This is a noob question, but I confess that I am one. I have been trying to build credit. I acquired a credit card a few months ago, which I use frequently but have never paid any interest on, since I pay off the balance right away. I figure, school is starting, why stop my credit building now? So I took out a loan (out of necessity), which my parents cosigned. I also have a strafford loan, which my parents did not need to cosign. Right now I am in deferment, meaning interest accumulates but I am not required to make payments. I did make a hefty payment anyways, though. So, how does the existence of this loan affect my credit NOW? Also, how does it affect my parent's?
If I managed to pay off one of my student loans before I even finished school, meaning while I am still in deferment by default (since I am a full time student), would that be indicated on my credit?