Hello,
Just wanted to get everyone's opinion on my large amount of student loans in regards to my credit score. I am a brand new physician, therefore, I have a huge amount of student loan debt. However, they are all in a good status, consolidated at an excellent rate and currently deferred. Does having a lot of student loan debt even being in a good status hurt your credit score or prevent you from obtaining credit? SInce I am a doctor, will most lenders understand that going to professional schood is VERY expensive? I am in the process of trying to rebuid my credit (low to mid 600s) to obtain a business loan to start my own practice. My credit really took a "hit" being in school so many years and struggling to survive on student loans and work-study. My income (working for someone else) is not a lot, but I would like to appy for a credit card with a higher limit. I recently applied with CCCU and I am awaiting their response. I have noticed from comments on the board that CCCU really likes to watch an applicant's "debt to income" ratio. With a high amount of student loans (over 100K) and an income just under 100K, do I have a chance of getting approved? I have
1 collections account with CPA that I am working with the OC (Charter Communications) to have deleted...CPA is giving me -ELL
3 late payments over 3 years with Ford Credit (SUV has been paid in full for 2 years); I have tried a GW letter with Ford with no response...just put a letter on PFB last nite to Ford
1 late payment to Capital One that should fall off in September due to a gw letter (late payment occurred in Sept 2006 and Cap 1 wants to see a year of on-time payments b4 deletion)
Merrick Bank: charge-off with balance scheduled for deletion in Oct 2007. Tried numerous time to make payment arrangements and never was successful. After the stress and being so near deletion, I let it go
HSHB Card: Charge-off with $0 balance. Have tried gw letter and got back some strange letter stating that even if I was a service-member, I still had to pay my bills ??? No idea what they are talking about (I am not in the military). Have put letter on PFB but address PFB had is different than address on credit report
I have a couple of sub-prime like Capital one and First Prem....The utilize is high....around 84% and I am working hard to get those down.
My business partner (also phys and future husband) has good credit (all scores over 750) so we probably just apply for the loan in his name.
Any response or thoughts on how to proceed would be a great help
Thanks!!