Credit Check Post-Acceptance

[ComplexGal]

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does anyone know if the standard background check done by schools after offering acceptance include a credit check too? if so, how good does your credit have to be for you to be okay? im kinda worried about this... umdnj-som does a criminal background check which i have no probs with, but if this includes a credit check, then im worried about the cutoff... having had to pay my way through school all 4 yrs of undergrad + everything else like car insurance, cell phone, med school apps etc.. my credit cards are maxed out and i've only just started to clear them......

any thoughts?

 

[jp104]

does anyone know if the standard background check done by schools after offering acceptance include a credit check too? if so, how good does your credit have to be for you to be okay? im kinda worried about this... umdnj-som does a criminal background check which i have no probs with, but if this includes a credit check, then im worried about the cutoff... having had to pay my way through school all 4 yrs of undergrad + everything else like car insurance, cell phone, med school apps etc.. my credit cards are maxed out and i've only just started to clear them......

any thoughts?

I don't think it'll affect your acceptance. However, it will affect you if you need additional loans outside of gradplus or stafford.

 

[Jpc984]

I thought grad+ was based on credit even though it is a federal loan..

 

[scpod]

I thought grad+ was based on credit even though it is a federal loan..

It is. You can't get a grad plus without a decent credit record or a co-signer.

 

[Concubine]

Grad plus is based on credit, just like the private loans (but it can be consolidated as well).

 

[Jpc984]

It is. You can't get a grad plus without a decent credit record or a co-signer.

What I learned at AZCOM!

 

[EEL08]

What might be considered a good credit record or score?

 

[PlAnEjaNe]

What might be considered a good credit record or score?

For gradplus loan you just can't have bad credit (I think that is like 600 or below). I am not sure about private loans but remember, the lower your credit score the higher your interest rate will likely be.

PlAnEjaNe

 

[mastamark]

Companies and schools sometimes do credit checks as part of the overall backround inquiry. They use credit check headers to verify your name, address, marital status, child support obligations, judgements, and others. I don't think the credit rating is what they are truly looking for in a credit check, but other useful information. Experian( a credit company) for example lists all of your aliases, former addresses and all sorts of information. The funny thing is that they get this information from past credit transactions as well as sources you didn't even know about. If you have ever received a piece of mail at any address that becomes a former address. So this also helps prove state residency. I wouldn't worry so much about credit rating, unless of course your credit score is 110 which is probably the lowest score possible . At that point I don't know how it would effect you.

 

[146233]

ComplexGal, you're not alone. I agree with the general tone of the others that the background check is not a 'credit-qualifying' check. They'll look for the major things - bankruptcies, foreclosures - not balances, payment amounts, etc. No real worries there. That said, however, some schools may specifically require a credit-check (this would be in your matriculation agreement, btw). This is to ensure you have sufficient ability to secure loans to cover your Cost of Attendance. ...even with negative items in your credit report, you can always get Grad+ with a co-signer. (And I feel I should mention that the credit requirements for Grad+ are significantly more relaxed than most private lenders.)

Good luck!

 

[paramediclizard]

Thanks everyone for all the info...👍

This has been a worry for me too, but I have been diligently paying down, off and closing needless accounts. It's been hard, but I don't want this to have any bearing on me going to school.

 

[osli]

FYI the credit standards for GradPlus loans is waaay lower than the typical private loan. As long as you have a credit score you'll probably qualify for GradPlus, and the interest is the same regardless of your score.

 

[Concubine]

For probably the lowest interest rate on private loans, you will need 700+ from FICO. Grad plus is fixed.

 

[mastamark]

For probably the lowest interest rate on private loans, you will need 700+ from FICO. Grad plus is fixed.

Thats going to be a stretch for most students coming out of college. You really have to have extremely established credit before breaking the 700 mark.

 

[Beau Geste]

Our mortgage lender and car dealer have both told us that anything over 700 is considered good without any flags.

I'm going to brag here - we have a credit rating of 815/850

One of the few bright sides right now to my app. process!

 

[EEL08]

Our mortgage lender and car dealer have both told us that anything over 700 is considered good without any flags.

I'm going to brag here - we have a credit rating of 815/850

One of the few bright sides right now to my app. process!

Wow, both your credit scores are that high? That's great! I've really been working on bringing up my credit score but it was a real struggle for a while.

 

[Concubine]

If your credit score was as imporant as the mcat you wouldn't have any problems.

 

[Jpc984]

If your credit score was as imporant as the mcat you wouldn't have any problems.

I disagree, some schools weight your credit score higher than your mcat, i.e. RVU-COM!

 

[mastamark]

Our mortgage lender and car dealer have both told us that anything over 700 is considered good without any flags.

I'm going to brag here - we have a credit rating of 815/850

One of the few bright sides right now to my app. process!

well you won't have a problem locking down school money. I should be fine too. That's one of the upsides of being a non-trad student. We had time to buy the house and cars and really get our credit ratings up. If that was a deciding factor I would be as calm as a hindu cow right now.

 

[mastamark]

I disagree, some schools weight your credit score higher than your mcat, i.e. RVU-COM!

You guys are always rough on RVU. I say give em a chance.

 

[Beau Geste]

well you won't have a problem locking down school money. I should be fine too. That's one of the upsides of being a non-trad student. We had time to buy the house and cars and really get our credit ratings up. If that was a deciding factor I would be as calm as a hindu cow right now.

yup - one of the benefits of being a financially responsible non-trad.

I'm trying to look at the bright side of things lately!

 

[Concubine]

I disagree, some schools weight your credit score higher than your mcat, i.e. RVU-COM!

 

[Barts]

Our mortgage lender and car dealer have both told us that anything over 700 is considered good without any flags.

I'm going to brag here - we have a credit rating of 815/850

One of the few bright sides right now to my app. process!

Nice score! I'm a little jealous. 🙁