Getting a college education can be the ticket to a better life for many people. Although grants and federal student loans are available, sometimes those are not an option for those who want to pursue higher education. Private loans are an option; but what if your credit is less than perfect? Attaining a loan could be a challenge for those with credit issues, but there are options. If you’re looking for a private student loan but don’t have perfect credit, keep reading for guidance and advice on how to get the funding you need to complete your education.
Student Loans Center
A credit score usually ranges from a low of 300 to a high of 850. Where a person’s score sits on this range determines their “creditworthiness”. The lower the score, the less credit a person can get and the higher an interest rate they’ll pay if they do get credit. On the other hand, a high credit score means loans with low-interest rates, credit cards with high balances, and pretty much never having to pay a deposit or make a down-payment for purchases.
Credit scores are lumped into four major categories:
There are several agencies that provide credit scores, such as FICO and VantageScore.