Comments on: Turned Down For A Student Loan

By: Greg

Greg — Sat, 17 Jan 2009 02:16:43 +0000

It’s always a help, to think about what Jesus said: “Look at the birds of the air: they neither sow nor reap nor gather into barns, and yet your heavenly Father feeds them. Are you not of more value than they?”

By: The 86th Carnival of Money Stories « Funny about Money

The 86th Carnival of Money Stories « Funny about Money — Tue, 25 Nov 2008 14:41:35 +0000

[...] CC Ask Mr. Credit Card Turned Down for a Student Loan This post uses a couple of brief reader’s stories as kick-off points for advice; also check [...]

By: Kayleigh

Kayleigh — Fri, 21 Nov 2008 00:21:51 +0000

I work as a loan officer for a credit union. Regarding Danielle’s question – if she were applying for a loan where I work, her credit score means little next to her DTI. My institution focuses more on the debt to income ratio than we do credit scores (which also explains why we’ve never sold any of our mortgages to Freddie Mac/Fannie Mae). Credit scores merely set the benchmark, I.E. a credit score of 662 would qualify her IF her total DTI was no more than 43%.

Raising her credit score won’t do much unless it reflects zero balances on a good portion of those cards. They can see she’s responsible in terms of paying her bills, but what happens if she suddenly were to lose her source of income, even momentarily?

I think with the way the economy has been, we’ll see more of a reflection of this – people with great credit scores but too much debt to qualify. Within the last two weeks I’ve turned down people with 780+ scores (one even 800+) because their debt to income ratios were just too high.

By: Devin Willis

Devin Willis — Thu, 20 Nov 2008 22:39:55 +0000

You are providing great information .Many people seem to forget that by using a credit card they are not using “free” money. They still have to pay credit card off every month or get into debt.

Keep up this wonderful blog!

Devin Willis

By: Matt @ Steadfast Finances

Matt @ Steadfast Finances — Thu, 20 Nov 2008 18:36:01 +0000

Nice tip about paying down credit card debt on accounts closest to the maximum borrowable amount. Didn’t know this one.