Full Version: Lowest score for private student loan?
Whats the lowest score I could have and still get a private student for? Private loan is only option. I am working on fixing the credit report/score.
QUOTE (b_fennell @ Jul 9 2009, 03:05 PM) 
Whats the lowest score I could have and still get a private student for? Private loan is only option. I am working on fixing the credit report/score.
Grad or undergrad? If you are looking at Grad loans, I would try the Fed Plus, its less strict on credit criteria and I think the interest rate is lower.
Private loans are more than just on your score alone, they also are now looking at the items in your file. In my last year for my BS I was declined, for $2500, because of something that had been in my file for 5 years; however, I had been approved each year before for $12-15k. The credit dept told me they are being my stringent on credit approvals and it was the derogatory item listed in my file. If you are looking at Sallie Mae, they use TU now (in case that might be one of your better files) and I think Wells Fargo does too. Hope that helps!
QUOTE (bld08 @ Jul 13 2009, 08:34 PM)
QUOTE (b_fennell @ Jul 9 2009, 03:05 PM)
Whats the lowest score I could have and still get a private student for? Private loan is only option. I am working on fixing the credit report/score.
Grad or undergrad? If you are looking at Grad loans, I would try the Fed Plus, its less strict on credit criteria and I think the interest rate is lower.
Private loans are more than just on your score alone, they also are now looking at the items in your file. In my last year for my BS I was declined, for $2500, because of something that had been in my file for 5 years; however, I had been approved each year before for $12-15k. The credit dept told me they are being my stringent on credit approvals and it was the derogatory item listed in my file. If you are looking at Sallie Mae, they use TU now (in case that might be one of your better files) and I think Wells Fargo does too. Hope that helps!
What kind off derogatory, if you don't mind me asking? Was it like a let or a collection agency, I have a few lates on my Trans, but no collections. And the lates, I am disputing because I was suppose to be in deferment status (another student loan). Let me know.
I am personally looking for undergrad loans.
QUOTE (nillz123 @ Jul 16 2009, 12:04 PM)
QUOTE (bld08 @ Jul 13 2009, 08:34 PM)
QUOTE (b_fennell @ Jul 9 2009, 03:05 PM)
Whats the lowest score I could have and still get a private student for? Private loan is only option. I am working on fixing the credit report/score.
Grad or undergrad? If you are looking at Grad loans, I would try the Fed Plus, its less strict on credit criteria and I think the interest rate is lower.
Private loans are more than just on your score alone, they also are now looking at the items in your file. In my last year for my BS I was declined, for $2500, because of something that had been in my file for 5 years; however, I had been approved each year before for $12-15k. The credit dept told me they are being my stringent on credit approvals and it was the derogatory item listed in my file. If you are looking at Sallie Mae, they use TU now (in case that might be one of your better files) and I think Wells Fargo does too. Hope that helps!
What kind off derogatory, if you don't mind me asking? Was it like a let or a collection agency, I have a few lates on my Trans, but no collections. And the lates, I am disputing because I was suppose to be in deferment status (another student loan). Let me know.
I don't mind! It was a car that was showing as an open account past due more than 120days. Last date of activity was 2003. You should be good to go if you get your lates taken care of, especially since its another student loan. I think they just tightened the reigns a little due to the credit stuff going on.
QUOTE (bld08 @ Jul 16 2009, 10:52 PM)
QUOTE (nillz123 @ Jul 16 2009, 12:04 PM)
QUOTE (bld08 @ Jul 13 2009, 08:34 PM)
QUOTE (b_fennell @ Jul 9 2009, 03:05 PM)
Whats the lowest score I could have and still get a private student for? Private loan is only option. I am working on fixing the credit report/score.
Grad or undergrad? If you are looking at Grad loans, I would try the Fed Plus, its less strict on credit criteria and I think the interest rate is lower.
Private loans are more than just on your score alone, they also are now looking at the items in your file. In my last year for my BS I was declined, for $2500, because of something that had been in my file for 5 years; however, I had been approved each year before for $12-15k. The credit dept told me they are being my stringent on credit approvals and it was the derogatory item listed in my file. If you are looking at Sallie Mae, they use TU now (in case that might be one of your better files) and I think Wells Fargo does too. Hope that helps!
What kind off derogatory, if you don't mind me asking? Was it like a let or a collection agency, I have a few lates on my Trans, but no collections. And the lates, I am disputing because I was suppose to be in deferment status (another student loan). Let me know.
I don't mind! It was a car that was showing as an open account past due more than 120days. Last date of activity was 2003. You should be good to go if you get your lates taken care of, especially since its another student loan. I think they just tightened the reigns a little due to the credit stuff going on.
You helped me out a lot. Thanks!
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