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What to know when applying for a loan

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Candice1
New Visitor

What to know when applying for a loan

Hello!

 

I'll be applying for a student loan to cover some/all of my tuition for next semester, but, unfortunately, my FICO score is currently only 644. I'll be paying my credit card balances off this month, but even then I doubt I'll be above 660. Does anyone have any recommendations of a lender to go through that would approve this FICO score. I planned on calling the top five and asking 1) which credit report they look at  2) what their average approval scores are and 3) the ranges for those scores. 

 

Applying with a consigner is not really an option. 

 

Thanks!

Message 1 of 6
5 REPLIES 5
MarineVietVet
Moderator Emeritus

Re: What to know when applying for a loan


@Candice1 wrote:

Hello!

 

I'll be applying for a student loan to cover some/all of my tuition for next semester, but, unfortunately, my FICO score is currently only 644. I'll be paying my credit card balances off this month, but even then I doubt I'll be above 660. Does anyone have any recommendations of a lender to go through that would approve this FICO score. I planned on calling the top five and asking 1) which credit report they look at  2) what their average approval scores are and 3) the ranges for those scores. 

 

Applying with a consigner is not really an option. 

 

Thanks!


Hello and welcome.

 

I don't know a whole lot about SL's but I do know that no credit score is required to apply for a FAFSA loan. Have you looked at that?

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 2 of 6
Tazman81
Established Contributor

Re: What to know when applying for a loan

Yes, if you haven't already, then you do need to complete the FAFSA.  What school are you attending?  You should speak with a financial aid representative there in reference to obtaining federal student loans which do not check your credit.  Federal student loans have a lot more benfits then do private loans, so try to exhaust all federal loans prior to going for private loans.


Current Score: Eq: 823 Tu: 830
Goal Score: Eq: 850 Tu: 850

Wallet: PenFed Power Cash 50k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | USAA Signature Visa 25k
Message 3 of 6
Candice1
New Visitor

Re: What to know when applying for a loan

Thank you both! The reason I haven't applied for a FAFSA loan yet is because I'm also working full time, and I make decent money. I figured that would disqualify me from getting any government aid. It's for a masters program, and I'm 28, so it isn't the typical applicant for FAFSA.  I would rather do that than take out another private loan though. I'll call the school's financial aid office on Monday and see what they recommend. 

 

Thanks so much!

 

Message 4 of 6
haulingthescoreup
Moderator Emerita

Re: What to know when applying for a loan

FAFSA's not actually a loan. It's the amazingly long online form where you show your income, your obligations, the schools you're interested in, and so forth.

 

My daughter has to have FAFSA's for both herself and us, although she's independent, for her med school loans, and only a tiny portion of them are government. You might find out that other lenders will want your FAFSA's too.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 6
laz98
Senior Contributor

Re: What to know when applying for a loan

 


@Candice1 wrote:

Thank you both! The reason I haven't applied for a FAFSA loan yet is because I'm also working full time, and I make decent money. I figured that would disqualify me from getting any government aid. It's for a masters program, and I'm 28, so it isn't the typical applicant for FAFSA.  I would rather do that than take out another private loan though. I'll call the school's financial aid office on Monday and see what they recommend.


federal financial aid pays for graduate school, too.  i'm 30 & i'll be starting a masters program next fall Smiley Happy

 

Message 6 of 6
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