Anonymous
Anonymous asked in Business & FinanceCredit · 1 month ago

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

2 Answers

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  • 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.

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