hey guys,
I want to apply for a chase private student loan for my college education. My credit has been poor recently because of late payments on my credit cards for the last couple of month. In fact I have had one card charged off. I know my credit is no good but when I apply for this private loan I will have my cousin who has excellent credit with a 700+ fico score. I was wondering would I get denied based on negative things on my credit even though my cosigner has superb credit? I mean I know cosigner improves chances of being approved and getting a lower interest rate but my concern is that they might not give me the loan all together just cause my credit is bad.

Hi hilfiger,

I think it would depend on how much outstanding debt you currently have. Do you currently have alot of debt? (Ex. credit cards, car loans). Do you have a job? It is good that you have a good co-signer however, I had a friend with bad credit who was able to secure a good loan with a good co-signer.

thanks a lot,
not much debt a fee thousand in credit card bills with one charge off.

Maybe a dumb question, but are you unable to get loans through the government or do you need extra money?

Ouch, a charge off won't look too good on your credit report. Did you end up getting it settled? It might be harder to get a student loan with an unsettled charge off.

Most likely you will have a very difficult time finding a lender. I too am in the same boat. I have been denied, by everyone before they even looked at the co-signer. Ultimately you must be credit worthy, then they will look at a co-signer to help establish the amount you are asking for.

I agree. I go to a foreign school and depend on private lenders. I was told that the student's credit must be excellent regardless of cosigner, and that all a cosigner's credit does for the student is possibly increase the loan amount and/or reduce the interest rate. Last year, I tried to get a loan, and the criteria to meet was a 650 FICO and if BK, be 3 years out. This year, they want a FICO of 680+, and now 5 years out from BK. I was 3 years out this year, and raised my FICO from 544 to 673. So today, no loans, no school. And why do I have this sinking feeling that two years from now, I'll hear that they want me to be 10 years out and with an 800 FICO?