Can I get a status??????


Miscellaneous

By Observer of Rudeness, Section Stories
Posted on Tue May 15, 2007 at 12:32:27 PM EST

My husband and I have been looking for a home in the Midtown area.

We live in an apartment complex and we have children and need more space. Anyway, we found a house and it was for sale as well as for rent. We want to rent right now because we are saving up for the house we really want and that will take another 2-3 years. The company that is facilitating the rental is mostly into renting space for shopping centers. We submitted our application and fee on 5/1/07. Can you believe that these so called "professionals" hadnt made contact.No calls, no letter, nothing!! I emailed the gentleman who showed me the house on 5/9/07 to see what happened. He said he would get back with me. It was 5/14/07 and still hadnt heard from him or anyone else for that matter. I emailed him again and FINALLY he replied that we were declined due to credit issues?? Yeah we had a few issues but they have been resolved and our credit scores are good(gone up 100 points in the last year and if the scores were so bad I wouldnt have been recently approved to get an expensive 2007 suv. I dont get it. We also showed that we make enough income to afford it. Heck we pay more now than what they were asking for. Some companies only look at credit and that shouldnt be the only thing one looks at. I just cant get over how rude they were. I shouldnt have to call you time and time again and email you just to find out I was denied. It wasnt meant to be...so I move on:)
< Slow Left Lane Drivers | Old fart racer >

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Can I get a status?????? | 8 comments (8 topical, 0 hidden) | Post A Comment
"Status" (none / 0) (#1)
by Memphis Sport Rider on Tue May 15, 2007 at 09:08:00 PM EST
Finance companies are becoming much more selective in their loan qualification processes nowadays, due to the large number of borrowers defaulting on their loans.  In the last 5-6 years, up until the last year or so, banks have been lowering their requirements for mortgages in an effort to increase business and to help more people get homes.  Being in the car business, I have seen this first hand.  I've seen many people with challenged or just limited credit who could get a loan to buy a house, but not for a vehicle.

However, the banks have recently had to raise qualifications and down payment requirements due to so many people going into foreclosure on homes that they probably could not afford, but were allowed to buy as a result of lax qualification processes.

Not making excuses for the real estate co.  They should have called you to follow up regardless.

Rather, I'm just trying to give you some insight as to the possible reason why you may have been approved for an auto loan, but not on a home loan.

Cheers,

MSR

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A MERE PEASANT (none / 0) (#7)
by POINTLESS on Wed May 23, 2007 at 12:09:13 PM EST
I HAVE HAD SIMILIAR EXPERIENCES DEALING WITH VARIOUS BUSINESS ENTITIES AND THEIR PERSONNEL. CONDESCENDING ATTITUDES ABOUND, AND THEIR IS A GENERAL CORPORATE DISCONNECT. PEOPLE ARE NOT WHAT THEY USED TO BE. MY PARENTS GENERATION CLASS OF 46 WERE GOOD FOR THEIR WORD.

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Can I get a status?????? | 8 comments (8 topical, 0 hidden) | Post A Comment
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