Mortgage Loans

[pinkthistable]

I just turned 18 in July and have three credit cards ($300/limit, $700/limit and $500/limit) and I took out a $500 loan from my credit union. Each card carried a near full balance for 2 weeks - 1 month and my loan will be paid off by February. All payments have been made on time. Due to my dad's status with the IRS I am ineligible for federal financial aid (including Stafford Loans). I intend on going to a large state university, ideally in the spring or next fall if need be. Right now I work Full-Time on a $1600/mo gross salary. I need to take out alternative loans to pay for all school costs. I do not have anyone eligible for co-signing a loan application for me. Does anyone know at what point I might receive a credit score and how much that might be? Also, what score does Sallie Mae (or other companies... recommendations?) require for Signature Student loans? Will my short credit history make me ineligible for it? Would it be prudent to wait until next July to apply for school loans in the fall or is six months appropriate?

[Tuscani]

Sounds like you are on the right track as far as building credit goes, congrats. What are your current scores?

Sallie Mae will probably approve you if you have no baddies and a 650+ FICO.

[msensa]

May I offer an unusual suggestion?  Why don't you see if there are any positions you'd like to apply for at the university you'd like to attend?  My spouse works for our big university and gets free tuition for himself, me and our kids.  Just something to think about!

Message Edited by msensa on 09-01-2007 01:37 PM

[thatgrri3]

There are lots of options to pay for schooling outside of loans.  Have you applied for any scholarships?  What about applying for grants?   

[pinkthistable]

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Tuscani wrote:

Sounds like you are on the right track as far as building credit goes, congrats. What are your current scores?

Sallie Mae will probably approve you if you have no baddies and a 650+ FICO.

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I don't have a score right now. I don't think I get one till six months of credit history. Do you think they will use length as a factor or just my score?