Can my bank do this…?
Student Loan
Question by ?: Can my bank do this…?
Here’s the deal… I’ve been banking with Citibank for 4 years now. I have a checking, savings and recently a credit card with them. All my accounts are in good standing with them. I’m in my last year of college and I need a private student loan of $ 4000 to finish paying off this semester. Graduating this may. And since all my accounts are with citibank, I would like to keep it that way because I love Citibank. I’ve never had a private student loan so I don’t know exactly how this works. The credit card that I have with citibank is a year and 2 months old. Never had any late payments or anything. This is the only credit card own. They recently up my credit limit from $ 4000 to $ 5400. I owe $ 1200 on the credit card. I was wondering if they could turn my credit limit in a loan?…..I recently applied for a student loan and I got denied, sallie mae said about my length of credit history being insufficient. I have a credit score of 727(transunion) 733 (experian) 720(equifax). I have no negative items such as late payments, delinquencies etc…
Also, the loan that my school recommend with citibank, requires a minimum income of $ 15,000. I make about 12, 000, so I don’t qualify for that. Do you think that they could override that and make an exception for me?… I really think the problem lies in my credit report. My one and only account hasn’t been open long enough
I’m asking because I don’t want to go into the bank and feel foolish
Thanks for taking the time to read and answer my question.
Best answer:
Answer by sophia g
you wont be able to turn your credit into a loan cant you do a payment plan with the school
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Tags: can my bank do this, Citibank, good standing, length of credit history, Mortgages, private loan, sallie mae, Student Loan
To your question: YES they can.Go to another bank or lending institution, ask and make inquiries you may feel foolish but at least it will not be where you do your primary banking. It is hard on you later to find right down the street was a better deal with lower rates and a better pay back solution. I had the same type of problem and found that some places require less income and give a better rate. It is the buyers market right now. Even with a lower income other places may be more than happy to take a valued customer into there ranks. Some places do much better than Citibank for loans and pay back solutions. If nothing else, by going to another place you may find yourself in a better situation. As the old saying goes don’t put All your eggs in one basket that may not be the healthiest financial move for you and it gives you a better spread on the credit report sheet to have more than one credit reporting unit. Lending money is a big risk for banks, check out the local Credit Unions, and other sources of money. There are also government grants and loans at lower rates for people who put in for them. Talk to a financial adviser or loan manager, widen your search. Take heart deary many have past through the same hallowed halls of financial problems and we do pretty good for ourselves. If your parents are still available you can always ask the dear ones to help you search your way through this minor event in your life. Life is long and hard but it is worth searching out the place to put, save, and spend your money. Good Luck and Keep looking to the future.
I am an employee of Citi (corporate not the branch) and have never really heard of this being done before. What you are actually asking for is a line of credit. They credit card and a line of credit are actually two different products. What I think you should do is try to get a family member to co-sign for you so that you are able to get the loan that you want for college. Something that you can also do is go to the local Citibank branch and see if you would be able to qualify for a line of credit or be able to convert your credit card into a line of credit. Don’t feel foolish at all because at Citi, we want to make sure that you are educated about your credit options as much as possible. Trust me, go to your branch and talk to a personal banker. Being the valued customer that you are, the personal banker will do everything to help you out.