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Rhino22 · 04-12-2005, 09:47 PM

Does anyone know if a student loan which is not scheduled for payments or interested until six months after graduation has an affect on your CURRENT credit score?

My friend who is twenty has a $60k student loan. He recently went to apply for another $3k personal loan but was denied. After he sat down with the banker, the banker told him the reason he is not getting approved for the loan was because you have a credit card with a $4700.00 limit but it was over the limit by about $200.00...

He said his credit score last year was 680, now its at 580. The banker told him that his student loan has no effect on him until six months after graduation. It will show on his credit statment, but wont have an effect as far as him getting another loan or effecting his credit score.

But my friend is saying that "of course the 60k loan has an effect on him not getting this loan because he could drop out at any time and the loan payment would be due and so that is considered into the risk of giving out a loan and nailing him on his points."

So, the question is: Does the fact that he has a $60k loan and is 20, does that have a impact on his credit report right now, or does it not have an impact since he doesnt have to pay it until six months after graduation?

04-12-2005, 09:47 PM
Rhino22 Confirmed User Join Date: Jan 2004 Location: Florida Posts: 2,288	Who knows about credit scores? Help me settle a bet. Does anyone know if a student loan which is not scheduled for payments or interested until six months after graduation has an affect on your CURRENT credit score? My friend who is twenty has a $60k student loan. He recently went to apply for another $3k personal loan but was denied. After he sat down with the banker, the banker told him the reason he is not getting approved for the loan was because you have a credit card with a $4700.00 limit but it was over the limit by about $200.00... He said his credit score last year was 680, now its at 580. The banker told him that his student loan has no effect on him until six months after graduation. It will show on his credit statment, but wont have an effect as far as him getting another loan or effecting his credit score. But my friend is saying that "of course the 60k loan has an effect on him not getting this loan because he could drop out at any time and the loan payment would be due and so that is considered into the risk of giving out a loan and nailing him on his points." So, the question is: Does the fact that he has a $60k loan and is 20, does that have a impact on his credit report right now, or does it not have an impact since he doesnt have to pay it until six months after graduation?