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People have the wrong ideas about whether a loan is "good" or "bad". Student loans, along with mortages are considered "good debts" because mainly these loans are potential investments. Student loans allow you to further your education in order to get a higher paying job, while mortgages a lot of times on houses that will go up in value because of the equity.
Initially, your score may drop because of the amount of debt from the loan, but once you establish a payment history, it can definitely help your score because it diversifies the type of credit you have (installment vs. revolving). |
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tuffnstuff
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If you pay your loan on-time, your loan will help solidify you as a worthy payer and increase your credit. Just be careful what kind of loan you take and how much, because debt-to-income ratios are important, though educational loans are looked upon more favorably. |
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Warren
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Taking out a loan and repaying it, always making payments on time, is a good way to raise your credit rating. You will have no credit rating until you use credit, either in the form of a loan or with credit (not debit) cards. If you have the latter (and are a responsable user of credit) get the highest credit limit possible on the card. It'll raise your credit rating if you pay off your balance every month and use less than 30% of your credit limit on the card(s). |
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Jorge
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When it comes to the financial aid process, people often ask "Where do I begin?" We're here to help and guide you throughout this process. This page outlines the steps to applying for a Stafford Loan. Basic Stafford Loan Requirements are, You must have submitted a FAFSA. For subsidized Stafford Loans, you must have financial need as determined by your school<!--You must be a U.S. citizen, permanent resident, or eligible non-citizen. You must be enrolled at least half-time. You must not be in default on any education loan or owe a refund on an education grant. Below, we have highlighted the specific steps for completing the Stafford Loan process
http://best-loans.awardspace.com/student-loans.htm
The FAFSA is the first and most important step towards getting a Stafford Loan; you can't get a loan without filing yours, and it's also free. You can file your FAFSA electronically at FAFSA Online-->be sure to include the school's FAFSA code (or prospective schools, if you are a high school student) to ensure that the results are sent to your school's financial aid office. |
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Sharon F
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looks good if you pay it and pay on time
looks bad if you dont pay it or pay late all the time
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DebtFree
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borrowing tons of money and making payments over time is how you get a credit score. |
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Ramsey...
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It depends on who is looking at your credit. I know that if you're trying to buy a house, having on open "revolving" line of credit such as a loan, can look good. Espically if you're current. I'd say as long as you stay current and maybe pay over the minimum when possible, if definitely can't hurt your credit. |
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Jenny W
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Loans look negative on your credit report until you have about 6 months of payments made on time (preferably when the amount paid is over the minimum). After the loan is completely paid off it looks great! |
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Heatherrrrrrrr
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If the loan is in your name and the payments are kept current then a loan can be good for your credit.
Any time you take out credit and repay it on time it only helps your score and credit history. If you have massive amounts of loans and seem maxed out then another loan may not be the best bet. |
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heybulldog
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Borrowing money and making payments is how you build your credit score. You have to keep borrowing money and making payments to keep a your score high. All you get is debt.
There is no good debt. Debt is debt.
If you work your way through school and have no debt when you get out. You will be way ahead.
Your income is your most valuable wealth building tool. You'll never get ahead financially making payments every month. |
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