I got denied a credit card from Bank of America. It said I have a credit score of 475, but said nothing about collections and/or debt. So I went on annual credit report and chose one of the credit agencies for my credit report. All it showed were my federal loans which are currently about 4 grand and in OK status (deferred for 4 years.) Does having a federal student loan lower my score? I know when you apply for a cc it dings your credit, but to what extent? I don’t know why I have a 475 score and I think the loans are the problem.
Sorry for the confusion. I’m a freshman and I got the federal loans this year. It is automatically deferred till graduation and I don’t make payments. I have a total loan of about 8500 and I have 7000 in scholarships to cover that. it just has not been processed yet. I plan to pay my loans throughout school and leave with as litle debt as possible. I took federal subsidized loans without interest, so interest does not accrue until 6 months after graduation date (2017.) I would never put myself in harms way by defaulting on a payment. What I mean, and hopefully this is clear, is that I have loans on file but I do not start payments until 2017. Therefore I don’t see how it could harm my credit. Hopefully I cleared that up.
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