When will student loans show up on a credit report?

Student loans

I had a viewer recently ask, when his student loans will be reported on his credit report. He was planning to apply for a home loan and he didn’t want his student loans to have a negative effect on his mortgage application. Now if you’re going to go through with a mortgage application, you are required by law to fully disclose all of your intentions. If you intend to obtain a student loan, you are required by law to provide that information. As you go through the application for a mortgage, you should not apply for any other debt.

A student loan is going to report on the next billing cycle after you receive that loan. If you get a loan in August for classes in the fall they are going to report that loan on the next billing cycle. More than likely is going to show up in September for that term. As you know student loans for whatever reason, are by terms, your loan for that term will show on your report on the following billing cycle. That is why at the end of a college career many times you have, eight or nine loans.

That’s why I talk about the consolidation loan has a way to improve your credit score after you graduate. You can watch more on that video right here.

You are required to disclose all intended purchases when you’re applying for a mortgage. You can’t really hide the fact that you’re planning to go into more debt later. You should disclose all to your loan originator and like I said, it is not a good idea to apply for anything during the mortgage process; it is much more difficult to get a mortgage now, even harder than just a year ago. Things are continuing to get more stringent as we move forward and I think this will continue, so if you are in the market for a loan, I will definitely recommend getting one right now because it is only going to be harder.

All right so I hope that helps;

1. Fully disclose all intended purchases

2. Don’t buy anything during the mortgage process

If you’re looking for other ways to improve your credit score please go to GetLoanReady.com you can get free videos and worksheets to increase your credit score from a more holistic perspective. Never Pay Collections

If you want to see more videos about credit and credit scoring check these out at www.thecreditguy.tv. If  you are a mortgage lender please share this on your Facebook or LinkedIn page.   If you have any questions, leave them down below I’d be happy to answer them.

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student loans

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