I recently applied to my bank for a recreational vehicle loan and it was approved. They had previously financed a RV for me which I have since sold and the terms were 6.2% And now the banker says they will approve me at 7.2%. My score has improved from the first loan to now by at least 25 points. I couldn't figure out why they would charge me a higher rate until I talked to the main guy at the bank and he told me that I now have too many credit cards so I am now more of a risk. I have 7 cards with $32800 available credit but keep my usage at 2% on 1 card. Does any of this make sense?
take your business elsewhere. there's plenty of credit unions out there who will finance rec vehicles for much better rates. a "real" manual review of your credit for a vehicle would take note of your payment and balance histories and realize you're really not a higher risk.
My dti is 29%.
yea your banker is nuts. take your business elsewhere.
Some one is trying to score some solid points for comission right there...
the opinion of your banker is made even worse by the fact that you have an established proven relationship with the bank.
It sounds to me like that "banker" is trying to take advantage of a loyal customer.