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Student Loans Affect on Credit History

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Student Loans Affect on Credit History

I'm currently looking to apply for a second credit card. Opened a Bank of America Cash Rewards card as my first card two months ago and already reached the sign up bonus. I'm currently working a summer internship and spending a decent amount of money on daily commute and I am looking to put this spending towards another card's bonus, hopefully.

 

I was looking into options for my second card and I am interested in a Chase Freedom, Chase Freedom Unlimited, or a Uber Card based on their bonuses and my current spending habits.

 

I am concerned that I may be rejected due to my short credit history (I have only had this one card for two months as I still a college student). However, based on Credit Karma and my Experian report, it says the Average Age of my Accounts is 1 year old. This is due to the student loans I have open from my freshman year. Do these loans actually count towards my credit history or do credit card companies only consider the revolving accounts age? Do I have a shot at being approved?

Other stats: 703 FICO score 8, 697 TU & Equifax, 3% utilization, no late payments

6 REPLIES 6
Senior Contributor

Re: Student Loans Affect on Credit History

Unwritten rule is that Chase wont approve you if your credit hiatory is < 1 year. Youre in trouble here

 

Did you try Discover prequal site?




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>08/2019 CCT EX 829 TU 848 EQ 837
Jack Webb: "That figures. Now let me see if I got the facts straight here. Cleaning woman Clara Clifford discovered your clean copper clappers kept in a closet were copped by Claude Cooper the kleptomaniac from Cleveland. Now, is that about it?"
Message 2 of 7
New Visitor

Re: Student Loans Affect on Credit History

I was prequaled from Discover for the two student cards. However, I was hoping to get something with a signup bonus that will be useful long term.

Message 3 of 7
Senior Contributor

Re: Student Loans Affect on Credit History

Amex ?




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>08/2019 CCT EX 829 TU 848 EQ 837
Jack Webb: "That figures. Now let me see if I got the facts straight here. Cleaning woman Clara Clifford discovered your clean copper clappers kept in a closet were copped by Claude Cooper the kleptomaniac from Cleveland. Now, is that about it?"
Message 4 of 7
New Visitor

Re: Student Loans Affect on Credit History

Which one do you recommend?

Message 5 of 7
Senior Contributor

Re: Student Loans Affect on Credit History

Start with their prequal tool and go from there

Personally, I like cash back




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>08/2019 CCT EX 829 TU 848 EQ 837
Jack Webb: "That figures. Now let me see if I got the facts straight here. Cleaning woman Clara Clifford discovered your clean copper clappers kept in a closet were copped by Claude Cooper the kleptomaniac from Cleveland. Now, is that about it?"
Message 6 of 7
Established Contributor

Re: Student Loans Affect on Credit History

My student loans from 12 years ago are doing wonders for my credit. I got 2 student loans back in 2006 and just never paid them. One was garnished from tax returns and the other I was able to rehab and have been current on for the past 3 years. All the negative stuff like late payments was removed due to it being over 7 years, but I still have the history of the loan which shows that I've had "credit" for 12 years. It's the oldest account I have and I'll finish paying it off in the next year or two. 

 

So, yes, the loans absolutely count towards your history and they will remain on your report and continue to add to your history even after they're closed. Most closed accounts stay on your report for ~10 years, but YMMV. 

I’m probably never finding that garden everyone keeps talking about.



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