I need to get a student loan for grad school 20k, but was rejected. I got my TU report and saw an auto loan i owe 4k on still shows I owe 18k. Hastily, I called the creditor and asked them to report the new balance of only 4k to CAs and then realized that along with my request they will prob. be reporting 60 and 90+ late pmt entries as well. When trying to get this loan, would it have been better or at all effective to just tell the loan officer the new reduced balance and let them try to verify it rather than requesty the CA reports be updated? Also, I have to call these loan people on monday, and the CA report won't be updated by then, will these loan people take into consideration this reduced amount i owe? or is it pointless since it isn't on the CA report? With other late info and two paid chargeoffs my FICO is currently 620.
Do you have PHONE ACCESS or ON-LINE access to the CURRENT BALANCE??? Or do you have a bill (statement) with the current balance owed??? Is it reporting correctly on another credit report??? Can't they call...or YOU CALL from their office on speaker-phone...or a 3-way call???
What type of student loan are you trying to get? I didn't think they checked your credit report/credit score when getting student loans. Or are you getting a private loan from a bank or something? I'm interested in this because I'm considering going to Grad school as well and they only FICO that I know about is 599 form TU. Does this mean I won't get a Federal Student load, one of those Stafford loans? FedUp2003
Also, Did they tell you why you were denied? Don't they have to tell you. Is it because your FICO was too low, or because you owed 18K on a car, or that your debt to income ratio was too high, or what? I've read on this board that people are able to get pretty decent mortgage rates with a FICO of 620, so I'm not sure why you would get turned down for a Student Loan. FedUp2003
ARE YOU A POOR STUDENT BECAUSE YOU HAVE POOR CREDIT??? JUST LIKE YOU ARE A POOR DRIVER BECAUSE YOU HAVE POOR CREDIT??? POOR CREDIT "CAUSES" TICKETS, ACCIDENTS and CLAIMS!!! SO POOR CREDIT ALSO "CAUSES" POOR GRADES...SO YOU DON'T DESERVE THE STUDENT LOAN!?!?!?!?
Re: Re: I'm New: Did I shoot in foot? Its the same on two reports, I havent gotten the third yet. Only phone access to current balance, I will check with the loan/bank people tomorrow and see why they rejected me, its good to know that people get mortgages with a 620. Thanks for the info!
Re: Re: I'm New: Did I shoot in foot? This is a private loan from a bank I got rejected for which is in addition to my stafford/govt loans already received aok no problem "guaranteed". No, you are correct, they do not check your credit for stafford loans, but for me stafford only covered most of tuition and i will be going FT w/ zero savings so need living expenses. The finacial aid letter says congrats you have received x amount of f. aid...but then you find this line item amounting to half your total aid is this thing called an alternate loan listed just unde the stafford but this is something that you have to go out and get yourself, ie subject to credit approval. stafford for me was 18k per year, tuition is 21k and then theres rent, nuts and berries, supplies...which they figure i'll need another 16 k. so hope this helps you not be so worried by my orig. inquiry .
Re: Re: Re: I'm New: Did I shoot in foot? Why not get a job while you're in school? Do you really expect to be able to support massive student loan payments with your post-college income? Do a search on this board. It is littered with people who got $50k+ in student loan debt, only to find out that they couldn't support the loan payments with their post-school income.
, I called the creditor and asked them to report the new balance of only 4k to CAs and only 4k to CAs and then realized that along with my request they will prob. When trying to get this loan, would it have been better or at all effective to just tell the loan officer the new reduced balance and let them try to verify it rather than requesty the CA reports be updated? Also, I have to call these loan people on monday, and the CA report won't be updated by then, will these loan people take into consideration this reduced amount i owe? or is it pointless since it isn't on the CA report? cleansweep =========Can you explain this a little better? THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
too much, you really are too much...gosh, it's so easy to work full-time and go to school full-time. NOT! I just finished my 1st year of grad school where I went to classes full-time and worked only part-time and it literally killed me. Give some realistic suggestions instead of being so cynical and high-handed.
