General chatter - Anyone know anything about loan apps in the U.S.?

05-11-2010, 08:15 AM
Hi guys!

So I applied for a loan for school as I have scholarships coming in in Sept and will be able to pay it back quickly (my tuition is only 1600 a semester full time - cheapest tuition in North America because it's subsidized by the govt!). It is a loan through a private bank, so it depends on my credit score.

Here is my question - I applied for a loan through a company in the U.S. (I am a US citizen but I live in Canada). I gave them my Canadian address, but they told me that they need a U.S. address for the credit check. I haven't lived in the U.S. since I was a child. I gave them my parents' address in Florida, but I have never actually lived there. Does the address affect the credit report, or is it mostly done by SIN? Also, does my US federal financial aid (Stafford Loans) show up on the credit report? I have a Canadian address listed for my FAFSA and they had no problem with it.

05-11-2010, 04:08 PM
The only way I see the address causing you a problem is if they are using it to cross reference on your credit report and it doesn't show up, and they flag it as possible fraud.

And yes student loans do show up on your credit report too however generally they don't affect your ability to get a new loan. Especially since most of the time they are deferred, or not due until you are done with school.

05-11-2010, 06:24 PM
The address shouldn't be an issue. Your Stafford loans will be on the report, but as long as you're not showing late on payments it shouldn't be an issue.