Big Time Emergency HELP!!!

[TeethVader]

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So this is my situation so far,
I have paid my $3000.00 deposit for USC, have sent all the required matriculation docs for the school and have my stafford, perkins etcetc governmental loans taken care of. Problem is, because of my bad credit I got rejected for a loan but had the choice to have a cosign. My cosign was rejected..so was my loan application. I know my cosign had good credit but ows a ton. My question is this....What determines a good cosigner? I just reapplied for the loan and if I don't make it this time, I will probably not get in to USC after all the hard work I've done...which obviously sucks..please help 🙁

 

[TeethVader]

By the way the loan company is Access Group Inc. This is who I chose for my private loan

 

[StarGirl]

i think you answered your own question, someone w/ good credit and no loans or someone w/ equity...

good luck, although you're going to be a trojan...blahhhhhhhhhhh 😡

 

[dentalman]

Now is the time to ask Grandma for some cosigning. Hopefully you have at least one grandparent with a decades old credit history, good rating, and no debt. If not, someone else's grandparent? A lot of people our parent's age aren't willing to sign on to so much debt. (I don't know if I would either.)

Oh, and if it this hard to get an initial loan, you better learn to live within your budget. It will be that much harder to get more loans.

You might also try Key bank's DEAL loan. It is supported by ASDA.

 

[GatorDMD]

Also try EDLoans.

 

[HappyDent]

I would first try Sallie Mae at

www.salliemae.com

Their website has plenty of loans you can work with. Private for individuals, private for parents and home equity loans. Talk to Sallie Mae. Also, try

www.bankofamerica.com

They have tuition assistance loan based solely on the credit rating of a parent. Same true about Sallie mae. Rates most likely variable, but at this point, you have no choice.

If you/your parents own a property (home) and have the equity in the house, ask if they can pull out the equity against it. This rate can be fixed or variable. Fixed is better, your parents would know what their monthly payment is going to be.

Another bank:

www.washingtonmutual.com

Good luck and don't give up! You did the hardest part!

HappyDent

So this is my situation so far,
I have paid my $3000.00 deposit for USC, have sent all the required matriculation docs for the school and have my stafford, perkins etcetc governmental loans taken care of. Problem is, because of my bad credit I got rejected for a loan but had the choice to have a cosign. My cosign was rejected..so was my loan application. I know my cosign had good credit but ows a ton. My question is this....What determines a good cosigner? I just reapplied for the loan and if I don't make it this time, I will probably not get in to USC after all the hard work I've done...which obviously sucks..please help 🙁

 

[Dr. Pedo]

Toothvader,

Go speak with your school's Dean of Student Affairs. Remember you are someone they wanted and this is a business. Scenerio:

You are taking a seat that is paying the school a hefty fee---their operating costs are covered by students and with very little margin. Dental schools are the MOST expensive graduate schools to run and many can barely stay in the black (see Northwestern and others). Now the chances of them filling a spot is possible but with a student they didn't really like in the first place or had reservations about-----so what to do. They will work with you and figure it out because they need you and you need them. The Dean(s) always have way to help THEIR students whether hooking you up with alumni, old business friends, grants/scholarships based on financial need, cutting lawns, or Matt Leinart 😀 ETC...

Get in there as soon as possible and explain your situation----I guarantee it is not unique. Unfortunately, you'll have to eat a little crow about the credit report---but who doesn't make mistakes and make sure you show how you've changed and realize your responsibilities etc...

Also smaller banks tend to be a little more reasonable and you can actually go in and talk with some higher-ups. Obviously they won't waive the co-signer but you'd be surprised at some of the "creative finance" ideas I've seen in my days of business.

Good luck

 

[TeethVader]

SDNers,
I really want to thank you for the comments replied. I honestly felt I was doomed after my loan rejection. I never knew I had different venues to go about given my financial situation. I will not rest until I get my cosign approved on my behalf 😉 Dentistry is my dream, and now its soo but soo close to be realized; sadly, when you're young, sometimes you don't think how being a big-time spender can hurt you in the long run. Definitely, lesson learned. Please, if you have any more comments, Keep them coming!!!

 

[J2AZ]

If your credit sucks you need to do a couple of things. You need to work on repairing it and your need to find a cosigner with good credit rather than find a bank that will accept the cosigner your currently have. Parents are probably the best cosigners (if they have decent credit).

to improve your credit you need to get a copy of your credit report. Try to get a three bureau merged credit report. Make sure everything on it is correct. If it is not you need to work on having it removed. There are plenty of books out there to help you with the letter format needed to make such a request. By law credit companies must prove be able to prove to you that the reported late payments are correct or they must remove them. Often if you request that they prove it, it is easier for them to just erase the lates rather than spend the money and man power to contact the company that reported you as paying late.
In addition to looking over your credit report you need to make payments on time and pay down your balances. Having tons of credit cards maxed out will hurt your score. You want atleast 3 credit cards or other lines of credit with high limits and low balances.
Do not transfer balances from card to card to card b/c this will hurt your score.
Do not go shopping for a new car or house while applying for a loan.
Pull your cosigners credit report and make sure they meet the standards of the lending institution. Call in advance so you are not caught off guard.

Best of luck



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