Student Loans Reporting

Discussion in 'Credit Talk' started by PSUgirl, Apr 23, 2001.

  1. PSUgirl

    PSUgirl Guest

    Hi Everyone,

    Quick question regarding student loans and how they are reported.

    I have 14 student loans that are not in repayment yet. I'm still in school. They are reported on my files as "paid or paying as agreed" They all show my blanances and most owed.

    My question is, if my student loans are not inrepayment yet, why are they causing me to get declined for credit. Im getting this reason: loan balance to owed is excessive.

    I dont understand....

    Also, Instead of getting loans from banks, secured or not, should i use my money to pay off the student loans that are being reported to create positive trade lines?

    Good night
  2. PSUgirl

    PSUgirl Guest

    Or maybe...

    Just thought of something...I might be getting that credit denial reason because of the two capital one accounts that I have on my reports that are not reported with limits.

    I think im going to send a copy of my statments to the 3 cra's and have them report my limits.

    Im also going to stop applying for credit for the rest of the summer to give my inquries a break and try and get rid of the ones that i currently have.

  3. CYA

    CYA Well-Known Member

    Re: Or maybe...

    Student loans will not rated when they are in repayment or not. You should pay of other debts first because student loans offer such low interest rates. They can hurt you, however, when banks figure debt ratios when you apply except if in deferrement or forebearance. Also, when you finish school, the large # of student loans may be counted as finance company accounts by CRA's, therefore consolidation into one payment may make sense. Direct Loans from the government has a very good program.
  4. CYA

    CYA Well-Known Member

    Re: Or maybe...

    Most student loans reported as while not in repayment:

  5. mother2

    mother2 Well-Known Member

    Deferment or Forbearance

    loans are not included when shopping for a mortgage? Did I understand this correctly?
  6. CYA

    CYA Well-Known Member

    Re: Deferment or Forbearance

    if they are deferement or forebearance only, if you are currently making payments they will count in your debt ratios

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