I thought I read before there was no credit check - and they just checked to see if you were current with everything.
Now I read that there a credit check, and if you are $2,085 in debt, you could be denied, despite being current.
Is that true, or am I misreading?
Not true. MANY people with mortgages and other debt get Plus loans, and it is much higher than $2085. In fact, you can get a Plus loan the 2-3-4 years, and you’d have more debt than that. They do check to make sure you aren’t in default on government loans (prior student loans, some guaranteed mortgages), if you’ve filed bankruptcy, and if you are not current on major debts. The $2085 number might be the amount you can be in default on other debts, but that would be rather low too.
you have one or more debts with a total combined outstanding balance greater than $2,085 that are 90
or more days delinquent as of the date of the credit report, or that have been placed in collection or
charged off (written off) during the two years preceding the date of the credit report; or…
Phew. I think misread
Yes, you hadn’t read the whole sentence
But a credit check is needed to discover if any 2085+ debts are 90 past due…but credit score and income isn’t used