Student loans

Submitted by LT on Fri, 03/06/2009 - 15:37

If you pay on you pay on your student loans instead of having them deferred with this increase my credit score?

I used the scorewatch and buy the scorepower a couple of times a year and as far as what I can tell, the use it to figure as part of your credit utilization.

Fri, 03/06/2009 - 16:01 Permalink

Credit history and amounts owed are the major determinants in your credit score. Now, if you repay back the students loan on time, you will not only improve your credit history but also reduce the amount owed factor. So definitely it will give a major push to your credit score.

Mon, 03/09/2009 - 07:12 Permalink

Carol, thanks for the advice!!

Wed, 03/11/2009 - 01:50 Permalink

I have a student loan I've been paying on for a while (never late on payments). I've had my loan Defered a few times. didn't seem to effect my Credit score at all. However, remember, when you have a loan on Deferment, the % still accumlates.

Thu, 03/12/2009 - 04:39 Permalink