My parents won't cosign on any of my loans. Is it possible that I will be able to get loans without a co-signer?
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M$10 Answers
Second I assume you don't already have bad credit, if you do then I would ask a different question.
If you are asking about student loans I don't believe you will have any trouble with that. They don't expect students to have much if any credit history. These loans really hurt later in life though so do what you can to avoid them. My wife is still paying student loans back and she has not been in school in a long time.
To build a credit history apply for a department store card or similar (target, etc). They will eagerly give you a small amount of credit. Put a small amount on the card and then pay it back. Do that reliably.
Even with little credit history if you have income you should be able to get a car loan without too much trouble. Shop around, do not simply take a loan from a dealership. Ask your bank, join a credit union if you can, they often have very good terms on their loans.
You will probably need to be 18 before you can get any credit and start this process if you are not yet.
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M$
Co signing now affects the credit scores of all concerned so that is no doubt your parents issue. Been in those shoes.
Also try a credit union for a small loan. Some are more helpful than others. Just like small banks in grocery stores. Sometimes they are more understanding.
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M$
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M$
experience
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M$
If I could talk with your parents, I would advise them to reconsider their decision not to co-sign. Helping a child get a college education is one of the most important things a parent can do for a child. As a practical matter, a college education is likely to make a child less dependent on parents in the future. I co-signed several loans for my step-daughter, who is not the best money manager. I didn't want to, but when she walks across the stage to get her diploma, I will be so happy that I helped her fulfill her dream of becoming a graphic artist.
Personal experience.
Student Aid on the Web, U.S. Department of Education, http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
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M$You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$Check online through U.S. Bank for their credit programs for college students.
You need to build credit and if your parents co-sign and you default it will hurt their credit in an already harsh economy.
Take your time. You do not need a credit card at this age.
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M$
I suggest that you contact your financial aid department at the college you will be attending ASAP. They will help you find loans that wont require a co-signer and will help you get enough to get through school. They are extremely helpful and dont cost anything extra. Take advantage of the stress relieving opportunity!
Good luck with school!
recent experience
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M$
I agree a debit card does not affect your credit score. You won't be able to get much if any credit till you are 18 because in most states you can walk away from that debt without penalty if you agreed to it while you were underage.
@Amandacan1292 if this loan has to do with a company called "Sallie Mae", be VERY careful. They can and will screw with you. I'm talking from experience here. If it is, might want to look up about them on Google. If it's not, then carry on.
I don't think debit cards contribute anything to your credit score. They are, basically electronic checks.
If you are talking about credit in general, try a store card, they can be easier to get- but get in the habit of paying them IN FULL every month.
I have a debit card that can be used as a credit card (a visa debit card), does that go on to my credit score at all? I am seventeen, if that changes anything.
Many stores will not allow anyone under the age of 18 to get one of their cards without a parental signature. I do agree, loans should be avoided when feasible.