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No Co-signer, Bad Credit

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jayben



Joined: 14 Oct 2009
jayben's page
Posts: 9



731 Magic Points

Subject: No Co-signer, Bad Credit
 
Posted on Fri Oct 23, 2009 8:57 pm  

I have been accepted at a private university and I received a pell grant and a stafford loan. Unfortunately I am still left with tuition costs, room and board and housing. My mom applied for a Plus loan but was not approved because her credit went downhill after not making payments on unsecured personal loans.
I have tried applying for several other private loans but majority of them require a co-signer that is credit-worthy. Is there something that is being overlooked? Do I have any alternatives? Someone please help!
Justin

Justin

Joined: 17 Jul 2006
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Posts: 1238



28944 Magic Points

 
Posted on Sat Oct 24, 2009 12:23 pm  

HI Jayben,

Have you tried getting unsecured personal loans or a restricted credit card? There are certain private lenders who extend loans even after bad credit. However, all these loans come with a high rate of interest, since you do not have a good credit history and you may be a risky option for the lenders. Hence, before taking out such loans calculate on how much you are able to pay them each month.
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Justin
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1915 Magic Points

Subject: bad credit
 
Posted on Sat Oct 24, 2009 12:42 pm  

I'm just curious. Correct me if I'm wrong, please...but, isn't 'room and board/housing the same thing? I'm assuming you want to live on Campus. With Stafford Loans,....don't THEY pay for the tuition? I'm not trying to be ignorant....am I missing something?
marcusandila



Joined: 27 Oct 2009
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Posts: 133



3015 Magic Points

 
Posted on Tue Nov 03, 2009 9:46 pm  

SD, I know that with my Stafford loan. It paid for my tuition & such but ONLY if I was enrolled FULLTIME. The thing about it though, is they only cover so much. It's a loan. If your loan isn't for enough, then you are responsible for the remainder.

Room & board are the same thing. Jayben, it might be cheaper if you considered living off campus-possibly at home while in school. Seriously, you can afford so much more without the room & board; especially with a room-mate. I lived off campus, but when I moved out on my own I couldn't afford college AND living on my own. I'd make sure you have your finances under control first. Also, you may want to consider a community college for tuition savings. Community colleges are ALOT cheaper than universities & you still get a great education.
fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Tue Nov 03, 2009 11:53 pm  

Hi All, I wonder if maybe we missed the original question our poster was asking. I believe jayben is saying his mother is the one with bad credit and he has ok credit but needs a co-signer.
If this is so, a lot of people are being wary of co-signingfor others. SO many people struggle with their own credit score and keeping their payments up that they do not want the responsibility of someone elses debt. I would as any family member or cloes friend that would be willing to take the chance and if they do remember what a leap of faith they take and value it.
debranewell2008



Joined: 10 Oct 2009
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Posts: 591



108 Magic Points

 
Posted on Wed Nov 04, 2009 1:55 am  

I know fireyone is correct that is taking a huge risk especially now with the economy in such bad shape. You could have been at your job for 30 years and still not be safe. So I know I wouldn't cosign. And by they way you never mention whether you had a job or not. If not I doubt even with a cosigner you would get a loan. How would you pay it back?
marcusandila



Joined: 27 Oct 2009
marcusandila's page
Posts: 133



3015 Magic Points

 
Posted on Wed Nov 04, 2009 2:03 am  

A couple of my family members have asked me to co-sign for houses, cars, apartments. I won't do it. EVEN if they COULD repay it back. I just can't allow myself to get screwed over. I'm trying to get back on my feet from MY job loss. I can't see myself co-signing for someone else & them losing their job and then I am held accountable for their debt too. No way, not me.

fireyone, you give such great advice & answers. Smile
fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Wed Nov 04, 2009 6:04 pm  

The fact is we all have to be careful in this department. A person can fully trust their relative and still have trouble co signing. No job these days is secure as debra said. We have seen this in the past year and a half. Plants shutting their doors and workers that have spent their entire lives working for that company are now with out jobs. No we don't expect it to happen and pray that it doesn't but none of us can be too sure. Thankfully the economy is improving but I still believe we have a long way to go. One indicating factor of that is looking at the unemployment rates.
debranewell2008



Joined: 10 Oct 2009
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Posts: 591



108 Magic Points

 
Posted on Thu Nov 05, 2009 1:27 am  

You Know fireyone I glad you brought up the unemployment rates. Do you think them dropping could be because some people just stopped looking for work or their money run out before they extensions were approved. I was asking the lady at the unemployment the same question and she said if that did happen you had to reapply I believe she said it took about 30 days to start receiving money again. So I'm just wondering if those figures were reported when those people didn't qualify and not that they had found work.
marcusandila



Joined: 27 Oct 2009
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Posts: 133



3015 Magic Points

 
Posted on Thu Nov 05, 2009 4:22 am  

my city is building a massive money-maker business where people gamble their money (i guess I can't type the word?). just got approved. i'm excited-it will open up lots of employment opportunities in my area. i hope they hurry up and build it. lol

debra, thats really interesting. I haven't thought about that. If you ever get the answer, I'd love to know.
carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30054 Magic Points

 
Posted on Thu Nov 05, 2009 6:15 am  

Hi jayben

Have you tried the Federal Student Aid? I gues you may take a look at the Free Application for Federal Student Aid / FAFSA

This loan does not require a co signer and if you fulfill their criteria, you may be approved for a student loan. Check them out.
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Carol
marcusandila



Joined: 27 Oct 2009
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Posts: 133



3015 Magic Points

 
Posted on Wed Nov 18, 2009 11:35 pm  

fasfa really does work... there are certain requirements though. like after you meet the financial requirements for fasfa loans and grants. you also have to meet the academic requirements; which includes being enrolled as a full-time student which is like 12+ credits per semester. then the original poster had mentioned it was for a private institiution....some private institutions DO NOT qualify for fasfa funding. always do your homework.

also, im pretty sure that you have to be enrolled full-time in a school that qualifies for fasfa funding BEFORE you can apply for funding. on their website, they have a drop-down menu somewhere that you can check to see if a potential school that are thinking about attending is a school that qualifies for fasfa funding.
Archie



Joined: 09 Nov 2009
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Posts: 57



37 Magic Points

 
Posted on Sun Nov 22, 2009 10:40 am  

is it really possible to get loan with bad credit score and without co signer?
As per my knowladge it is not possible.

Does anyone throw light on this subject.
marcusandila



Joined: 27 Oct 2009
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Posts: 133



3015 Magic Points

 
Posted on Tue Nov 24, 2009 6:02 am  

depends on how low the credit score is & if said person has a downpayment and if they DO have a downpayment, how much they have vs. how much they want to mortgage.

different lenders have different "requirements" from their borrowers. in the current real-estate market, there aren't too many options for "bad credit" mortgages besides the FHA which still requires a minimum credit score in order for them to finance; as well as the borrower must have 3% for a downpayment-which is considerably low.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1915 Magic Points

Subject: co-signer
 
Posted on Sun Dec 13, 2009 12:11 pm  

(I know this post is a bit old, but, I wanted to 'add' to it) Also............have you tried getting Grants? I don't think I read, anywhere on this thread, about applying for Grants. Grants: you don't have to pay back. Have you talk to the school, you are attending, abiut this?

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