crap credit score, but I got that PLUS loan

[redcement]

I have read so many posts about 700+ credit scores and oh gosh will I get the PLUS loan approval?? so I wanted to share a...less than stellar....credit check/GradPLUS story:

My credit score is poor (595), but I got approved for my Grad PLUS loan yesterday! I have been hard at work improving my report for the past year, but the score itself did not budge and there were records of "more than 90 days past due" within the past three years (just none that were current). Good enough, skated thru and got that loan approval!

 

[new2law]

Awsome. Glad to know. I hope it inspires others who are in fear of being denied.

I thought for some reason they didnt do credit check on student loans, or is that just the federal ones?

[redcement]

yeh, the staffords have no credit check, but the GradPLUS do. They don't check your score, just the rest of your credit report, but I was (unduly) afraid a bad credit score meant my credit report wasn't up to par either. After all, I needed a co-signer for a (tiny) moving loan. But the GradPLUS check is easier to pass than private ones.

[new2law]

I guess they know er're more likely to pay it off if we have a doctorate degree than if we're just moving across town for another minimumwager. Does the fed still regulate it at all or is it all private?

[redcement]

the fed regulates gplus,but the lenders are sometimes private (discover, access, et al).

[politicolaw]

My credit score is poor (595), but I got approved for my Grad PLUS loan yesterday! I have been hard at work improving my report for the past year, but the score itself did not budge and there were records of "more than 90 days past due" within the past three years (just none that were current). Good enough, skated thru and got that loan approval!

None that were current? I have some that are closed, but were past due. How do you address this? Again, nothing recent but still on the report.

[LincolnLover]

Do you think this would apply to distance learning students too?

You'd think that rent and books still need to get paid, regardless of where you are at from 9-5.