Can consolidating student loans help your credit barbie dating dressup games
With installment loans, though, you have to make predetermined monthly payments of interest and principal that will work towards paying down your debt over time.
The thing to remember is this: if you don’t keep up with the schedule for your student loan payments, you will be considered behind on your debt and this will hurt your credit score.
Just because you arrived at the train station ten minutes early yesterday does not mean you can afford to show up ten minutes late today and expect to still catch the train. So, for example, you cannot afford to skip a student loan payment, even if you previously made an extra payment.
Your credit rating reflects the debts that you have and your repayment history.Installment loans are those with a fixed schedule for paying down debt over time.Revolving credit includes more flexible kinds of debt, such as credit cards, for which balances can go up and down over time.You may be able to arrange an alternative repayment plan with lower payments over a longer term.You may also be able to defer payments for a few months, but remember your loan may continue to accrue interest.