Getting loans w/ Bad credit

[Boulderunner]

So I have terrible credit and I need loans to fund my education at saba. I'm going to get one of my parents to cosign but I'm still a little concerned. would I not approved even with a cosigner if my creit is too bad? Ive been admitted for jan 07 so i have a little time but i want to get the ball rolling now. Thanks

[jubes]

I've been in a similar situation. To get extra brownie points, you have to get a head start on a few things:

1. Rectify your problems of the past. Go to the finanical institutions, grocery stores, libraries, or whatever that you let down, and a) pay your debts, and b) get the institutions to write a letter that you have apologized and have paid all debts. There is no way to erase these dark spots of your past, but these efforts will ensure financial institutions that you won't do it again.

2. Get a savings account and leave money in there.

3. Get a credit card account that you pay money upfront for.


The way I figure it, you will have to do these things someday anyway as your future financial dealings (e.g. mortgage) will also fall into trouble if you don't. Might as well get the stuff done sooner rather than later. Plus, with a co-signer, these efforts might just clinch your spot at medschool.

Does anyone have anything to add?

[jameslynton]

Actually, there are ways to fix your credit reports. It is a method I learn from the Jerry Mondis books after my divorce 11 years ago. It does require lots of work, it is also legal, and it does require some repayment payment of your debts, if you have not done so. PM me and I can give you details. Stay away from websites that promise to fix it for a fee. They are big rip offs. This is not an instant fix.

[Boulderunner]

Si are you guys saying yes its definitely possible you will be turned down even with a creditworthy cosigner if your credit is bad? Im all for restoring my credit and am going to pursue help, but with my med education starting next jan it seems too little too late. Now im a little freaked...

[Boulderunner]

So are you guys saying yes its definitely possible you will be turned down even with a creditworthy cosigner if your credit is bad? Im all for restoring my credit and am going to pursue help, but with my med education starting next jan it seems too little too late. Now im a little freaked...

[comoregie]

I had to get a co-signer for my teri loan even though my credit score was 680. It is a complex issue and I will advice you to look into it right now..and not wait till the last minute.