Checking my credit will lower it for stafford loans?

Parents Forum
1

<p>Hi!
I am 22 and I've had a credit card (2) since I was 19. I think I should have good credit since I don't really buy things I don't need and pay my bills off in full.</p>

<p>I need to apply for a stafford loan and private student loans but I think I should know my credit first.</p>

<p>Here's the catch: I want to check my credit score in order to know my interest rates for the loans, however if I check my score won't that be a hit to my credit record and I'll have lower credit going into the loan???</p>

<p>I also applied for another credit card just a week ago, so now i have 3. Does this mean that my credit will be temporarily lowered??</p>

<p>btw, does anybody know about using stafford loans (the refund from them after they go to your school first) to buy a car? I really need a car as I am doing clinicals at a hospital this quarter.</p>

2

<p>Checking your own score does not count against you.</p>

<p>Recently opening a new card may. When I graduated college and got a job, rented an apartment, took out a car loan, I found I wanted an increased credit limit on the card I had had throughout college. I was denied an increase because there had been too many hits on my report from landlord, car loan, possibly utility companies. So even though I now had a good paying job, my credit was temporarily low.</p>

3

<p>Stafford loans do not require a credit check and the interest rates are set by the government. (4.5% for subsidized for 2009-2010, 6.8% for unsub).</p>

4

<p>how long does it take for the “hit” to go away ( the one that lowered your credit score that came from getting a new credit card)?</p>