Fynanz uses the FICO score of the signer and the co-signer
along with the member's probability of graduation.
The loans also require a parent to co-sign, and only if the student establishes good credit and has a good grade point average will the co-signer
be lifted for the last two years the student is in school.
Fynanz looks at the FICO score of the signer and co-signer
and the member's probability of graduation by examining the students major, years of study and grade-point average.
Protection for Youth - To get a credit card, those under 21 must either prove an independent income or have a co-signer
Consumers younger than 21 must show proof of income to repay card loans or have an adult co-signer
if they want accounts in their own names.
The new reforms that take effect in February prevent issuers from extending credit to those younger than 21 unless they show they have the means to pay the bills or they have a co-signer
, such as a parent.
For many young college students, their parents will be the co-signer
for a new credit card.
Those who apply for pre-approval have the option to file as a single or joint applicant with an eligible co-signer
, depending on preference.
VSA is asking Northridge to act as a co-signer
on the loan.
Fynanz looks at the FICO score of the both the signer and co-signer
, the students probability of graduation, years of study and grade-point average.
The new law forces a change because it forbids credit cards offers to people under age 21 without an adult co-signer
The documents show his mother has become the co-signer
on the loan for the new vehicle.