Student Loans

Do Student Loans Affect Your Credit Score – HOW DO STUDENT LOANS AFFECT YOUR CREDIT! // Understanding how long student loans stay on your credit

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Do Student Loans Affect Your Credit Score – Most Popular?

Hello Future Millionaires!
Have you ever wondered how do student loans affect your credit? Well, the answer may surprise you.
Many students believe that paying off your student loans will mean your credit score jumps into the elite 800 range, but in reality, some may actually see a DIP DOWN IN SCORE!
The reason for this, student loans are not viewed in the same way as credit cards and therefore have a different impact on your credit score.
The reason?
Student loans are not what the nerd call “revolving lines of credit.” Which basically means that you get the same access to credit every month.
Instead, student loans are viewed as “installment accounts.”

“Alvy, your throwing around a lot of fancy words.”

Basically, the credit companies (Experian, Transunion, and Equifax) see a paid off student loan account and think “Well duh you paid it off, that was your obligation.”

I never tell people to delay paying off your student loans but it is important to know how your student loans will affect your credit score and show up on your credit report.

In this video, I go in-depth about how student loans affect your credit and pull up an article from the pros over at Experian and break it all down.
Hope you enjoy 🙂

RESOURCES:
Here is a link to the article:
https://www.experian.com/blogs/ask-experian/will-paying-off-my-student-loans-hurt-my-credit-score/

TIMESTAMPS:
0:00 Intro
1:05 Overview of the article
1:57 How Student Loans are viewed by the Credit Bureau
2:50 How long a paid off student loan account will appear on your credit report
3:22 Why is it important to know how long your student loans appear on your credit report?
4:28 Outro

#StudentLoans #CreditScore #StudentLoanDebt

MUSIC:
Soul Searching by Causmic

A BIT ABOUT ME:
For those of you that are new to my channel, I am a personal finance nerd! I love talking about all things budgets, interest rates, and anything that relates to personal wealth.
Growing up, I saw, first-hand, that money is a powerful thing, that is when there is not enough of it. I grew up thinking that the only way that I was going to be well-off was by hitting the lottery or banking on social security at retirement age. Over the last few years, I have undergone a metamorphosis to learn how I, and I alone, control my money and my overall wealth. I started this channel to help others who want to become first-generation millionaires, end the cycle of poverty that has ridden their families, and educate the next generation that money is something that works for US, not the other way around.
I upload a new video every week so please subscribe and hit the notification bell so we can go on this journey together.

RELATED VIDEOS:
LEARN TIPS TO PAY DOWN YOUR STUDENT LOANS:
https://youtu.be/31fW3YQ4Fps
LEARN HOW TO GET A 790 CREDIT SCORE, FAST:
https://youtu.be/dCd5vwVjHTY
DON’T FOLLOW DAVE RAMSEY 100%:
https://youtu.be/D_FKSyc-V1o

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2 Comments
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2 Comments

  1. Alvy Macias
    July 23, 2021 at 1:11 pm

    Have you been able to pay a student loan account in full this year?? Let's celebrate 🤑

  2. Byron Moore
    July 23, 2021 at 1:11 pm

    Good content mate, hope your channel keeps growing!!