How will having $55k in student loan debt affect my credit score?
- Anonymous1 month agoFavorite 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.
- Anonymous1 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.