Student Loan

*littlestar*

Am potentially going to be refused a loan for my postgraduate due to an old credit card I had which I missed 2 (!!) non-successive payments on and have since paid off but is apparently an issue for my bank. Without the loan, I cant go back to college. Anyone experience anything like this or suggest a way around this??

Toots

Have you actually applied for the loan yet or has somebody in the bank told you there's a risk you will be declined because of this? I'd go ahead and apply if I were you, it might be a case that you'll need someone to go guarantor on it for you though.

*littlestar*

Said it could be an issue unless I sort it out with the bank I had the credit card with. Phoned them and they dont know why its coming up as a problem due to my decent repayment history. So I'm pretty much lost as to what will happen!

Toots

Ok, I think the bank's problem might be that there are 'unpaids' on your account. Do you pay your card by direct debit?

*littlestar*

Theres a 280euro balance on it which I paid today, should take 5 days to clear on my credit history report but will I still be screwed? Rents are going guarantor.

Toots

Hmmm, I'd say if you've got a guarantor they'll probably be happy enough. You don't have an outstanding balance on the credit card now. The only thing is if it was an unpaid DD on your account it 'can' suggest to the lender that you 'may' be unable to keep up with your commitments. However, I'd say give it the 5 days and apply. If the worst happens and they decline you, you can appeal it, and if that fails, is there any way your parents would be in a position to get the loan for you and then you pay it back? How much are you looking for BTW?

*littlestar*

need 10grand for the fees, which is a lot but thats smurfit for ya. I cant ask them to take it out, due to their own financial commitments. But this stupid credit card thing which happened when I was an immature student is basically screwing up the biggest potential career opportunity I've been given. If its on my record though, I probably wont get the loan. The waiting is literally killing me!!

stepbar

*littlestar* wrote: »

need 10grand for the fees, which is a lot but thats smurfit for ya. I cant ask them to take it out, due to their own financial commitments. But this stupid credit card thing which happened when I was an immature student is basically screwing up the biggest potential career opportunity I've been given. If its on my record though, I probably wont get the loan. The waiting is literally killing me!!

Are you not able to get a grant? I wanted to go to Smurfit until I discovered they were pricks about the standing of my degree. Happilly I went to DIT and done a masters were such wasn't an issue. Smurfit wanted 10k of which I would have had to pay 5k. On the other hand DIT wanted 5k and the grant covered same.

Having done lending in the past, a guarentee does help. I can't speak for others but I would never begrudge a student a loan unless there was an overriding reason to mitigate against same. If you are confident that you would not need to call on your parents to support you I think a guarentee would be the best way forward. Generally (and I can only talk for BOI) banks are a little more relaxed regarding student. You have to do what you have to do. Although, it's not smart missing credit card payments, I wouldn't think it's would be the main reason why the bank would not give you a loan.

EDIT: Can someone else give you a guarentee? i.e a sibling? PM me if you want more advice.