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.
Hi LT
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.
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. However.......it didn't seem to effect my Credit score at all. However, remember, when you have a loan on Deferment, the % still accumlates.
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.
Hi LT
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.
Carol, thanks for the advice!!
student loan
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. However.......it didn't seem to effect my Credit score at all. However, remember, when you have a loan on Deferment, the % still accumlates.