Does Sallie Mae use FICO?

The FICO® Score provided to you is the FICO® Score 8 based on TransUnion data, and is the same score that Sallie Mae uses, along with other information, to manage your account.
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Are Sallie Mae loans credit based?

Lenders use your FICO® Scores to estimate your credit risk—how likely you are to pay your credit obligations as agreed. And it helps you obtain credit based on your actual borrowing and repayment history. If you have a Sallie Mae private student loan, you may have access to your quarterly FICO® Score for free.
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Does everyone get approved for Sallie Mae?

Loan Eligibility

To qualify for a student loan from Sallie Mae, you must meet the following requirements: Borrowers must be the age of majority (18 in most states). Borrowers must be U.S. citizens or permanent residents. DACA students or foreign residents can apply if they have a U.S. citizen cosigner.
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What credit score does a cosigner need for Sallie Mae?

Typically private lenders look for borrowers or co-signers with a steady income and a credit score of at least 670 on a 300-850 scale used by FICO, the most widely known credit score.
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Do student loans show up on FICO?

Student loans affect your credit report and credit scores, including FICO scores, the same way as any other debt on your credit report. Account information, such as the amount of the loan, your monthly payment amount, and your payment history are all factored in when a credit score is calculated.
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Is it Time to Pay Back Sallie Mae? | Greenwood Daily



Can you have an 800 credit score with student loans?

When you apply for a mortgage, personal loan or private student loan, you won't have to worry about meeting a lender's minimum credit score requirements with a score of 800. As long as you meet other loan requirements, such as income and debt, the lender will likely approve your application.
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Can student loans affect buying a house?

Student loan payments make saving for a down payment more difficult and mortgage payments harder to handle once you're a homeowner. Student loan debt may increase your debt-to-income ratio, affecting your ability to qualify for a mortgage or the rate you are able to get.
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Can I cosign with a 650 credit score?

To be a cosigner, your friend or family member must meet certain requirements. Although there might not be a required credit score, a cosigner typically will need credit in the very good or exceptional range—670 or better.
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What is a good credit score for a private student loan?

Student loans are the one corner of consumer finance where your credit score doesn't always dictate your ability to borrow, especially if you take out federal student loans. However, private student loan lenders typically require you to have a credit score of at least 670.
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What is your FICO score?

A FICO Score is a three-digit number based on the information in your credit reports. It helps lenders determine how likely you are to repay a loan. This, in turn, affects how much you can borrow, how many months you have to repay, and how much it will cost (the interest rate).
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What is the minimum credit score for a Sallie Mae student loan?

Financial. Minimum credit score: mid-600's. Minimum income: No income minimum. Typical credit score of approved borrowers or co-signers: 749.
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Does Sallie Mae require cosigner?

Sallie Mae will allow students to get a loan without a cosigner under special circumstances. They also have a program by which cosigners can be released after 12 consecutive payments.
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How long does a Sallie Mae loan take to approve?

Once you've submitted your application, it can take as little as 15 minutes to find out if you're credit-approved. If the lender needs more information, the approval can take a few business days.
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Does Sallie Mae lower credit score?

Some lenders will do a soft credit pull, which doesn't hurt your score, to determine if you can qualify for a loan or need a cosigner and to show you estimated interest rates if you qualify. Sallie Mae will only show you rates after a hard credit inquiry, which could hurt your score slightly.
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Does applying for Sallie Mae affect credit score?

And, as anyone who has reviewed their credit score after applying for a loan can tell you, your score does decrease somewhat based on how recent the inquiry is. Whether it's an auto loan or a student loan, credit scores are affected by inquiries.
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Does Sallie Mae affect your credit score?

Student loans affect your credit in much the same way other loans do — pay as agreed and it's good for your credit; pay late, and it could hurt it. Student loans, though, may give you extra time to pay before you are reported late.
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What FICO score do you need for a student loan?

Most private lenders require you to have a credit score of at least 670 or higher on a 300-850 scale used by FICO, the most widely known credit score. If you don't have a credit history, you'll need a co-signer with a good credit score and a steady income in order to qualify for the loan.
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Can I get a student loan with a 700 credit score?

While a 670 score is good, this only means you may be approved for a student loan. You want the lowest interest rate and a higher loan limit. Travis Hornsby, founder of Student Loan Planner®, says that a credit score of 700 or better will get you your best options from lenders.
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What credit bureau does student loans use?

The Department of Education, guaranty agencies, and other federal student lenders are required to send information about your loan to the three major credit bureaus (Experian, Equifax and TransUnion).
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Do I need proof of income if I have a cosigner?

It's vital to collect two to three documents that verify the cosigner's income. If the cosigner does not live in the property, they need an income that covers both their housing as well as the tenant's rent.
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Does your credit score matter if you have a cosigner?

Answer provided by. “If you're simply talking about approval, your credit score may not matter. However, your credit score has a profound impact on your interest rate.
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Does co signing hurt your credit?

Being a co-signer itself does not affect your credit score. Your score may, however, be negatively affected if the main account holder misses payments.
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What is considered a lot of student debt?

Most borrowers have between $25,000 and $50,000 outstanding in student loan debt. But more than 600,000 borrowers in the country are over $200,000 in student debt, and that number may continue to increase.
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Will student loan debt prevent me from getting a mortgage?

Student loans don't affect your ability to get a mortgage any differently than other types of debt you may have, including auto loans and credit card debt.
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What is a good credit score to buy a house?

A conventional loan requires a credit score of at least 620, but it's ideal to have a score of 740 or above, which could allow you to make a lower down payment, get a more attractive interest rate and save on private mortgage insurance.
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