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Thread: loan question

  1. #1
    drquentin1217 is offline Junior Member
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    loan question

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    If you don't qualify for a a loan due to credit history. How do you increase your credit rating? and how long does it take? How was just turned down for the teri loan and need a time frame so I know if I have to defer.

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    ojmdc is offline Member
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    reply

    Hello,

    Increasing your credit rating is slow business. Considering you've been building your present history for several years increasing it is like increases a 1.5 GPA. You would be looking at a timeframe of several months to a year at least I would gather depending on how poor your credit rating is. The speed with with it increases is proportional to the amount of bills you have to pay every month. If the only credit account you have remaining is a $500 limit visa then it's gonna be tough. You should talk to the Teri loan people and see if they can give you more specific credit criteria. In either case it's not likely you would be able to affect a change in your credit history significant enough to qualify for a major loan in any less than 6 months, and more likely a year. Perhaps it's worth considering a cosigner if you have one available. Or, if I might be so bold, another less expensive school where just the stafford loan money is more than enough to live comfortably, there are a couple such schools in the dominican republic for instance.

    Take care and God Bless
    Ozzie.

  3. #3
    wolfvgang22 is offline Moderator 514 points
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    depends

    How long it takes depends on your personal situation. The fastest way to improve credit is to pay off revolving debt (credit cards). Like the previous poster said, if you don't have any revolving debt to pay down, you don't have that option. Other things you can do is dispute listings of late payments or collections. Creditboards.com is a great place to get detailed advice about how to improve credit quickly, check them out.
    The quickest most people can improve credit is 3-6 months, if they have a lot of revolving debt they can dispatch quickly, and thus improve their utilization ratio.
    Good luck!
    Saba University School of Medicine, Class of 2009
    Diplomate, American Board of Psychiatry and Neurology

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    drquentin1217 is offline Junior Member
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    which DR school

    Which Dom. Rep. Schools accept Stafford Loans?

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    justdoit is offline Member
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    Re: which DR school

    Quote Originally Posted by drquentin1217
    Which Dom. Rep. Schools accept Stafford Loans?
    If you're talking about Ross?? They do have Stafford loans.
    As far as I know Ross is the only one in the Dominica.
    It's a Zen life....live, laugh, love, and be happy!

    We come to love not by finding a perfect person, but by learning to see an imperfect person perfectly.
    -Sam Keen, from To Love and Be Loved

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    wolfvgang22 is offline Moderator 514 points
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    different place

    dominica is a totally different place than the Dominican Republic. Dom. Republic is on Hispaniola, where Haiti is located also, if i remember correctly.
    Saba University School of Medicine, Class of 2009
    Diplomate, American Board of Psychiatry and Neurology

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    Re: different place

    Quote Originally Posted by wolfvgang22
    dominica is a totally different place than the Dominican Republic. Dom. Republic is on Hispaniola, where Haiti is located also, if i remember correctly.
    Thanks for the info....I was wondering about that myself.
    It's a Zen life....live, laugh, love, and be happy!

    We come to love not by finding a perfect person, but by learning to see an imperfect person perfectly.
    -Sam Keen, from To Love and Be Loved

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