| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 215.1 | If at first... | ULTRA::KINDEL | Bill Kindel @ BXB1 | Fri May 25 1990 11:02 | 20 |
| Re .0:
> I just applied to open another CRT for $5,000 and I was declined
> due to insufficient income and excessive obligations.
If the turndown is based in part on a bad credit report, you have
specific rights to challenge any bogus information. The DCU should be
able to give you and idea (though they may choose not to be specific)
of the ratio of debts to income that they're comfortable with for CRT
lines of credit. Keep in mind that lenders treat credit cards as if
each is at its maximum when computing "obligations".
> Is it worth trying to ask them to reconsider a lessor amount even
> though I did say I would accept one on the application?
It's worth asking. It would have been reasonable for DCU to say, "we
can't approve a $5000 CRT but we COULD approve $X," but that's not how
lenders' loan committees work. They're presented with a package on
which to make a "yes" or "no" decision. There's no bargaining done
with routine applications.
|
| 215.2 | Application only - no credit data | USCTR2::ZAPPIA | noting is hard with eyes closed | Fri May 25 1990 11:24 | 8 |
|
I was told that the decision was based only on information that I
entered on my application, no credit report, even though I know
my current credit report is accurate and clean!
Thanks for your response.
- Jim
|
| 215.3 | Go somewhere where they appreciate your business | CVMS::DOTEN | Right theory, wrong universe. | Fri May 25 1990 12:19 | 6 |
| I would ask them for the lower amount (if that is truely all you need/want). If
they still deny, I'd simply take my business elsewhere (which in fact I have -
the DCU has never approved me for a CRT loan, yet other banks given them to me
in the same afternoon!).
-Glenn-
|