Credit Question

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
bman41488
Posts: 6
Joined: Wed Nov 18, 2009 2:22 pm

Credit Question

Postby bman41488 » Fri Feb 11, 2011 3:48 pm

Hello,

When applying for financial aid, how big of an impact does one's credit score have?

I have never missed a credit card deadline and I always make the full payment, but a few during times during my undergraduate career, I have had to deal with a credit collection agency due to a misunderstanding with a few hospital invoices.

Will this have a significant impact on my ability to acquire federal and private financial aid?

Thank you so much

sarahh
Posts: 610
Joined: Wed Sep 08, 2010 2:36 pm

Re: Credit Question

Postby sarahh » Fri Feb 11, 2011 4:10 pm

bman41488 wrote:Hello,

When applying for financial aid, how big of an impact does one's credit score have?

I have never missed a credit card deadline and I always make the full payment, but a few during times during my undergraduate career, I have had to deal with a credit collection agency due to a misunderstanding with a few hospital invoices.

Will this have a significant impact on my ability to acquire federal and private financial aid?

Thank you so much


For grants, it does not matter. For federal loans, credit only matters for PLUS. You cannot have an adverse credit history, which is defined as being 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a federal student loan debt during the five years preceding the date of the credit report. They do not check your credit score.

bman41488
Posts: 6
Joined: Wed Nov 18, 2009 2:22 pm

Re: Credit Question

Postby bman41488 » Sun Feb 13, 2011 5:08 pm

Thank you for your help/info! Since I reimbursed the collection agency within 30 days, I don't think that these mistakes will have any impact then (or so I hope haha)




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