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I am only applying for $1,000 for spring semester. But, I for some reason can't get Discover to let me without a co-signer, even with my credit history I've been building for 7 months. I was approved for a credit card by them, $500, and, I was approved for my 2nd credit card of $500 by Capital One. I also was approved $600 from Walmart card. And on top of that, I was approved for PayPal Credit $500.
My credit score isn't as hot but its over 600. I paid down my Discover card so it should be a big jump when it updates next (FICO too).
Should I just try another provider? Any tips? I do not know anyone who will co-sign. And, the ones who can have bad credit.
Experian FICO (via PSECU): 623 (as of Dec 6), next update on 01/15
I have used Discover Student Loans and they tend to be picky (even with a co-signer). My father has excellent credit and was denied as a co-signer with him once.
@Anonymous wrote:I have used Discover Student Loans and they tend to be picky (even with a co-signer). My father has excellent credit and was denied as a co-signer with him once.
Oh.. I don't understand why they are so pick. I mean, it's not like I can file bankruptcy and drop the student loans.
They already did their damage to my CR in basically denying me. I might just do monthly payments on my tuition this semester.
Did you end up using someone else?
I finally got approved with him as a co-signer after trying again about a month later. That loan was for 13,000. I haven't went with any other lenders, but apparently Citizens Bank and Wells Fargo have pretty good student loans that you could look into.
@Anonymous wrote:I finally got approved with him as a co-signer after trying again about a month later. That loan was for 13,000. I haven't went with any other lenders, but apparently Citizens Bank and Wells Fargo have pretty good student loans that you could look into.
I'll look into them to and try probably ONE more time with a loan. I really do not wan't to add up on too many HP's, it will look really bad.
Thanks. +1
Many private student loan lenders seem to require a co-signer almost as a matter of course unless you have a very strong credit report, or existing income that can support the borrowing, both of which young "traditional" students do not normally have. Even though you cannot discharge SLs in bankruptcy, private SLs are still subject to the statute of limitations, and a young borrower who defaults is more likely than others to not have income or assets to seize before that SOL expires.
If you only need $1000, I think setting up a payment plan with your college sounds like a viable option. If you have a job, you would only need to pick up a few more hours a week to make up the difference over the course of the semester. You should also be on the look-out for shorter-term assignments, like helping with a project or research study on campus. A few of those gigs would pay off what you owe.
I agree with the poster above about trying the payment plan with your school first only because they say to try to avoid taking out loans if you can prevent it. If that's not an option, there should be plenty of other options for your student loans out there I'm sure.
@SCF wrote:Many private student loan lenders seem to require a co-signer almost as a matter of course unless you have a very strong credit report, or existing income that can support the borrowing, both of which young "traditional" students do not normally have. Even though you cannot discharge SLs in bankruptcy, private SLs are still subject to the statute of limitations, and a young borrower who defaults is more likely than others to not have income or assets to seize before that SOL expires.
If you only need $1000, I think setting up a payment plan with your college sounds like a viable option. If you have a job, you would only need to pick up a few more hours a week to make up the difference over the course of the semester. You should also be on the look-out for shorter-term assignments, like helping with a project or research study on campus. A few of those gigs would pay off what you owe.
You're right. I was looking for a small loan mainly just to finish paying my Discover card off.
I will manage fine, I was just looking for an easier way, applying for a single student loan. I already have some on my file from last semester (Gov loans, not private) on CK.
As a current Discover student loan borrower, I would strongly advise against using them to finance anything. Their communication and customer service is deplorable. I am still waiting (since November) for a hard copy of my payment history, which seems to have been altered online. Federal loans, if needed, are the way to go.