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Private lender's score/credit requirements

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youngandcreditwrthy
Senior Contributor

Private lender's score/credit requirements

I may have to app alone in the fall for a private student loan.

I'm considering:
Discover
Or Sallie Mae's Smart Loan option...

I have no cosigner, but I do have a decent fico across the board from 700-750, maybe higher by then.

What are the typical requirements of these lenders?
I already have $43k in Fed Loans
Aaoa: 2.5 years
Revolving credit util: 11%
Oldest account: almost seven years

So what are the uw requirements?
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
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3 REPLIES 3
SCF
Valued Contributor

Re: Private lender's score/credit requirements

I would think you won't have a problem getting a private loan with that score/credit history, given that most students have very thin files, the fact that you have some revolving accounts in good standing should be helpful.  It's hard to say what interest rate you'll qualify for, and to some extent, it will depend on how much you need to borrow as well.  It would probably be a good idea to apply with multiple lenders and compare offers.

 

Are you sure you've exhausted all of your options before private loans, and that you'll be able to pay of your loans when you graduate?  These boards are a testament to how difficult dealing with defaulted student loans can be, and private loans in particular can be very frustrating and cause problems for many years if they aren't paid on-time, every time.

Message 2 of 4
NJTurnpike
Established Contributor

Re: Private lender's score/credit requirements

Apply for the private student loans, work on your CL's on your cards through graduation. when you gradute pay all your student loans down with your cards.

 

Default on your cards and file bankruptcy.

 

Rebuild your credit.

 

NJTurnpikes formula for a "Student-Loan-Free-Life".

 

YMMV. Smiley LOL


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Message 3 of 4
youngandcreditwrthy
Senior Contributor

Re: Private lender's score/credit requirements

BAHAHHAHA! I've thought about that NJ Turnpike. You can see I have some prettttttyyyyy goooood limits! lol

 

Thanks for thei nfo guys! and sorry for the late response!

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 4 of 4
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