Private student loans - No credit history?

Private student loans are based on the applicant's credit worthiness, 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

Applying with a creditworthy cosigner may help you get approved for a private student loan that you wouldn't have been approved for on your own. Although you can apply for a private student loan on your own, even if you have no credit history, you may increase your chances of getting approved if you add a qualified cosigner.

Having a creditworthy cosigner means your combined credit score for the loan 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 must have a good credit history and be able to qualify for the loan without you.

2. Build your credit

Before you begin to build your credit, find out if anything shows up on your credit history and look at your credit score. You can do this by going to AnnualCreditReport.com of 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 that may help you 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 or poor credit history.
• Get a credit card with low or no annual fees and low interest rates. You only need one credit card to get started.
• 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 even if you have a limited or poor credit history, visit ChaseStudentLoans.com.

*Important Information: As you determine the best way to finance your education, you should consider the full range of student financial aid options available. Private loans, like the Chase Private Student 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 Private Student Loans are subject to credit approval, receipt of a completed and signed Application/Promissory Note, verification of application information and verification of student's enrollment at a participating school.

Including a creditworthy U.S. cosigner may help students qualify for a Chase Private Student Loan and may help reduce the interest rate and/or loan costs even if you have a limited or poor credit history.