#private student loans without cosigner
Private Student Loans Without Cosigner
It is very rare to receive a private student loan without using a cosigner. Private student loans without a cosigner are only available to graduate and professional students or undergraduates with a well established credit history.
What is a credit score and why is it important if you don t have a cosigner?
- Payment History (35 percent) – This is the most important category. Lenders want to know if you are reliable in making payments. Late payments, bankruptcies and past due accounts will negatively affect your score.
- Amounts Owed (30 percent) – This is the amount you owe on other accounts. The amount owed can affect your credit score when a high percentage of your available credit has been used. “Maxed out” credit cards will lower your score.
- Length of Credit History (15 percent) – A long credit history can increase your scores. Continue to use older accounts that have been open the longest.
- New Credit (10 percent) – Opening many new accounts and having a large amount of credit inquiries will negatively affect your credit score.
- Types of Credit Used (10 percent) – Having loans and credit cards with good repayment history will raise your score. People with no credit cards may be affected negatively because they have not proven that they can manage repayments successfully.
Check Your Credit Score Here
Private Loan Options for Undergraduates: