credit score and private loans

[Therese737]

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Does anyone know of someone who had a "low" credit score (below 675 ?) and got approved for a private loan for medical school? It will be another 1-2 years before I apply for such a loan, but my credit score may not be that high by then. Fortunately, the derogatory items on my credit report are 3-4 years old, and have been paid in full, have zero balances, but it still is bringing down my FICO score. Are there lenders who will give you a second look since your balances are all zero? I don't have a cosigner, so I hope there's a way!

 

[supereagles]

Originally posted by Therese737
Does anyone know of someone who had a "low" credit score (below 675 ?) and got approved for a private loan for medical school? It will be another 1-2 years before I apply for such a loan, but my credit score may not be that high by then. Fortunately, the derogatory items on my credit report are 3-4 years old, and have been paid in full, have zero balances, but it still is bringing down my FICO score. Are there lenders who will give you a second look since your balances are all zero? I don't have a cosigner, so I hope there's a way! [/QUOT

I would consider 675 a pretty good credit score. If by below below 675 you mean a score of 500 I would say you might have a pretty high interest rate or might even require a co-signer. Either way the fact that you are a prospective med student almost quarantees you a private loan.

 

[trex92499]

Nope, just being a medical student does not guarantee a private loan. I have a 650 score from messing up with credit cards my first year in college and they were still on there when i needed a private loan...I was told no way, no how without a co-signer and even then i was rejected until my aunt with a 800+ score cosigned. For some reason, banks think medical school is akin to college, that you're going to drop out at any time (as was the opinion voiced to me by a wellsfargo rep...she said there was no guarantee that I would finish school....urgh..*****s

 

[lessismoe]

Are all credit-reporting agencies supposed to give you a score?

I got messed up by my parents: after my brother messed up with credit cards, they FORBADE me from getting a credit card (on the threat of not helping me out w/ college) and now I only have 2 years of credit history (since graduation). Thank God there is only good stuff on there, but I'm worried I won't have a high enough score to qualify for loans now. I've been declined credit cards because of my lack of history.

The irony is, my dad is actually a loan officer at a bank!! Yeesh, he should have known better!

 

[zinjanthropus]

so, you can get rejected for the private student loans even with a cosigner that has good credit if your credit is crappy?