Skuzzy

here is my case;

I am a college student. I get 4k a semester from my university AFTER all my tuition/fees are paid (Full ride plus some). I have had a credit card for one year, paid balance in full each month. I have one year of utilities paid in full each month on time in my name.

I applied for a 1k consumer loan to float me for a month (deposit on utilities, house, misc money) until my university pays me on August the 15th. I would pay the loan off over a year and build credit. At the time I applied, I had 200 dollars in checking (just got back from 6 months abroad ) and 2k in a scottrade account. The reason I wanted the loan is because I didnt want to close out my positions.

So I apply for this consumer loan and the bank denies me based on my limited credit history. What would it take for me to get that loan? This was my first time ever applying for a loan and I surprised I didnt get it.

So, how does this stuff all work?

Brennon

Why not just get a credit card if all you wanted was a grand? That's how you'll build credit anyhow.

Skuzzy

Um. A. I already have a credit card and B. taking 1k out on a credit card doesn't seem like a good idea.

KeithM

Think about it from the lenders perspective....

Essentially zero credit
Young age
Only a $1k loan which you want to pay back over a year
Limited credit probably equals a low(er) credit score, though im just assuming

Theres really no benefit to them lending you money. The amount of interest they would make would be immediately lost if they ever needed to make collection calls

TheDarkKnight

Try a secured card. Pay it off in full if you can every month. Someone will take a chance on you though.

zzziippyyy

wow you have a pretty sweet deal with school they pay you????

Skuzzy

Yup. It is why a lot of us end up at the University of Oklahoma. Well, and the football team.

mxt_77

Get someone (with good credit) to cosign the loan.

vtec9

That pretty much sums it up.

I was offered more than a full ride to attent the University of Connecticut.. it wasn't $4k more, or even close though. I didn't go.

s2kobsession

you didn't mention any income (other than school grants). Do you have a part time job?

A bank isn't going to lend you money if you don't have income coming in every week to make payments with. No repayment ability.

I work at a bank, and your scholarship cannot be used as income.