Friday, June 25, 2010

Credit Scores

Once upon a time, not so long ago, I remember getting my credit report. It was a solid 760 with the only detraction on it... a student loan that was almost 15 years old (and being paid for).

Carefully crafting such a score was rather easy: money was plentiful, bills were paid on time in full more often than not, the mortgage was paid in full each month with extra tossed in for good measure. It was great. The Cadillac came at almost 3% interest when that kind of rate on that vehicle was seen as obscene; my Infiniti was the same way - low interest rate, obscene terms.

I'm poor now. My credit score is abysmal. Three years of watching life toss me about like "Wild Eyes" in the Indian Ocean, mast adrift off the side and my credit score is trashed. Student loans for medical school scare me as I'm not sure how far under the cap I am anyway. Private loans, to pay for the rest of my undergrad classes let alone early medical school, given what I've gone through are probably not a possibility either.

However, not all is lost or hopeless. Heck, if I can make it successfully through gen chem II, I can re-establish solid credit again. It's not the end of the world.

How will I?

There is a forum of financial leaning folks that started a site called Yes, the bastards at Fair Isaac (tongue in cheek my friends there), have a site set up. Here's the link:

The part I like is not that you can get scammed for money to get your score BUT that you can ask questions to real people who have rehabbed their scores and improved their loan approval rates ... including private loans for medical school.

People whose stories I have read have gone from worse situations than mine, to an 800 score in a few years. It is not overnight, it takes time... I know that. If I am accepted to medical school the first year, I will have exactly 5 years before the cap is met on student loans and I will need private subsidies instead. Unless handsome man steps up to plate (hahahahaha), I will be looking at those types of funding options.

I'd encourage all of you to read the site, whether or not you have excellent credit or not. There are useful tips. And quite frankly, ALL of you know someone who has been hurt by the last recession and could probably use a pointer to hope.

Make it a great day - mine already is looking better (despite the tornado warnings earlier - "Thar she blows, Elfaba!")


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OMDG said...

Since you're interested in primary care, you could look into scholarships for people who are willing to commit to that career path upon entering med school. Also, (I may be remembering incorrectly) but I vaguely remember a federal loan program with lower interest rates for people interested in primary care.