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Financial Problems 101 Credit Score vs. Student Loans

Recent college graduates have a lot on their plate, and entering the job market isn't always an easy transition. In fact, many students are left wondering how their credit will be affected by student loans, and if their less-than-perfect payment habits will spell future financial problems. <br>

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Financial Problems 101 Credit Score vs. Student Loans

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  1. Financial Problems 101: Credit Score vs. Student Loans

  2. Recent college graduates have a lot on their plate, and entering the job market isn't always an easy transition. In fact, many students are left wondering how their credit will be affected by student loans, and if their less-than-perfect payment habits will spell future financial problems.  Although most students are given a 6 to 9 month grace period following graduation, the reality is that jobs don't grow on trees and students may be facing immediate financial problems, not financial problems later down the line. For those students able to pay up, they won’t need to worry about a good credit score, but for those students that don't, or can’t, they might be surprised to find that not every credit score- or rather bureau- will show the same student debt.

  3. By law, institutions which fund student loans must report the disbursement date, the balance due, and the current status of the debt, but, they are not required to report it to all three. Students who don’t check each bureau could be left unaware of their current financial problems or alternatively, only be made aware of these financial problems when they try to apply for credit later in life. So, what are the best ways to tackle student loans and protect your credit?

  4. Payback as fast as possible If you have a large outstanding balance, improving credit is important and if you don’t have financial problems preventing you from doing so, pay back as much as you can as fast as you can.

  5. Don't ask for forbearance If you are struggling with financial problems and can’t afford your debts, try to negotiate an interest-only payment. Although your balance won't go down, it won't go up, and you will be able to limp through until you can begin improving credit.

  6. Consolidate multiple loans If you have more than one student loan, consolidate. You will pay less per payment and in the end it will make improving credit much easier for you. Looking to improve your score faster? Contact Inquiry Busters to get rid of unwanted inquiries today.

  7. For those that do find unwanted or excessive inquiries, contact Inquiry Busters to have them removed for less.

  8. Thanks for stay with us.

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