topic Re: Question about Student Loans. in Student Loans

Question about Student Loans.

Anonymous — Wed, 23 May 2012 01:35:09 GMT

I enrolled in DeVry University back in 2007. During my enrollment (2007-2011) I opened up 21 accounts of student loans which add up to a grand total of $50,958.00

What I would like to know is how those loans affect my credit score, be it negatively or positively.

All of the loans are currently in deferment and in OK standing according to my TU report.

(I am a new poster btw. I found this forum out of sheer luck!)

Feel free to share your outstanding student loan debt so we could share our pain

Re: Question about Student Loans.

laz98 — Wed, 23 May 2012 02:17:38 GMT

@Anonymous wrote:
I enrolled in DeVry University back in 2007. During my enrollment (2007-2011) I opened up 21 accounts of student loans which add up to a grand total of $50,958.00

What I would like to know is how those loans affect my credit score, be it negatively or positively.

All of the loans are currently in deferment and in OK standing according to my TU report.

(I am a new poster btw. I found this forum out of sheer luck!)

Feel free to share your outstanding student loan debt so we could share our pain

Welcome to the forums!

Well, while that is a large number of accounts, so long as they are reporting positively, you're fine. Installment debt is a small part of your FICO score, so it won't hurt you as much as you might expect. You might get a flag sometimes for having too many accounts with balances, but it's nothing to stress about.

Re: Question about Student Loans.

Anonymous — Wed, 23 May 2012 03:19:00 GMT

Sounds good to me. Thank you!

Re: Question about Student Loans.

GST2008 — Wed, 23 May 2012 12:12:24 GMT

Throughout undergrad and grad school, I also accumulated a decent amount of loans. The number hasn't ever affected my score in a negative fashion. As long as they are reporting "paid as agreed," you should be fine. I think I had about 11 all together. I recently consolidated them all, using the fed direct loan consolidation. This also had little to no impact on my FICO scores. I didn't notice any decrease in scores after this happened.

Also, if they are all reporting satisfactory, they provide a number of accounts in good standing to your report that will all age over time and add to your AAoA.