I currently have about $2,000 in credit card debt (one card). I never miss a payment and am paying a little more than the minimum each month. Will this negatively impact me for a federal student loan? I’m planning on going to grad school next year.
any debt will affect your ability to get a loan. The best way is to got a credit score website and do a free trial and see what they rate your credit score. that is the best determinate of whether you will get a loan to not.
any debt will affect your ability to get a loan. The best way is to got a credit score website and do a free trial and see what they rate your credit score. that is the best determinate of whether you will get a loan to not.
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common knowledge, im also a business student and know quite a bit about this.
No as long as u pay it off so
Done will give u a loan but the interest will b high
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Yes, carrying a balance on credit cards will impact your loan application. It depends on the amount and the debt to limit ratio as to how much. Carrying balances and only making minimum payments over a long period of time is not good. If this is the only thing showing on your credit report, you may need a co-signer.
By the way, do NOT sign up for some trial member monitoring service. They can often be a real problem cancelling and the score they give you isnt’ a real FICO score anyway. CreditKarma.com offers a free score estimator based on your TransUnion report. It’s not FICO, but within 50 points or so. Good enough if you are just curious about your score.
But more important is to review what actually shows on your credit reports. You can get your free annual credit reports from each credit bureau thru AnnualCreditReport.com. This is the site mandated by the FTC and is the only site that won’t require you to sign up for monitoring services.
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No, credit does not affect a federal student loan. You’re never asked about your credit. The only federal loans affected are PLUS loans, as these do depend on credit. If you’re just looking at a subsidized or unsubsidized loan as an undergraduate, you’ll be fine.
Edit – I just saw you’re talking about grad school. For grad plus loans, they’ll look to see if you’ve defaulted on your loans in the past 90 days, and look to see if you have any foreclosures, tax liens, etc. from the last five years. If you only have 2k in credit card debt and always pay on time, you should have a problem obtaining a gradPlus loan because it isn’t based on your FICO score, but rather your history (and they’re only looking for major red flags).
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IF u have sbi credit card means then it will not affect. It is always better to have sbi credit card. To know more details about sbi credit card is
http://www.sbicreditcard.org
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