loan for college

[chickawa]

What is the name of your state? arkansas, i was just wondering if anyonre can tell me if you take a loan / cosign for a student loan will that hurt your credit. some people have told me that it will make it hard to even buy a car if i need one later. we are wanting to build a house in the near future i hope that the loan does not hurt us.

 

[Just Blue]

I just wanted to post a response the OP made to Ohiogal when OG asked the OP not to post multiple threads on the same subject:

chickawa
Member Join Date: Apr 2004
Location: arkansas
Posts: 36

and who r you, you dont know me for crying out loud. i thought that this site is for guestions not for a smart a.. answer thank you

 

[boswd]

It doesn't hurt your score, if fact as long as you stay positive on it it helps your score. Student Loans are actually considered good debt but you have to stay on top of them and don't default, then it will destroy your credit report.
Who ever told you you would have problems getting a car if you have a student loan is very very an idiot. So pretty much the millions of people going to college cann't get a car loan? I think you know that is upsurd.

Also I noticed you mentioned co-signing, unless this is for your kids, DON'T not even for your husband or wife, I know that sounds bad but divorce is a reality. DON'T CO-SIGN. It's a bad move. Of course if it is for a child, then shop around first and only do it as a last resort.

 

[boswd]

The only negative impact it could have is that it will increase your Debt to Income ratio which mortgage lenders way very heavy but it won't stop you from obtaining one, you can always make up the difference by lowering your current credit card debt or any other outstanding debt.

 

[chickawa]

thanks everyone this helped

 

[TigerD]

Student loans are also non-dischargeable -- if you co-sign, you will be stuck.