Disputing a Credit Decision

@SomeCowgirl (32273)
United States
October 28, 2011 9:19am CST
I was thinking of calling my bank up and asking them if they feel it would be worth it to dispute their decision not to loan me $3000. I've had bad credit but everything has been paid off, though the way the paperwork they sent me makes it look, it makes it look as if they had just stopped harrassing me. Not True, I paid it all off with help. In any case, I jut asked for $3000, two thousand for a moped, another thousand toward moving out to my own place, or atleast preparing to move out to my own place. If they won't let me have that, I may ask for a secured line of credit, I've been able to get those in the past and they help me re-establish my credit as well. Another reason they turned me down is I haven't been with this bank for long, BUT that is because they switched over from one to another, so I HAVE been with another bank for a long time, with different accounts. Atleast a total of four years. With that being said, if we do start getting charged for using our debit card, I will most likely go back with a credit union anyway. What should I do? You think it's worth the dispute? I work atleast 24 hours a week, I net about $500 a month atleast, and out of that I only have to pay a $45.00 bill. Though I know they have to put a 75% income thing, wherein if I do get my own place etc in the future, and have to pay more bills, I'm cushioned and they're cushioned, if that makes any sense.
1 person likes this
5 responses
• Canada
28 Oct 11
There are several reasons I can see as to why they have denied you the loan. The biggest thing is the bad credit. It doesn't matter that it's been paid off, if it's recent. If it's years ago, that should have helped your credit. Second, the fact that you've been with a bank for a long time doesn't make a difference to them. I've been denied loans and credit cards from my bank and I've been a client for at least 10 years. Third, they consider income a large concern. Only making $500 a month is considered to be extreme part time income. Most anyone loaning money will take income into consideration, and if there isn't enough of it, they'll automatically turn you down. So right now, I really don't feel that it's wise to dispute it. Maybe in a few months you can apply again, but do check your credit score, this is vital in being approved for a loan.
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@SomeCowgirl (32273)
• United States
28 Oct 11
I paid it off about two years ago. They did say they take into consideration that I was with the other bank for four years. It's funny, they didn't say anything about my income in the rejection letter, and nor did they over the phone. However, I've been told that it's because of my income when trying to apply to other loans recently. Another option is to just not buy food etc for myself, but either way it's not helpful. I've been having to take a cab, which costs about $20.00 to work, not everyday but twice already, and hope I don't have to keep doing that but well..
• Canada
28 Oct 11
How about applying for a smaller amount and going for an E-bike instead of a moped? It would cost you far less. It seems to me that things are done a little differently here, income is a big concern and if you don't have enough of it, they will deny you.
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@SomeCowgirl (32273)
• United States
28 Oct 11
Yes, about $800 for a e-bike and $2000 for a moped. Not sure where to get an e-bike though. What I really should do is go get my permit again and then practice driving again while I save up for my own car, and then have the car and go get my license. However, I'm thinking more in terms of saving money in the long run, and being more economical and free.
@bounce58 (17524)
• Canada
31 Oct 11
I've come to learn that most of a bank's services could also be subjective. Just before I got re-financed a year or so ago, I was not having any luck getting all my finances straightened out. They say that I didn't have good credit, and my liabilities still was more than my assets. After trying for a couple of years and been denied a few times, I met a bank specialist who was creative enough to get me refinanced. He really helped me a lot. It was because he took time to really know me, and did everything in his powers to help me. I think you just need to meet somebody from the bank who would really help you. It's not fool-proof, but maybe it's just what you need. Maybe it would be worthwhile to dispute it.
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@SomeCowgirl (32273)
• United States
31 Oct 11
I actually just got off the phone with a gentleman who really helped me. He recommended that I go for a secure line of credit, to help me re-establish my credit and establish credit with them. I think I will do that. It may take a few weeks of saving up my paychecks, etc, but I intend to do just that so that I can establish a bit more credit. Going this route, though, will also mean that I'll have to wait a little bit but it's worth it in the long run.
@bounce58 (17524)
• Canada
31 Oct 11
That's really great! Once in a while we do run in to people who actually want to help, rather than just concerned about their jobs. Goodluck!
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@SomeCowgirl (32273)
• United States
31 Oct 11
Yes, it's definitely great and exciting. Something worth waiting for. I need to get on track and start planning and saving though.
@Memnon (2173)
30 Oct 11
Right now all banks are pretty much lending to only those whp can virtually guarantee their return This situation was, of course brought about by a bunch of sharp executives who have since scarpered with big bonuses and lavish pension schemes. The little guy has been left with the bill. You might as well challenge the decision: the worst that can happen is that they say no, again.
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@SomeCowgirl (32273)
• United States
30 Oct 11
I am going to challenge it tomorrow, I might try calling today but I doubt that they will be able to do anything, if they are even there. Yeah, I remember a few years back all that happened with the banks and the big execs who got the bonuses and crap, squandering from the banks and from the money we were throwing in to help them.
@airkulet (2705)
• Philippines
28 Oct 11
Did you try to loan to other bank? Usually those banks will not approved your loan if you had a history of bad credit.
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@SomeCowgirl (32273)
• United States
28 Oct 11
I tried a credit union, then my regular bank, and even citibank. I've called them now and they suggested I dispute the decision, I'll do that later today at lunch.
@celticeagle (115471)
• Boise, Idaho
29 Oct 11
I know that you can add a note to your credit bureaus information explaining what is going on with your individual situation. I also know that you have to be careful how many times your credit is checks because this can count against you. There are alot of places out there where you can get loans. Banks are the hardest.
@SomeCowgirl (32273)
• United States
30 Oct 11
I know that it counts against you and I think that's just dumb, but what can you do right. Other then payday advances, what other places will loan?
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@SomeCowgirl (32273)
• United States
30 Oct 11
Oh yes, peach tree I hadn't thought of them. I'll just have to figure it out, I've also got to consider other things as well. Tomorrow I am going to call the dispute place and talk to them "informally"
1 person likes this