Hello,
I am going to be trying to qualify for a car in April but I need spending money now. The person who is going to help be get qualified told me not to borrow or finance anything to keep my score up until then. My question is if I take out a stafford loan, which I'm eligible for, will that have a negative impact on my score? I already have some debts that are killing my score. If anyone knows, let me know ASAP cause the deadline is quickly approaching!! Thanks.
2007-01-03 18:50:28 · 3 answers · asked by ramonhanna 1 in Education & Reference ➔ Financial Aid
No, it won't. I believe it only affects your credit score once the loan becomes due (which is usually six months after you finish or leave school). If you pay it on time...it affects it in a positive way and of course if you're late or don't pay it...it will affect it negatively. However, the best person to ask is someone who handles loans at your local bank, preferably a bank manager.
Good luck to you!
2007-01-03 20:17:32 · answer #1 · answered by Mary R 5 · 0⤊ 0⤋
laying aside new loans does have a small adverse result, yet via the time you have been working long adequate to maintain a down fee for a house, the loans will not be new. additionally, you may have been paying on them for many months via then, that would have a favorable result on your credit. i think of you would be positive, and you're to be reported on your to blame use of credit (particularly at your youthful age).
2016-10-19 10:56:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
yes- its there for us
2007-01-03 18:57:52 · answer #3 · answered by Denise W 6 · 0⤊ 0⤋