Saturday, August 04, 2007

Would you risk your credit rating for a relative?

Credit score. More and more it is become apparent to me that maintaining your credit score is so helpful. I am currently looking into going back to school and the easiest way is with a Sallimae. I was shot down for two reasons 1) Even though my credit score is in the upper 600s it is 17 points below what is required and 2) I don't have a job at the present time.
What the irony is is that I, being retired Navy, have the Montgomery GI Bill and approximately $37,000 available for my post service education. The problem is that the tuition for the training I am looking at is nearly $20,000 but they want to be paid in two payments. The VA pays in monthly payments. So I have to get a Sallimae to pay the school and then use the MGIB to pay off the Sallimae. Once I am all done my credit score should improve and my chances for employment will be greatly improved.
I am currently looking at "borrowing" my oldest brother's credit score so I can get the Sallimae. In reality, my oldest brother is deciding if he wants to risk his credit rating, Even though I have never screwed him over, or any other member of my family for that matter, there is still a risk because once the VA sends me the money it is assumed that I will pay off the Sallimae but I don't have to. I have every intention of paying it off as soon as I get the VA payments but there is that doubt in my brother's mind I'm sure.
Would you risk your credit rating on a relative?

No comments: