Law School Discussion

Don't go with Access Group just becuase it seems easiest.

Don't go with Access Group just becuase it seems easiest.
« on: July 11, 2005, 10:10:16 PM »
I recently got my credit scores and got a 750 or above from all three reporting agencies.  Before applying for a private loan then, I was pretty sure Access Group would offer me their best rate.  I was wrong!  They offered me LIBOR + 3.95%.  I was almost ready to accept that, thinking that maybe I wouldn't get approved for a better rate anywhere else.  I thought, "Hey, if Access Group didn't approve me for the best rate, what are my chances with other lenders? 

But I applied with another lender anyway - a private bank - and got LIBOR + 2.85% (while I'm still in school), which later changes to LIBOR + 3.0% once I start repayment.

I figure I saved myself a few thousand dollars over the life of my loan.  All it took was me being willing to have one more lender pull my credit score.  Earlier, I had been reluctant to have multiple lenders check my credit cuz I heard that each time one of them did it would lower my score.  I'm glad I changed my mind.