Anonymous asked in Business & FinanceCredit · 1 month ago

How will having $55k in student loan debt affect my credit score?

2 Answers

  • Anonymous
    1 month ago
    Favorite Answer

    Its a large obligation. May not have a direct score impact unless you are late but it could keep you from getting other loans because of the monthly obligation.

  • Anonymous
    1 month ago

    If you are making payments on time, it will help your score.

    HOWEVER, having a large amount of any kind of debt can prevent you from getting new loans even if you have a GREAT credit score.

    Being approved for loans or credit cards is also based on your debt to income ratio.  When you owe a large amount of money to any kind of loan, it reduces the amount of credit you would qualify for from any other source.

Still have questions? Get your answers by asking now.