Law School Discussion

Credit Score

JeffB

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Credit Score
« on: April 22, 2005, 11:05:45 PM »
Here's the problem:  Every time a lender pulls your credit history, your score lowers.  If you have a credit score that is not the best and you apply for a loan, your credit score will get worse.  I would like to know what credit scores are getting approved.  If people could post what their credit score is, who their lender is and if they got approved or not, I'd appreciate it.  That way people can see if they will get approved or not and not risk hurting their credit.  Further, I think that banks should have grids like law schools do with LSAT scores and GPAs so that one could gage his or her chances of getting a loan at a certain bank.  That would be awesome.  I have a 653 score and I am looking at Access Group, so if anyone has any info on Access Group, I'd particularly appreciate it.  Thanks.

HippieLawChick

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Re: Credit Score
« Reply #1 on: April 23, 2005, 06:39:50 PM »
Um...getting approved depends on a lot more than credit score.  You should call the place and ask what their criteria for approval are.  Some places will auto reject if you have paid anything late in the past X number of years.  Others just want to see that you haven't gone over your credit limit on credit cards. It's impossible to predict using just scores.  That being said, your score is not great.  You should pull your credit report and see if there is something that shouldn't be there causing this.

JeffB

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Re: Credit Score
« Reply #2 on: April 24, 2005, 12:47:31 AM »
I wrote Access Group and they said that they only look at the score.

Re: Credit Score
« Reply #3 on: April 24, 2005, 02:05:19 PM »
Um...getting approved depends on a lot more than credit score.  You should call the place and ask what their criteria for approval are.  Some places will auto reject if you have paid anything late in the past X number of years.  Others just want to see that you haven't gone over your credit limit on credit cards. It's impossible to predict using just scores.  That being said, your score is not great.  You should pull your credit report and see if there is something that shouldn't be there causing this.

I thought anything above 640 was a fairly good score? 

JeffB

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Re: Credit Score
« Reply #4 on: April 24, 2005, 03:40:14 PM »
653=fair(according to Experian) and I am in the 30th percentile.  To translate that into LSAT scores, I'd have like a 140.  That's why I think it's important for people to post their credit scores if they have been declined loans so that people can see what scores will get you a loan and which ones will not.

vegannramember

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Re: Credit Score
« Reply #5 on: April 24, 2005, 09:48:36 PM »
I think the general consensus is that 640+= fine without a cosigner; 600+= fine with a cosigner.

Re: Credit Score
« Reply #6 on: April 25, 2005, 08:30:04 AM »
I think you should be able to get a loan approved, probably at a relatively high rate. 


Here's the problem:  Every time a lender pulls your credit history, your score lowers.  If you have a credit score that is not the best and you apply for a loan, your credit score will get worse.  I would like to know what credit scores are getting approved.  If people could post what their credit score is, who their lender is and if they got approved or not, I'd appreciate it.  That way people can see if they will get approved or not and not risk hurting their credit.  Further, I think that banks should have grids like law schools do with LSAT scores and GPAs so that one could gage his or her chances of getting a loan at a certain bank.  That would be awesome.  I have a 653 score and I am looking at Access Group, so if anyone has any info on Access Group, I'd particularly appreciate it.  Thanks.

JeffB

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Re: Credit Score
« Reply #7 on: April 25, 2005, 10:08:08 AM »
I was under the impression that rates do not depend on credit for education loans. 

Re: Credit Score
« Reply #8 on: April 25, 2005, 11:34:15 AM »
FYI from personal experience:

620 + no cosigner = no go at accessgroup.

GOOD LUCK!

Oneof2

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Re: Credit Score
« Reply #9 on: April 25, 2005, 01:01:38 PM »
Where do I get my credit score and how much does it cost?