Getting ready for college loans

[Anonymous]

I am new at this, so please excuse my naivety.

We will be preparing for the college loan process.

My FICO has remained at 735 for over a year. Does the MyFICO score tell the whole story, or do I need to get all three reporting company reports?

The only negative on my report is the high balances on a couple of cards. With college loans being difficult you get this spring, should I do anything to move the balances to lower interest cards, consolidate, etc. Naturally, I would pay off the cards if I could, but at this point, we will need to slowly reduce the high balances.

I am afraid to do anything that will reduce my FICO score.

Any thoughts?

[dizzier]

Firstly, your interest rates do not lower your FICO scores, they do not even appear on your CR. With a fico of 738 I'd say you don't have much to worry about. Student loans are indeed hard to come by these days. Just pay off your debt as best you can and never ever be late.

[Anonymous]

I think with a FICO of 738, you will be ok, but I would post this question over at the student loan forum. I've been assisting my niece with loan Apps. She was approved with a 690, and has utilization at around 15%.

 My only advice would be to make sure that you have a plan in place to pay down the CC debt. Also, don't borrow more $$ for your education than you can realistically pay back. Sit down with a calculator, and figure out what the monthly payments will be.  I spent years in academia, and was  always stunned at how kids just signed paperwork to borrow $$, without much thought or regard for what the monthly payments would actually be.

Good luck!!