Lyssarene

question on loan rules??

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In order to apply them across the board - or prove that they do, they would need to have written somewhere their own guidelines.

In researching to find my answer-- some it appears place it right on their website, advising of your fico score and what risk you equate to them as etc. Very nice, wish all of them did that.

If they don't publish them... how does one prove discrimination?

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Well, Its up to the government to investigate if banks are practicing discrimination. This is way you are so frequently asked for your race and gender, so if they are ever audited they can prove they aren't discriminating.

But you know how fickle credit scores are. So, while banks use them in their lending decisions, they are only on factor in the decision making process. I can't tell you the number of times that I have seen 700 scores and a BK less than a year ago. Or no lates, but scores in the 500 range. Neither one of these cases would qualify for prime products because they don't fit into "the box" so to speak. But I agree with, especially since every inquiry cost you points. You should at least know beforehand if you qualify or not.

This is the the sillyiest thing to me: You get a ding for the inquiry and multiple inquiries so that you are looking for credit, but had you been approved in the 1st place, you may not have had to shop around at any of the other places that pulled your credit. (went thru this looking for an auto loan, sorry to vent)

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No problem on the venting... here is my vent. I applied for an auto loan through my employers credit union and was declined. The guy who called me was very rude and wanted to know why I was using 2 last names (married versus maiden). He lectured me about how it could cause me problems doing it that way in the future then just said he would get back to me. Well, I was declined the next day - or well they can't decide because they first said 10/09 (which would have been the day he called) or 10/10 which is the next day.I called to find out why and they said a collection from 2005 from X company, well I don't have one from 2005 from X company, it is from 2001 (4 yr diff). They said oh, our mistake but we aren't reconsidering. So overnight it bothers me so I call them back and ask them what they consider and they say 3 things

1) Fico (they pulled EQ only and mine was 695 at time of pull - per Myfico.com this is A- I believe) and if not great they review 2 more things

2) if credit is less than perfect they look at job tenure = 16 yrs same company

3) then look at living situation, which I assume equals home ownership = 14 yrs homeownership.

So - I don't get it. I have a complaint call into the supervisor who hasn't returned my call yet. Shock.

Anyway - anything I need to ask or know? I did ask them for their written guidelines on lending policy and also written review process on declined applicants, I was told they have neither.

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No problem on the venting... here is my vent. I applied for an auto loan through my employers credit union and was declined. The guy who called me was very rude and wanted to know why I was using 2 last names (married versus maiden). He lectured me about how it could cause me problems doing it that way in the future then just said he would get back to me. Well, I was declined the next day - or well they can't decide because they first said 10/09 (which would have been the day he called) or 10/10 which is the next day.I called to find out why and they said a collection from 2005 from X company, well I don't have one from 2005 from X company, it is from 2001 (4 yr diff). They said oh, our mistake but we aren't reconsidering. So overnight it bothers me so I call them back and ask them what they consider and they say 3 things

1) Fico (they pulled EQ only and mine was 695 at time of pull - per Myfico.com this is A- I believe) and if not great they review 2 more things

2) if credit is less than perfect they look at job tenure = 16 yrs same company

3) then look at living situation, which I assume equals home ownership = 14 yrs homeownership.

So - I don't get it. I have a complaint call into the supervisor who hasn't returned my call yet. Shock.

Anyway - anything I need to ask or know? I did ask them for their written guidelines on lending policy and also written review process on declined applicants, I was told they have neither.

I recently learned that my federal credit union has a special board of directors type people who investigate complaints. If they are a member of the NCUA, you can call them and ask them who to send your complaint too. Basically, this "board" is a group of people who do not work directly for the CU. At least that's from my understanding. I sent my complaint about a CU to the NCUA and they forwarded it to the "board" for review and I'm still waiting to hear back from them. But the account in question, was disputed off my credit report, so I'm happy for now.

All that aside, if they are treating you rude now...would you really want to open an account with them? I do realize you might not have other options, but just a thought. And I also realize if you were "discriminated" against you should follow up on the matter.

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No problem on the venting... here is my vent. I applied for an auto loan through my employers credit union and was declined. The guy who called me was very rude and wanted to know why I was using 2 last names (married versus maiden). He lectured me about how it could cause me problems doing it that way in the future then just said he would get back to me. Well, I was declined the next day - or well they can't decide because they first said 10/09 (which would have been the day he called) or 10/10 which is the next day.I called to find out why and they said a collection from 2005 from X company, well I don't have one from 2005 from X company, it is from 2001 (4 yr diff). They said oh, our mistake but we aren't reconsidering. So overnight it bothers me so I call them back and ask them what they consider and they say 3 things

1) Fico (they pulled EQ only and mine was 695 at time of pull - per Myfico.com this is A- I believe) and if not great they review 2 more things

2) if credit is less than perfect they look at job tenure = 16 yrs same company

3) then look at living situation, which I assume equals home ownership = 14 yrs homeownership.

So - I don't get it. I have a complaint call into the supervisor who hasn't returned my call yet. Shock.

Anyway - anything I need to ask or know? I did ask them for their written guidelines on lending policy and also written review process on declined applicants, I was told they have neither.

Sorry you are having this problem! First, find out if the credit union is federally or state chartered. There are definitely guidelines (and policy procedures) for them if they are. If they are not, (Some are member owned), they still have to have policy, procedure, and loan guidelines in place.

They are lying to you and think you won't follow up. Be persistent and call the supervisor back. Leave a message that if you do not receive a return call that day by someone who can validate the denial on your loan, you will start reporting them to the BBB, the banking commission, and other agencies.

Also let them know that you might be getting legal advice on why they were unable to supply you with a definite reason why you were turned down for the loan...... I believe it is a law somewhere that they have to give you a definite specific reason.

Keep following up with them and get names, numbers, titles, dates, and times you have called to request the reason why; for future possible litigation.

Good Luck. Sounds like they have discriminated against you if they are acting the way you described.

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update **

OK, so I couldn't leave well enough alone, the answer just wasn't good enough for me. So -- I wrote a 2 page letter to them explaining my credit/employment history.

Loan approved!! 4.99% :)

Funny thing -- again can't leave things alone --- they asked for a name affadavit since I use credit under maiden name and work under married name. So, I gave them a copy of the EOAC this morning showing I can use whatever name I want and I will not be providing name affadavit. We shall see their response. :D

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There are rules and laws they are required to follow even outside of their own written guidelines. It sounds like you found an initial underwriter in a bad mood. I would definately follow up and get it correct. Your states banking comission would probably love to hear whats going on too. Might want to shoot a letter over there.

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