What Credit score do I need to get the best rate without a co-signer?

Question by David L: What Credit score do I need to get the best rate without a co-signer?
I have around $30K in private student loans that I had my brother co-sign with me on. I am paying Prime + 0% which is really nice, but I wanted to consolidate and use the LIBOR rate (which is lower than prime, I would save over $2000 in 10 years by dropping just 1% point). I have what I think is a very good credit score (760) and wanted to get the best rate so I could try to avoid asking my brother to co-sign again. Is my score high enough to go in alone without a co-signer and get the best rate? Thanks in advance.

Best answer:

Answer by spifiman1
Your score is fine. It depends on what your score is made up of.

Credit score is based on the following;

1. Pay history 35%
2. Time in bureau 15%
3. New credit 10%
4. Type of credit used 10%
5. Debt to income ratio 30%

As you can see 1, 2, and 5 are the most important as far as score is concerned.

The problem that people run into is that they have nothing to qualify them for what they are attempting to borrow money for. Lenders look for whats called “like credit” when they look at a application.

I see people every week with 700+ scores that are made up of nothing but 1 credit card with a $500.00 limit paid 15-times and a couple of student loans and I can’t get them approved to buy a car because they have no “like credit”.

Score is not everything no matter what anyone says.

Know better? Leave your own answer in the comments!