Wells Fargo Student Loan Credit Score Requirement

The 3 digit score sometimes referred to as a fico score typically ranges from 300 850.

Wells fargo student loan credit score requirement.

Aside from the consolidation loan wells fargo s student loans have a minimum loan amount of 1 000. Your maximum loan amount may be your cost of attendance including tuition fees rent books and other necessary supplies minus other financial aid. Wells fargo private student loans are subject to credit qualification completion of a loan application and consumer credit agreement verification of application information and if applicable a self certification form the school s certification of loan amount and the student s enrollment at a wells fargo participating school. Wells fargo credit score standards.

Repayment begins 6 months after you graduate or leave school. Existing good credit customers and non customers with excellent credit a low debt to income ratio and high income. To qualify for a wells fargo student loan you ll need to have existing wells fargo student loans. Last year wells fargo lowered its credit score requirement for fha purchase loans to a minimum 600 fico score.

However wells fargo also has aggregate loan limits for borrowers total education related. But as seems to be the case with many wells fargo cards this option has multiple reviews reporting being approved with credit scores between 600 and 700 a low ish credit score may not even be a hurdle for a five figure credit limit as evidenced by this reviewer s report of getting a 15 000 credit limit with mid 600 scores. To understand how scores can vary see how to understand credit scores. Wells fargo one of the nation s largest originators of loans insured by the federal housing administration announced it is tightening its credit score requirements for borrowers looking to finance a home through the fha program.

Students are not required to make payments while in school. Fico scores are the most widely used credit scores and are used in over 90 of u s. For the wells fargo student loan for parents and the. Wells fargo personal loans are a good option for two types of borrowers.

Each of the 3 credit reporting agencies use different scoring systems so the score you receive from each agency may differ. Your fico scores you have more than one are based on the data generated from your credit reports at the three major credit bureaus experian transunion and equifax each of your fico scores is a three digit number summarizing your credit risk that predicts how likely you. You ll also need to meet credit and underwriting requirements.