Building credit = maybe college?

Paying for College
1

<p>I had posted a few months ago about my situation with college. Basically, I had finished my 2 years at community college (got the associates) and was on my way to Ramapo College of New Jersey for Fall '08. However, when it was time to get the loan, I had like no credit and my parents couldn't co-sign. So I was screwed. I was devastated. Meanwhile, I had missed the deadline for Kean so now I couldnt do any school for this semester.</p>

<p>The plan right now is I'm going to take 4 classes at Kean in the spring and then try for Ramapo again for next fall. I really wanna go there so bad, like its crazy cause I grew up in the area and the school is so nice but the only thing thats stopping me, along with everyone else is credit. Now I activated my card in January this year so by next July..it would be a year and a half..18 months just about..is that enough credit so I can just do a loan by myself? With my credit score high too? My score now is like 720s. and im trying to keep building credit..do I have a good chance of getting a loan?</p>

2

<p>Be careful you don't build up too much credit, as that can work against you. It is hard to forecast how this will affect you next July, as so much is uncertain with the lending agencies. They may have tightened their requirements, or loosened them....it all depends on how well they recover from the current crisis.</p>

3

<p>How does building up too much credit work against you? I'm just trying to get my score higher. I'm hoping agencies will recover, I hate not being able to go to school. It's unacceptable right now.</p>

4

<p>The more credit you can charge, the lower your score actually becomes. Realistically, if your open credit is too high, it can actually hinder the chances to get a decent loan because many lenders will look at the amount of open credit as actual debt.</p>

5

<p>Oh wow..good point. I never thought of that. I just hope my great score will get me a loan, even though at that point I'd have about 18 months of credit.</p>