How does being an accepted medical student affect credit decisions?

[UAbio9301]

---

Members do not see this ad.

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!

 

[itsthat1guy]

I can't speak from experience, but I would imagine that all the debt you'll accrue during your education would make banks reluctant to loan you money

 

[BlackBox]

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!

What will impact your ability to purchase items through an unsecured (personal loan/credit cards) or secured (auto/home) lines of credit will be your income, not your debt- as long as it's of the student loan variety. The problem many medical students have when buying say, a car, is that they live on student loans...that's their income. However, some loan officers will work with you. I would consider trying to lease a vehicle from a dealer close to the school. They may have experience with being...lenient.

 

[ArtisticMed]

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!

I can't think of why being accepted would affect the bank's decision. Maybe if you already have a large amount in student loans and/or insufficient income they would be less likely to sell you a car with a reasonable monthly payment.

Some dealers have college grad programs that offer lower interest rates and other benefits for recent grads. I purchased a Honda in 2012 with little credit history and didn't need a cosigner.