do my student loans affect credit score

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  • Do student loans help build credit?

  • Making regular, on-time payments on student loans will help build credit. If you’ve used only one type of credit before, like a credit card, then having a student loan is good for your score because it helps your credit mix. But that’s a smaller score factor, so it’s not worth taking out a loan you can’t afford just to have a mix of credit types.

  • How do student loans affect your FICO score?

  • In the same way as any other loan, credit card, or debt will influence your FICO score, so will a student loan. While you are studying, your student loan might be in deferment.

  • Does submitting multiple student loans affect your credit score?

  • In the case of private student loans, a prequalification will not typically affect your credit, whereas applying for a loan will show up on your report. So, what if you submit multiple applications? Will they all affect your credit score? It鈥檚 hard to know for sure, as credit-scoring model companies don鈥檛 provide a lot of detail about their models.

  • How long does it take for student loans to affect credit?

  • Your score will start to drop only after your lender reports your late payment to one or 鈥?more likely 鈥?all of the three major credit bureaus. Federal student loans: Servicers wait at least 90 days to report late payments. Private student loans: Lenders can report them after 30 days.

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