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credit score and private loans

Discussion in 'Financial Aid' started by Therese737, Mar 14, 2004.

  1. Therese737

    Therese737 Member
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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!
     
  2. supereagles

    supereagles Spread your wings and fly
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  3. trex92499

    trex92499 Senior Member
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    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..morons
     
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  4. lessismoe

    lessismoe Momma to Ronan
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    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!
     
  5. zinjanthropus

    Physician Faculty 15+ Year Member

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