Loan Denied Sallie Mae 43k

[MissCredit9]

The loan i needed for school was denied. My credit score is 732 and I was informed that the reason for denial was my short length of credit history. My oldest CC is almost 4 years old but my AAoA is closer to 1yr. Does anybody know what length of credit history is good enough for Sallie Mae? A co-signer is not an option for me so i need to strategize as to when i should re-apply.

[MissCredit9]

Here was the exact wording in the letter i rec'd

Thank you for contacting us for a copy of the reasons your application was denied. After carefully considering your request for credit, we were unable to approve your loan application for the following reason(s):

Account payment history is too new to rate

Length of time accounts have been established

[SCF]

If you have a number of new accounts, ideally I'd wait to age them to at least 1 year before you apply again.  I also suspect that part of the issue is the amount of money you're asking for, $43,000 is a lot to loan to a student with a thin credit file and no co-signer unless there is proof of substantial income.  I would work on increasing your AAoA (don't apply for new accounts), decreasing the amount you need to borrow (apply for scholarships, ensure that you've used federal loans as much as possible, maybe even research a cheaper school - like a community college - to start your studies), and increase your income if possible.

Private student loans are a very serious commitment and can be a terrible burden on your credit and financial future if things don't go according to plan.  Maybe this denial is a good opportunity to reconsider and find another path.

[Pat94108]

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@SCF wrote:

Private student loans are a very serious commitment and can be a terrible burden on your credit and financial future if things don't go according to plan.  Maybe this denial is a good opportunity to reconsider and find another path.

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I couldn't agree more. When I read the original post I couldn't help but thinking that the denial might have been a blessing in disguise. 

[CCC333]

If you need a loan right away, try Discover Student Loans. They gave me the amount I requested with no cosigner with a lower interest than Sallie Mae a couple years back when I was applying.

I hate Sallie Mae. I remember they wanted 12%+ interest, so I never completed my application. I received automated phone calls from them once every few days for the next year reminding me to complete my application. Maybe I didn't complete my application because your interest rate was ridiculous? And many of these calls were early in the morning which woke me up because I was a late riser college student.