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Posted in Student Loans
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CharleneK

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How will a defaulted student loan affect my credit score?
I defaulted on a student loan and recently made arrangements for rehabilitating the loan, they say in November it will go back into a loan in good standing. How will that affect my score? My current score is 508.
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should I apply for another credit card like the public savings bank secured visa card to improve my credit score?

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A 508 is considered poor credit. Without knowing the rest of your credit history, it is impossible to know the full impact. If this is your only derogatory mark, your credit score jump points 50-100 when the loan is cured. Remember that having good credit is not just about managing current defaults but a history of responsible credit use, so don't expect excellent credit overnight.

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