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Author Topic: Credit Score for Private Loans  (Read 1272 times)

etmerian

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Credit Score for Private Loans
« on: January 03, 2008, 03:05:29 PM »
Anyone have any idea just what kind of a credit score you need to be approved for private loans without a co-signer?  Are we talking 700+ or 600+ of what?

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Re: Credit Score for Private Loans
« Reply #1 on: January 03, 2008, 06:02:30 PM »
799+

BearlyLegal

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Re: Credit Score for Private Loans
« Reply #2 on: January 03, 2008, 06:11:26 PM »

siski

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Re: Credit Score for Private Loans
« Reply #3 on: January 03, 2008, 06:25:08 PM »
799 = Flame

What your credit score is going to affect is the interest rate you pay on the loans. A lower credit score could give you a very nasty interest rate. if your credit score is very low, then it will start to affect your ability to get a loan at all. If you have any derogatory items on your credit report, deal with it now. I had an unpaid parking ticket from 1999 in Philadelphia that had grown to around $100. I finally just paid the damn thing a couple years ago (you know, cleaning up the mess of a misspent youth), and got that derogatory item off my credit report.

etmerian

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Re: Credit Score for Private Loans
« Reply #4 on: January 04, 2008, 09:16:28 AM »
Thanks for the input - so I'm guessing "very low" is less than 600, 600-700 will get you marginal interest rate and 700+ will get you good rates?

I'm hoping not to need private loans at all - but you never know!

NYU3point0

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Re: Credit Score for Private Loans
« Reply #5 on: January 04, 2008, 12:42:13 PM »
Thanks for the input - so I'm guessing "very low" is less than 600, 600-700 will get you marginal interest rate and 700+ will get you good rates?

I'm hoping not to need private loans at all - but you never know!

If you have more than a couple derogatory reports on your credit (late, unpaid, collections), you stand a good chance of getting rejected outright without a co-signer. I need more info before I can give you any meaningful advice.

etmerian

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Re: Credit Score for Private Loans
« Reply #6 on: January 04, 2008, 01:26:30 PM »
I have no collections or anything like that.  I have two late payments 4 years ago.  I'm working to pay down credit card debt right now so my score will go up (the credit-to-debt ratio is keeping it down, or that's what I'm told).  So nothing drastically derogatory anywhere.

NYU3point0

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Re: Credit Score for Private Loans
« Reply #7 on: January 04, 2008, 04:04:28 PM »
I have no collections or anything like that.  I have two late payments 4 years ago.  I'm working to pay down credit card debt right now so my score will go up (the credit-to-debt ratio is keeping it down, or that's what I'm told).  So nothing drastically derogatory anywhere.

Then you should not get rejected for the loan. All you have to worry about is what interest rate they'll give you.

Out of curiosity, where are you going to LS?

Outlaw22

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Re: Credit Score for Private Loans
« Reply #8 on: January 04, 2008, 04:11:19 PM »
speaking of credit scores...where can I find mine online for FREE without having to enter credit card information. Anyone know?
Penn Law Class of 2011

etmerian

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Re: Credit Score for Private Loans
« Reply #9 on: January 04, 2008, 04:15:55 PM »

Out of curiosity, where are you going to LS?
[/quote]

Crossing my fingers - Emory.  If not, then probably Miami unless I get a surprise admit somewhere.