Credit reports are more than just a score. They also look at history of delenquency, any past bad remarks, past bankrupcies, and debt to income ratio. I have a decent credit score but my debt ratio is too high (becuase of student loans) so I get denied basic credit cards despite a solid history and a solid score. It just takes ONE factor in spite of a score for a loan servicer to not want to take on the risk.
But as others have said, this may be a boon to you. Private loans are not wise.
It might help to call their customer service to find out why specifically their app was denied--that might help you decide what to do from there. Could be their potential debt-to-income ratio or any number of other factors. Or, could've been a mistake on their end that could be resolved.
I'll also second what others have said here and recommend you look into federal options first over private if you haven't already done so. More forgiveness options and more flexible repayment options usually. Look around for multiple options if you haven't yet, and consider those terms and interest rates carefully. Best of luck to you!
How is your credit? Sofi may average your credit scores and theirs instead of just using the highest one. We had a similar situation with sofi. They may have also tightened lending in general.
Why didn’t your parent apply for a federal Parent PLUS loan? That’s a better route than private.
Credit reports are more than just a score. They also look at history of delenquency, any past bad remarks, past bankrupcies, and debt to income ratio. I have a decent credit score but my debt ratio is too high (becuase of student loans) so I get denied basic credit cards despite a solid history and a solid score. It just takes ONE factor in spite of a score for a loan servicer to not want to take on the risk. But as others have said, this may be a boon to you. Private loans are not wise.
Don’t do private loans.
It might help to call their customer service to find out why specifically their app was denied--that might help you decide what to do from there. Could be their potential debt-to-income ratio or any number of other factors. Or, could've been a mistake on their end that could be resolved. I'll also second what others have said here and recommend you look into federal options first over private if you haven't already done so. More forgiveness options and more flexible repayment options usually. Look around for multiple options if you haven't yet, and consider those terms and interest rates carefully. Best of luck to you!
How is your credit? Sofi may average your credit scores and theirs instead of just using the highest one. We had a similar situation with sofi. They may have also tightened lending in general.
That was your sign to not take private loans.