BCU- Personal approved- now what??

[Janneman]

My friend who got approved today for the personal loan by BCU as she received an email from her dedicated representative wherein she is asked to provide following- (1) 2 pay checks; (2) The names of creditors where she wants to send money to, how much amount she wants to send to these creditors, and account number with these creditors. The problem is- when she applied for the personal loan over the phone with DR (on Monday-2 days ago), she was asked what is the purpose of the personal loan....She actually didn't know why she was asking for the personal loan, and the only reason she asked for the loan is because it will not caused another HP...and she thought that since everyone is getting personal loan too, so what's wrong in asking...So, when DR asked her if she is looking for the personal loan to consolidate her debts/bills, she said yes....but the truth is- she owes nothing to anyone.

She is now wondering what to do...how she could give them any creditor's info when she owes nothing to anyone? And, what would happen if she wouldn't respond to DR about this email that she received? Any idea?? Thank you...

[FireMedic1]

I've ask the Mods to move this to Personal Finance. Not credit card related.

[SouthJamaica]

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@Janneman wrote:

My friend who got approved today for the personal loan by BCU as she received an email from her dedicated representative wherein she is asked to provide following- (1) 2 pay checks; (2) The names of creditors where she wants to send money to, how much amount she wants to send to these creditors, and account number with these creditors. The problem is- when she applied for the personal loan over the phone with DR (on Monday-2 days ago), she was asked what is the purpose of the personal loan....She actually didn't know why she was asking for the personal loan, and the only reason she asked for the loan is because it will not caused another HP...and she thought that since everyone is getting personal loan too, so what's wrong in asking...So, when DR asked her if she is looking for the personal loan to consolidate her debts/bills, she said yes....but the truth is- she owes nothing to anyone.

She is now wondering what to do...how she could give them any creditor's info when she owes nothing to anyone? And, what would happen if she wouldn't respond to DR about this email that she received? Any idea?? Thank you...

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I would just tell them that at this time she doesn't have any debts, would just like to put the money aside for emergencies.

[CreditCuriosity]

seems kinda silly to just ask and not need and pay interest on said loan.  Why not a PLOC instead?

[Janneman]

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@CreditCuriosity wrote:

seems kinda silly to just ask and not need and pay interest on said loan.  Why not a PLOC instead?

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I thought being respectful to other members is one of the terms and conditions which needs to be followed by everyone including moderators, but I guess I was wrong as its obvious that it doesnt include moderators.

No doubt that you overlooked my statements, otherwise you must have noticed me stating that my friend requested for loan because she thought that since everyone is getting, so why not just get it....Was she wrong in acting on this? Probably, but giving names and thinking its silly and looking down to someone is wrong in my personal opinion. We all make mistakes at times...and learn as we grow.

It is not like that she doesnt want to pay interest on a loan but she does NOT owe anyone anything anyway. Again, she said that she asked for the loan because she thought that since everyone is getting it it then why not just ask for it especially when there won't be additional HP...She is going to tell the truth to the DR anyway that she doesn't have any debt as of yet...and let them decide whatever they wanna do it with it. She thought its PLOC...

[Janneman]

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@SouthJamaica wrote:

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@Janneman wrote:

My friend who got approved today for the personal loan by BCU as she received an email from her dedicated representative wherein she is asked to provide following- (1) 2 pay checks; (2) The names of creditors where she wants to send money to, how much amount she wants to send to these creditors, and account number with these creditors. The problem is- when she applied for the personal loan over the phone with DR (on Monday-2 days ago), she was asked what is the purpose of the personal loan....She actually didn't know why she was asking for the personal loan, and the only reason she asked for the loan is because it will not caused another HP...and she thought that since everyone is getting personal loan too, so what's wrong in asking...So, when DR asked her if she is looking for the personal loan to consolidate her debts/bills, she said yes....but the truth is- she owes nothing to anyone.

She is now wondering what to do...how she could give them any creditor's info when she owes nothing to anyone? And, what would happen if she wouldn't respond to DR about this email that she received? Any idea?? Thank you...

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I would just tell them that at this time she doesn't have any debts, would just like to put the money aside for emergencies.

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Thank you so much....

[FireMedic1]

If you friend has no other loans open. Yes it would help FICO's Credit Mix. Really the only reason to get one. Just to get a loan and all the hits for a new account hit thier credit file and there goes some points. Not worth it. 

[Janneman]

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@FireMedic1 wrote:

If you friend has no other loans open. Yes it would help FICO's Credit Mix. Really the only reason to get one. Just to get a loan and all the hits for a new account hit thier credit file and there goes some points. Not worth it. 

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My friend has a Pledge loan from NFCU, since last 2 yrs, just to have high Fico score, which is going to end in next 2 months...and she certainly doesn't need this new loan to raise her score, I believe....But I dont think she and I both know what kind of this loan she got from BCU...So, she wrote yesterday to DR to tell everything what @SouthJamaica stated above...and waiting for their answer...She doesnt mind canceling this loan, though...because she really doesnt need any loan as of now because she owes no one as of now to utilize the said loan...

[FireMedic1]

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@Janneman wrote:

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@FireMedic1 wrote:

If you friend has no other loans open. Yes it would help FICO's Credit Mix. Really the only reason to get one. Just to get a loan and all the hits for a new account hit thier credit file and there goes some points. Not worth it. 

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My friend has a Pledge loan from NFCU, since last 2 yrs, just to have high Fico score, which is going to end in next 2 months...and she certainly doesn't need this new loan to raise her score, I believe....But I dont think she and I both know what kind of this loan she got from BCU...So, she wrote yesterday to DR to tell everything what @SouthJamaica stated above...and waiting for their answer...She doesnt mind canceling this loan, though...because she really doesnt need any loan as of now because she owes no one as of now to utilize the said loan...

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If it gets down to no loans reporting. There goes the credit mix. That why people get SSL's. No matter which way is chosen. 1 open loan. Then credit mix has been met.

[CreditCuriosity]

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@Janneman wrote:

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@CreditCuriosity wrote:

seems kinda silly to just ask and not need and pay interest on said loan.  Why not a PLOC instead?

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I thought being respectful to other members is one of the terms and conditions which needs to be followed by everyone including moderators, but I guess I was wrong as its obvious that it doesnt include moderators.

No doubt that you overlooked my statements, otherwise you must have noticed me stating that my friend requested for loan because she thought that since everyone is getting, so why not just get it....Was she wrong in acting on this? Probably, but giving names and thinking its silly and looking down to someone is wrong in my personal opinion. We all make mistakes at times...and learn as we grow.

It is not like that she doesnt want to pay interest on a loan but she does NOT owe anyone anything anyway. Again, she said that she asked for the loan because she thought that since everyone is getting it it then why not just ask for it especially when there won't be additional HP...She is going to tell the truth to the DR anyway that she doesn't have any debt as of yet...and let them decide whatever they wanna do it with it. She thought its PLOC...

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No longer a moderator and I know the rules better than 99% of the forum as use to have to enforce them.  Also how is that not respectful was trying to save your friend money, a score ding for a new account among other things.