05-10-2013 03:47 PM
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?
05-10-2013 03:50 PM
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.
05-10-2013 04:26 PM
yea your banker is nuts. take your business elsewhere.
05-10-2013 04:38 PM
05-10-2013 04:45 PM
Some one is trying to score some solid points for comission right there...
05-10-2013 04:53 PM
the opinion of your banker is made even worse by the fact that you have an established proven relationship with the bank.
05-10-2013 04:59 PM
It sounds to me like that "banker" is trying to take advantage of a loyal customer.
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