Accepted... then rejected due to credit

[tacmrage]

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I have a question, What exactly does someone mean by "marks" on their credit report. When looking at a physical report what does that mark look like?

I guess in general a mark is any account that is reported on your credit report with any negative information associated with it. Such as late payments, foreclosures, repos, collection accounts, etc.

Check out your credit report and see if you have any of the following (keep in mind that credit reporting agencies can make mistakes on your report and it's up to your to enforce your rights as a consumer and get your report corrected):

1. No previous educational loan default unless the loan has been either paid in full or satisfactory progress has been made in repaying the loans as determined by federal regulations.
2. No bankruptcy, foreclosures, repossessions, suits filed, wages garnished, unpaid federal or state tax liens, paid judgments, or open judgments reported in the last seven years.
3. No record of a paid or unpaid collection or charged-off account within the last three years.
4. No payments 90 days past due within the last five years.
5. No more than two accounts 60 or more days past due in the last two years.
6. Applicants whose credit reports include 30 and/or 60 day late payments within the last 12 months will be required to provide an explanation to the Office of Student Financial Planning, and all accounts must be in current status prior to matriculation.

(taken from Georgetown's application guide)

 

[Doctor Bagel]

I have never in all my years heard of any school rejecting someone based on credit! That has got to be illegal or something! I mean, honestly! I think this whole thread is just bogus. I refuse to believe that any US medical school would reject a person based on credit unless shown proof otherwise.

Why is it so surprising that it happens since most of us are going to have to get credit based loans to pay for our education? If you can't get the loans, why would they want to accept you, unless you don't need the loans, of course. Having good credit or cosigners is a real prerequisite for those of us who are going to have to borrow beyond stafford and perkins limits. I know it's true, too, because Georgetown specifically states that you need to show proof of good credit before matriculating -- this is in their email containing their secondary.

 

[etudiante04]

No, there are actually some schools who do care about credit issues, and they're not Caribbean. Nor does it mean she has criminal activity in her credit history. I believe the OP.

Like Goergetown, for instance.

 

[newdude]

Oh crap...oh crap...oh crap

this isn't about me but my parents who don't speak english. (i always tell them to hang up the phone)

a credit card company got my mom to say yes to something, and then charged us for something and i complained and they were like you said "yes". I told them she can't speak english and they wouldn't budge.

So i cancelled the card and didn't pay. (that's taking advantage, right)

so i'm pretty sure that charge is still there and will show up in their credit.

WHAT SHOULD I DO?
WHAT SHOULD I DO?
WHAT SHOULD I DO?

I feel really bad now, and so what's my best course of action.

 

[Pretty POHA]

That's just awful !!!!!!!!!!!!!!!!!! I hope this doesn't become standard practice among all schools
😡

I seriously hope it doesn't- my credit is wrecked. This is what happens when you leave home not understanding the consequences of your actions.
Unfortunately for me, there will be no co-signing happening. I'll just have to worry about that when I get to it, though. No use stressing over it now while I'm still a pre-med.

 

[MissMary]

When do these schools run a credit check? After you've been accepted or before they've made that decision?

 

[princessd3]

I guess in general a mark is any account that is reported on your credit report with any negative information associated with it. Such as late payments, foreclosures, repos, collection accounts, etc.

Check out your credit report and see if you have any of the following (keep in mind that credit reporting agencies can make mistakes on your report and it's up to your to enforce your rights as a consumer and get your report corrected):

1. No previous educational loan default unless the loan has been either paid in full or satisfactory progress has been made in repaying the loans as determined by federal regulations.
2. No bankruptcy, foreclosures, repossessions, suits filed, wages garnished, unpaid federal or state tax liens, paid judgments, or open judgments reported in the last seven years.
3. No record of a paid or unpaid collection or charged-off account within the last three years.
4. No payments 90 days past due within the last five years.
5. No more than two accounts 60 or more days past due in the last two years.
6. Applicants whose credit reports include 30 and/or 60 day late payments within the last 12 months will be required to provide an explanation to the Office of Student Financial Planning, and all accounts must be in current status prior to matriculation.

(taken from Georgetown's application guide)

Ok here's my situation:
I have only two lines of credit, a chase credit card and a macy's card. On my report the chase account is spotless. On the macy's 81 day payment history section for about 4 or 5 months out of the past two years there are the numbers 30 or 60. For instance in the May 04 box it may have written 30 or 60. Does that mean 30/60 days past due or what? Also, the past year is spotless on that account. It's just in 2004 that I see those numbers. Help me understand all this. Should I be concerned? What can I do??????

 

[tigress]

no offense to anybody, but it's really funny when people start responding to a thread that's a year old...I sort of wonder how it happens, but I guess somebody does a search and comes up with something and replies

in any case I've done it before, too...I just think it's funny

and yeah, credit sucks. I just checked my credit report on Sunday and it's clean, though. That's probably because I don't have any credit cards so there's really nothing to show anyway 😛

 

[gossmer]

Okay, everyone who is freaking about their credit, please relax. I worked in finace for many years (non-trad), most recently in lending.

A missed credit card payment - not a big deal. Now a missed rent payment - that's a big deal. But most people have some kind of minor ding(s) on their credit. And they're not walking to work.

It will NOT stop you from getting loans. In fact, there are companies lining up to lend people money, especially people with bad credit. They offer some of the highest profit margin potential. Even crappy credit should not stop you from going to medical school. You will, however, pay for it in interest, but you can refi later on. Any school that is not aware of all this should have their financial aid people spanked.

The best thing you can do if you want to improve your credit now is:

1) Don't open new accounts (recent credit inquires = negative factor)
2) Don't close old accounts (avg account age is a positive factor)
3) Lower the limit on your credit cards if you have a lot of cards (total potential debt = negative factor)
4) Pay your bills, even if you can only send the minimum due
5) Wait. Your credit report is only over the last few years, 7 if I remember correctly. By the time you graduate and refi, all the stupid things you charged on your card in Vegas will be long gone from your credit report.

You can PM me if you have more specific credit questions.