<p>Can I apply for a credit card and build enough credit to be eligible for a private student loan for next year without a confined. My parents have a very poor credit as of now. Thanks</p>
<p>Without a credit history it will be very difficult to qualify for a credit card. </p>
<p>Also a year would not be enough time to build up enough of a credit history to qualify for a private loan anyway. </p>
<p>Others might chime in about some credit cards they know for students.</p>
<p>Even a great credit record will not be enough to convince a bank to loan you any significant amount of money if you don’t have a stream of income (that is, a full-time, permanent job with a decent paycheck) to assure that you will be able to pay it back.</p>
<p>You can’t get a credit card when you are 21 without a co-signer anyway it is a regulation now. </p>
<p>The others are right. You can’t get a private loan by yourself. Learn from your parents example - go to a school you can afford without loans above the limit for Direct loans.</p>
<p>No, because just having “good credit” isn’t enough. To get a private loan, you’d also have to show that you have an adequate income to pay off the debt. Having some credit card with a $2000 balance limit (or so) won’t demonstrate the ability to pay back substantial loans.</p>
<p>It looks like you’re going to go to BC? How are you paying for THIS year? Are you concerned about next year because a sibling will have graduated and your family contribution will then increase? </p>
<p>Sadly, it doesn’t sound like BC is affordable if your parents can’t pay their contribution. What are your other choices?</p>
<p>This year BC gave me enough aid so that the parent contribution was very affordable. Next year, I do have a sibling who will graduate BUT that sibling was already receiving almost a full ride in aid so it shouldn’t affect our contribution by much (as BC uses this info in their calculations already). In all honesty, I don’t expect my package to change much for next year but if I could take any financial burden off my parents (including taking out loans) I would. Thanks</p>
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<p>I’ve seen this a few times…and don’t believe it is true. My 19 year old son has opened 3 CC accounts this year without a co-signer.</p>
<p>here is new regulation:
“If those under 21 can’t get a co-signer, then they need to show they have the financial ability to pay off a credit card. Banks will determine that threshold.”</p>
<p>wow…they must be able to pay of the debt, imagine that…</p>