Sep
25
Do student loans look bad on your credit report?
ByI’m graduating from a community college soon, and will be transferring to a 4 year university. I’m taking time off to work and save up for the university. I’m nervous about taking out a student loan because i don’t want that debt hanging over my head for the next 5-10 years and i don’t want anything bad on my credit, are student loans bad or are they not that big of a deal?
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7 Comments
September 27th, 2009 at 6:09 am
They aren’t a big deal if as long as you pay your payments on time.
September 29th, 2009 at 8:00 am
They won’t look bad unless you don’t make your payments. AND if you have someone co-sign for your loans and you don’t make payments, it will ruin their credit as well.
October 1st, 2009 at 4:29 am
They may improve your credit rating if you pay them regularly. Just remember that creditors are interested in what percent of your income goes toward paying off debt. Your student loans are included in that percentage, so they will limit how much other debt you can carry.
October 3rd, 2009 at 4:18 pm
Absolutley not. Student loans and home loans do not look bad on your credit unless they go into default. Make sure you pay them on time. Actually school loans are good for your credit. They show of history of good payment and creditors will be more likely to accept your next application. Credit cards with high credit limits look bad on your credit report, even if you pay the minimum every month on time. One or two cards with a lower limit that you keep paid up to date are GREAT for your credit report. Don’t pay off the total balance every month or you will not have a revolving credit history. Keep the balances low and pay more than the minimum. School loans are also good because they are notoious for low interest rates. Many people get student loans to pay off their higher interest credit cards, it looks better.
October 6th, 2009 at 8:56 am
try to apply to as much financial aid as you can and find ways so you can qualify, in california there’s a BOG WAIVER or apply for fafsa here’s a great site if not than make sure to pay off those loans quick and always on time.
October 9th, 2009 at 7:05 pm
A loan is a due charge. So it affects your credit score. But it looks good if you pay on time.
The more you save for university, the more you’ll be able to borrow a low amount and to pay it back in a few years.
Good luck !
October 12th, 2009 at 5:56 am
I found some good info here.