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After seeing several threads about US Bank, DH decided to app - he got the 7-10 day message, and I sat back to see which bureau they pulled.
An inquiry never appeared, but yesterday, we received a letter indicating that they can't consider our app b/c our residence is outside of their trade area.
Has anyone else ever seen/heard of this?
We are in Texas...
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800FICOwannabe
07/01/09 - FICO scores: EQ - 696, TU - 622 (Asset Acceptance reinserted as a new collection)
06/01/09 - FICO scores: EQ - 637, TU - 641
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
09/09/08 - Mortgage Enhanced: EQ - 607, EX - 556, TU - 534
@Anonymous wrote:After seeing several threads about US Bank, DH decided to app - he got the 7-10 day message, and I sat back to see which bureau they pulled.
An inquiry never appeared, but yesterday, we received a letter indicating that they can't consider our app b/c our residence is outside of their trade area.
Has anyone else ever seen/heard of this?
We are in Texas...
***********************************************************************
800FICOwannabe
07/01/09 - FICO scores: EQ - 696, TU - 622 (Asset Acceptance reinserted as a new collection)
06/01/09 - FICO scores: EQ - 637, TU - 641
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
09/09/08 - Mortgage Enhanced: EQ - 607, EX - 556, TU - 534
Yes. Many, maybe even most, non-internet banks will not accept applications for credit from those living outside their service areas. Nothing sinister going on at all. That's just the way it is.
US Bank has a cobranded Bed Bath & Beyond variable APR 14.99%. Maybe you have a store in your area?
@Anonymous wrote:After seeing several threads about US Bank, DH decided to app - he got the 7-10 day message, and I sat back to see which bureau they pulled.
An inquiry never appeared, but yesterday, we received a letter indicating that they can't consider our app b/c our residence is outside of their trade area.
Has anyone else ever seen/heard of this?
We are in Texas...
I had this same thing happen. I'm in Virginia. I also tried as another poster suggested the Bed Bath & Beyond co-branded MC & was denied. My scores are a bit lower than yours.
@mt2va wrote:
@Anonymous wrote:After seeing several threads about US Bank, DH decided to app - he got the 7-10 day message, and I sat back to see which bureau they pulled.
An inquiry never appeared, but yesterday, we received a letter indicating that they can't consider our app b/c our residence is outside of their trade area.
Has anyone else ever seen/heard of this?
We are in Texas...
I had this same thing happen. I'm in Virginia. I also tried as another poster suggested the Bed Bath & Beyond co-branded MC & was denied. My scores are a bit lower than yours.
I find this so strange, I am in NJ - You are actually closer to a brick & mortar branch than me. I do not understand how a "trade area" is determined? Can someone please explain?
@ocheosa wrote:
@mt2va wrote:I find this so strange, I am in NJ - You are actually closer to a brick & mortar branch than me. I do not understand how a "trade area" is determined? Can someone please explain?
-They view their credit card and interest rates as an incentive to generate brick and mortar business. So they only want locations that facilitate this.
-They simply do not want to extend business to specific geographic or economic areas. There are entire Zip codes in Ohio that banks will not finance home loans on
-they have some statute or agreement that limits their buisiness area.
Are you living in the Continental US?
@Anonymous wrote:
@ocheosa wrote:
@mt2va wrote:I find this so strange, I am in NJ - You are actually closer to a brick & mortar branch than me. I do not understand how a "trade area" is determined? Can someone please explain?
-They view their credit card and interest rates as an incentive to generate brick and mortar business. So they only want locations that facilitate this.
-They simply do not want to extend business to specific geographic or economic areas. There are entire Zip codes in Ohio that banks will not finance home loans on-they have some statute or agreement that limits their buisiness area.
Are you living in the Continental US?
Yes, I am in New Jersey. Thanks for the explanation. So if the bank cannot finance the loan does this mean it is USDA loan areas or something to this effect?