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?

No bankers here tonight? :helpme

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

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.

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

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

Mine's 806 :banana

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

Credit sucks people use cash geez.

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

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

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.