How does being an accepted medical student affect credit decisions?

[UAbio9301]

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I searched the forum, and was unable to find many instances of my situation: I come from a very low income family, and as a result, do not have an excellent co-signer to purchase a nicer vehicle. I have several credit lines with small limits, all in good standing. I do have fairly good credit, but I only have a limited credit history as I am still young. However, purchasing or leasing a new vehicle isn't a realistic option for me, as my income is relatively modest at this time. Does anyone know from prior experience or second-hand knowledge if being an accepted student will have a positive, if any, impact on a bank's decision to extend a credit line to you. Thanks in advance!

 

[ulikedaggers]

I searched the forum, and was unable to find many instances of my situation: I come from a very low income family, and as a result, do not have an excellent co-signer to purchase a nicer vehicle. I have several credit lines with small limits, all in good standing. I do have fairly good credit, but I only have a limited credit history as I am still young. However, purchasing or leasing a new vehicle isn't a realistic option for me, as my income is relatively modest at this time. Does anyone know from prior experience or second-hand knowledge if being an accepted student will have a positive, if any, impact on a bank's decision to extend a credit line to you. Thanks in advance!

Probably not since you won't have any income (many creditors do not consider student loans to be income).

 

[Chip N Sawbones]

If you're about to start med school and you won't have financial help from your family, you're going to be spending the next four years chronically broke. Stick with your current vehicle until it dies completely. Student loan interest rates suck as it is. Now isn't the time to start taking on expensive car payments. Like Daggers said, banks don't consider student loans to be income, and you shouldn't either. It's money you're borrowing from your future self at interest rates that are only slightly better than a poke in the eye with a sharp stick.

 

[deleted500612]

Cant speak for the US, but in Canada if you walk into a bank with a confirmation of enrolment for medical school, you will walk out with an instantly approved 250k line of credit at prime rate with no cosigner.

 

[jakeislove]

If you're about to start med school and you won't have financial help from your family, you're going to be spending the next four years chronically broke. Stick with your current vehicle until it dies completely. Student loan interest rates suck as it is. Now isn't the time to start taking on expensive car payments. Like Daggers said, banks don't consider student loans to be income, and you shouldn't either. It's money you're borrowing from your future self at interest rates that are only slightly better than a poke in the eye with a sharp stick.

Quoted for truth!

 

[ulikedaggers]

Cant speak for the US, but in Canada if you walk into a bank with a confirmation of enrolment for medical school, you will walk out with an instantly approved 250k line of credit at prime rate with no cosigner.

Wow. When does repayment begin?

 

[deleted500612]

Wow. When does repayment begin?

Must pay interest during medical school and residency, principle payments do not begin until post-residency.

 

[ulikedaggers]

Must pay interest during medical school and residency, principle payments do not begin until post-residency.

Jealous..

 

[Thespunger]

In the US it just means creditors look at you like your unemployed, with huge amount of debt, and don't give a f whether your in med school or nurse assistant school