credit card debt

[sammiesings]

I just completed my certiphi background check request and realized they check our credit.

Simple question: will credit card debt which is being paid down and is not delinquent keep me from being able to get my loans in med school?

I've heard of folks having their acceptances rescinded due to not being able to loan out to them. However, I think that might be for folks who have exceptionally bad credit?

Many apologies for what may be a neurotic question.

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[libertyyne]

They won't be checking any sort of credit for this purpose.

 

[sammiesings]

They won't be checking any sort of credit for this purpose.

yikes- definitely didn't realize that. Thank you for educating me!

 

[ciestar]

Regardless, as long as your accounts aren't deliquent and your credit report isnt terrible, you're fine.

I had 50k+ in loans from undergrad going in and had zero issues getting loans.

 

[Nietzsche's Barber]

Regardless, as long as your accounts aren't deliquent and your credit report isnt terrible, you're fine.

I had 50k+ in loans from undergrad going in and had zero issues getting loans.

Try 140K+...+ 5K cc debt.

Zero issues getting loans, as well, because I am a bill-paying SOB. If I know how to do one thing...it is paying bills!!!

No delinquencies/bankruptcies and you are good-to-go.

 

[sammiesings]

thanks, all. I figured as much, but definitely a relief to know for sure its a non-issue. To be honest, its all from interviews/secondaries/last diy post-bac quarter anyway! lol.

 

[aalamruad]

Pretty sure they do a credit check for grad plus loans

 

[Nietzsche's Barber]

Pretty sure they do a credit check for grad plus loans

You are correct. That's why it is so important to maintain at least decent credit (no delinquencies/bankruptcy).

Everyone has debt (at least that's what I tell myself). Are you at least paying on the debt (e.g. minimum payment on CC)? That's the most important part.

Debt by itself can only lower your credit score so much. It's the missed payments that royally f*** it.

 

[aldol16]

If you haven't paid late, having debt is actually a good thing because it can help your credit score. That's how you build credit. That's not to say that you should go out and buy a yacht on credit just to build up your credit, though. Good credit score = lower interest rates on loans. I think the federal loans have fixed interest rates so a good credit score won't lower your rates there but you'll need good credit in order to get the loan.

 

[ankitadixit]

Thanks to all...I got so much help from this discussion.