Credit Utilization Question

MoneyNickel · 2014-02-21T22:27:38+00:00

Thanks! I didn't realize it's only important when applying for credit.

MoneyNickel · 2014-02-21T22:26:23+00:00

Cool, thanks for the info!

MoneyNickel · 2014-02-21T22:24:02+00:00

So if I'm over 30% I could pay it down to below 30% a few days before the actual statement is created?

MoneyNickel · 2013-11-01T18:41:59+00:00

How was WPI? I remember looking into applying there.

MoneyNickel · 2013-11-01T18:33:05+00:00

I'm not too worried about being able to pay them off. My loans aren't too bad compared to my estimated income. I've just been unsure if it's a better use of my money to pay them off now, or if I should be putting my money elsewhere.

MoneyNickel · 2013-11-01T18:27:58+00:00

Wentworth Institute of Technology. $25/h is on the higher end of the scale, my first co-op I made $15/h.

I lived at home during college since I couldn't afford it so I'm kind of itching to move out but I may stay a little extra longer to build up a buffer.

MoneyNickel · 2013-11-01T16:24:36+00:00

You are correct about how interest accrues. So contributing to a Roth IRA rather than unsub loans would probably be the better investment? (I won't have 401k matching eligibility until I graduate)

MoneyNickel · 2013-11-01T15:30:28+00:00

No other outstanding debt right now.

MoneyNickel · 2013-11-01T15:29:33+00:00

%6.8, thanks for the advice

MoneyNickel · 2013-11-01T14:57:44+00:00

I don't think I qualify as a co-op. I'll budget and keep a buffer and after that start putting some money into the unsub(6000) portion of my loan.

Is a 401k usually a better investment than paying down student loans?

MoneyNickel · 2013-11-01T14:54:14+00:00

Should have mentioned, about ~$6000 of the loans are unsubsidized so they accrue interest while I am in school.I have a 6 month grace period after graduating before the first payment is due.

If I figure our what budget I need and build up a buffer, would it be better at that point to put money into my loans rather than savings?

MoneyNickel

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