I plan to apply for an educational alternative "signature" loan for graduate school. Would anyone know the minimum credit score and criteria required for approval? It appears the approval is based on satisfactory credit, but what's satisfactory for private educational loans? The educational loan institutions don't appear to provide this information to consumers. Any feedback would be greatly appreciated! Thanks...
Not sure, but I have applied for a couple in the past and was turned down, and I have no negative. The reason I was turned down was always because of the amount of debt that I have outstanding
RE: Educational Loans I'm a newbie here and have found this board to be priceless. I'm currently disputing a few things on my report and won't have the end results for a couple of weeks. I do have a few negative items on my report, but I'm current on all accounts and haven't acquired any negative items since early last year. My scores aren't what I'd like, but since I've joined this board I can see things changing for the good. I don't have any outstanding debts, except for school loans that are in deferment. Just wanted to know that the minimum score and/or criteria Sallie Mae requires to get approved for the signature alternative loans. BTW, What was your score at the time you applied for the Sallie Mae loan? My current scores: EQ: 702 EXP: 638??? TU: 722
Re: RE: Educational Loans I applied for the Sallie Mae signature loan about 2 weeks ago and they declined me. They checked TU for me, and my TU score was about 650 or so. They declined me for an unpaid chargeoff that is 6 years old. Good Luck! PS- They checked Equifax for my consolidation that I just did in May. I also have a 650ish score with Equifax
Re: RE: Educational Loans That's interesting....I thought 650 was considered a good score. I have a charge-off that was settled and paid for less than the amount owed (4 years old), it looks like that might be my downfall. Oh...well, I don't want to apply for the loan until my disputes are complete in a few weeks. I'll just hope for the best and wait it out. Thanks...
Re: RE: Educational Loans Erica is referring to her Transunion score. TU's score is not only not as accurate as EX and EQ's are, it is also calculated on a different "sliding scale". EQ and EX score range is: 350-850 With TU score range is : 150-934
Re: RE: Educational Loans So I wonder if TU's score of 650 is equivalent to EQ & EXP's score of 550??? I read another thread regarding private school loans on this site, and one guy was approved with an EQ score of 658 via Sallie Mae.
Re: RE: Educational Loans The 650 range didn't get me approved for anything. Distinguished creditnetters suggested that 680 is closer to the magic number. L
Re: RE: Educational Loans Erica, Did you consolidate federal loans? They are not supposed to do credit checks for that...
