Who knows about credit scores? Help me settle a bet. - GoFuckYourself.com

Rhino22 · 04-12-2005, 09:47 PM

Does anyone know if a student loan which is not scheduled for payments or interested until six months after graduation has an affect on your CURRENT credit score?

My friend who is twenty has a $60k student loan. He recently went to apply for another $3k personal loan but was denied. After he sat down with the banker, the banker told him the reason he is not getting approved for the loan was because you have a credit card with a $4700.00 limit but it was over the limit by about $200.00...

He said his credit score last year was 680, now its at 580. The banker told him that his student loan has no effect on him until six months after graduation. It will show on his credit statment, but wont have an effect as far as him getting another loan or effecting his credit score.

But my friend is saying that "of course the 60k loan has an effect on him not getting this loan because he could drop out at any time and the loan payment would be due and so that is considered into the risk of giving out a loan and nailing him on his points."

So, the question is: Does the fact that he has a $60k loan and is 20, does that have a impact on his credit report right now, or does it not have an impact since he doesnt have to pay it until six months after graduation?

Rhino22 · 04-12-2005, 09:54 PM

No bankers here tonight?

Chronic2005 · 04-12-2005, 09:57 PM

No impact until 6mo after. At least in my experience

aflex · 04-12-2005, 10:09 PM

i recently graduated college in february.. i got FUCKED by Sallie Mae on my 6 month grace period.. they processed my consolidation application before I requested it. I started paying it back immediately... but ummm to your question, student loans in a grace period should not effect his credit score.

BlueWire · 04-12-2005, 10:11 PM

To my knowledge you CAN get slammed but things always are so delayed that its not set in stone that you will by any means

JSA Matt · 04-12-2005, 10:13 PM

680 to 580 in a year is pretty bad....

BlueWire · 04-12-2005, 10:19 PM

Mine's 806

ADL Colin · 04-13-2005, 04:43 AM

Quote:

Originally Posted by JSA Matt

680 to 580 in a year is pretty bad....

Yeah, that over-maxed credit card didn't help. The lower the % of your revolving credit being used the higher your credit score.

cambaby · 04-13-2005, 06:41 AM

Credit sucks people use cash geez.

ADL_JD · 04-13-2005, 06:42 AM

It doesn't matter until it shows up on your credit. Even then it is not necessarily a negative thing. I have had loans on my credit for 8 years. As long as you are current it will not affect the score that much. My score is over 700

****

Rinaldo · 04-13-2005, 07:21 AM

what's the moral of the lesson we learned today boys and girls?

MandyBlake · 04-13-2005, 07:33 AM

yeah as long as you are current on your loan it won't be a negative. but everything you have out with show up on your credit report...good or bad.

04-12-2005, 09:47 PM	#1
Rhino22 Confirmed User Join Date: Jan 2004 Location: Florida Posts: 2,288	Who knows about credit scores? Help me settle a bet. Does anyone know if a student loan which is not scheduled for payments or interested until six months after graduation has an affect on your CURRENT credit score? My friend who is twenty has a $60k student loan. He recently went to apply for another $3k personal loan but was denied. After he sat down with the banker, the banker told him the reason he is not getting approved for the loan was because you have a credit card with a $4700.00 limit but it was over the limit by about $200.00... He said his credit score last year was 680, now its at 580. The banker told him that his student loan has no effect on him until six months after graduation. It will show on his credit statment, but wont have an effect as far as him getting another loan or effecting his credit score. But my friend is saying that "of course the 60k loan has an effect on him not getting this loan because he could drop out at any time and the loan payment would be due and so that is considered into the risk of giving out a loan and nailing him on his points." So, the question is: Does the fact that he has a $60k loan and is 20, does that have a impact on his credit report right now, or does it not have an impact since he doesnt have to pay it until six months after graduation?

04-12-2005, 09:57 PM	#3
Chronic2005 Registered User Join Date: Feb 2005 Posts: 65	No impact until 6mo after. At least in my experience __________________ SIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, you may use a 624x80 instead of a 120x60. Let me repeat... A 120 x 60 button and no more that 3 lines of DEFAULT SIZE AND COLOR text.

04-12-2005, 10:09 PM	#4
aflex Confirmed User Join Date: Oct 2002 Location: New Jersey - adaptweb at gmail.com Posts: 3,127	i recently graduated college in february.. i got FUCKED by Sallie Mae on my 6 month grace period.. they processed my consolidation application before I requested it. I started paying it back immediately... but ummm to your question, student loans in a grace period should not effect his credit score. __________________ self made mothafucka. buying premium domains & developed sites with revenue/traffic -> adaptweb at gmail.com

04-13-2005, 06:42 AM	#10
ADL_JD Confirmed User Join Date: Dec 2004 Posts: 460	It doesn't matter until it shows up on your credit. Even then it is not necessarily a negative thing. I have had loans on my credit for 8 years. As long as you are current it will not affect the score that much. My score is over 700 **** __________________ ADULT DATE LINK If You Have Traffic, we can make you $$$. Great Conversion Ratio from a Trusted Company. Seven great niches - black, teen, gay, mature, latin, asian, swinger. Last edited by ADL_JD; 04-13-2005 at 06:44 AM..

04-13-2005, 07:33 AM	#12
MandyBlake The one and only! Industry Role: Join Date: Nov 2002 Location: Atlanta, GA Posts: 17,761	yeah as long as you are current on your loan it won't be a negative. but everything you have out with show up on your credit report...good or bad. __________________ Mandy's Playhouse Her First Fat Girl If you're interested in promoting my sites, ICQ me! 178411921

04-12-2005, 09:54 PM	#2
Rhino22 Confirmed User Join Date: Jan 2004 Location: Florida Posts: 2,288	No bankers here tonight?

04-12-2005, 10:11 PM	#5
BlueWire Confirmed User Join Date: Nov 2004 Posts: 4,628	To my knowledge you CAN get slammed but things always are so delayed that its not set in stone that you will by any means

04-12-2005, 10:13 PM	#6
JSA Matt So Fucking Banned Join Date: Aug 2003 Location: San Diego, CA Posts: 5,464	680 to 580 in a year is pretty bad....

04-12-2005, 10:19 PM	#7
BlueWire Confirmed User Join Date: Nov 2004 Posts: 4,628	Mine's 806

04-13-2005, 06:41 AM	#9
cambaby So Fucking Banned Join Date: Feb 2003 Location: CR Posts: 3,141	Credit sucks people use cash geez.

04-13-2005, 07:21 AM	#11
Rinaldo Confirmed User Join Date: Sep 2003 Location: South Florida Posts: 5,086	what's the moral of the lesson we learned today boys and girls?