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JP Morgan Chase Complaint - No Credit for YOU - Auto Loan
Auto Loan - Complaint
I went to my local Chase Bank, which I have had an accout with for over 20 years, to get a Auto Loan. My wife and I are aware that are Credit Scores are in the 600's so we asked her father to Co-sign. He has an 820 credit score. Banks LOVE him, he pays everything ontime or early.
We filled out the forms at the bank with an associate. When he saw the 820 I thought he would faint. All he says we have to concern ourselves with is the amount of time for the payment. When we left he told me to call the next day to work out the details.
I called the next day and he said we were DENIED! He also told me that he couldn't tell me why, it will be sent to me in the mail in two or three days. I told him my car won't be there then, what's going on! He started telling me about my credit problems. I agreed, that's why I brought in my Father-in-law with the 820 score to co-sign! It should be a no-brainer. They told me that the co-signer doesn't matter. WHAT! When did this change? He should be welcomed with open bank wallets. His credit score is higher then MANY business!
When trying to find out why, I was given the run-a-round by chase to 5 different operators with no answers or suggestions. I have been with them for 25 YEARS! No consideration? No suggestions? No body advocating for the consumer! NO HELP!
I will be ending my relationship with the bank within the next month but just me leaving does no lesson learning for the institution so, I am asking ANYBODY that reads this to take into consideration my plight and decide for themselves if Chase is the bank for them. What have they done FOR YOU? What do you get from them that ANY other bank could also do? Consider changing banks, closing investments, or just plain get AWAY for them.
I felt the Attourney General's office might be interested so I called them. They could only say..."go to this site and fill out the form and we will get back to you. Again, there goes the car I wished to buy. You know, be a good consumer.
Even the "Domino's" pizza owner in the comercials was more upset about his pizza's sticking to the box then the bank was about their own customer of 25 years.
I'm so glad my tax money went to bail out the banking system(TARP). NOT! Let them FAIL, they don't mind if you do.
We filled out the forms at the bank with an associate. When he saw the 820 I thought he would faint. All he says we have to concern ourselves with is the amount of time for the payment. When we left he told me to call the next day to work out the details.
I called the next day and he said we were DENIED! He also told me that he couldn't tell me why, it will be sent to me in the mail in two or three days. I told him my car won't be there then, what's going on! He started telling me about my credit problems. I agreed, that's why I brought in my Father-in-law with the 820 score to co-sign! It should be a no-brainer. They told me that the co-signer doesn't matter. WHAT! When did this change? He should be welcomed with open bank wallets. His credit score is higher then MANY business!
When trying to find out why, I was given the run-a-round by chase to 5 different operators with no answers or suggestions. I have been with them for 25 YEARS! No consideration? No suggestions? No body advocating for the consumer! NO HELP!
I will be ending my relationship with the bank within the next month but just me leaving does no lesson learning for the institution so, I am asking ANYBODY that reads this to take into consideration my plight and decide for themselves if Chase is the bank for them. What have they done FOR YOU? What do you get from them that ANY other bank could also do? Consider changing banks, closing investments, or just plain get AWAY for them.
I felt the Attourney General's office might be interested so I called them. They could only say..."go to this site and fill out the form and we will get back to you. Again, there goes the car I wished to buy. You know, be a good consumer.
Even the "Domino's" pizza owner in the comercials was more upset about his pizza's sticking to the box then the bank was about their own customer of 25 years.
I'm so glad my tax money went to bail out the banking system(TARP). NOT! Let them FAIL, they don't mind if you do.
Comments:
Posted by Prince-Caesar on 2010-09-07:
banks are becoming more and more cautious when it comes to loaning money. It would have been that he sad too much credit out already.
Posted by old newfie on 2010-09-07:
I deal a lot with this, it's no longer just your credit score, debt ratio is now a big thing.
Posted by rockfishing on 2010-09-08:
I'm glad to see that the banks are no longer requiring just a pulse to get a loan. Your best be is to build your credit rating up. I don't know if changing banks will hurt your credit rating or not. It's not how long you've been with an outfit. It's how you pay on your responsibilities.
Posted by Fufu487 on 2010-09-08:
co-signers don't account for the whole application, and they don't 'cancel out' your bad credit. Usually it' an underwriter assessing the loan and approving or declining the application based on risk. Your a high risk. it seems like you feel entitled to this loan. the bank has no obligation to gie you money. period.
Posted by justcuz on 2010-09-08:
You say your credit scores are in the 600's, but where exactly are they? There is a big difference between someone at say 620 and someone at 650 and someone at 690. Also, old newfie is correct, debt to income ratio is much more scrutinized than it used to be.
It would be better to take this time to clean up your own credit and try again when both you and the bank feel comfortable that you can and will be able to make the payments.
It would be better to take this time to clean up your own credit and try again when both you and the bank feel comfortable that you can and will be able to make the payments.
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