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Repay Debt > Forums > You gotta be a Monk to get a bank loan :)!
 
 


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Aaron
    01/30/09 at 07:22 PMReply with quote#1
I got credit score over 700, at my job 13 YEARS, NEVER late on payments...but, you know how it is, I built up a little debt! Out sick a little...I've got 7 accounts, and I just got tired of the little suprises you get hit with! When these blindside suprises come up, I deal with them, but having to manage all those accounts IS starting to get to me! So I thought of a plan where I'd consolidate the accounts, throw the cards in a drawer, dont use them unless I actually have the money to pay them IN FULL in 1-2 months. My Credit Union account would stay empty while I load up the saving there. Then work out a plan to pay the bank debt off in about 3-4 years!

Mind you, I'm not the materialistic guy that needs a sportscar or gold chain, I'M CHEAP ! I'm a cheapscate! One of the best cheapscates in the world! Thats how I can manage these accounts ! I STILL even have 5000 credit left, and thats because I havent applied for more! But I am reaching that point! I got about 21,000 in debt, but that was built up over YEARS. If I get this loan and follow my plan, I'm always cheap and make budgets, I could be secure for the next DECADE !

You live and learn! Okay, I cant mess with the cards anymore unless I can pay the amount in 2-3 months. Alright, so I go to the bank, and the lady is like, "ooh, 700 credit score, lived here 10 years, worked there 13 years"...then she comes to the RED FLAG! THE BIG ONE ! Your available credit to debt ratio! You should have paid these...Oh, you got me there!Well...heh...why the hell do you think I'm in the freakin bank applying for a consolidation loan for ?! Because I enjoy having a complete stranger look up my personal business on a computer ?! Yeah, I enjoy that, so thats why I applied, NOT because I need to restructure debt ! You gotta be a freakin' MONK to get a loan from this bank, LOL! 700+ score, 7 accounts, NO negative credit reports, 13+ years employed...

You would think with those credentials, I would have earned a SECOND CHANCE! AT THE VERY LEAST ! She said it was going to "manager review" and then they'd get back to me next week. But I got every indication that I would be denied because of that ONE thing...but if thats the case, why even HAVE a consolidation loan?! If people are going to risk having their lives turned into an open book on a strangers computer, its a good bet that its because they need the cash ! It didn't seem like she was going for the 21,000 total, but 15,000 instead, which still wipes out 99% of my accounts. But if I'm completely denied...I just dont know what you can do other than 700, no late payments over ten years...other than become a SAINT !!
Cory
    03/23/10 at 05:33 PMReply with quote#2
I know what you mean man, I am in the same boat, I went through a divorce and hard to start from scratch, all I had left was my car, luckily I kept my credit score and had a good job, but when you have to start your life over, you have to use the good credit you worked so hard to build up to survive.

3 years later, I have a house again and anothe vehicle for my wife, and some other debt that i racked up when I was getting my life back on track, and stil have not missed a payment on anything, even when I was unemployed, and guess what I can't get a debt consolidation loan from anybody even with my perfect credit history.

It is so frustrating that the people who have worked so hard for so long to pay their bills on time are having to suffer from the credit crunch even more so than the deadbeats who never pay their bills.

4 years ago every lender in the country was flooding my mailbox and e-mail with offers for loans, credit cards and any other type of loan they coudl sell me, and I was good and did not bite on the offers, because I knew it was not responsible to pile up debt.

I love my new house and I would be crushed if I have to lose it, but it is getting to the point now that even with my wife and I working full time we are barely keeping up
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