When it comes to student loans, the impact on your credit score depends on several factors, including your payment history, credit utilization, length of credit history, and the types of credit you have. It’s important to have a clear understanding of how paying off your student loans can ...
For example,Sallie Mae, a major private student loan lender, offers the Sallie Mae Accelerate card. It allows users to redeem their cash back for 2% when they use it to pay down student loans, compared to 1.5% for other uses. As the card's terms explain, "if you redeem $100 in Rewa...
Since I had a good credit score from using a credit card in college, I chose torefinance my student loan debtand I am glad that I did. It took me a while and jumping through some hoops to receive the approval, but I got it. When I refinanced, my new interest rate was about one ...
Financial literacy, sometimes under the umbrella of financial wellness, is the understanding of financial concepts – like interest rates, student loans, credit scores and budgeting – and how your personal finances work. Not having an understanding of some of these concepts can result in negative...
Financial literacy, sometimes under the umbrella of financial wellness, is the understanding of financial concepts – like interest rates, student loans, credit scores and budgeting – and how your personal finances work. Not having an understanding of some of these concepts ...
after paying off a student loan. The most likely explanation is that the borrower’s oldest line of credit, the student loan, no longer appears on their credit report. When the oldest line of credit disappears that average length of credit is shortened, and this can reduce a credit score....
If you’re carrying a balance on a credit card that has a higher interest rate than your student loan interest, you’ll want to pay down the credit card before you pay down your student loan. That’s just as true of any other kind of loan, like a personal loan or a car loan. ...
Educational debt, too, can be either good or bad. Most advisers see loans to attend an accredited university as positive. This is especially true if the amount you borrow is in line with your expected future earnings power. Student loans with oversized balances relative to your intended career...
Luckily, I love blogging and that made it much easier to spend so much time on my blog.Watching my student loans get paid off and the debt going down was a huge motivator. At first I thought it was impossible, and now I know it wasn’t!
Bad Credit Guide Some of the bills you pay are reported to credit bureaus, and others are not. Your payments on credit cards, mortgages, and other loans, for example, are reported each month, so paying them on time can maintain or boost yourcredit score. ...