jxatrillion wrote:
Hey guys,
I read through all the pages and didn't really see a clear answer, so hope someone can interject.
Looks like the latter half of this thread is about deception and/or being worries about how something is reported. My question stems from the credit score. If someone filed bankruptcy or had a couple charged off cards due to lay-off, etc. from years and years ago, how will this affect admissions?
Thanks.
Business schools aren't going to rescind admission for bad credit, assuming they do a credit check. Credit checks are definitely done for the loan process, whether you get GradPLUS or a private loan. At least with the former, even if your credit is bad in terms for applying for a loan, you will likely get approved for the loan anyway, so long as you didn't get into default (over 90 days late on an account), filed for bankruptcy and got discharged within the past several years, or you're behind on other federal loans. Filing for bankruptcy pretty much bars you from getting a GradPLUS loan unless you have a cosigner.
Our fellow applicants to law school will not get rejected for bad credit either (it is theoretically possible that they and MBA students too may have their full cost of attendance covered with scholarships), but bad credit and failing to attempt to pay debts will likely prevent a student from sitting for a bar exam, because a credit report is reviewed during a character assessment phase. There is none of that for most MBA's as far as I know, unless you're in a JD/MBA program or a MD/MBA program where professional licensing may require these checks in order to practice law/medicine.