Foo - building credit (student)

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olps
08-16-08, 10:09 AM
Hello, just a quick question here: I'm a student (although soon enough I won't be) and for the past 3 ears I've had a student line of credit with my bank. Now, I have a mastercard attached to that line of credit, so whenever I use the credit card (attached to the line of credit) I usually pay it off a few days after. Now, will this help me build credit like a normal credit card would? Because if not then I think I may have to get one, just to create some credit. Thanks!

ehidle
08-16-08, 10:43 AM
http://www.bikeforums.net/showthread.php?t=454678

go here

/thread
olps
08-16-08, 10:54 AM
Ah ok, my question, in other words, is if my line of credit specifically acts like a normal loan or even credit card in building credit. I wasn't sure if it would build credit like a credit card or standard loan because it was specifically a line of credit. But it looks like it does then. Thanks.

ehidle
08-16-08, 11:45 AM
Ah ok, my question, in other words, is if my line of credit specifically acts like a normal loan or even credit card in building credit. I wasn't sure if it would build credit like a credit card or standard loan because it was specifically a line of credit. But it looks like it does then. Thanks.

Best thing to do is call the lender and ask how they are reporting it. It is probably revolving if you can continue to re-use the credit after paying off principal. In any case, any loan that is reported to the bureaus and that you pay on-time will build good credit history.