from student loans is tax deductible. Even before itemizing. This combined with a lower interest rate on student loans make them the best debt you can have. Always use extra money from a student loan to pay of other debt.
We recently used about 6k of my wife's student loan to pay off her credit cards. The interest went from 16% to 6 and that 6% can be deducted from out taxes.
Just be careful doing this. There is a max income bracket to deduct student loan interest. I made 75K last year and was not able to deduct ANY of my interest paid because I make to much. I think I recall the bracket being around 55K or so but don't quote me on that.
DrNerd wrote:Interest from student loans is tax deductible. Even before itemizing. This combined with a lower interest rate on student loans make them the best debt you can have. Always use extra money from a student loan to pay of other debt.
We recently used about 6k of my wife's student loan to pay off her credit cards. The interest went from 16% to 6 and that 6% can be deducted from out taxes.
@Anonymous wrote:
I'm a grad student trying to boost my credit score. I have a bit of credit card debt left over from some leaner times, I've been paying off far more than the minimum and always on time but am wondering if it would be unwise to use student loan money to just pay off the whole card (after paying tuition, of course). I know moving debt around isn't generally a good idea but is it better to owe a couple thousand more on a student loan and have no credit card debt? Thoughts?
@Anonymous wrote:
I'm a grad student trying to boost my credit score. I have a bit of credit card debt left over from some leaner times, I've been paying off far more than the minimum and always on time but am wondering if it would be unwise to use student loan money to just pay off the whole card....