I think my bank intentionally cheated me!

Discussion in 'Community Forum' started by barney, Jun 14, 2018.

  1. barney

    barney 12 pointer

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    I stopped by one of my banks branches the other day to check on the rates for a personal loan. I knew the interest rates on a personal loan was directly related to your credit score.
    The loan officer told me up front the same thing, and asked me how much money I needed. I told them $3,000. They then told me 3 thousand and under was a flat 17%. I said OK, what about $3,100? They said that amount would work. They asked some questions, pulled my records, and said that they would pull my Equifax credit report, and my interest rate on the loan would be directly related to the score. I said OK, knowing I had a good score.


    I had signed up with Credit Karma a couple of years ago and keep up with my scores pretty regular, a couple of my credit cards also give me my FICO scores on my statements each month.

    Anyway..
    The loan officer told me my Equifax score came back 765, and my interest rate would be 8 1/4%. I said OK, didn't think much about it. That's pretty cheap for a short term loan, putting up no collateral.
    The next day I get a notification from Credit Karma saying my bank had checked my Equifax credit report on that date, and it had dropped my Equifax score by 5 points. So I went to Credit Karma to check, sure enough my score had dropped by 5 points.. down to "775" it was 780. Now did my bank fudge my score to put me in a higher interest bracket??
     
  2. slickhead slayer

    slickhead slayer 12 pointer

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    The amount of times your credit gets checked can lower it.
     
    EdLongshanks likes this.
  3. Duster

    Duster 12 pointer

    Then the ad for Credit Karma lies when they say checking your credit thru them don't effect your score. I have not seen mine go down when I check but may be different when a bank does it.
     
  4. JR PORTER

    JR PORTER 8 pointer

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    KNOTT CO. KY
    That's the way I understand it. Same thing when you get a new credit card, your credit score goes down.
     
  5. EdLongshanks

    EdLongshanks 12 pointer

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    Northern Kentucky
    Barney have you looked into a home equity line? Aren’t the interest rates cheaper than 8 1/4?
     
    JR PORTER likes this.
  6. useyourbow

    useyourbow 12 pointer

    Unless it has changed there are three major sources for crediting ratings and it is not unheard of for all three having a different score for a single person.
     
  7. EdLongshanks

    EdLongshanks 12 pointer

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    Northern Kentucky
    I’ve always heard that shopping loans could potentially decrease your score.
     
    RLWEBB likes this.
  8. carnivore

    carnivore 12 pointer

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    Ky
    It did not go down when he checked Ck... it went down when the bank checked though a traditional inquiry.

    Barney dropping 5 points after an inquiry is normal. But they go back up after several months without an inquiry. (Never let anyone run your credit until you are actually ready to buy.) With that said they see the higher number first so im not sure why your score was not 780 when they checked. Unless credit karma is just not that accurate
     
    Last edited: Jun 15, 2018
  9. barney

    barney 12 pointer

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    I understand that. It's the bank told me my Equifax score was 765 when the checked on 5/12, when actually it was 780.
     
  10. Wildcat

    Wildcat 12 pointer

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    Ledbetter, Ky.
    "Anyway..
    The loan officer told me my Equifax score came back 765, and my interest rate would be 8 1/4%. I said OK, didn't think much about it. That's pretty cheap for a short term loan, putting up no collateral.
    The next day I get a notification from Credit Karma saying my bank had checked my Equifax credit report on that date, and it had dropped my Equifax score by 5 points. So I went to Credit Karma to check, sure enough my score had dropped by 5 points.. down to "775" it was 780. Now did my bank fudge my score to put me in a higher interest bracket?? "


    Read it again. When he used Credit Karma it did NOT effect his score.

    When the BANK ran a check on him THAT is what affected his score.

    Go to 3-4 different banks and have them run a credit check and each one will affect your score.
     
    barney likes this.
  11. barney

    barney 12 pointer

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    That's what I'm saying. Did they tell me I had a lower score to gain interest?
     
  12. carnivore

    carnivore 12 pointer

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    Ky
    I think its more likely that CK just is not that accurate.
     
    FOWLER2671 likes this.
  13. Wildcat

    Wildcat 12 pointer

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    Ledbetter, Ky.
    Did you apply anywhere else before that bank?? Applying for a loan or CC will drop your score, if you did either then that is the score the bank saw.
     
  14. barney

    barney 12 pointer

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    Yes, way cheaper.
    I don't want to go through the hastleI though, I mainly borrowed this money for a credit boost, as everything has been paid off for a while, and I needed an installment loan.
     
  15. barney

    barney 12 pointer

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    No.
     

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