Fed Financial
private student loan question?
i have been getting a private student loan from chase bank for 2 years now with a cosigner who has excellent credit. I am a student and I don't work but my credit had been pretty good. In the past couple months though I have been struggling so my credit score is not where I would like it to be; I;m working on getting that fixed. My question is should I be ok when I apply again for the third time with the same bank, same loan, and same cosigner? if not what should I do?
Public Comments
- depends how good your interest rate is now. if you contact them and they give you the same rate dont worry about it. but i would suggest contacting www.myrichuncle.com before you sign w/ them because they shop for the best rate for you so they may be able to get a better rate through them. best of luck, ben
- As long as your credit is not completely ruined, and as long as your cosigner still has good credit, you shouldn't have a problem.
- Most lenders will look at what's called the "debt to income ratio" - meaning how much money you owe compared to your (and your cosigners') salary. Each of the last two years you've raised your amount of debt, which will affect your (and your cosigner's) credit score. You'll never know if you'll qualify until you try. If your current bank denies you, try another bank - but stick with a large, reputable one. Here's more info on good credit: http://www.salliemae.com/before_college/planning-wisely/debtsmart/repayment/maintain_rating.htm
