Uncertified SL. Cosponsor has great income / bad credit...

Have you tried for the grad plus loans? You will be SOL on the privates with him as a cosignor.

The grad plus loans? I think so....Not sure!!!

All I know is I talked to my school and they will approve of me for a certified loan in the $5800 range. I am looking for about twice that.

They told me (PNC I believe) that I could apply based on credit only as they expect grads to not be employed (or not have sufficient income)......My scores are over 700 w/ TransUnion, just under 700 with Equifax, and 670 with Experian.

My problem is that Experian (and only Experian) has me with a (paid) collection from 2003. They won't remove it and told me it is scheduled to fall off this upcoming August...What is annoying is it shouldn't be on there in the first place. It was a $100 minor traffic citation issued out of Canada (I'm American). I guarantee you I paid the bill within 30 days of them reporting me to collections (just how life works out sometime).

Anyways, do you think I will be approved based on a 691 avg. credit score (713, 668, 692) with the "looking at credit only" apply attempt?

I'm sure you say no but thanks in advance...Can you put it in % terms....I'd say about a 70% chance they deny me because of the '03 collection!

2) Will it greatly and adversely affect my credit score if I apply and get denied?

Ok I don't know why I said this:
"The grad plus loans? I think so....Not sure!!!"

I haven't applied to any other student loans but I looked into the grad plus loans...

Have you done a FAFSA?? Federal aid??

Pay for grad school with the Federal Graduate PLUS loan. Graduate PLUS loans are federally sponsored loans for students attending graduate school. With a Grad PLUS loan, you may borrow up to the full cost of your education, less other financial aid received including Federal Stafford loans.

I have the fed loans. They are coming end of December.

I am looking for a bigger loan.

Do you think they will approve of me if the decision is based solely on my credit report and not any other factors such as income? I have a 691 score but recently got a Home Depot store card so maybe it came down a couple notches. I will be finding out my latest updated scores this week (I enrolled in a free 30-day credit monitoring for all 3 bureaus + scores with Bank of America).

Each lender might have slightly different criteria so you would want to talk to them. Are you at a Direct Loan School? Who are your federal loans thru?

My school is on "the list". I know that cause I spoke with a couple banks.

Who are my federal loans through? I am not sure how to answer that. They are direct loans (I think) through the Department of Education?

Screw the banks. Talk to Direct Loans for Grad Plus loans. Better rates, better terms and it will be consolidatable.

It is my understanding that the Grad Plus loans are "certified".

This means my school decides what the maximum amount I can receive is. I know the number, and it is $5800. Also, the money won't be available until late December / early January.

I am looking for at least 2x $5800 and an instant decision and check ;)

Then get what you can from grad plus and the rest from private. Privates are dangerous loans....avoid or minimize how much you borrow.

My Home Depot card has a 28% APR and I have almost $3,000 on it...I don't think it gets more dangerous then that!

Now how damaging would it be to my credit report if I apply and get denied through a bank?

If it is not a big deal then I might as well apply cause they give higher amounts out...

I am going to speak with PNC on Monday, I think they were the ones that offered the loan based on credit report only. If they don't convince me that I'll be approved with a 690 avg. score I won't apply.

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my son was trying to get a loan for his senior year... turns out his parents (me) have way too much equity..to be a co-signor... our credit is excellent.. issue we own too many rental houses... all in good shape equity wise... bank finally said yes, bu with a larger interest rate
go figure... all you are trying to do is help your child finish school... as a co-signot!

You mean you have too much debt? Creditors wouldnt know how much equity you have.

The problem with having lots of rental properties and the mortgages associated with them, is that potential lenders don't like to give a lot of weight to your "rental income." That is because you are basically depending on someone else (your tenants) to pay you every month, and lenders don't know your tenants' credit-worthiness or ability to pay. What happens if your tenants run into hardships and don't pay you -- then how will you pay all your bills? (When your payment comes due, a lender doesn't want to hear "I can't pay you this month because my tenants haven't paid me"). So what lenders see are all these mortgages you owe, but not a lot of guaranteed income, that's why they deem it a higher credit risk.

About how much of a negative impact will it do to my credit report/score if I apply for an SL and get denied?

I was approved for the GradPlus loan through Discover Bank and now my school says they can't certify anything cause they only certify private loans??? If it's a GradPlus loan they only offer it through 1 company, which is through DirectLoans....

I was so mad cause I was given a link by the rep at my school in the Fin Aid office to compare all the companies for the different loans. So basically she didn't tell me they don't do GradPlus loans....

So now I applied and was approved to the GradPlus but it was a wasted credit check....And now I think if I apply to a private I will be denied.

How did the wasted GradPlus credit check affect my score and how will it affect my score/report if I apply for a private and I am denied?

I'm guessing the old 2 years on the report and something like 5-10 point drop on my scores?

Thanks In Advance

If your school is a Direct Loan School, you cannot borrow thru a FFELP lender which is what Discover Bank would be. You should have checked with your school first.

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