applied for student loan got denied?

Question

i applied for a loan with campusdoor and my preapproval got denied even with my uncle as a cosigner (who has really good credit and established credit history and great paying job) neither of us could understand why. my credit is somewhat poor, but not life threatening, just an 18 dollar charge off (that i called about yesterday and they said if i send a check for it they'll change it) and a phone account i took out for my mom in my name that she missed a payment on (so its not my debt)

,,,however we thought by having him cosign, it would greatly improve my chances...yesterday i called the 2 negative accounts on my credit report to remove or fix them so hopefully that will help me to get a student loan...what im wondering is should i call campusdoor and ask to speak to someone in charge of issuing the loan so i can explain my credit situation, i dont even mind high rates because i can improve my credit while in school and consolidate when i get out for lower rates...thank you

Answer 1

If you opened an account in your name for your mother and she paid late, it IS your bad debt. You are in serious need of some basic knowledge with how credit works and what to do to keep it on track.

In the meantime, why not apply for scholarships?

There are tons of scholarships that go unclaimed each year. Many $400, $500 or $1000 scholarships never even get applied for because people think it's chump change and not worth applying for. Well, get a few of those $500 scholarships and it'll really make a dent in your tuition bill.

People make the mistake of looking for one big scholarship to pay for everything when they should be targeting smaller scholarships that are more regionalized or specialized to their intended field or reflect something unique about them (son of Italian policeman, daughter of registered nurse, etc). Everybody goes for the big scholarships, the competition for those is much higher and your chances are smaller of getting it. Research and apply for anything and everything you are close to being eligible for no matter how small the scholarship.

Do a search on scholarships, search your major, your ethnic heritage, your town, your parents employers, your employer, hobbies, high school, local Chamber of Commerce/Rotary/ Lion's Club etc. Left-handed? There is a scholarship out there for you! Older woman returning to school? There are scholarships out there for you. Do combined searches on more than one criteria "hispanic women aviation scholarships" etc.

Go to the library and ask the reference librarian for a reference book on scholarships. They usually have more than one. There are all kinds of scholarships out there, you just have to start applying yourself and make it your summer career to send out letters everyday for scholarships. Good luck!

Answer 2

It *would* greatly improve your chances if your uncle did have great credit... I hate to ask "are you sure?" but... are you sure that your uncle has great credit? Some people don't check their credit reports very often and, as you know, these things are quite fluid. Perhaps he missed a few payments in the recent past? Or, he might be good at paying on time but he has a lot of debt relative to his income. I only ask this because, well, Campus Door isn't very picky, so if you got denied, something was probably "off"...

Many lenders do have what they [often] call a "second look" process, so it's not unreasonable to call Campus Door and ask them to check over your credit report a little closer (ideally, after you clear up the issues you mentioned). Remember that it doesn't matter if your mother missed the payment -- it's in your name, on your credit report, so they will see it as your responsibility.

Answer 3

I can't understand why you were denied, but apparently they found good reason not to approve you. Instead of calling them begging for another chance (this might annoy them), just apply somewhere else. Also, if you can, do look into getting a federal student loan. The interest rates are lower and they don't care about your credit. I have bad credit and haven't worked in almost two years. I get a loan every school year.

Answer 4

I am in the same boat as you
I want to go to school and I can't get a loan. We have credit problems and some of the issues on our credit-

We have very high income, but the credit factor is killing us

My only suggestion is work hard and save
Unfortunatly that is the way it is

I have to save 29,500 for my schooling and I want to go to school now. So I have taken on two jobs and by next year I should have the money-

Have you tried SallyMae Student Loans-

Answer 5

you should get a federal stafford loan - your credit doesn't really matter to them.