Can a Co-borrower with bad credit hurt my chances of getting a student loan?
I have established, good credit (Fico- 720), but my co-borrowers credit is not that good. When you apply for a loan, would they deny it because the co-borrowers credit is bad?
Would it be better to just apply by myself, and would they accept me alone?
I always thought a co-borrower, even with bad or OK credit always improved your chances of getting approved.
You should be able to get a loan alone. You have outstanding credit by default because there is nothing to say that you dont have good credit. The point of a co signer is because YOU dont have enough credit to get a loan yourself, so the co-signer is there to cover you in case you cant. Its better that your co-signer does too. If you co-signer has bad credit, what makes the loan company think he will cover you if you cant make the payment? I think you should apply by yourself, and let them make the determination if you need one. 9 times out of 10 you should be approved if your debt to income ratio is reasonable and if your currently working. It depends on where your going.
Goodluck:)
