| Topic Name: |
Loans and Credit Reports |
| Message Name: |
I know a bit... |
| Date Posted: |
04/20/2002 |
| In Reply To: |
I have a question concerning the private loan process that comes into play after you realize that the government isn't going to finance my education. I spoke to a financial aid officer and she said that you have to demonstrate "creditworthiness".... I want to know how awesome my credit has to be to take out an average of 22,000 dollars a year. Any thoughts? |
| Message: |
I know they look at your credit report which you can also get a copy of for like $15 on a number of the credit sites. You should probably fork over the money to get this report so you can check it for mistakes (mine had one which lowered my credit rating.)
Then, I honestly do believe they look at what school you are going to and what you are likely to be making based on that... I don't think this is usually a reason for denying a loan, but it certainly can affect your rates.
My credit was average (before the mistake was corrected) and based on that I got a loan I'll need for a large sum of money without any difficulty. I've had credit cards in my name since I was 18 and I hardly ever used them, and I paid my school loans that were due this year on time. I pretty much think those are the only cardinal sins as far as lenders are concerned (other than declaring bankruptcy of course.)
Most people don't have trouble getting these loans, I think that fin aid offices are weary of telling anyone anything until they actually get approved because I'm sure every once in a while a student's loan gets denied and they have to say they're sorry but there's nothing they can do.
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