I went to the bank to apply for a loan. First of all my credit is bad. I told the loan officer that up front. I have a couple of friends that went to the same bank with credit worse than mine and also their debt income ratio was higher and they made less money than my husband and I. Is this discrimination? I think so. How do I take this a step further? I'm pissed and I think it's wrong. The amount I ask for was 4,000. My other two friends were approved for 5,000.
2006-07-17 09:38:10 · 8 answers · asked by browneyedcutie 1 in Business & Finance ➔ Credit
No charge off's or repo's or foreclosures. My friend who was approve was the one that told me they were discriminating. I guess she said it because she's white and I'm black.
2006-07-17 09:47:49 · update #1
One of my friends works at Mcdonalds. She has been there for 8 months. She didn't work prior to that. She's been job hopping for the past 5 yrs. She makes less than 200.00 a week because I have been with her several times when she cashed her checks. This is what I'm basising everything on. I'm not mad at her it's not her fault. I went through a divorce that left my credit messed up.
2006-07-17 10:04:07 · update #2
Banks are weird. That being said, sometimes they approve for no reason, or disapprove for no reason. I highly doubt this is a race issue, but if you feel that you must - make an appointment with the bank manager explaining your feelings, and the situation. Don't forget to mention your friends. Of course, he won't be able to discuss their situation with you, but ask him to compare and get back to you, with his conclusion. If he doesn't, leave him a message saying your gonna write a letter to the news paper, the better business bureau and your congressman, the Governor and the NAACP (www.NAACP.org). If that doesn't scare him - actually do it. Write a letter and send everyone I just mentioned a copy. It won't cost you anything, and your entitled to have your problem solved by people who have the power to shut this bank down. Don't be afraid, and don't give up until you get the answers you want. Granted they might not be the answers you want, but you are definitely entitled to them.
2006-07-17 09:48:50 · answer #1 · answered by morgysan 3 · 1⤊ 0⤋
How the hell is that discrimination? Where the hell did discrimination come into getting a bank loan, let alone any of this? Why would you bring discrimination into this? Just because your friends say that they got a crappier credit rating than you, doesn't mean that they do. There're other factors that contribute into getting a loan, like job security for one. And how would you know that they make less than you? Why would you talk about stuff like this? I don't even say how much I make to my family. This one really boggles my mind...
You still haven't proved that this is discrimination (from you answering my totally unrelated, diet and fitness question). Just because a bank didn't approve you but did so with your two friends doesn't make it discrimination. Listen, go out and get an education. I'm sure there're student loans that you can take out. If you really need that much help, I'd love to help you out, but I'm in a bit of a bind myself. Oh, and hey, it's not my fault that you live in a backwards town where you still think the world is flat. If you don't like your town, move out of it. Oh, wait, sorry, I forgot, you can't. So sad, too bad, THAT'S LIFE.
2006-07-17 16:43:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Instead of focusing on the discrimination, see if there is anything you can do to make your credit better. Your credit rating goes down if you have too many credit cards. Can you pay off some old balances first? Trade in your nice car with payments for one with no payments.
After that, go to a different bank and start over.
The banks will not loan you money if they think you will not pay it back. Hope this helps a little.
2006-07-17 16:46:06 · answer #3 · answered by chris 6 · 0⤊ 0⤋
The law requires the bank to inform you in writing why you were refused. That decision, and nothing else is relevant. Build new credit in your own name a little at a time,and pay your bills on time. It can only be discrimiation if you qualify for the loan in the first place.A good example: I was once refused a car loan by a bank in which I had more money than I wanted to borrow. Why? No credit history. Get over it.
2006-07-17 17:46:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
What kind of discrimination are you complaining about. Did they deny you on race, religion, or just because they thought you were a high risk. What happened to your friend has no relevance to you. It may be just that the bank has given too many high risk loans and does not want to give any more. Other than what is stated above and you can prove it you have no case.
2006-07-17 16:47:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
How do you come to the conclusion that it's discrimination? On what grounds. There has to be something else that explains why the bank wouldn't approve the loan. Any foreclosures, bankruptcies, repossessions... that would be a definite mark.
2006-07-17 16:43:47 · answer #6 · answered by J.D. 6 · 0⤊ 0⤋
You need to ask why the turned you down. You really don't know what friends' circumstances really are.
You said your credit is bad. Accept responsibility for your bad credit and not that the bank wouldn't give you a loan for discriminatory reasons.
2006-07-17 16:43:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Did you apply for the same kind of loan? Everyone's credit is so different.
2006-07-17 16:42:52 · answer #8 · answered by ? 4 · 0⤊ 0⤋