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Hello! I have never been late with my student loans. My loan is in current and never late status. However, due to having past aproved forbeadances and deferrments, my balance may soon go over originally borrowed amount. Will this negatively affect my fico credit score or I am fine making minimum payments? Thanks!
I would be more concerned that I hadn't moved the needle on my student loans, and that the balance was possibly going up, rather than the impact to my FICO score.
FICO looks at the amount of your debt in relationship to your income and revolving account limits. The fact that your student load debt has increased hurts you, but not specifically because it might go beyond the ogininal loan amount.
FICO looks at the amount of your debt in relationship to your income and revolving account limits. The fact that your student load debt has increased hurts you, but not specifically because it might go beyond the ogininal loan amount.
I would be more concerned that I hadn't moved the needle on my student loans, and that the balance was possibly going up, rather than the impact to my FICO score.
This. FICO score is the least of your worries if you're allowing your debt to grow out of control. FICO is designed to keep you in bondage to the banks, and it's foolish to play the game by their rules. Worry about retiring the debt. Student loan debt is the worst kind of debt to have. It will follow you to your grave.
Correct. I got off track and was thinking about loan approval rather than FICO.
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