Student Loans Hack, Did You Know?

In this video, Im giving some information about student loans and how it may or may not affect you in your situation depending on what it is you’re going for. Its very important to be strategic when dealing with your credit and moves you make. I hope this content is valuable for you all and i look forward to continuously providing you with the best credit experience. Thank you for your continuous support!

What’s up youtube it’s credit guy frank here coming to you today with another video alright so of course everything on this channel this video previous videos and videos to come is all educational purposes only this is not financial advice okay now let’s get straight to it y’all already know how i do it today i want to talk to you guys about student loans okay

I want to talk to you guys about student loans because a lot of you guys are hitting me up on credit cleaning and things like that and you have certain negatives some of you only have student loans as a negative though okay now student loans yes that is a negative on your credit report but that doesn’t necessarily mean that a bank won’t loan you money okay and

I’ll tell you why so student loans is a different category as you guys know you have different categories on your credit profile right so you have the auto loan section you have the mortgage section you have the credit card section you have the loan section okay and you also have a section that says other loans right so student loans will fall in the category of

Other loans right therefore somebody can look at your profile and see like okay well this person didn’t pay their student loans but if you paid everything else on all of the other loans and they’re gonna clearly see like okay well this person just doesn’t pay their student loan they’re not in school anymore but their other bills are paid right so because it’s a

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Different account they’re not gonna fault you for that okay if you’ve been evicted from a home but your car credit is very good and you paid off two cars you’re gonna be able to get a car right because it’s in a different even though it’s you you need a good credit score but if it’s in a different category it doesn’t always affect you in the way that you think

Right therefore when you have student loans student loans really is for a lot of people that’s what established you in the credit bureaus okay and because that’s what establishes it that means that that’s usually the first thing that you have on your credit profile meaning that will give you a lot of years okay i always tell you guys there are two things that

The credit bureaus really really look for these are the two most important things they look for how much time have you had credit okay it’s easier for me to trust somebody who had credit for 10 years than it is for me to trust somebody who had credit for one year even though one year is pretty solid okay but i’m just saying just making an analogy i just want you

Guys to know how they think all right and the second thing is that they look for is how much money do you have behind you okay i always use the analogy if you go and you got 500 behind you you got a 500 capital one card and you trying to go into haynes about two thousand dollar furniture say you won’t be able to buy it because you don’t you’re not showing that

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You have enough money behind you to afford it and you might can’t afford it i’m sure you guys can afford it but you might not be able to get it just due to that okay so those are the two things that they look for and for this particular situation for student loans student loans give you a like a large amount of years right so most of you guys student loans been

On there for over two to five years therefore i don’t want to take or it’s not um the best idea to take off your student loans because it will decrease the time that you’ve had credit open and also it’s not really affecting you in the ways that we think right the things that are affecting you and your credit profile are the real details okay the real details

On what it is that you’re trying to acquire right that’s what’s going to affect you so if you want a 50 000 car you need to first get a 15 to 20 000 car and you need to hide that for six months to a year and refinance that right if you want a 50 000 car everything isn’t you know super super fast but at the same time it’s the most powerful tool it’s the only

Two that you can use to get it because you can come to them with fifty thousand dollars ready to buy hellcat but if that paperwork ain’t right you’re leaving on your feet this is what it is right you can go to a sidelock that’s cool but who wanna do that when you can just walk in like give me that you got to get used to that that’s like something to really get

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Used to you know what i’m saying like and it’s for you that it’s you guys got to understand if you go into a car lot or you going to shop for a home or you going to shop for an apartment you’re shopping for things that are for you they’re for you everything is for you okay so make sure that you are just coming with the requirements and know that you can exceed

The requirements so you don’t have to be barely slipping in the door or not getting in the door at all okay so student loans is a big part of your credit profile it’s a big part of your credit profile because of the history that it provides you okay so adding or keeping your student loans already having positives or adding positives to your credit profile trade

Lines also as well will juice up your credit profile to the max okay so that’ll be a good way to where you can still get loans you can get credit cards you can get lines of credit you can get a lot of different things because of the simple fact that student loans will not affect you in that category all right it’s credit guy frank here coming to you today with

Another video i just wanted to keep you guys informed about that because a lot of you guys may hit me up and i hope that this video is extremely helpful for you guys so stay tuned man i got a lot of more videos dropping a lot of more i got a lot of other videos dropping man it’s kind of got frank here coming to you today with another video i’m out you

Transcribed from video
📚 Student Loans Hack, Did You Know? ✅ By Credit Guy Frank