Sallie Mae payment plan

[jimbo90]

I am enrolled in Sallie Mae tution payment plan (TuitionPay). Does it affect my credit in any way?

[boosami]

TuitionPay is not really a loan, and it technically isn't debt, so I don't think it has any affect on your credit report or score. That is, unless you fail to make your payments then I'm sure they will try to put a negative remark in your credit record.

[jimbo90]

love how that works, if you pay no action, if you don't you're screwed tnx bosami

[akrogers]

Yeah Sallie Mae stinks... I have been trying to set up automatic student loan payments to get the little interest discount but they won't let you do automatic payments while your loans are in deferred status and you are ineligible for the discount. You would think they would want to reward the people who want to pay them!

[boosami]

Originally Posted by jimbo90

love how that works, if you pay no action, if you don't you're screwed tnx bosami

My Diner's Club Professional Card works in the same way, which I find very interesting for a credit card. Well, technically it is a charge card, as I am required to pay in full each month. They report absolutely nothing to the credit bureaus--My credit report does not show any history or note of the card. It's kind of nice that I can spend any amount on it (no limit) and no revolving debt shows on my report. Contrast that with my AmEx, which shows my statement balance as the balance each month (despite the fact that I PIF). It is very strange, but my DC has absolutely no impact on my credit score or report.

I'm sure they would report if I defaulted, though!