Student loan and your credit.?

I'm currently in school and don't need to start paying on my student loan until six month after i'm finish school, my credit score is not too bad "700 " but i tried to get a loan and noone would approve me because of my student loan. I owe on a few credit cards, i make my payment on time and i don't owe alot of money on them.


Should my student loans already be affecting my credit even though i don't owe them as yet?

Student loan and your credit.?
Your student loan should not have any effect on your credit. Don't apply with the person that listed above me! Go through a major credit card company.





I didn't finish my thought - as long as your student loans are in good standing - it should not have a big effect on your credit eligibility since it is not a REVOLVING debt. It is an installment and is viewed VERY differently from credit cards.
Reply:Yes, it will affect your credit because it is a liability, money that you owe.
Reply:I had a $30,000 student loan. I had no problem getting a credit card with $25,000 credit line with BOA. I don't think student loan has any effect on how I get a loan.





What type of loan did you try to get? I even bought a house while I was in school with a 5% fixed rate for 20 years.





If you have good credit, I don't see why can't you get a loan. I didn't have any problem matter of fact, I was pre-approved for my mortgage.
Reply:Yes. It is outstanding debt that you owe.
Reply:Any time you build a line of credit or take a loan, that will affect your credit and eligibility for credit cards.





When you sign up for credit cards or cancel credit cards, that will affect your credit report. I think the fact you are spreading yourself thin and owing multiple sources will not look good from a loan officer point of view. They are not only looking at your credit score, but also how much debt you have built-up compared to your income and assets.





Even though you don't owe alot, a loan officer would see it as two strikes against you rather than only $500 in debt from two credit cards. Pay off all your credit cards, stick to only 2 credit cards and build some savings and you will be a more eligible candidate.





In the end, a loan is a loan, debt is debt regardless when you have to pay it off.
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