Question : How does student loan debt affect my credit score?
I am at the final stage of paying off credit card balances. Just one more month, yippee!!!! I've also already paid off my car loan 7 months before the maturation date. Anyway, I still have close to $50,000 in student loan debts- federal and private. But that's it. I have never had any major credit problems. Will all this student loan debt have a negative impact on my credit score and rating? I always make the payments on time every month.
- asked by Fly Leo
All Answers:
Answer #1
that is a lot of money in student loans. eventhough you pay your bills on time, just the factthat your overextended can hurt you.
- answered by luciousgreeneyedlady
Answer #2
You have the legal right to check your creditreport once a year, from each agency, for free. So you could just find out your credit score. Some people check each of the 3 credit scoreagencies every 4 months, giving them a regularpeek at how their credit is doing. Here is thelink --https://www.annualcreditreport.com/
- answered by Asynjur
Answer #3
As unfair as it seems, they do lower your scoreabit. I have a pretty good score, but my studentloans have affected it negatively alittle bit.When I asked about it, its because its such a longloan. Like, Sallie Mae gives you 10 years to payit off. Even though thats not bad because its inagreement with Sallie Mae & that is very normalfor a student loan, it counts as "too long to payoff a debt" on a credit score which I think iscrazy.
- answered by victorianroses0
Answer #4
read this mate. It will tell youall
http://loans-guru.com/things-you-should-know-about-your-credit-report/
- answered by baddog372001
Answer #5
Yes any loan and cc affects your credit if youdon't pay it on time. You can consolidate yourstudent loan through ezconsolidation.com studentsloan consolidation program. They are reliableThere are many benefits available for the studentsas you can extend your payment period upto 30years and so on. So consolidating your studentsloan would be a best option from my point of view
- answered by Ignacio
Answer #6
Hi,I used "Credit Solution" to settle my debt andimprove my credit score.They managed to reduce mydebt up to 58% .It's legitimate.I came across thiscompany on NBC News Special Edition.Check it outhere:
http://doiop.com/di10gd
- answered by Jennifer
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