Student Loan Secrets: Improve Your Credit Score and Pay Off Your Student Loans
The single biggest factor that impacts the amount of interest you pay is your credit score. People with credit scores over 750 pay a lot less interest than people with scores of lower than 650. If you can increase your credit score by 100 points, you can pay less interest, pay more principle and get out of debt more quickly. Credit score is a huge factor in who gets richer and who gets poorer in this country.
The little known secret about credit scores.
Those student loans you needed to get through college can have a huge impact on your score. That small monthly payment could be crippling your entire financial health through increased interest payments on all your other bills.
When you have any type of loan, it shows the maximum credit, the outstanding balance and your payment history. The credit score takes into consideration the total amount of outstanding balances. The more you owe, the lower the score.
Youre thinking simple, right? Newsflash, it isnt.
Student loans almost always report to your credit report in triplicate. So, for your...
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