Lending getting tougher

CreditBob · ‎07-22-2009

I wanted to share a very recent experience. It's not just the credit cards, loans, or auto loans. It is all the different types of credit. I attempted to do a trade in for a new vehicle and I was turned down. On the denial letter they did not mention the medical bankruptcy. I am thinking that because it is about to fall off the report in a few months. They did state excessive finance company accounts were opened and that is not true. So I called them and according to them any account is a finance account. There definition of excessive accounts is 2 or 3 that have been open within the last 2 years.

Anonymous · ‎07-22-2009

Amen to that!

I applied online for a $7k personal loan for an R1 sportbike through a local credit union with a good job, excellent credit history, and about 3/4 that I could prove as collateral, and yet got a denial in the mail stating that they can't help me.

I do have an '08 4runner that my dad cosigned for and I thought that was why I was denied. However they assured that their decision was not based on my credit, and I checked all 3 reports and they didn't even pull my report???

I was denied because of my age or because of the economy.

I didn't want to touch the money in the bank and my mom and dad was going to loan me the money, but I wanted the loan to go on my credit so I could further build my credit. So Citi gave me an $800 CL increase w/o me even asking them, so trying for a loan through them came to mind. I tried and was told at the local office that I had to have a cosigner due to my insufficient credit history. So dad cosigned for me and I was approved however he is 65, a successful intermediate business owner and has had excellent credit his entire life with many paid vehicles, a paid off house and more.

Anyways, when will the crunch end?

Message Edited by MichaelandLauren on 07-22-2009 03:58 AM

DI · ‎07-22-2009

Citibank is a loan shark. Citi wants you to go to its local office. Its CC's are good, but as for as the loan the interest is too high. Having a hgih credit score doesn't mean anything to them apparently. There aren't any low interest personal loans that i've seen advertise.

nothingman02 · ‎07-22-2009

@Anonymous wrote:
Amen to that!

I applied online for a $7k personal loan for an R1 sportbike through a local credit union with a good job, excellent credit history, and about 3/4 that I could prove as collateral, and yet got a denial in the mail stating that they can't help me.

I do have an '08 4runner that my dad cosigned for and I thought that was why I was denied. However they assured that their decision was not based on my credit, and I checked all 3 reports and they didn't even pull my report???

I was denied because of my age or because of the economy.

I didn't want to touch the money in the bank and my mom and dad was going to loan me the money, but I wanted the loan to go on my credit so I could further build my credit. So Citi gave me an $800 CL increase w/o me even asking them, so trying for a loan through them came to mind. I tried and was told at the local office that I had to have a cosigner due to my insufficient credit history. So dad cosigned for me and I was approved however he is 65, a successful intermediate business owner and has had excellent credit his entire life with many paid vehicles, a paid off house and more.

Anyways, when will the crunch end?
Message Edited by MichaelandLauren on 07-22-2009 03:58 AM

Likely the end of o ten. Good times however would be even much later. One never knows though!

Message Edited by nothingman02 on 07-22-2009 09:25 AM