Key Loans

Phoenix

New Member
I have read several comments on the Key Loans and was curious if anyone had gathered any additional information abut these particular loans. There are several loans listed on their website...Does anyone know which particular loans are gear toward late life (36) career changers such as myself? Are there any other financial institutions offering such loans?


Thanks....
 

TheFlyingTurkey

Fetus Worshiper
The research I have done shows only Key Bank will loan $60-$80-$100k for school. There are other loan sources such as Sally Mae, and Fanny Mae, but I dont think they have loans for that much money. But I could be wrong.
I am 29 and changing career's myself. I am applying for the KEY ALTERNATIVE EDUCATION LOAN. One example of the loan is this:

Borrow: $80k
Payments: $525 a month for 20 years
Interest rate is varibale, currently around %5.2
No repayment until 6 months after leaving school
This loan covers the cost of tuition AND living expenses

Hope this helps, Turk.
 

FLYNOVRU

New Member
Try Suntrust for a loan. I got my loan from them, and they mail you the check directly. They can get you the money quickly.

Tim

P.S. Don't apply too many times online for a loan, it will lower you credit rating. Just call the company up if there is a problem.
 

bluelake

Well-Known Member
Tim is right...

applying for too many loans 'can' hurt your credit. It can lower your "credit score". Luckily, by law, a flurry of loan apps cant lower your credit score more than 10%. This means that if you have really good credit, its ok to apply for an amount of loans as necessaryt. If your credit rating is marginal, its good to be "judicious" with your loan applications.

I only know this because one year ago I checked my credit and my "score" was about 51%... /ubbthreads/images/icons/frown.gif (meaning one half of all americans had better credit than me) all due to incorrect reporting.. now I got it up to about 92%.. along the way I learned that checking and staying on top of credit stuff is VERY important.... /ubbthreads/images/icons/smile.gif
 

elseeb

New Member
I have a loan through key loans and I like them. They give you your money very quick. Also I like the fact they send your money to the school.
 

pscraig

Well-Known Member
I'll second that, don't apply everywhere as it will hurt your composite credit score. When a lender pulls your credit report, they see a list of whoever else has made a credit inquiry on you recently. Since they cannot tell if those creditors opened a loan for you at that point (that info shows up later) or not, it can look bad if there are too many inquiries since it might represent a large amount of debt.

I'd also advise getting a copy of your own credit report for around $10 from one of the credit bureaus. That way you can clean up your own credit score before taking out a large loan, and a better composite score means a lower interest rate. By cleaning up I mean closing inactive accounts, etc. That store credit card you used once three years ago but never cancelled is still on there, and doesn't look good.
 

davetheflyer

New Member
There are really two types of credit reports.

The credit score is simply a number that sums up your credit rating. The three different credit bureaus all use different methods of computing credit scores.

Inquiries do lower the score, but it takes a lot of them to make a difference. For instance, if you went to every bank in town about a student loan and they all ran your credit within a week or so.

The credit bureaus will not disclose your credit score to you. They consider this proprietary information.

The full credit report lists all of your current and many past accounts. It shows whether the account is revolving (ie. credit cards or lines of credit) or installments, the balance, the monthly payment, late payments, and how long the account has been open. A full credit report will also show liens, judgments, and collections against you.

In general, a lot of revolving credit is bad, especially if you carry balances. Late payments are also bad (late is generally considered to be over 30 days past due). Lates are worse on installment debt than revolving. If you have a mortgage, that carries the most weight in determining your credit rating.

I second the motion about not keeping store credit cards. They may make it appear that you have much more installment debt than you really do. In my experience as a loan officer, department stores are also much more likely to incorrectly report your payments as late.

If you are denied credit, you are entitled to a copy of your credit report. In some states, I know Georgia is one, you are entitled to a free copy of your credit report every year.
 

arizonaflyer

New Member
uummm davetheflyer.. you CAN get your score and report.. the three biggies will charge you an extra fee for obtaining it though from 5-10 bucks.. i just did this about a month ago and suprise!! found more bogus info on my credit report than i thought there would be..waiting now for them to fix it and send me the updated reports.. also if you get a credit report on yourself it will show on the report as you getting it not applying for credit.

also the credit report people were very friendly to me on the phone so if you find alot of wrong info try not to lose your calm when dealing with them..
 

pscraig

Well-Known Member
I think most of the bureaus will release a FICO score, which is a kind of composite score. I would be courteous with the credit bureau reps as I would anyone else, but remember that any erroneous information must be disputed in writing.

davetheflyer-since you're a loan officer you can answer a question for me. How does a rather large student loan balance affect my chances if I attempt to get a home mortgage in a few years? I'm assuming a satisfactory repayment history, and my credit is excellent.
 

arizonaflyer

New Member
re: any disputes must be in writing

when you order a credit score online from the company itself not one of these places that will get it from them.. you get a control number, at that time you can dispute online or call the number given and give them your control number(they want it before you ever get a real person) then they ask you a couple questions ie.. last residence, newest loan.. then they will be more than happy to go over your report and edit each item, but before any permanent changes are made they contact each acct to verify what you are claiming is in error..

at least thats what i've went through so far. should be getting my updated credit report from equifax in a week or so. the other two just sent me a letter asking for a copy of some payoff receipts, paperwork as proof.
 
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