Credit Reports/ Med schools.

[bgtati]

In order to get fin aid I need a credit report. THe problem is that I hardly ever use "credit" and have "virtually" no credit score. Can a parent co-sign to help out with loans? Any help is appreciated.

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[pinkey]

In order to get fin aid I need a credit report. THe problem is that I hardly ever use "credit" and have "virtually" no credit score. Can a parent co-sign to help out with loans? Any help is appreciated.

Since they expect that you'll have the income to pay back the loan after medical school, I'm guessing that they would be looking for any negative marks on your credit.

 

[DoctorFunk]

Lack of credit history shouldn't really be a problem. I think the problem arises when you have used credit (poorly) and have a terrible credit score.

 

[isobel]

yeah, if you have good credit or no credit, that's a-ok. if you have bad credit, then you are screwed.

 

[ShyRem]

even a rarely used credit history is not a "no credit" history. Pull your credit score and see what it says.

 

[NapeSpikes]

On a related note, what's a good site to get a free credit report? What about a credit score? Thanks.

 

[ShyRem]

Go to www.annualcreditreport.com and you can get all three credit bureau reports for free once every 12 months. As for credit score, that will cost you an extra $6 or $7. I got it from one place to see where I was at - all three should be similar but you can certainly buy your score from all three if you wish.

 

[notdeadyet]

yeah, if you have good credit or no credit, that's a-ok. if you have bad credit, then you are screwed.

Not entirely true. If you have a bad credit rating with some past history, yet you are not currently delinquent on any accounts (and do not have a history of nonpayment of federal or state financial aid) you're still eligible for government loans. For med school, I think this is up to $38K per year, no?

You're only screwed for private loans...

 

[NapeSpikes]

What's a good credit score? A bad?

 

[tacrum43]

What's a good credit score? A bad?

This is what Equifax had to say about FICO scores:

"FICO scores range between 300 and 850.

The FICO® score is the credit score used most often by lenders. However, the credit file and credit scoring model used by some lenders may be different."

Apparently, a score of about 725 is the 50th percentile for U.S. consumers, with 850 being a perfect score, and a score of less than 650 (30th percentile) is not so good.

You can get your credit report from one of the three credit reporting companies (linked through the site ShyRem mentioned) for free once a year, from each of the companies. They all charge a small fee (like $8) if you want to know your FICO score in addition.

 

[silkworm]

You can get free credit report and a credit score from www.freecreditreport.com. Just remember to cancel the membership before the end of a month, otherwise they will charge you ~$17 a month.

 

[Wickedgood]

On a related note, does alot of accrued debt make someone reflect poorly in relation to acceptace to med school, or do they not find out about that until you're actually in?

 

[tacrum43]

On a related note, does alot of accrued debt make someone reflect poorly in relation to acceptace to med school, or do they not find out about that until you're actually in?

Well, a lot of debt does lower your credit score, so it could negatively effect your ability to get private loans.