I have no credit, mainly because I was on a full scholarship with a stipend through undergraduate school. My car was bought upfront, so no loans there. Plus, I've never had a credit card. I DO have a cable/internet bill in my name, if that counts. I know that no credit is better than BAD credit, but it still concerns me. I want to go to a top law school, where I will probably need $40,000 a year in financial aid to get through. I know I can get Federal Stafford Loans, but will they cover all that? Any suggestions on how to get good credit FAST?
2007-10-09 04:31:55 · 6 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
You might have to get someone with a better credit rating to act as the guarantor. Basically they will co-sign on the loan with you, and if you default on the loan, the burden falls on them to pay it back. So make sure your guarantor knows what they are getting into and make sure they are someone you trust.
Once you've started working, you can take out a second loan in your name alone and pay off the loan that has your guarantor's name on it, so from then on, you will be paying off the loan under your name alone.
This is what I had to do for school since I didn't have a job when I applied for my loan, and once I started paying off the loan in my name, my credit rating starting increasing.
You can also go to a department store and get a credit card from there. Buy something for about $100 and pay it off over a few months (just make sure you pay in more than the minimum amount and make sure you don't miss a payment, even by accident). That'll help your credit rating.
It sucks that in these times, you can be very careful with your money and people STILL won't give you a loan because you don't have enough credit cards. Yet people with $8000 worth of debt can get one with no problems! >_<
2007-10-09 04:39:58 · answer #1 · answered by mikah_smiles 7 · 0⤊ 1⤋
Student loans are usually pre-approved and then you go and sit with your bank loan official and write up the documents.
The fact that you have had a full scholarship and have continued I'm assuming to do well in grades counts, because if you don't finish your education after borrowing you will be responsible for all of it, but the government usually forgives the portion they give you for living expenses usually depends on your criteria.
Also the fact that you own your car, that is collateral to an extent, because you have no lien on it (you don't owe another bank for it) or made a loan against its value.
Good luck sounds like you know what you want and your going after it. Love that
2007-10-09 04:39:34 · answer #2 · answered by Neptune2bsure 6 · 0⤊ 1⤋
Speak with the financial aid office at the school you want to attend. The can advise on what loans are available. There are many different types of education loans and many are backed by the federal government.
2007-10-09 04:35:53 · answer #3 · answered by libaki 4 · 0⤊ 0⤋
I think my credit was already pretty bad when I went to law school and I was able to get private loans. Some of the ones to look into would be Citibank CitiAssist, Sallie Mae, and KeyBank Alternative Loans. Good luck!
2007-10-09 04:34:15 · answer #4 · answered by Heathers 2 · 0⤊ 0⤋
Most liklely you will be able to get a loan. Especialy to law school. The financial insititution is set up to keep you indebted to them as long as possible after collage. Just be wise and don't borrow any more then you need. Good Luck :)
2007-10-09 04:35:31 · answer #5 · answered by Twigits 3 · 0⤊ 1⤋
you have a possibility
2007-10-09 04:33:45 · answer #6 · answered by Perfectionist 6 · 0⤊ 1⤋