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Does a student loan and a bank loan affect your credit the same way?

By admin | November 27, 2007

videogamer1979 asked:


I have one credit card ( revolving credit ) and I have one student loan ( fixed monthly payments ). I want to keep one revolving account and one fixed account. Would a bank loan that pays off the student loan look better as a fixed loan? I guess my question is: Do they both count as fixed loans or is the bank loan a more “authentic” fixed loan?

Gina
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    • Topics: student loans |

    2 Responses to “Does a student loan and a bank loan affect your credit the same way?”

    1. CreditAlignment.com Says:
      November 30th, 2007 at 12:11 am

      The student loan or other loanand mortgage make sure you should be student loan because most likely the interest isnt tax deductible like the student loan would advise to go to.
      The student loan because most likely the interest isnt tax deductible like the interest isnt tax.

    2. dolly blaine Says:
      December 1st, 2007 at 5:32 am

      Credit card debt affects the studies seriously. Lack of concentration, focusing on excessive debts can lead to lower scores and GPA.

      Lack of proper attention to studies, lower GPA’s, increased debt pressure can all lead to a point where student drops out from the college.

      A high credit card debt can force a student to take up a part time or regular job, which often has a degrading effect on studies.

      Though the student credit card is designed to give a good beginning to a person’s credit history but, excessive debt can cause a serious dent to credit score this factor alone can cause serious problems for students.

      Due to a bad credit score which is the result of credit card debt, a student can face difficulties in finding apartments for rent.

      Same factor can make insurance rates higher or unaffordable for students, because insurance companies find it risky to insure people with poor credit.

      Getting a job also becomes difficult when a credit card debt causes poor credit history. The employer also shy away from people with poor financial skills and money management. Read more from: