Sallie Mae

[credit_babe]

I've heard that Sallie Mae is the easiest credit based student load to obtain without a cosigner. By the time I apply, I hope to have all of my scores hovering around 650. I may have some lates showing and hopefully just one chargeoff that has been paid in full.

Anyone with low scores been able to get Sallie Mae w/o a cosigner? Does anyone know what their qualifications are? I PFBed them, but I have yet to get a response.

[coffee_addict]

I've got the same question pretty much

I've been wondering about the SM Signature loan for my alt loan (yes, I've got sub & unsub, a grad stipend & still am short about 3K per semester-YUCK)

I wish I could find the thread I read earlier...

 

What I've seen so far indicates that you need about a 650 to get the sig loan (w/ a 620-640 they send you to underwriting or suggest a cosigner), no unpaid chare-offs/collections, & they generally pull EQ, but apparently some ppl have called and asked them to pull others

[coffee_addict]

I found it in this thread

 

Here ya go.....

 

Criteria for SM private loan

Score must be 640 or above for stand alone private loans

Score between 620 and 640 go to underwriting for an over ride if credit looks ok.

If score is below 640 or if you have a thin credit file you can apply with co-borrower

 

Denial reasons

Bk not dismissed, discharged or paid. If it is must supply documents stating so.

No unpaid judgments or tax liens greater than $500

No unpaid charge offs

No defaulted student loans/If paid must supply docs

No student loans with lates greater than 90 days

FYI lawloans are the most defaulted student loans

 

Cas

<{POST_SNAPBACK}>

[credit_babe]

I'm excited about that post.

If I can get my scores above 640 and have both charge offs paid in full, it looks like I may be able to get a sig loan w/o a cosigner.

So all I need is $700 and some good luck with ridding a few baddies.

 

Is Nellie Mae similar to Sallie Mae? Is it easier or harder to get? The school I'm applying to is eligible for Nellie Mae.

Edited July 19, 2005 by credit_babe