Comments on: Do current student loans affect my credit score? http://www.student--creditcards.com/2009/12/do-current-student-loans-affect-my-credit-score/ Helping students pick a credit card Mon, 31 May 2010 22:33:45 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Basic http://www.student--creditcards.com/2009/12/do-current-student-loans-affect-my-credit-score/comment-page-1/#comment-171 Basic Tue, 05 Jan 2010 05:31:21 +0000 http://www.student--creditcards.com/2009/12/do-current-student-loans-affect-my-credit-score/#comment-171 From my understanding, no. I have student loans and it has not affected my credit score. I think it's only when you start paying your loan that it begins to affect your score if you default or have late or missed payments. Hope this helps From my understanding, no. I have student loans and it has not affected my credit score. I think it’s only when you start paying your loan that it begins to affect your score if you default or have late or missed payments. Hope this helps

]]> By: debijs http://www.student--creditcards.com/2009/12/do-current-student-loans-affect-my-credit-score/comment-page-1/#comment-170 debijs Sun, 03 Jan 2010 06:18:43 +0000 http://www.student--creditcards.com/2009/12/do-current-student-loans-affect-my-credit-score/#comment-170 ~~Yes having loans or credit cards with high balances or a potential of a high balance, compared to income will lower your score. When you are denied you have the right (it's on the letter of denial) to receive a free report from the credit reporting agency they used to check your report. Call the number provided. It's a good idea to be sure all the info on your report is accurate.~~ ~~Yes having loans or credit cards with high balances or a potential of a high balance, compared to income will lower your score.

When you are denied you have the right (it’s on the letter of denial) to receive a free report from the credit reporting agency they used to check your report. Call the number provided. It’s a good idea to be sure all the info on your report is accurate.~~

]]> By: AnnaBanana http://www.student--creditcards.com/2009/12/do-current-student-loans-affect-my-credit-score/comment-page-1/#comment-169 AnnaBanana Thu, 31 Dec 2009 02:30:25 +0000 http://www.student--creditcards.com/2009/12/do-current-student-loans-affect-my-credit-score/#comment-169 I would cancel any cards you don't use. Student loans shouldn't count if you are still in deferment. I would say the main thing hurting you is the amount of credit you have available, even if you aren't maxed out on cards. Like if you have a bunch of store cards with $1000 limits, even if you never get up to that limit it counts against you. Just cancel them and keep paying off what you owe on the wone card you do have. Also, you should know that American Express isn't taken everywhere. If you just need a card in case of an emergency can you just use what you already have? Most people really only need one or two cards. If you have more than that you need to cancel some. I would cancel any cards you don’t use. Student loans shouldn’t count if you are still in deferment. I would say the main thing hurting you is the amount of credit you have available, even if you aren’t maxed out on cards. Like if you have a bunch of store cards with $1000 limits, even if you never get up to that limit it counts against you. Just cancel them and keep paying off what you owe on the wone card you do have. Also, you should know that American Express isn’t taken everywhere. If you just need a card in case of an emergency can you just use what you already have? Most people really only need one or two cards. If you have more than that you need to cancel some.

]]> By: Dr. Robert C http://www.student--creditcards.com/2009/12/do-current-student-loans-affect-my-credit-score/comment-page-1/#comment-168 Dr. Robert C Wed, 30 Dec 2009 06:48:03 +0000 http://www.student--creditcards.com/2009/12/do-current-student-loans-affect-my-credit-score/#comment-168 Credit Score Basics Credit scores are designed to make it easy on lenders. They need to decide whether or not to approve your loan. Instead of manually reading through your credit reports, they can just look at a number: your credit score. The number is generated by a computer program that reads through your credit reports. It slices and dices the data stored at the credit bureaus and spits out a number. Just like a human, the computer program is checking to see if you've borrowed in the past and if you generally pay as agreed. So, yes, student loans affect your credit score...even if they are deferred. However, your score is considered moderately high, so I believe you will not get declined for other credit cards. Hope this helps! Credit Score Basics
Credit scores are designed to make it easy on lenders. They need to decide whether or not to approve your loan. Instead of manually reading through your credit reports, they can just look at a number: your credit score.

The number is generated by a computer program that reads through your credit reports. It slices and dices the data stored at the credit bureaus and spits out a number. Just like a human, the computer program is checking to see if you’ve borrowed in the past and if you generally pay as agreed.

So, yes, student loans affect your credit score…even if they are deferred.
However, your score is considered moderately high, so I believe you will not get declined for other credit cards.
Hope this helps!

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