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Additional Details
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 Should i take a year off from school to establish good credit so i can get a loan without a cosigner? |
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sarabeara310 | Student loans and credit? |
I'm 20 y/o, have 3 credit cards all in good standing, pay above the minimum every month and ahead of time...I've had 2 of the cards for over a year and one since Dec. 2006..I don't plan on getting anymore in hopes of building my credit. I just received a $1000 increase on my Bank of America Gold visa C.C...does this mean my credit is good or is it a "thank you for doing business with us"?
I would like to get a student loan to (hopefully) study abroad during the summer for a month and to take summer classes back in the states by March (if I study abroad) or by May if I stay here and take classes. I don't have a reliable co-signer, so what are my chances of getting a decent sized student loan in 8-10 months? All C.C's are under their limits and I've been at my job for over a year (will be 2 years next July)
Any tips for how to make sure I can get approved? (Other than checking my credit score bc I plan on doing that)
Thanks!
Additional Details
I tried applying for private student loans and I always needed a co-signer which I don't have..my mom is the only one that could do it and her credit is completely shot. Would I have a better chance going to the bank that I have an account and C.C with?
Thanks for all the answers so far! |
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Chane
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Chances are if they gave you a credit limit increase, you do have good credit. It means you have made your payments on time and are not in over your head.
Government student loans do not go by credit score, so you will be fine there. If you need more, you will have to get a private loan and they are not that hard to get either. I'm willing to bet your credit is good enough to get 'em.
Good job on keeping your credit good! |
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grierGRIER h
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Taking a loan (yes every expenditure on credit card is a loan and has to be repaid with interest) and defaulting on repayments, doesn't go well with credit card agencies. When they find that a default on repayment has taken place, they increase the APR's, take back all rewards and slap late payment fees. This also doesn't goes well with the credit rating agencies.
Credit card is there to help you in times of difficulties and it has to be used wisely to build the credit. If the credit card companies find that your credit card use is judicious, they will increase your credit limits, lower interest rates, throw in few more rewards etc. This will seriously help in building a good credit history. Read more from: http://www.credit-card-gallery.com/article/268,3_worst_student_credit_card_mistakes_that_cause_most_of_the_credit_card_debt |
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Expert Realtor
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Why would you get a student loan if you eligible for a Federal Student loan at lower rates?
Private student loans are for students that have either maxed out their Federal Loans (because it's very rare that someone gets turned down), or are going to unaccredited schools that are not eligible for Federal Student Loans.
You need to see the Financial Aid counselor at your school |
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Angie
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For student loans, mostly everyone attending school will be approved. Esp if you have a co-signer to help you just in case, you'll still get approved, but with the co-signer, may have a lower interest rate which is great. With you have a few credit cards all in good standing is a good indication they appreciate your business and with your good payment history, have increased your limit. If you don't need to, then don't use your card to the limit...What you can also do to help your interest and monthly payments with credit cards, seeing you've had them for a while, is call the credit company and request a lower interest rate. Many people don't know to do this, but i've done it plenty of times just by asking. They'll say, yes you've made good payments, so they'll put a request in and see if it's approved by supervisor. Or they'll just say, sorry nothing at this time, and you can try again months later. DONT worry about your credit for school..wherever you're going, ask to speak with financial aid rep and they can provide you with information. It will most likely be a student subsidized loan, meaning, you don't pay as you're in school, and your payments can start about 6 mths after you graduate (assuming you get a job after graduation). If you have a parent that can help, have them co-sign, and you can apply for a Parent Plus student loan. This will be in both names (even though you pay it) and you're interested rate will be lower. Either way, since you dont have to do all the work, speak with financial aid. Your credit to me sounds great for being 20 years old. Just keep it up, and never max out credit cards!
TIP - it's not always about the FICO credit score. To approve in the future, creditors look also at what KIND of credit you have = (cards, revolving like car payments with banks, how long you've had them open, etc.) This doesnt apply to school loans, but can greatly help in when you buy a car, home, etc. And just because you pay off your card completely, leave it open for a bit. It's better to have great history with a company for a card open at $0 balance for 5 years (or until the card's expiration date).. then a card paid off in 2 years $0 balanced and closed. :-) |
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fallingup721
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cant really speak on the loans part, but as far as the credit card goes, the answer is yes, to both. credit card companies make their money on the interest. the more you charge, the more interest, the more money they make. you have demonstrated that you use the cards responsibly, so you are worth the risk. they give you a higher balance based on that, and the fact they may be able to make more money from you. sounds, sneaky, perhaps, but its just business, they are not non profit organizations, after all. |
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summer
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You sound like you're doing fine. I got student loans and didn't have a reliable job nor any real established credit. All I used at that point was my checking account but companies are willing to give students money because they know they will eventually get good jobs and have money. |
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