Accepted... then rejected due to credit

[brookester]

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A couple of months ago I was accepted into a medical school that I was hoping to attend. I accepted this offer, completed the necessary paper work, and sent in a copy of my credit report (a school requirement). Two weeks later I find out that one $16 charge off from an old credit card that I had over a year ago is enough to take that acceptance offer back. I knew that they required good credit, but I am feeling a bit frustrated over this. My credit is otherwise quite good, and this single mishap was the result of an accidental use at a gas station, where I pulled out my 'emergency card' (which I had never used, and therefore expected a balance of $0) instead of my normal credit card for everyday use. To make a long story short, I moved shortly after this and did not change my address for that 'emergency card' (to be honest I forgot that I even had it), the $16 went unpaid for numerous months and its balance was eventually raised to $81 with fees. I paid this balance in full as soon as I realized my mistake, but the history of this account is whats hurting me. I have written a long letter to the credit dispute dept. explaining my circumstances, but have been assured that I cannot get this removed. I am frustrated and just need some advice.

 

[flash]

no way! They rescinded the offer or you're afraid that they might. NO WAY. 😕

 

[medstyle]

try to reason with the school. I know, creditors are such bastards...i had a story which is even worse (i cut off the phone to an apartment, moved out, but they never cut it off and then billed me for it at my old apartment).

Anyway, talk to school, pay off the bill. Thats all you can do.

 

[GATORade]

A couple of months ago I was accepted into a medical school that I was hoping to attend. I accepted this offer, completed the necessary paper work, and sent in a copy of my credit report (a school requirement). Two weeks later I find out that one $16 charge off from an old credit card that I had over a year ago is enough to take that acceptance offer back. I knew that they required good credit, but I am feeling a bit frustrated over this. My credit is otherwise quite good, and this single mishap was the result of an accidental use at a gas station, where I pulled out my 'emergency card' (which I had never used, and therefore expected a balance of $0) instead of my normal credit card for everyday use. To make a long story short, I moved shortly after this and did not change my address for that 'emergency card' (to be honest I forgot that I even had it), the $16 went unpaid for numerous months and its balance was eventually raised to $81 with fees. I paid this balance in full as soon as I realized my mistake, but the history of this account is whats hurting me. I have written a long letter to the credit dispute dept. explaining my circumstances, but have been assured that I cannot get this removed. I am frustrated and just need some advice.

See my post in the financial aid forum. I was able to remove a “charge off” from my report by contacting the creditor (card company) and explaining my situation to them. Only they can have the account removed from your report. It’s a huge pain in the a$$, but it is possible.

 

[uclabruin2003]

good luck. just be adamant with the school and reason with them in a very pointed letter. send them a copy of your statement. own up to your mistake (dont give them the long winded story). just tell them that you have learned your lesson, etc, etc. that you credit since then has been stellar, etc, etc. maybe you can talk to a lawyer about your credit and how it can be resolved?

 

[GATORade]

good luck. just be adamant with the school and reason with them in a very pointed letter. send them a copy of your statement. own up to your mistake (dont give them the long winded story). just tell them that you have learned your lesson, etc, etc. that you credit since then has been stellar, etc, etc. maybe you can talk to a lawyer about your credit and how it can be resolved?

This unfortunately won’t work. The school isn't really concerned about the “charge off”. Their concerned that the student may be at some point in his or her education unable to secure private loans and be forced to drop out. Believe it or not, even with good credit a private lender may only lend a certain amount to someone with such a branding on his or her account.

 

[Khenon]

WHAT?!! 😱 You are kidding me!! You paid the debt and they are STILL refusing you a position at their medical school? I didn't realize having perfect credit was part of entering medical school. Well I'm screwed then. I have a bankruptcy (1998), so that pretty much is the worst thing you can have on your credit. I had no idea they would reject a person based solely on their credit. I wished I had known this. Why isn't this requirement listed on their websites, etc.? So they let people like me waste all their time and money applying/interviewing then reject us based on our credit, but don't mention that until the time of the acceptance? That is total crap. I would sue someone if I were you. I'm thinking about suing someone right now!! This is bullsh*t!!

 

[stinkycheese]

I would try to get my parents to co-sign a contract basically stating that in the event that I am unable to secure a loan, they will take one out on my behalf and will ensure that I do not have to drop out. If your parents want to help you at all, explain to them that if this doesn't happen, you won't be going to medical school. Good luck.

 

[uclabruin2003]

i hear GW or georgetown (probably georgetown) requires you to have a credit check and basically pristine credit!

 

[brookester]

I don't really want to get into what school this is at this point. I would however like to point out that I do not think this is a requirement for most medical schools, so if your school does not specify this then you should be in the clear. The school that I am having this problem with did not wait until after giving the acceptance to notify me about their policy, its just that I was not aware that my credit qualified as bad credit. I pay my bills on time and have only that one little $16 mistake. I have spoken with the school and they have stood pretty strong behind their policy, and as one person mentioned I think this has to do more with securing loans. As far as getting this 'charge off' taken off, I guess that would be my easy way out... but at this point I truly don't know what my options are. I appreciate everyones opinion on this. More help appreciated.

 

[Cerberus]

This must have ben a private school.

 

[TripleDegree]

A couple of months ago I was accepted into a medical school that I was hoping to attend. I accepted this offer, completed the necessary paper work, and sent in a copy of my credit report (a school requirement). Two weeks later I find out that one $16 charge off from an old credit card that I had over a year ago is enough to take that acceptance offer back. I knew that they required good credit, but I am feeling a bit frustrated over this. My credit is otherwise quite good, and this single mishap was the result of an accidental use at a gas station, where I pulled out my 'emergency card' (which I had never used, and therefore expected a balance of $0) instead of my normal credit card for everyday use. To make a long story short, I moved shortly after this and did not change my address for that 'emergency card' (to be honest I forgot that I even had it), the $16 went unpaid for numerous months and its balance was eventually raised to $81 with fees. I paid this balance in full as soon as I realized my mistake, but the history of this account is whats hurting me. I have written a long letter to the credit dispute dept. explaining my circumstances, but have been assured that I cannot get this removed. I am frustrated and just need some advice.

What were your credit scores?

 

[brookester]

I would also like to point out that my title to this thread may be a bit misleading. I have not yet been rejected, but have been told that if I do not either get this cleared up, or show proof that I can pay for medical school without loans (yeah right) by mid February then I will not be able to matriculate.

 

[flash]

this makes my blood boil. I agree with the poster about some co-sign/contract with folks assuring financial support and, of course, talk talk talk with the school, what's there concern, creative ways to address the concern, etc. If all else fails, trash them everywhere, I'll help.

 

[Cerberus]

hey, another thing. You can get funding via the military HPSP or one of the programs that will pay your tuition in exchange for serving in underserved areas.

 

[Psycho Doctor]

definitely get someone (your parents) to co-sign the loan. I guess I can understand their concern, but over a $16 mistake??? they should at least listen to your explanation. get a lawyer if necessary.

this is why i pay off every single credit card bill as soon as I receive it.

 

[brookester]

hey, another thing. You can get funding via the military HPSP or one of the programs that will pay your tuition in exchange for serving in underserved areas.

Yes that is very true. I have thought about this as an option but do not know how fast I would be able to show proof of being able to pay (I'm guessing that some of these programs take a while to apply for). Is my credit indeed bad? Am I overexagerrating here? I am honestly so upset because I have worked to to get to this point, and its hard to believe that this $16 could be affecting me in this way.

 

[Khenon]

Yes that is very true. I have thought about this as an option but do not know how fast I would be able to show proof of being able to pay (I'm guessing that some of these programs take a while to apply for). Is my credit indeed bad? Am I overexagerrating here? I am honestly so upset because I have worked to to get to this point, and its hard to believe that this $16 could be affecting me in this way.

No your credit IS NOT that bad!! Good grief! I am so mad for you!! (Read my thread!) Anyway, have you tried calling the credit companies (Experion, Trans Union, and a 3rd I can't remember) and seeing if it can be removed? You'd have to get the credit card company to send a letter saying that the debt has been paid, and they can and sometimes will take the bad charge off your credit report. I did this a few years ago. A similar "misunderstanding" situation, where I paid the debt (a super old phone bill), had the phone company send a letter to all 3 credit reporting agencies, and then wrote a letter myself asking to have the charge removed. It worked and none of my credit reports show this discrepency. The key is the letter from the credit card company. It's worth a try. Good luck, and I'll continue to fume for you!

 

[cooldreams]

Yes that is very true. I have thought about this as an option but do not know how fast I would be able to show proof of being able to pay (I'm guessing that some of these programs take a while to apply for). Is my credit indeed bad? Am I overexagerrating here? I am honestly so upset because I have worked to to get to this point, and its hard to believe that this $16 could be affecting me in this way.

dood that sucks, but i thought it was 81? what school is it? can you contact any lenders to see if they would loan the money for all years of medical school and then take that to the school for your acceptance back? do you still even want to goto that school?

🙁

 

[Davina3000]

I would also like to point out that my title to this thread may be a bit misleading. I have not yet been rejected, but have been told that if I do not either get this cleared up, or show proof that I can pay for medical school without loans (yeah right) by mid February then I will not be able to matriculate.

Why the mid-February date? Will we even have financial aid packages by then? And you can hold multiple acceptances up until May 15th...how could a school back you into a corner like that in February???? Maybe I am missing something.

I remember reading something in the application materials for Georgetown that they required a credit check and v. good credit to matriculate, but I thought that it was explained that an admitted student would possibly have to defer for a year to get the issue straightened out. Still sucks, but quite different than a rejection after an acceptance.

Anyway, I really hope this works out for you. It seems like an unfair situation and is adding much stress to an allready stressful time.

 

[DubZteR]

A couple of months ago I was accepted into a medical school that I was hoping to attend. I accepted this offer, completed the necessary paper work, and sent in a copy of my credit report (a school requirement). Two weeks later I find out that one $16 charge off from an old credit card that I had over a year ago is enough to take that acceptance offer back. I knew that they required good credit, but I am feeling a bit frustrated over this. My credit is otherwise quite good, and this single mishap was the result of an accidental use at a gas station, where I pulled out my 'emergency card' (which I had never used, and therefore expected a balance of $0) instead of my normal credit card for everyday use. To make a long story short, I moved shortly after this and did not change my address for that 'emergency card' (to be honest I forgot that I even had it), the $16 went unpaid for numerous months and its balance was eventually raised to $81 with fees. I paid this balance in full as soon as I realized my mistake, but the history of this account is whats hurting me. I have written a long letter to the credit dispute dept. explaining my circumstances, but have been assured that I cannot get this removed. I am frustrated and just need some advice.

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

 

[DubZteR]

This unfortunately won?t work. The school isn't really concerned about the ?charge off?. Their concerned that the student may be at some point in his or her education unable to secure private loans and be forced to drop out. Believe it or not, even with good credit a private lender may only lend a certain amount to someone with such a branding on his or her account.

If the school's concerns are genuine then they should explore other avenues before writing someone off because of bad credit. Just because they have bad credit doesn't mean they won't be able to pay for their education.

 

[EvoDevo]

It was probably Georgetown. That school is ridiculously fussy about the credit rating of its applicants. 👎

 

[acl3623]

damn, thats crazy...have you tried to contact lenders to see where you really stand with them? like people have said before, if you get your parents or someone with good credit to co-sign with you, you should be able to get a loan. thats what im doing, since im international. im getting my fiance's parents to cosign for me...that sucks big time.

 

[DubZteR]

I would also like to point out that my title to this thread may be a bit misleading. I have not yet been rejected, but have been told that if I do not either get this cleared up, or show proof that I can pay for medical school without loans (yeah right) by mid February then I will not be able to matriculate.

Alas .. the fine print! ....

 

[C. Ronaldo]

Only in the land where wife-swapping makes popular television programming, would how well you pay off your debt determine if you can or cannot become a doctor. It is disgusting, but not really unexpected.

 

[X.O.]

A chargeoff like this knocks 50 points off your scores. Regardless if its a buck or $1M.

Try this:

Go to the sites for Experian, Transunion, and Equifax and initiate an online dispute for the tradeline in question. Try a "Not mine" as the reason. If the chargeoff has been paid off and annotated as such as, it should come off because creditor dont like to bother with paid debts. This should take about a month and you should document when you initated the dispute for followup if it doesnt come off. You need to get it off at all 3 so you might be partially succesful.

I would also write a letter to the creditor through www.planetfeedback.com in the meantime. Letters always go the top cheese instead of the some lame customer service rep in another country. Explain how you made a mistake, paid off the debt, and its jeopardizing your acceptance to medical school. Ask to have the chargeoff pulled from your credit reports at all 3 reporting agencies.

Youre in a tough spot because credit repair takes time and you have a deadline of about 1.5 months. Ask whatever school youre dealing with for more time until at least May that you will resolve the issue. Good luck.

 

[cooldreams]

Only in the land where wife-swapping makes popular television programming, would how well you pay off your debt determine if you can or cannot become a doctor. It is disgusting, but not really unexpected.

but it is also because of this that doctors to loan companies are typically considered golden... the highest pay back rates (yes some of us do not pay back the loans) of any other category. so we are also given the best loan rate percentages compared to other professionals...

 

[Canez81]

that totally sucks....would anyone know about how many schools or what percentage of schools require credit reports?

 

[C. Ronaldo]

This is why there is going to be a physician shortage in the US in years to come. The training to become a doctor is just too expensive, they make it too difficult to get into the medical school, and now they are starting to check applicants credit. It is already a profession flooded with the upper-middle class, and how are the demographics going to change once credit checks become the norm.

 

[velo]

my trolldar went off like gangbusters when I read the OP, but a lot of people seem to feel this is legit.

Anyway, where the hell is this that they require a credit report and will take back an acceptance over it? I hadn't even heard of this credit report thing before, I accepted acceptances from public and private schools and I don't remember either asking for a credit report. Plus that's no grounds for taking back an acceptance, loans aren't hard to get...weird, still feel like this is a troll...

 

[cytoborg]

Another perspective....if faced with multiple acceptances and all other factors being equal, I would not choose a school that asked for credit information. It is a red flag that their financial aid program is not strong, as they anticipate your needing to secure your own funding for school. Believe me, medical school is stressful enough without being left to the wolves in terms of financial aid! I have had a variety of personal circumstances arise during medical school, and my financial aid office has always taken care of me without question, doing all the communication with my lendors, and securing me extra funds when I needed them. They have also given me very generous grants that have reduced my debt by almost half of what it would have been. At one point I was worried I might not be able to finance my 4th year at all, due to a circumstance that technically could have disqualified me from the school's financial aid program (won't go into details) but the saints in the fin aid office listened to my situation and worked out a reasonable compromise. It may sound cynical, but money is very important to your day-to-day peace of mind and will play a huge factor in how happy you are during medical school. Choose wisely.

 

[UCLAstudent]

MCW is another school that requires good credit.

 

[W222]

I posted this before but here goes. I had terrible credit before medical school and essentially hadn't worked a real job since graduating college in 2001. I had worked only educational fellowships and these were not considered actual employment. I had also skipped paying many credit card bills and had many marks on my report. My med school really didn't care about my bad credit, they didn't require a cosigner for my loans, and they offered me several loan options and lenders. I think the original poster either has a background with credit fraud (criminal issues) or she is applying to a Carribean medical school (these schools are all about money).

 

[brookester]

A chargeoff like this knocks 50 points off your scores. Regardless if its a buck or $1M.

Try this:

Go to the sites for Experian, Transunion, and Equifax and initiate an online dispute for the tradeline in question. Try a "Not mine" as the reason. If the chargeoff has been paid off and annotated as such as, it should come off because creditor dont like to bother with paid debts. This should take about a month and you should document when you initated the dispute for followup if it doesnt come off. You need to get it off at all 3 so you might be partially succesful.

I would also write a letter to the creditor through www.planetfeedback.com in the meantime. Letters always go the top cheese instead of the some lame customer service rep in another country. Explain how you made a mistake, paid off the debt, and its jeopardizing your acceptance to medical school. Ask to have the chargeoff pulled from your credit reports at all 3 reporting agencies.

Youre in a tough spot because credit repair takes time and you have a deadline of about 1.5 months. Ask whatever school youre dealing with for more time until at least May that you will resolve the issue. Good luck.

Thank you for your thoughtful response to my situation. I thought about disputing this charge off as not being mine, but I have already written letters to the credit agency, honestly explaining my mistake, and asking for it to be removed in that manner. Do you think I could still claim it as not being mine with an online dispute, even after I have sent written acknowledgement of my mistake?

 

[brookester]

I posted this before but here goes. I had terrible credit before medical school and essentially hadn't worked a real job since graduating college in 2001. I had worked only educational fellowships and these were not considered actual employment. I had also skipped paying many credit card bills and had many marks on my report. My med school really didn't care about my bad credit, they didn't require a cosigner for my loans, and they offered me several loan options and lenders. I think the original poster either has a background with credit fraud (criminal issues) or she is applying to a Carribean medical school (these schools are all about money).

I understand your skepticism but I can assure you that my original post is absolutely honest and correct. I graduated college in '02 and have since completed a post-bac program. I have no bad credit history whatsoever. I do not feel comfortable naming the school as i am still working with them on this issue, but it is not a Carribean medical school.

 

[stinkycheese]

I posted this before but here goes. I had terrible credit before medical school and essentially hadn't worked a real job since graduating college in 2001. I had worked only educational fellowships and these were not considered actual employment. I had also skipped paying many credit card bills and had many marks on my report. My med school really didn't care about my bad credit, they didn't require a cosigner for my loans, and they offered me several loan options and lenders. I think the original poster either has a background with credit fraud (criminal issues) or she is applying to a Carribean medical school (these schools are all about money).

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.

 

[stinkycheese]

Thank you for your thoughtful response to my situation. I thought about disputing this charge off as not being mine, but I have already written letters to the credit agency, honestly explaining my mistake, and asking for it to be removed in that manner. Do you think I could still claim it as not being mine with an online dispute, even after I have sent written acknowledgement of my mistake?

I once disputed something online and got it knocked off my credit report. The creditor has 30 days to respond to your dispute. A lot of times they don't bother to respond and you win by default... cause they don't care that much about ruining your credit. They're too lazy to respond, so you win. Give it a try.

 

[USbound]

I don't think the original poster is a troll or applying to the carribean. I am pretty sure the situation is at the MCW, correct me if I am wrong. They also have a requirement for international students to show $180,000 😱 before they tell you your status accepted/rejected.

 

[Ypo.]

hey, another thing. You can get funding via the military HPSP or one of the programs that will pay your tuition in exchange for serving in underserved areas.

Good point.

 

[X.O.]

Thank you for your thoughtful response to my situation. I thought about disputing this charge off as not being mine, but I have already written letters to the credit agency, honestly explaining my mistake, and asking for it to be removed in that manner. Do you think I could still claim it as not being mine with an online dispute, even after I have sent written acknowledgement of my mistake?

The job of the reporting agencies isnt to respond to SOB stories and pull adverse information from your report because you made a mistake. Honestly, they probably just threw your letters in the trash so dont worry about starting over. You should have sent these kind of SOB letters to the original creditor reporting on your reports especially when you are willing to pay or have paid the debt.

Try the one two punch and see what happens. Youre only problem I see is the short time you have to fix everything. I would ask the school to accomodate you by giving you an extra month or two especially if they gave you short notice.

 

[flash]

AnnualCreditReport.com

This is the official site sponsored by all 3, mandated by new law requiring 1 free report from each of 3 major providers per year. I can't get for free b/c I'm on east coast, not avail. till next year, but I think west coast is up and running.

But transunion site lets you get all 3 for $29.95, I upgraded to get all credit scores too.

Too scary for me, had to do it.

 

[Hallm_7]

There's surely some bank somewhere that'll loan you the money. I know, for a fact, that some banks have their own staff that just deal with medical students and residents. And they give AMAZING rates and options to pay back loans. The school (most likely MCW, right?) doesn't care where it gets its money, just as long as it gets it. Just secure a loan from one of these banks but still go through the traditional routes to see if you can get a better rate on the loan.

 

[Khenon]

Thank you for your thoughtful response to my situation. I thought about disputing this charge off as not being mine, but I have already written letters to the credit agency, honestly explaining my mistake, and asking for it to be removed in that manner. Do you think I could still claim it as not being mine with an online dispute, even after I have sent written acknowledgement of my mistake?

Did you see my post on the 1st page? I would seriously try to get your old credit card company to send a letter to the creditors telling them the debt is paid. At that point you can request the charge be removed from your credit. I did this and it worked. I think the whole process took less than a month.

 

[sirvandy]

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.

 

[CrystalLamae]

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.

I have to agree! What and where can you find out if medical schools require perfect credit? Gosh this really has to stink, my divorce really messed up my credit, so does that mean i won't be able to get into medical school now!???

 

[Mr. Darcy]

So time to get a lawyer to solve this for you. Pay the couple thousand dollars to a lawyer to have this cleaned up and done. Better to take this hit than not goto school.

So totally sucks!

Amazing.

 

[tacmrage]

I am a little concerned about this, the fair credit reporting act (FCRA) explicitly states the various purposes for which a consumer credit report can be used and matriculating into a medical school does not seem to be included. Here is the section from the FCRA that concerns this:

"§ 604. Permissible purposes of consumer reports [15 U.S.C. § 1681b]

(a) In general. Subject to subsection (c), any consumer reporting agency may furnish a consumer report under the following circumstances and no other:

(1) In response to the order of a court having jurisdiction to issue such an order, or a subpoena issued in connection with proceedings before a Federal grand jury.

(2) In accordance with the written instructions of the consumer to whom it relates.
(3) To a person which it has reason to believe

(A) intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer; or

(B) intends to use the information for employment purposes; or

(C) intends to use the information in connection with the underwriting of insurance involving the consumer; or

(D) intends to use the information in connection with a determination of the consumer's eligibility for a license or other benefit granted by a governmental instrumentality required by law to consider an applicant's financial responsibility or status; or

(E) intends to use the information, as a potential investor or servicer, or current insurer, in connection with a valuation of, or an assessment of the credit or prepayment risks associated with, an existing credit obligation; or

(F) otherwise has a legitimate business need for the information

(i) in connection with a business transaction that is initiated by the consumer; or

(ii) to review an account to determine whether the consumer continues to meet the terms of the account.

(4) In response to a request by the head of a State or local child support enforcement agency (or a State or local government official authorized by the head of such an agency), if the person making the request certifies to the consumer reporting agency that

(A) the consumer report is needed for the purpose of establishing an individual's capacity to make child support payments or determining the appropriate level of such payments;

(B) the paternity of the consumer for the child to which the obligation relates has been established or acknowledged by the consumer in accordance with State laws under which the obligation arises (if required by those laws);

(C) the person has provided at least 10 days' prior notice to the consumer whose report is requested, by certified or registered mail to the last known address of the consumer, that the report will be requested; and

(D) the consumer report will be kept confidential, will be used solely for a purpose described in subparagraph (A), and will not be used in connection with any other civil, administrative, or criminal proceeding, or for any other purpose. "

What do you guys think?

 

[princessd3]

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?

 

[SailCrazy]

this is why i pay off every single credit card bill as soon as I receive it.

That's great...

I'll be sending mine to you as soon as I figure out your address!!! 😀

--- Edit ---

Didn't notice before posting that this is a year old. There's nothing like timely humor! 😛