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Student loan ruined my credit Videos

7 Things I Learned From Ruining My Credit

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jbZahl commented on 16 Feb 2016

A friend of mine had really bad credit when he moved to the U.S., despite he had a decent paying job. Why? Because he never owed anything in his lifetime. So the US-banks thought: No credit-history = bad credit history. He had to make small depts just to pay them in time to get a good credit. For a German this seems crazy.

Maggie Doughty commented on 14 Mar 2016

+jbZahl Yep, no credit history is worse than bad credit history in the US and Canada.

Becca300 commented on 07 Nov 2015

Is credit karma actually free? I'm afraid that by signing up I'll get bombarded with things.

Nicki Mount commented on 25 Nov 2015

+Becca300 Yes it's actually free. I don't think you could pay for it if you wanted to. And I don't get any emails from them or anything, except sometimes when there is a change in my credit.

Shaynnanigans commented on 05 Nov 2015

I have an outrageous medical bill that I'm never going to pay. I would never be able to pay it. I don't think medical bills hurt your credit though...? I'm not sure though.

summeroutside commented on 05 Nov 2015

+Shaynnanigans Medical bills definitely DO hurt your credit. They're one of the worst, actually. What you should do is talk to the provider to whom you owe the money and set up some sort of payment plan. Even if it's just $15/mo or something otherwise tiny, at least your account will remain active and current and show that you're making an effort to pay it off. Do not ignore medical bills, as much as they suck and as unfair as it seems for our health to be able to send us into financial ruin while living in an advanced country.

priya1992 commented on 04 Nov 2015

What about government student loans? Should I pay those off first or credit card/line of credit debt? Also, is it better to save for a while and make lump-sum payments or make minimum payments each month? Thank you so much for your advice! xx

vitamindubya commented on 18 Nov 2015

Pay whatever loan has the highest interest rate. So for most people student loans are in the back of the line.

AP commented on 15 Nov 2015

+priya1992 You HAVE TO make at least the minimum payments on all of your debts, so your credit cards and your student loans. However, I would start paying more than the minimum on your credit cards because that likely has the highest interest rate. Usually you want to pay off debts in order of decreasing interest rate, i.e. start off with your credit card that has 20% interest and work your way down to those student loans with 7%.

priya1992 commented on 05 Nov 2015

I heard somewhere that some debts are better than others. Does that apply to student loans?And thanks for your advice!

summeroutside commented on 05 Nov 2015

+priya1992 make minimum payments WHILE saving up to make larger lump sum payments. You definitely don't want to skip out on payments for months at a time, even if your intention is to pay a big chunk at the end of it.

Spider commented on 04 Nov 2015

While these videos can be very motivational, what I think is missing, is more technical advice and tools. I would love to see a video that visually demonstrates how one can create a budget for example, and how to adjust that depending on how much money you make. Like create a system based on a 40K income as the default, and then show how to adjust that to go higher or lower, depending on your income. I make about 13K a year....sadly, yet I manage to afford a car payment, insurance, and a phone, yet I struggle with savings, and I squander my unspent money into material items. Because my income is so low, it almost feels fruitless to save it, which is hurting my ability to succeed in life. Goals like getting a better job and moving out seem so distant and unattainable.

AP commented on 15 Nov 2015

+Spider I really like Elizabeth Warren's 50-30-20 plan. It gives you a way to allocate your take home pay without micromanaging every dollar. 50% to needs (housing, insurance, transportation, etc.), 30% wants (eating out, entertainment, cable tv, e.g.) and 20% to savings and paying down debt. You can adjust the proportions to save more and spend less on wants, but you should always keep needs under 50%. Her book is called "All Your Worth," but there are other books/plans that lay out a similar strategy.

King Mckay commented on 04 Nov 2015

Most of the videos you make are great and really help me understand the ins and out of how to keep your finances in check. But there really aimed a people who have a full-time job and is getting a steady pay check. I'm just at the end of school and trying to prepare myself for life after that. This year I've started to earn recklessness amounts of money compared to what I've ever had before (For a student) and I've notice that I really have a problem using my money correctly when I only earning like $500 a month. Normally I spend most my money on games and other non-useful stuff because its really not enough money to invest or use to make more money. Any advice on good ways to handle your money when your only earning a small mount and not having to look after yourself yet. Thanks

AP commented on 15 Nov 2015

+King Mckay You might be interested in https://www.reddit.com/r/personalfinance/

King Mckay commented on 06 Nov 2015

+William Nash Thanks, I will take this advice to heart. I will try save around $200 to $300 and month to at least give me enough savings to be able of move away if there are job opportunities out of town.Again thanks for the insight really helpful.

William Nash commented on 05 Nov 2015

+King Mckay If I understand your situation correctly (a) you are a full time student, (b) your expenses are being supported without you having to work (possibly by a student loan), (c) you have some kind of job that pays about $500 a month, and (d) you're looking for ways to prepare yourself for the transition to full time employment after school. At this point I wouldn't worry about investing, but rather saving. Is your living situation going to stay the same after graduation? Do you have a job lined up for after graduation? When will you have to start paying your debts? Even if you only save $100 a month till graduation and you graduate in the spring that's still about $700 to tide you over while you get set up. You may have to move back home for a while, but you won't have to beg for help or immediately start putting things on a credit card. And if you save up more you might have enough for first and last month's rent or be able to afford to go through a low paying internship or take a vacation. The theme of all these videos so far has been to plan for expenses not be surprised by them and it sounds like your in a great position to start planning for the costs of getting established. Worry about investing when you finally have something to invest.

Bad credit, you ruined my game!! (Rachet.)

User Comments

luigi5493 commented on 25 Mar 2014

Is he supposed to be mad?

luigi5493 commented on 26 Oct 2014

oh yeah

Dillon Patterson commented on 26 Oct 2014

Of course he is, his bad credit literally ruined his game, wouldn't you be mad?

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