Jan 29
Mark SingleyStudent Loans Q&A credit score, experian, free credit report, installment loans, Student Loans Q&A
Recently, I acquired my free credit report from Experian and a few questions arose. I noticed that my student loans are in the form of installment loans (which I knew already) but was not aware that there were 10 of them plus my car that I just bought last May! Am I right in understanding that the more installment loans you have, the more it hurts your credit score? And if so, would it help my score to consolidate those loans?
Thanks for any help!
Dec 13
Mark SingleyStudent Loans Q&A credit card debt, credit score, desperate need, refinancing, secured credit card, Student Loans Q&A
I have a 0 car note. Crazy I know! I have been working hard trying to get my credit back on track. All my recurring bills are automatically taken out of my account, I no longer have credit card debt (I now use a secured credit card only) and I have no other debt except for hefty student loans.
I am in desperate need of refinancing but it seems my credit score is quick to decrease and long to increase. Its so frustrating! What can I do? I would like to get it down to 0 if possible.
Dec 08
Mark SingleyStudent Loans Q&A credit card balance, credit score, debt to income ratio, debts, equity line, line 1, score increase, student loan
My credit score is 680. I was told my debt to income ratio is high. Will my credit score increase and will it be better for me if I pay off these debts showing on my account by using my equity line?
1. credit card balance
2. a student loan I co-signed with my son (my son pays the monthly bill)
Nov 27
Mark SingleyStudent Loans Q&A car loan, co signer, credit card, credit history, credit score, fafsa, family members, federal loans, job, last minute, money, private loan, private student, scholarships, several thousand dollars, signs, sophomore, student loan, t pay, wages
Here’s the situation:
1. I have about two months of credit history with one credit card, and I paid off the balance on time no problem.
2. I am a sophomore, have already filled out FAFSA, and am already taking out federal loans.
3. I need an additional private loan of 00 within three weeks.
4. My best candidate for a co-signer is my mother (My other closest family members are definitely unable to help me). Her credit score is good, but she has no job. She will have to get a loan of her own soon for a car, once she gets a job.
5. I have read on different websites that co-signing a loan affects the co-signer’s credit score. They all mention that a co-signer suffers if the borrower doesn’t pay payments, but I am assuming I will be able to get a job and continue to be responsible with my money. Does simply co-signing on a loan automatically hurt the co-signer’s credit score? Does this mean that my mother will not be able to get a car loan or refinance our home if she co-signs on my loan?
So my question comes in these pieces: Do I have to have a co-signer, given my nearly-non-existent credit history? Will my co-signer’s credit score suffer enough to prevent my co-signer from taking out her own loan? Also, does anyone have any recommendations on where I should go for a good private student loan?
Thank you in advance for any advice.
I am studying abroad; if I were to back out now I would be throwing away several thousand dollars. I didn’t know until last minute which scholarships I was getting (I applied to several scholarships, totaling 000, but am receiving just under half of it). The 00 deficit I am in now is after scholarships, wages, and federal aid.
Nov 18
Mark SingleyStudent Loans Q&A Congress, credit score, interest rates, loan accounts, loans, seperate, student interest, student loan
I haven’t consolidated my loans yet b/c I have heard rumors that congress is going to help lower student interest rates, so I’m taking a gamble and hoping the rates will lower. I have 11 seperate student loan accounts. Would my credit score go up if I consolidated, since I would then have 1 instead of 11 accounts? Would it be better in regards to my credit score to leave them as is?
Current score is about 650.
Nov 15
Mark SingleyStudent Loans Q&A credit score, federal loans, fixed rate, graduation, Student Loans Q&A
I graduated from college about 2.5 years ago, and after graduation, decided to consolidate my student loans (about ,000 total) at a fixed rate of 4.65%. With rates so low these days, I’m wondering if I can re-consolidate my loans at a lower fixed rate. My credit score is great, if that matters.
To answer Cynthia’s question, I’m in the US. The loans are Stafford (federal) Loans, now consolidated at AES.
Nov 03
Mark SingleyStudent Loans Q&A becuase, credit score, sallie mae, Student Loans Q&A
I have about 40k in student loans through Sallie Mae that I just recently brought current and the monthyly payments are 0 and my APR is 18.24% I need to do something and quick but my credit score is 436 (becuase I ran from them when I was young and dumb)…..anyone have some helpful advice????
Oct 30
Mark SingleyStudent Loans Q&A apartment, auto loan, checks, crap, credit score, federal student loans, loan consolidation, new job, parents, private loans, private student loans, secure credit card, thanks for your help
I have approximately ,000 in Federal student loans and ,000 in Private student loans.
I just graduated and I start a new job tomorrow that pays ,000/year. I never established any sort of credit in college.
I just moved here and in order to get an apartment and to get an auto loan they had to look up my credit score, and my parents had to cosign for each. For the electric bill they had to look up my credit score and finally in order to get a secure credit card they had to look up my credit score.
I know each time someone checks your score it goes down a few points, so I’m assuming mine is crap.
How long should I wait to consolidate these private loans? How long will it take to improve my credit score enough to make a difference? Is loan consolidation a good option for me? Thanks for your help.
Oct 28
Mark SingleyStudent Loans Q&A credit score, Student Loans Q&A
What affect do student loans have on a credit score in any case? Whether they are new and not yet due or have been defferred for a while? Does having student loans go against your credit even if they are not due yet?
Oct 17
Mark SingleyStudent Loans Q&A confusing question, credit score, different companies, girlfriend, loan consolidation, private student loans, shopping
My girlfriend has two private student loans with 2 different companies with different rates. She wants to consolidate for a lower monthly payment. When she applies for the loan consolidation at a few different companies, how does this affect her credit score? Does each application she completes lower her credit score and then the next company she applies with now sees that she is loan shopping? If this is a confusing question, let me know and I’ll try to clarify. Thanks.
Ok, that first answer doesn’t help and isn’t relevant to the question. Anyone else have any input?
And now spam!??! Can someone please just answer my question?
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