Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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- Joined: Sat Sep 25, 2010 5:35 am
Adverse Credit History
A credit history is a summary of your financial strength, including your history of paying bills and your ability to repay future loans. To qualify for a PLUS loan, you cannot have an adverse credit history. Your credit history may be considered adverse if you are experiencing any of the following credit conditions:
- Bankruptcy discharge within the past five years.
- Voluntary surrender of personal property to avoid repossession within the last five years.
- Repossession of collateral within the last five years.
- Foreclosure proceedings started.
- Foreclosure within the last five years.
- Conveying your real property that is subject to a mortgage (by deed) to your lender to avoid foreclosure (deed in lieu of foreclosure).
- Accounts currently 90 days or more delinquent.
- - Unpaid collection accounts.
- - Charge-offs/write-offs of federal student loans.
- Wage garnishment within the last five years.
- Defaulting on a loan, even if the claim has been paid.
- Lease or contract terminated by default.
- County/state/federal tax lien within the past five years
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- Joined: Sat Mar 30, 2013 7:54 pm
Alright, lets say that all of my past debts have been paid for less than the full balance, but they read "Paid and Closed" and "$0 balance" would my credit history still be considered adverse or since it has been paid be considered non-adverse?
- Posts: 146
- Joined: Thu Oct 25, 2012 10:54 am
Stanley! wrote:Alright, lets say that all of my past debts have been paid for less than the full balance, but they read "Paid and Closed" and "$0 balance" would my credit history still be considered adverse or since it has been paid be considered non-adverse?
As long as it's paid. Zero balance. You answered your own question. There is TONS of information out there on the requirements.
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