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Know Your Credit!

For all types of credit, it’s important to make your payments on time, every time, and to make at least the minimum
payment. Whenever possible, pay more than the minimum. If you do, you’ll pay less interest over time. If you can’t
make the minimum payment, offer any payment you can. Even a partial payment will demonstrate your willingness to
pay back your debt. Let’s examine three types of loans: student loans, credit cards, and auto loans.
Student Loans
When you apply for your loan, make sure that you know the terms and payment dates. Consider enrolling in automatic
debit so you don’t have to remember to mail in your payment each month. To set up automatic payments for your Sallie
Mae-serviced loans, log into your account at SallieMae.com and select automatic debit as your payment option.
Is my FICO® Score different because I’m a college student; do you take my future earning potential
into consideration?
No, income and income potential are not considered in FICO® Scores.
Does taking out a student loan have a negative impact on my FICO® Score?
Student loans are considered in your FICO® Scores, along with other credit obligations on your credit report. When
you apply for and open a student loan, the FICO® Scores see this as a new request for credit and an increase in the
amount you owe on your outstanding loans. A student loan will increase your amount of debt but, as you establish a
history of paying your bills on time, lenders tend to view you as being a relatively lower credit risk.
I don’t start paying my student loan until I graduate; will this harm my payment history?
Deferred loans do not harm your FICO® Score. In fact, the existence of your loan can help establish your length of
credit history and mix of credit.
I have the option of starting to pay my student loan while I’m in college. Will that impact my FICO® Score?
When you pay installment loans (loans where you make regular payments, such as a student loan) on time, it shows
responsible behavior and lowers your total outstanding debt. Missing or late payments will have a negative impact
on your FICO® Scores.
Does moving my loan into forbearance impact my FICO® Score?
Forbearance is a period during which payments are temporarily postponed under certain circumstances. The debt is
not forgiven, but payments are suspended until a later time. For example, forbearance may be granted if a borrower
is experiencing temporary financial difficulty.
Your FICO® Scores do not consider the fact that a loan is in forbearance, so moving a loan into forbearance would
not affect your score. However, your loan is still considered part of your personal credit. Even in forbearance, the
amount of your loan will be taken into account and could impact your scores.
Does it impact a FICO® Score when a loan balance increases due to interest capitalization?
Interest capitalization is unpaid, accrued interest that is added to the principal amount of your loan. Capitalized interest
can increase your principal amount. Depending on how information is reported to each of the consumer reporting
agencies by your lender, capitalized interest could have an impact on a FICO® Score.

personal loan