Not sure when exactly borrowing for student loans will effect my credit score. Any help is appreciated!
2007-01-17 05:24:02 · 6 answers · asked by Bad Dude 1 in Business & Finance ➔ Credit
Yes student loans will affect your credit history and also your score. These loans are just like getting a credit card or home loan. As soon as they report to the credit bureaus they will affect your credit history and score. They will not have a major affect on your score in the beginning until you start to pay on them. Most places do not even look at student loans as a source of credit when you are appling for a car or morgage. But they will take them into effect if you do not pay on them.
2007-01-17 05:30:12 · answer #1 · answered by Anonymous · 2⤊ 0⤋
When student loans are disbursed they are sent to the credit bureaus, and anything on your credit affects your score. You will want to pay particular attention to the "credit limit to balance" ratio, as accumulating interest can actually make it seem that you owe more than you borrowed! So yes, even if you don't have to pay something, at least pay the interest if it is cumulative while you are in school.
2007-01-17 07:21:40 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
They appear on your credit report when they have been disbursed to you.
They do affect your credit score because the balance owed vs the balance borrowed is high. This has a negative impact on your credit score.
They will also be listed on your report as "Student Loan in Deferrment" which will tell other lenders that you are in school and payments are not required.
2007-01-17 05:53:50 · answer #3 · answered by Culture Warrior 4 · 1⤊ 0⤋
Student loans will immediately go on your credit report upon disbursement. They will appear as paying as agreed even though you are not making payments until a certain date. Once that date arrives, they will continue to say this as long as you pay them on time. This will help you build some credit history, which is a good thing.
2007-01-17 05:28:38 · answer #4 · answered by theeconomicsguy 5 · 1⤊ 0⤋
It will start to affect your credit right away, if you dont start to pay the minimum
you can sign up so that you wont recieve a bill until after you graduate!
2007-01-17 05:28:00 · answer #5 · answered by Kawainani 4 · 0⤊ 0⤋
they go on your credit as deferred for a while until you begin to pay
2007-01-17 05:27:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋