Deciding Where to Go > Financial Aid

Horrible Credit - Can I still get private loans?

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I have HORRIBLE credit.  I'm talking sub-600.  I'm working on getting it better but this won't likely happen before the summer.  My question is: does anyone know FOR SURE what my chances are for private loans?  I understand that I'll probably have higher interest rate and that I will have to have a cosigner.  That's fine.  I just want to know that I can at least get them.  Any thoughts?

as long as your cosignor has great credit, you should be able to get the private loans.

Two points:  As Vino pointed out, you'll definitely need a cosigner with good credit.

Also, if you've ever defaulted on student loans, you will likely not be able to secure them, cosigner or not.  If student loans play no part in your bad credit, you might be ok.

There are some institutions that won't lend to anyone sub-500 though, so make sure you shop around before applying.  You don't want inquiries from lenders dragging down your score even more.

Thanks for the info.  I'm only slightly sub-600, and I haven't defaulted on student loans.  I had a roommate that got us evicted and I refused to pay the fees cause it was his fault.  BIG MISTAKE.  I should have just payed the money and forgot about it.  My wife is slightly below 700.  You guys think she could cosign?

I'm not sure who can't be a cosigner.  I know my dad can cosign for me if necessary, but I'm not sure if a spouse can.  I don't really see why not, I guess, but you'll want to check with lenders to see.


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