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Will i be approved for Sallie mae or Wells fargo graduate student loan?

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Anonymous
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Will i be approved for Sallie mae or Wells fargo graduate student loan?

I applied for a medical school student loan through wells fargo and sallie mae and both were declined, even with a cosigner. 

When i applied my score was just below 600 and my cosigner was about 690. I took steps to improve my score including paying off a collections amount and opening a secured credit card with a $600 credit line (previously my credit line was $0). 

My cosigner also paid off a large balance on their credit card which was maxed out, so their score should improve substantially as well. 

 

Would I be approved for a 77k (total cost of attendance) loan with a credit score of 600-620 and a cosigner score of about 720?

Will decreasing the loan amount help improve chances of approval (lets say to 50k or 60k)?

Is there a difference in WF or SM regarding which one is more flexible on approving credit scores that are on the lower margins? (the cosigner and I are both WF customers)

 

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1 REPLY 1
Anonymous
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Re: Will i be approved for Sallie mae or Wells fargo graduate student loan?

That will be up to the lender. You've improved your chances but there's no telling if it's enough. Hopefully the collections will be removed automatically or you negotiated for PFD. You'll also have to wait until the balance paid off reports to the credit bureaus. Some credit card companies like Discover will report mid-cycle if you ask.
Another suggestion is that while it's a good idea to have your credit card, it might also be worthwhile to find someone to add you as an authorized user. They shouldn't have any lates or a high balance that will hold them back.
Have you maxed out the federal aid you might qualify for with the FAFSA? That way you'll be looking for a smaller private loan.
Income (DTI) will of course also be a factor. Does the co-signer have the means to pay it back if you do not? I think they'll also be looking at that. Best to just sit down with the lender and ask them for their recommendations. A credit union would also be an option.
Good luck. 🙂
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