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Should I apply for another credit card to qualify for a student loan?
I currently have a Discover Student card with a limit of $500, $380 balance and 0% intro APR until April. I'm trying to weigh my loan options to attend summer school, and I'm a bit stuck as on what I would need to do to avoid having a co-signer. When I used the simulator, it predicted that my credit score would rise if I added another credit card. So, should I do that? Would I be able to get anything good? I'm with Charter One Bank and I figured I might be able to be approved with them.
Asked by
greatman05
4 months ago
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Extra information: My current Transrisk score is 666, my Experian FICO is 650 and my Exquifax score is 714 (a bit of an anamoly I think). Also, my Vantage score is currently 678. I have always made my payments on time, never missed a payment and always paid at least the minimum amount. Sometimes, I made multiple payments in a billing period. How would this look to a lender, particularly Discover Student Loans and CharterOne TruFit student loans?
greatman05 4 months ago
I don't think your credit score will raise drastically by the time summer tuition is due, and private student loans are really hard to get. Check with your school's financial aid office and see if they have any options for you. They might be able to find some scholarships or loans that would suit you.
Dawnstream 4 months ago
Another idea is to ask Discover if they will raise your limit, but keep your balance low. That would increase your debt to credit ratio and raise your score some.
Dawnstream 4 months ago