Private student loans - No credit history?

Private student loans are usually based on the applicant’s creditworthiness, which makes your credit score an important part of qualifying for a loan.* However, if you have no credit history or a poor financial report and would still like to apply for a Chase private student loan, there are a couple of things you can do that may help you get approved:

1. Add a cosigner

Although a cosigner is not necessary or required to apply for a private student loan, a qualified cosigner may help you get approved for a private student loan and possibly help you qualify for a better interest rate. Student borrowers and cosigners are equally responsible for repayment of the loan.

Having a qualified cosigner means your combined credit may be higher and, if you have no credit history to begin with, you’re more likely to qualify for a private student loan. Your cosigner should have a good credit history and be able to qualify for the loan without you.

2. Build your credit

A good first step to building credit is to find out what shows up on your credit history and look at your credit score. You can do this by going to AnnualCreditReport.com or calling 1-877-322-8228. At your request, each of the three consumer credit bureaus are required to provide you a copy of your credit report once every 12 months.

Here are some tips for helping to build credit:

• Open checking and savings accounts. When you apply for a private student loan, having those accounts might be a way for lenders to see that you’re reliable even if you have a limited credit history.
• Keep in mind that things like paying your bills on time and how much of the available credit you’ve used on your credit card can impact your score.

To learn more about private student loans, visit ChaseStudentLoans.com.

*Important Information: Private loans, like the Chase Select loan, can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of education.

Chase Select loans are subject to credit approval, receipt of a completed and signed loan application/promissory note and self-certification form, verification of application information, acceptance of loan terms, and school certification of loan amount and student’s enrollment at a Chase Select-participating school.

Chase currently services its Chase Select loans and does not sell them to another lender.

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This information was current as of 07/01/2011 and is subject to change. Contact Chase for current product information.