Conference 7.286::dcu

209.0. "Bad policy practices" by CSC32::R_GROVER (The CIRCUIT_MAN) Thu Mar 08 1990 13:08

    I have worked for Digital for 9 years this June. Now.. I've also been
    doing some kind of business with DCU for the enter 9 years.. including
    mortgages, equity loans, etc.
    
    I recently moved to Colorado (relocated with/for Digital), still
    remaining a DCU member. While buying my house here, I apply for a
    mortgage loan from DCU... they don't do them out here. Well, I'll
    except that... no problem... went somewhere else.
    
    After moving into the house, I needed a few dollars to get me started
    on some home improvements... Went to DCU for a loan, they tell me that
    I haven't been in Colorado long enough and they couldn't approve the
    loan. They tell me... credit is good, etc. etc.. I ask, "well, what is
    the problem"... they repeat "You just haven't been in Colorado long
    enough to gather a PROVEN track record". When I reminded them that I
    had been doing business with them for nearly 9 years, they said that
    they knew that... "but it's our policy... I'm sorry".!
    
    Now, I am still a DCU member with three accounts. I have no intension
    of closing my accounts... BUT THIS KIND OF "TONGUE IN CHEAK" LOGIC IS
    ABSOLUTELY REDICULOUS. If I have a proven "credit track record" with
    the DCU, it shouldn't matter where I move or relocate as long as it is
    with Digital.
    
    After much discussion, I have dropped the issue with them. But I do
    think these types of policies need to be examined and changed slightly.
    

    
    This is absolutely ridiculous.  You shouldn't drop it.  What DCU policy
    essentially says is that your credit history follows the address not
    the person.  I can see where they might want to redo their credit
    calculations based on your new location, expenses, etc.  It might be
    time to start that walk up the chain of command until you find
    somebody who can reason instead of recite policy.
    
    Financial institutions are notorious for some pretty mindless policies.
    No doubt they have a study which says that people who live at an
    address for less than a year are bad risks...
    

    My main reason for not persuing it further was the fact that they
    actually did me a favor... After being turned down, I reworked my
    available finances and found that with a few adjustments, I was able to
    do what I wanted without the need of such a loan. It just took a little
    longer to do what I wanted..... instead of a three week project, it
    turned into a three/four month project. I can live with that, over a
    two year loan anyday.
    
    You are right though, I should have pushed it a bit more than I did.
    
    Live and learn.... everyday.!
    
    Bob G.
    

If they had said that to me, I would have withdrawn all my money and closed all
my accounts on the spot, outstanding checks or not...

-Glenn-