Credit score for loans Forum
- stintez
- Posts: 307
- Joined: Fri Apr 02, 2010 12:55 pm
Credit score for loans
So apparently you have to have a great credit score to get loans for LS? What would an acceptable score be. I want to make sure that I spend the rest of this year getting my better.
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- Posts: 958
- Joined: Sat Jun 07, 2008 10:19 pm
Re: Credit score for loans
lawl good luck with thatstintez wrote:So apparently you have to have a great credit score to get loans for LS? What would an acceptable score be. I want to make sure that I spend the rest of this year getting my better.
- pleasetryagain
- Posts: 754
- Joined: Sat Sep 06, 2008 1:04 am
Re: Credit score for loans
you dont need a great credit score for federal loans. you just can't have bad credit i.e. bankruptcies, charge offs, 90 day delinquencies, etc. Private loans, though, require good credit or a cosigner. keep in mind a good credit score is only necessary for a private loan, not sufficient.stintez wrote:So apparently you have to have a great credit score to get loans for LS? What would an acceptable score be. I want to make sure that I spend the rest of this year getting my better.
- Doritos
- Posts: 1214
- Joined: Tue Nov 24, 2009 8:24 pm
Re: Credit score for loans
The only reason your FICO score (aka credit score) would come into play is if you wanted Private Loans. Rev speaks the truth with regard to federal loans and those cover your cost of attendance (schools combine tuition, fees, books, and an estimate for housing and living expenses to come up with cost of attendance). So unless you have a bunch of debt that you will have to pay on in law school (car loan, mortgage, lots of credit card debt) you should be fine with federal loans.
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- Joined: Wed Jun 30, 2010 3:40 pm
Re: Credit score for loans
Sorry to bump an old thread, but just saw an 11 month old $80 collection that brought my score down to 660. Just paid it right now.Doritos wrote:The only reason your FICO score (aka credit score) would come into play is if you wanted Private Loans. Rev speaks the truth with regard to federal loans and those cover your cost of attendance (schools combine tuition, fees, books, and an estimate for housing and living expenses to come up with cost of attendance). So unless you have a bunch of debt that you will have to pay on in law school (car loan, mortgage, lots of credit card debt) you should be fine with federal loans.
Wondering if this post was right, that you can pay the entire CoA with federal loans? What is the maximum amount of these loans you can take out?
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- Joined: Mon Feb 08, 2010 9:48 pm
Re: Credit score for loans
Hopefully you were able to negotiate a deletion when you paid the third-party. Ideally, you would like to have a report that is free of the taint of a collection item.2011Law wrote:Sorry to bump an old thread, but just saw an 11 month old $80 collection that brought my score down to 660. Just paid it right now.Doritos wrote:The only reason your FICO score (aka credit score) would come into play is if you wanted Private Loans. Rev speaks the truth with regard to federal loans and those cover your cost of attendance (schools combine tuition, fees, books, and an estimate for housing and living expenses to come up with cost of attendance). So unless you have a bunch of debt that you will have to pay on in law school (car loan, mortgage, lots of credit card debt) you should be fine with federal loans.