AllBodySurgery.com

I have no credit and am trying to get financing for cosmetic surgery is it impossible without a cosigner?

I am young and do not have any credit....just a chevy chase bank card. I have a stable fulltime job that pays well..... ive been wantgin a nose job for a lontime now and have saved up some money but not all........i never got a credit card because i thought it would be a bad idea.......since i have some spending habits.....which i have gotten better at........but now that i need to finance something i relised i should have gotten a credit card a long time ago so that i can build up good credit........ can i still get approved for financing Cosmetic Surgery without credit? The surgeon i want to go with uses CareCredit..........what if i get a co signer?? I have no credit at all.............. First answer you really didnt read my question because your answer did not answer my question or help me out...thanks for nothing

Public Comments

1. I think you probably have a pretty good understanding of how the lending industry works - basically, you apply for a loan, and the lender evaluates the likelihood that you will repay the money that you have borrowed. As I'm sure you also know, the lender doesn't look into your eyes, or ask you to pinky-swear that you'll pay the money back - the lender uses rather traditional means to evaluate your loan application. Lenders find that the two most important predictive factors are your income and your past credit history. Your income tells the lender if you have the ability to pay back your loan - you can have all the best intentions, but if you're not getting money IN every month, there's no way that you'll be able to pay money OUT. The lenders also look at your other financial obligations - what other bills you have to pay every month. You can earn $20,000 a month, but if you have $25,000 a month in bills, you're not going to be making all those payments. Your credit history tells the lender if you're a good credit risk. Again, all the income in the world doesn't tell anyone if you actually pay back the money that you borrow. Your credit history is like a "letters of recommendation" folder - if it's filled with good reports from other lenders, then later lenders are confident that they will have a good experience with you, too. If your credit history is pretty blank, that's like trying to apply for a job with no letters of recommendation. You say you have a stable full-time job with a decent income - that's a good start. The next question will be how your income compares to your other monthly debts. If your rent and your car payment and your cable and your electricity and your groceries are chewing up most of your monthly income, that's definitely going to work against you. On the other hand, if you're putting away a few hundred dollars in savings every month, then that shows that you have the available funds to pay back the loan you're asking for. The lender will evaluate this - it's called your "debt to income ratio". Your lack of a credit history, on the other hand, is going to be a difficult thing to overcome. If you have been paying attention to the news, you know that the entire world is experiencing a financial crisis right now. Most of the problems stem from bad lending practices - banks getting lazy and lending money to applicants who really didn't have the ability to repay those loans. This is bad news - timing-wise- for you, because the banks have significantly reduced their lending activities, and are using extremely conservative criteria to evaluate applications right now. Two years ago, it would have been much, much easier for you to qualify - but today, that lack of credit history will be a big burden. As for co-signers - be careful what you ask for. First of all, remember that the cosigner has to be extremely credit-worthy him/herself. It's not a tag team where the lender considers your ability to pay if you had to do it together - the lender looks at the cosigner to see if the cosigner would be able to qualify for the loan all by themselves. Also - I've got to tell you that cosigning is almost always a horrible idea - so if you're ever asked to do it, I would really, really recommend that you say "no". The cosigner is assuming the entire risk of the debt. If the primary borrower does not pay, the cosigner can be sued for the entire amount of the loan, plus all of the collection costs and attorney fees. The cosigner's property (car, electronics, etc.) can be seized and sold to satisfy the debt - even if the borrower has simply refused to pay. Under many circumstances, the cosigner is responsible for repaying the debt if the borrower dies. The role of the cosigner is about as attractive as the role of a stunt double for a condemned prisoner. I'm not volunteering to stand in for someone at an execution, and I'd suggest that you feel about the same way about the role of a cosigner. After all of that, no one can tell you if you'll qualify. As I said, your income may be sufficient, but your lack of credit is going to be a significant problem. The only thing you can do is apply and hope. Good luck.