| Looking for Loan for EDU Info? |  |
|
|||||||
|
|
| |||||||||||
| HOME DIRECTORY CONTACT US FAVORITE | ||||||||||||
I have high debt, but 75% is student loans. Do lenders view that debt as negatively as oan high Debt: debt Everything but You 75% Should is Know student About loans. Negotiating Do the lenders Right view Loan that for debt You as Paying negatively it as Off credit-card Protecting debt? Your Yes Financial and Future no. by "credit-card debt?
Yes and no. "Student loan debt is given a more favorable look when calculating credit scores but is equal in terms of debt-to-income ratios," says Bob Walters, chief credit officer of Quicken Loans.
The FICO score, the credit score many lenders use, divides loans into two categories: installment loans and revolving loans. Student loans, mortgages and car loans -- where you pay a fixed amount every month -- are installment loans. Credit cards -- where you control your monthly payment -- are revolving loans.
Owing a lot of money in student loans -- or any installment loans -- isn't going to hurt you as much as maxing out your credit cards, says Craig Watts, consumer affairs manager for Fair Isaac, which created the FICO score.
But you still can hurt your credit score if you miss payments on your student loans. On the other hand, you can improve your score by making payments on time. If you do have a good student-loan payment record, Watts recommends checking your credit report to make sure the student loan information is being reported. "For a lot of recent graduates, their student loan and one credit card will be their whole credit history," says Watts. For more information about improving your credit score, see MyFico.com.
In addition to your credit score, however, lenders also look at your ability to repay a loan. "This is based strictly on your monthly income and the number of monthly payments you are obligated to repay," says Walters. For example, you might find it difficult to qualify for a mortgage if your new monthly mortgage payment and all of your other monthly payments together represent more than 50% of your gross monthly income, Walters says.
High Recommended Books
| 1. |
| ||||||||||||
| 2. |
| |||||||||||||
| 3. |
| ||||||||||||||
| 4. |
|
|
student loan debt Info 2. Directory Of Finance Get Financial Need! Find Financial Solutions Here! 3. Student Loan Consolidation Office Student Loan Consolidation - Consolidate your student loans to lower your monthly payment for federal and private student loans. click for loan consolidation information 4. student loan debt Search special deal for student loan debt here. 5. Top Free Resources on Loan, Mortgage, Bad Debt Find Out The Secret How To Be Debt Free, How To Get Your Loan Application Approved Instantly & How To Find The Best Mortgage Offers. All 100% FREE! 6. Student Financing Looking for Student Financing? We've got the Top Sites Listed 7. student loan debt Find student loan debt info here! 8. student loan debt student loan debt Info As Easy As1-2-3 9. Looking for student loan debt ? student loan debt Results From Google, Yahoo Msn & More 10. Student Consolidation Loans The Top 5 Student Loans Compared. Low Rates. Save Money. Apply Now! |
 | |
| Take Control of Your student loan debt | |
| Price:$2.95 18 New & Used available from $2.95 | |
| Take Control of Your Student Loan Debt This book is amazing!!!! I have read all of the other books out there... searching for the detailed information that I needed to help me get out of ... | |
 | |
| Free Yourself from student loan debt: Get Out from Under Once and for All | |
| Price:$5.08 8 New & Used available from $5.08 | |
| Every family needs this book This is one of those marvelous books that schools should send home with kids so parents have a fighting chance to get their kids into a good school AND afford t... | |
 | |
| How to Wipe Out Your Student Loans and Be Debt Free Fast: Everything You Need to Know Explained Simply | |
| List Price:$21.95 Price:$14.93 Save:$7.02 1 New available | |
 | |
| Zero Debt for College Grads: From Student Loans to Financial Freedom | |
| List Price:$6.99 Price:$5.59 Save:$1.40 1 New available | |
 | |
| The Guerrilla Guide to Mastering student loan debt: Everything You Should Know About Negotiating the Right Loan for You, Paying it Off, Protecting Your Financial Future | |
| Price:$2.93 31 New & Used available from $2.93 | |
| Know Your Options, and Know Your Rights There is a common theme among college students these days, and those who have attended and quit as well as those (un)lucky multitudes who have gradua... | |
| Read more about Student Loan Debt ... |
