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Your balance is about 14k high than mine, but from my personal experience, as long as you make your payments on time you should have no problems. I PCd my Chase (originally WaMU) Platinum Visa to a Freedom, and recently was approved for Dicover IT. Current balance for all loans down to 18K.
If you get a decent paying job when you graduate, and start paying the loans down you should be fine.
You're welcome. Look at it this way, the student loan count as installment loans, which help with credit mix. As with all credit, one of the most important things is keeping them current. As long as you keep the loans to a acceptable/managable level you should see any AA. Unless the economy gets worse, and the banks start to freak out again.
@youngandcreditwrthy wrote:
How do the major prime creditors(Amex, Citi, Chase,etc) feel about student loans?
I wonder because I'll be pushing $40k+ in student loan debt by the time I graduate next year. I make small payments even though none are due yet, but I wouldn't want to lose my primes just bc Ive decided to make an investment in myself.
The reality is I prob don't need to borrow money for school, but I genuinely feel like student loans are fairly easy to manage, and I like having a cushion. Unfortunately, I receive absolutely NO financial aid aside from loans, which I guess is okay. Wish my mom was paying my way or the gov't haha -.- . Mine are ALL Federal-no private! Although, I'm considering getting a Discover private student loan in the fall.
Anyway, do student loans cause AA in relation to credit card companies?!
With all honesty, I've never had an issue with my student loans on my report affecting anything, whether it be denial on a CC, CLI, or simply AA taken by closure or CLD due to increasing loan amounts.
I had the federal loans too, the Stafford that progresses from 5500 --> 6500 --> 7500 x2 (for junior and senior year) dispersements. The rest of my term bill is a decent portion of scholarships and the rest is the PLUS through my mother. So far, I have about $19000 in student loans reported (keeps reporting as one installment loan, they just add the dispersement amount to the original loan each semester), all still in deferrment. I see many posts on people trying to build/rebuild as students, and get denied a card due to their student loan, whether it is in repayment or deferrment. However, I've never had an issue with it or had it listed as a reason for lower terms for any of my cards.
The only denial I ever got was from Sallie Mae when my mother and I thought it would be a good idea to get a loan under my name, or if I couldn't do that due to young history, have my mother cosign with her so-so credit history and income to help boost my chances. My application and her cosigned application were both denied, but I don't recall my federal loans ever being a reason, simply short credit history. I'm sure if we didn't apply during that debt ceiling/budget crisis back in the summer of 2011, we would have been approved XD especially considering I had a hell of a better score than my mother did :X
As always, YMMV, I suppose!
I'm sorry people, but student loans are the next "bubble" and I don't mean to burst yours. Please be careful about NOT considering what you owe in student loans and applying for credit cards for personal use. I'd hate to see any of you young guys and girls get wrapped up in credit card debt above and beyond the insane amount you have in student loans, which will become due, before you know it.