Student Loan Shopping and Credit Scores – Episode #63

Today’s topic is student loans shopping and credit scores and the question is does shopping for a student loan impact your credit score? The answer to this is that it really depends… some financial institutions report this to the credit bureaus when you’re shopping around and some do not and this is challenging because trying to figure out which ones do and don’t is a little tricky and to make matters worse you also have to worry about the fact that the inquiry rule that with mortgages when you can apply for mortgages and any mortgage application in a 30 day window is really just counted as one inquiry unfortunately does not apply to student loan shopping so you have to really get a great credit score before you decide to go out and get your student loans. This really matters even more when you are looking at private student loans. Yet, another good reason to get your FICO credit score.

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