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Author Topic: When do they check your credit for loan purposes?  (Read 3879 times)

maka nani

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Re: When do they check your credit for loan purposes?
« Reply #10 on: April 22, 2005, 01:08:13 PM »
i heart wachovia
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ElizaB

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Re: When do they check your credit for loan purposes?
« Reply #11 on: April 22, 2005, 04:37:29 PM »
Thanks for the responses...

What kind of interest rates are on educational, non-Stafford loans?  I guess it probably depends on your credit...but does anybody know a range?

Also, does anybody know what the total limit on Stafford loans is?  I know it is pretty high, but I already have a lot of loans and they are all stafford sub or unsub...so I want to make sure I'm not getting close.
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grad

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Re: When do they check your credit for loan purposes?
« Reply #12 on: April 22, 2005, 04:42:44 PM »
Interest rates on your non-stafford loans will fluctuate.  I would say you can expect about 6.5% now going up to a max of 8.25% I believe.  The total limit on stafford loans is 23k as an undergrad and 138,500 as a grad, of which no more than 65,500 can be subsidized.

InVinoVeritas

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Re: When do they check your credit for loan purposes?
« Reply #13 on: April 22, 2005, 04:58:35 PM »
about 8 percent for private loans. total stafford limit is abou 200K, although i'm not sure what the grad school limit is.

ElizaB

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Re: When do they check your credit for loan purposes?
« Reply #14 on: April 22, 2005, 05:02:22 PM »
Well that is a relief!  I'm not even close to those numbers!

Good grief those interest rates are high!  My current stafford loans are 2.25% and even my car is only like 5%.  I will be taking out as few of these loans as humanly possible!
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InVinoVeritas

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Re: When do they check your credit for loan purposes?
« Reply #15 on: April 22, 2005, 05:08:11 PM »
gov't backed loans are awesome that way.  keep in mind though that a lot of private lenders lower the rate on you loan once you fulfill various payment obligations; e.g. don't miss a payment for 24 months, 48 months, etc., pay through direct deposit....

michaelduke

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Re: When do they check your credit for loan purposes?
« Reply #16 on: April 22, 2005, 07:40:44 PM »
Does anybody know what the prime rate is?

LaneSwerver

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Re: When do they check your credit for loan purposes?
« Reply #17 on: April 22, 2005, 07:49:45 PM »
Does anybody know what the prime rate is?

5.750

EDIT: I should add that's the WSJ prime rate.

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Re: When do they check your credit for loan purposes?
« Reply #18 on: April 22, 2005, 08:01:21 PM »
check out myfico.com for info about how your credit score is calculated.  It's information straight from the horse's mouth...

http://www.myfico.com/CreditEducation/Default.aspx?fire=5

maka nani

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Re: When do they check your credit for loan purposes?
« Reply #19 on: April 24, 2005, 11:43:57 AM »
Interest rates on your non-stafford loans will fluctuate. I would say you can expect about 6.5% now going up to a max of 8.25% I believe. The total limit on stafford loans is 23k as an undergrad and 138,500 as a grad, of which no more than 65,500 can be subsidized.

i have 38k in stafford loans as an UG....it is limited for subsidized but you can take out over 23k in unsubsidized if you want. 
DON'T GO TO LAW SCHOOL YOU DUMB FUCKS.