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Will my credit score be affected by student loans?
It’s only once you officially apply for the loan that your score will be impacted. Credit scoring models typically take the length of your credit history into account, so applying for any new debt鈥攊ncluding student loans鈥攃an adversely affect your score. Of course, your student loan will eventually become an old account over time.
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.
Does an installment loan affect your credit score?
But an installment loan isn鈥檛 revolving credit, so it doesn鈥檛 affect debt usage. A student loan can strengthen not only your account mix but also your payment history. Payment history is the most important aspect of your credit scores. It makes up 35% of your scores.
What happens if you don’t pay your student loans?
If you have a federal student loan, your missed payment will be reported to the three major credit reporting agencies once you’re at least 90 days late. 4 锘?Private student loan lenders may report missed payments sooner. A single payment that’s 30 days late could potentially reduce your credit score by more than 80 points, according to FICO.