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Posted: 7:17 AM Jul 28, 2008
Student Loan Shopping Could Hinder Your Credit Score
Are you shopping around for the best deal for private college loans / If you are, you might be doing some damage to your credit score.
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Shopping around for the best deal for private college loans might actually be a bad thing for your credit score.
A "New York Times" report says parents and students who comparison shop for a private student loan could damage their credit score. Its a different matter however, for borrowers who comparison shop for mortgage and auto loans within a short period of time.
The time reports Fair Isaac, the company that helps calculate credit scores, does not extend the same break to private student loan applicants. Fair Isaac says there's little to no damage to credit scores, but some lenders disagree saying even a small decline can lead to a more costly interest rate.
Latest Comments
Posted by: Kat
on Jul 28, 2008 at 07:46 AM
Actually shopping around for mortgage and auto loans drops your credit score too. Actually anytime you put in any application for credit your credit score drops. That credit check stays on your credit report for two years as well. Credit scores are the most bogus thing out there and places everywhere use it to determine your supposed "credit worthiness". It does not matter if you make your payments on time every month. Making your payments does not effect your credit score unless you make a huge payment which most people cannot do. Credit, what a load of hogwash! Do yourselves a favor save up for anything you want. All credit does is make your life worse.
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