Not everything is black and white. There are a lot of gray areas in life. The same applies to you credit too. When you apply for a loan the people who process your application are not usually considering this gray area. They see in black and white ... at first.
If you are having trouble getting approved for a student loan, contact the bank or lender and ask to speak with a loan officer. Explain the reason behind your bad credit score. Perhaps there was a death in the family or you were hospitalized for a period of time, during which you missed payments on some accounts, through no fault of your own.
They can work with you if they believe there were extenuating circumstances for your credit problems and that you will be a reliable borrower. You may not always be able to get them to change their minds and approve you for a loan, but it cannot hurt you to try. The only way you will get hurt is by not getting a loan that you could have gotten with a little more time and effort.
Be the “Little Engine That Could” and try again. It worked for him. It can work to find college funding for you.
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|Jennifer Mathes, Ph.D.|