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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.