Every college graduate is going to be focused on their student loans, which goes without saying. They have to be able to understand the ways in which these particular loans can impact their financial standing, which goes without saying. However, did you know that these loans can bleed into one's credit standing as well? It may be hard to believe but there are many details to consider, many of them given by the likes of Bobby Jain Credit Suisse.
U.S. News and World Report put forth an article that spoke about late student loan payments and how they could play into one's credit scores in the long term. A positive point to note - and the article detailed this as well - is that 22 percent of borrowers have not defaulted on the loans they are responsible for paying. It's important to keep in mind that while this is true, due dates still have trouble being met. As you can imagine, points like these can negatively play into the idea of credit.
If you are curious as to how these late payments can play into credit scores, the article said that this can vary. Experian director of public education Rod Griffin made it a point to mention that credit scores have a number of variables tied to them, even though delinquencies may span across the same number of days. Aspects like one's credit history must be brought into account, as you can probably imagine. The scoring systems of lenders must also be considered.
This does not mean that student loans should not be ignored, which is why it's important to take as much information into account as possible. For example, Bobby Jain Credit Suisse will tell you to not place more debt on yourself if you feel as though you are already struggling. What this means is that, for example, if you are asked to open up a store credit card, you would be better off declining the offer. While this is a simple measure, it's an effective one that names like Robert Jain can support.
Hopefully, with these points in mind, you can help yourself better understand how student loans and the idea of credit can come together. In many cases, they may not but, as stated earlier, this can vary from person to person. For those who are concerned about their financial standing, just know that you are not without help. Focus on the best possible methods so that, in the long run, you'll be able to help yourself with both of these concepts in mind.
U.S. News and World Report put forth an article that spoke about late student loan payments and how they could play into one's credit scores in the long term. A positive point to note - and the article detailed this as well - is that 22 percent of borrowers have not defaulted on the loans they are responsible for paying. It's important to keep in mind that while this is true, due dates still have trouble being met. As you can imagine, points like these can negatively play into the idea of credit.
If you are curious as to how these late payments can play into credit scores, the article said that this can vary. Experian director of public education Rod Griffin made it a point to mention that credit scores have a number of variables tied to them, even though delinquencies may span across the same number of days. Aspects like one's credit history must be brought into account, as you can probably imagine. The scoring systems of lenders must also be considered.
This does not mean that student loans should not be ignored, which is why it's important to take as much information into account as possible. For example, Bobby Jain Credit Suisse will tell you to not place more debt on yourself if you feel as though you are already struggling. What this means is that, for example, if you are asked to open up a store credit card, you would be better off declining the offer. While this is a simple measure, it's an effective one that names like Robert Jain can support.
Hopefully, with these points in mind, you can help yourself better understand how student loans and the idea of credit can come together. In many cases, they may not but, as stated earlier, this can vary from person to person. For those who are concerned about their financial standing, just know that you are not without help. Focus on the best possible methods so that, in the long run, you'll be able to help yourself with both of these concepts in mind.
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