Invest wisely in your education, and those loans should pay off in the form of higher income over time.
But if you mismanage student loan debt, your credit score could suffer—and that could have a big impact on your financial future.
Does consolidating student loans help my scores
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This allows us to provide competitive interest rates on student loan refinancing.2. Most private student loan lenders use FICO credit scores to determine whether to extend credit and at what interest rate.
Since FICO is used widely throughout the lending industry, including by mortgage, auto loan, and credit card providers, it gives lenders an apples-to-apples comparison of potential borrowers.3. Unfortunately, FICO calculates your credit score is kind of a black box.
Also, be sure ask lenders if they can tell you the interest rate you would receive without doing a “hard” credit pull, which might affect your score.
You can’t get a loan without an eventual inquiry, but this service allows you to compare interest rates worry-free before applying for a loan.6. Refinancing student loans at a lower interest rate can have an indirect positive impact on your credit.
Making payments on time is obviously important, but what you might not realize is exactly how damaging it is to not pay on time.
Even if your credit history is pristine, it only takes one 30-days past due report to cause a material change in your score.In other words, if it looks like you apply for more credit often, it could negatively impact your score.But the good news is that FICO attempts to distinguish between a request for a single loan and a request for many new credit lines.When you know you can’t make a payment on time, talk to your lender or loan servicer right away.Most federal loan lenders and some private lenders offer loan deferment and/or forbearance, allowing you to temporarily suspend payments, which will minimize the impact on your credit score. We’ve got you covered with our Student Loan Smarts blog series.