Saturday, October 31, 2009

What impact does a student loan have on your credit score/report?

This is actually a good question. This depends entirely on how much you owe and if you are in deferment or repayment status. I have student loans totaling around 123K. I went to apply for a home loan and the lender denied me stating that I had too much debt when compared to my current income. Of course if you default on a student loan it will ruin your credit. But student loans can affect your credit just like it did in my situation.



What impact does a student loan have on your credit score/report?

depends on whether or not you pay it back.



What impact does a student loan have on your credit score/report?

To be completely honest, it will destroy your credit. I should know, I have several student loans.

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