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September 22nd, 2006, 12:18
| #1 |
| Junior Member  Join Date: Sep 2006
Posts: 107
|  Financing
My fellow airmen, I was woundering: What if the student has kind of crappy credit and the co-signer has top notch credit with a very substantial amount of income. What would the chances of getting denied a loan be? Thanks. |
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September 22nd, 2006, 12:29
| #2 |
| Old Skool  Join Date: May 2006 Location: Live in Arlington, TX - From Ithaca, NY - Wish I was on an island in Fiji
Posts: 1,928
| Re: Financing
Its' always a question of "How crappy? and How Good?" No need to divulge that publically though. From what I have read, Sallie Mae is famous for always trying to get a second cosigner. If you have a decent cosigner, you could get approved, but then the question of what % the loan is at and they might not approve the whole thing. The only way you will know for sure is to apply. If there is any other way you can get the dough, do it. Again, from what I have read, Sallie Mae is evil incarnate in the loan world. |
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September 24th, 2006, 23:46
| #3 |
| Senior Member  Join Date: Jun 2006 Location: FL
Posts: 427
 | Re: Financing
how long do you have before the loan? you most likely already know this. but if you have time you could just get a credit card and put like 50 bucks on it and get better credit... but that could take longer than u hoped. |
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September 25th, 2006, 10:44
| #4 | |
| Old Skool  Join Date: Jul 2006 Location: Austin, TX
Posts: 3,165
| Re: Financing Quote:
The credit bureaus are changing to a new system in the next year or so - I'm too lazy to look up the article, but it's something different from FICO. The new system is supposed to more accurately ascertain the overall creditworthiness of the borrower. If I'm not mistaken, FICO was originally designed to measure creditworthiness with respect to mortgages. I could be wrong about that last part, though. | |
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September 26th, 2006, 13:51
| #5 |
| Junior Member Join Date: Sep 2006
Posts: 107
| Re: Financing
Hey guys, sorry for the delay in getting back. Thanks for the input, I am still working on building my credit. I will be attending ATP in 2008 when my service to the country is up so I have some time to get even with the lenders and keep building my self up. Other than that...~Fair winds and following seas~
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