Questions about applying for the Direct PLUS loans with poor credit score

[KeikoTanaka]

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Hey,

I have a 643 credit score and 5000$ in credit card debt. I'm working on increasing my score by paying 300$ a month, I have like no money and my job sucks. I still have ~5 months to apply for the loans if I get into a medical school, so I have time to increase my credit score as well.

Would this be appropriate to apply for a Direct PLUS loan? I'm trying to avoid having my parents sign as cosigners, they're scared about if something happens to me and they can't repay it.

Would it be better for them to just help me pay off my credit card debt? Please let me know.

Thanks guys!

 

[prettyNURSEtoMD]

The score isn't the problem, it's whatever your debt-to-income ratio is. There are people with scores in the 600s who have been approved and those with 700s who have not. Is that your only revolving credit you have?


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[KeikoTanaka]

The score isn't the problem, it's whatever your debt-to-income ratio is. There are people with scores in the 600s who have been approved and those with 700s who have not. Is that your only revolving credit you have?


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Yep, my only credit card.

 

[prettyNURSEtoMD]

Yeah if you can pay that CC off, it will raise it by a few points and I think you'll be good to go. I don't foresee any problems getting you approved.


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[de Ribas]

Yeah if you can pay that CC off, it will raise it by a few points and I think you'll be good to go. I don't foresee any problems getting you approved.


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What about those that have mortgages? Will they have a problem getting loans?

our scores are within 780 range

 

[prettyNURSEtoMD]

What about those that have mortgages? Will they have a problem getting loans?

our scores are within 780 range

I have a mortgage. I never had any problem. And I'm single income, with nobody else listed on my deed. If you have a significant other or somebody who else is in your mortgage that will help you. Cars, home, that's all "good credit", the revolving credit is the problem. Credit Cards, and having them open for a long amount of time, and maintaining high balances.




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