06-11-2012 07:25 AM
I was thinking of applying for a private student loan (whichever institutions offer them) but i'd like to find out what the minimum requirements to get approved for one is.
I'm thinking about doing an aviation program through a 4 year school so the costs are really high.
I currently have a yearly income of $40,000 and all my credit scores are in the high 600s range. Should I even bother? Is a 700 FICO a must?
06-11-2012 11:38 AM
Welcome to the forums!
There is no ONE set minimum score. Each company has their own criteria, & may give more weight to your overall credit picture, rather than just your score. From the little I have read here about private loans, I haven't seen much about scores at all. Do you have any negatives on your reports that might lessen your chances of approval?
06-11-2012 02:53 PM
Yes I do.
I had a car repo and a credit card with a $3,000 balance go in collection about 5 1/2 years ago. Right now i'm sitting in the high 600s for a credit score with $40,000 in annual earnings.
06-11-2012 03:01 PM
I would just go ahead & research the companies I'm thinking of consolidating with, & then contact them directly. Let them know about your credit history, & see if they think it would really hurt your chances for approval. While they can't give you a specific rate or anything without actually checking your reports themselves, maybe they can give you an idea as to whether or not it's worth the trouble of applying. Also, read the (probably few) threads here about people's consolidating experiences. There might be some information there that could help you.
06-11-2012 04:22 PM
I'm not really looking into consolidating. The car repo I paid off (we settled) and the $3,000 for my credit card is gonna fall off my credit report in 1 year or so.
06-11-2012 06:21 PM
Duh, I"m sorry. I had been posting in another thread about consolidating & I must have carried it over to your thread. Sorry about that!