parent student loan score

Anonymous · ‎04-24-2012

hi,

My son is going to college, he cannot get the loans he needs unless I apply for a parent student loan and get declined. I've done this in the past when I knew my credit was shot and didn't care. Now I'm trying to improve my scores. Currently EQ 585, EX 632, TU 571. I would like to do this, I don't think that one inquiry will ruin me, but I don't want to be approved and have this debt. Does anyone know my chances of being approved or denied with my scores?

laz98 · ‎04-24-2012

@Anonymous wrote:
hi,
My son is going to college, he cannot get the loans he needs unless I apply for a parent student loan and get declined. I've done this in the past when I knew my credit was shot and didn't care. Now I'm trying to improve my scores. Currently EQ 585, EX 632, TU 571. I would like to do this, I don't think that one inquiry will ruin me, but I don't want to be approved and have this debt. Does anyone know my chances of being approved or denied with my scores?

Welcome to the forums!

I don't understand. If you don't want the debt, why would you apply in the first place?

Also, I don't know where you got your scores from, but it is likely that they are not true FICO scores. Did you get them from TrueCredit or a similar service?

IOBA · ‎04-24-2012

rlaneville1 - is the parent student loan approved or declined based on credit score alone? What if you have a lot of debt? Collections, charge offs, or lates on your credit report?

Anonymous · ‎04-25-2012

I have been told that the parent loans are automatically denied if you have had a bankruptcy.