jq26 Posted February 14, 2005 Report Share Posted February 14, 2005 Commerce has been good to me for the past few years. I applied for a secure loan on Friday afternoon to boost my score. I noticed on PG this morning that an inquiry showed up on Sunday. Not sure if I got approved for the loan yet, but they pulled TransUnion in Pennsylvania. fyiCOMMERCE BANKBanks and S&Ls Feb 13, 2005 Link to comment Share on other sites More sharing options...
edubb007 Posted February 14, 2005 Report Share Posted February 14, 2005 Did you put that on :http://finance.groups.yahoo.com/group/whopulledmycredit/ Link to comment Share on other sites More sharing options...
jq26 Posted February 17, 2005 Author Report Share Posted February 17, 2005 Well I was DENIED by Commerce Bank for a $1000 secured loan. The funny thing is, I have $5000+ in there and they would have secured $1100 of it for the loan, meaning that they would have 0 risk. I was told that EVERYONE gets approved for it before I applied. Then I received a phone call late yesterday saying that I either needed 0 credit for a secured loan or a 660 for an unsecured loan. Anyone in between the two is screwed. He went on to say Commerce Bank is not in the business of REBUILDING credit. with a debt-to-income close to 10%, there was NO REASON why they shouldn't have approved me, but I guess the recent BK didn't sit well with their loan department (though he couldn't tell me specifically why I was denied). If it wasn't for the convenience factor of using this bank, I would close all accounts with them immediately! Link to comment Share on other sites More sharing options...
Tourniquet416 Posted February 17, 2005 Report Share Posted February 17, 2005 screw convenience! i'd take my money somewhere else!i wonder if all banks require that high of a credit score. 660? Link to comment Share on other sites More sharing options...
jq26 Posted February 17, 2005 Author Report Share Posted February 17, 2005 I hear you. You are talking to one of the most stubborn people out there! But I am established with these accounts, and the timing isn't right for me to move my money, accounts, etc. with my credit in flux and my finances just starting to recover. I need stability right now- but I will certainly not give them any business other than the free checking account I have with them. And I will leave the $100 minimum in my savings with them and reallocate it to accounts I have at other institutions. They are giving me a sh*tty 0.25% on my savings anyway. My PayPal money market gives me over 2.0%!! Point is the bank didn't care to help me out when I needed them. Its they're loss. They walked away from a guaranteed income. And when my credit improves and I purchase a home in the next twelve months, I can scratch them off my list. Link to comment Share on other sites More sharing options...
edubb007 Posted February 23, 2005 Report Share Posted February 23, 2005 Ah.... Big Bank mentality from Commerce. Don't they know the trends for big banks is to act like a small bank now! F'em! Move the $$$ around and get a nice return from a small local bank. You don't have to go far and a good CU if you can get into one helps out a ton. Link to comment Share on other sites More sharing options...
jq26 Posted February 23, 2005 Author Report Share Posted February 23, 2005 edubb007- After I wrote my last post, I reconsidered! I opened a savings account at Atlantic Credit Union yesterday. They have secured loans at 2.5% interest rate AND they pay out 0.5% on their savings and checking accounts. The cool thing is I own stocks and they consider this collateral on any secured loan so that I don't have to liqudate my trading account or tie any money up. After learning this, I might even write off Commerce Bank altogether. Link to comment Share on other sites More sharing options...
Jazz4Cash Posted February 27, 2005 Report Share Posted February 27, 2005 Here's the problem. This whole credit bureau/credit score scam business forces you to change your lifestyle for the sake of a credit score. I think it's really really smart to work with a credit union on someplace that let's you borrow against assets at a great rate (and 0 risk to them). It's like having your money and spending it too!! Places that usually offer these loans arecredit unionsstock brokers (@ margin rates)401k loans ( but your cost maybe much higher than the interest rate)......so credit unions are the best by far IMHO! Link to comment Share on other sites More sharing options...
DHK Posted February 27, 2005 Report Share Posted February 27, 2005 http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=26257 Link to comment Share on other sites More sharing options...
jq26 Posted March 1, 2005 Author Report Share Posted March 1, 2005 Thanks Jazz. and DHK, that is a great idea. Funny, I thought I'd never say this when I was in monster debt, but money isn't the problem now. Its my lack of credit- specifically my lack of installment loans. I am going to do just what you said- I already have gone through the process at my credit union and I'll do another through ING direct. Two more installment loans with good payment history should give me the well-rounded types of tradelines that FICO likes to see- and it won't cost me much of anything!! Link to comment Share on other sites More sharing options...
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