Loans using TU score

[t_diddy43]

Anyone familiar with the student loan process know which companies pull which credit reports? My TU is much better than my EQ, so I'm hoping there's a company that pulls from TU only.

[ChanceCount]

Teri uses Transunion as far as I know. At least they did for me. I have heard that they require that your report be free of derogatory trade lines for approval.

Sometimes the FICO itself is less important than other criteria. Like I mentioned that Teri will require that there not be any unfavorable tradelines. Sallie Mae, I've heard, pulls Equifax and it appears that their preference is that you do not have any unpaid chargeoffs . Your FICO here could be as low as 640 or so and it is less important than you meeting their credit-ready criteria.

A search here and other places should help you find out the lender criteria before you apply for the loan.

[julestx]

You can also try "please use/would you be able to use my TransUnion credit report if possible b/c I have been working with the Equifax and Experian bureaus on some incorrect information posting on those two reports at the moment" (provided the info is incorrect? :-) )

[johnny k]

thanks for the insight. my EQ has 3 chargeoff/paid account in full, my score in my EQ in 641, so that means i got a shot with salimae? i will not even bother terri.

[julestx]

I would say if all balances are zero, you SHOULD be ok. If you want a quick score boost, (takes 30 days or so to happen) you pay down your credit cards to below 34% of their limits (all of them). Also, how are you on your payments - all been on time? Sometimes having a record of late payments within the last 2 yrs can cause denial (one or two shouldnt hurt, and nothing 2 or more years old will hurt). Have you actually viewed your report? Because sometimes when you have a charged-off account, you'll have multiple collection agencies listed on your credit report, regardless of whether or not they actually collected from you, or tried to, etc.

I think Sallie Mae will give you a shot, Johnny k...I like their phone application, and knowing within a couple of minutes what your chances are. If they say "you are approved WITH a co-borrower" - tell them how disappointed you are (if you really dont HAVE a co-borrower), and ask to speak with a manager or credit specialist, since you do not have anyone to co-sign for you. They may back down once they realize they cant get a 2nd signature from you. (But your int rate is going to be higher!) <--a small price to pay if you actually get to attend medical school, however, no?

Jules

[ChanceCount]

Assuming there isn't anything else derogatory on your report and that the three charge-offs aren't this month (the older the better), I think it is possible to get accepted for a loan.

When are you planning on attending? If it is in January or later, that should be enough time to try to get those off of your reports and any other unfavorable info that might be on there. There are a number of things you can do.

[johnny k]

men, you are my hero!!!! somebody for once just gave me hope. i have paid off everything down to zero balance. all /paidchargeoff are 2002/2003. 2 medical bills and cap ONE credit (pain in the bu.....). i will be starting in jen 06. i can not find a cosigner, but i guess i will try and apply and see what they say.

[ChanceCount]

men, you are my hero!!!! somebody for once just gave me hope. i have paid off everything down to zero balance. all /paidchargeoff are 2002/2003. 2 medical bills and cap ONE credit (pain in the bu.....). i will be starting in jen 06. i can not find a cosigner, but i guess i will try and apply and see what they say.

Before you apply, visit creditboards.com to see if you can find a way to get those removed before you apply. There are people there who have removed worse in a short period of time.