Have a little story I wanna share

[darrickdman16]

So 2 years ago i bought my first car which i financed at 20.99% yea i know ouch! Only reason I got stuck in that loan, is because the day I went ot the bank to get my down payment the teller asked why I was withdrawling so much. I told her it was my down payment for my car. She suggested that I finance through the bank (U.S Bank) and I told her I was in a rush and she told me no worries, just bring the financing paperwork from the dealer and they will refinance it that same day. I was having a hard time getting approved at the dealer because I had no credit except for a $250 capital one card for a few months, but after hours of negotiating the sales manager finally told me they found a lender but it was gonna be 20% At this point there were 2 other people waiting that also wanted the car, because they knew I wasn't getting approved. So I signed the loan and drove straight to the bank with the car and they submitted the paperwork. Next day it got denied, so I got stuck with the high intrest loan......Live and learn right?  But anyways recently I decided I was going to go refinance the car to avoid all the intrest. Went back to my bank (U.S Bank) and submitted the paperwork, once again denied. The branch manager told me another option was to get a Personal line of credit or a personal loan, since i only owe $5400 on my car. I got declined for both. He himself called the underwritters to ask why and she said because the bank felt I had no relatonship with them. Ive had a Checking and Savings account in good standing with them for 5 years. And 4k credit card with them for 2 years which I always payed on time. Frustrated I left and went to BofA & Alta Vista Credit Union. I was approved for refinancing through both banks, BofA for 8% and Alta vista gave me 4.89% so of course I went with Alta Vista. BofA also threw in a 0% credit card with cash rewards since I declined their loan. i just think its crazy how my bank of 5 years can say i have no relationship with them, yet 2 banks ive never even stepped foot in approved me. I went back to tell the branch manager at U.S Bank and he apoligized and said he felt embaressed of the company. Thoughts on this situation?

[guiness56]

Hi and welcome to the forums.

I would have been frustrated too.  No relationship?  Been banking with them for a while and a $4K CC.

What do they consider a relationship? 

I think I would find a different banking institution.

[darrickdman16]

The branch manager told me " a relationship" pretty much means high account balances. within checking and savings. theres usually an average of atleast 1500 in my checking, and my savings has about 1100. Basically they told me Im broke yet in a nice way

[MidnightVoice]

I have had no problems with USBank, but then my salary is paid direct to them and I think they like that

[darrickdman16]

what do you mean its paid directly to them? you mean like direct deposit?