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 Posted: Thu Oct 20, 2005 7:10 am Subject: Banks & Loans |
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My girlfriend has been going to the same bank since she was like 12 and first opened an account. Her mother also goes to that bank. She applied for a personal loan to get a used car and they saw that she owed MBNA some money from the past. She knew that she had paid them and so she got a letter saying that she had paid them.
MBNA said that they reported that she paid in full like nine times and it still wasn't put on her report! So since she didn't have that great of credit...her mom co-signed for her and she was still denied the loan! After all that.
The bank said that she had an outstanding debt on a cell phone bill from two years ago. They mentioned nothing of that the first time. She ony owed like 600 dollars or so...and the loan was only for 2000 WITH A CO-SIGNER who had flawless credit and had been going to that bank for years and years.
Well the mom was outraged and she might be switching banks now. Its just insane what bad credit can do. I don't understand that if you have a co-signer with flawless credit...why does the bank care. Obviously someone is going to pay them, ya know? Hmmm...just thought I would share the story.
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shopaholic5
Joined: 07 Sep 2005
Posts: 274
Debtcc Points: 5627
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| Posted: Thu Oct 20, 2005 2:36 pm Subject: |
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Your girlfriend's mother might be having a flawless credit file but the banks saw your girlfriend taking the loan at the first preference. That is why, they want to evaluate her credit file extensively and know if she will be able to pay it in the future if critical situations arise.
Everyone has his or her credit identity and thus, it becomes very important to maintain it. Timely and regular payments are the key to keep good credit ratings.
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ben
Joined: 20 Jul 2005
Posts: 2099
Debtcc Points: 41167
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| Posted: Fri Oct 21, 2005 6:21 am Subject: |
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Yeah...so now she is going to pay off that last thing on her credit history. Then she will have nothing on her credit and will have to start building it up again.
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shopaholic5
Joined: 07 Sep 2005
Posts: 274
Debtcc Points: 5627
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