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Rec'd a notice of adverse action, after applying for an auto loan.

I went to 3 different lending institutions about a auto loan. 2 approved the loan and one wanted more info than I was comfortable giving them. I have had other problems with this Credit Union as well. Like them making simple transactions complex, when they should not be. During the application process, I informed them that I had a lower interest rate. I saw no reason to continue with the app.

Then I rec'd a notice of adverse action letter in the mail. It states the adverse action was due to member request. Couldn't they have just dropped the application, instead of this action denying me credit? This can't be good for my credit report.

The rep at the credit union, also wanted me to buy an extended warranty and go through a 3rd party auto broker. I didn't figure I needed some bozo shopping for me. I know how to shop for a car. I feel the rep at the credit union did this out of spite. Any suggestions about what I should do about this.

Comments

  • I'd go to the manager at the CU, see what they can do.
  • The three big Credit reporting agencies all have dispute processes. File a dispute over this action with all three, giving the details.
  • Why pray tell did you go to three places for an application? Each time you apply somewhere, it shows up as a ding on your credit report. Just get the facts from the three and then apply to the one you want. For they other one, all they are saying is the application was terminated and they will report that to the credit agencies. Just get a copy of your credit report and you can add your own letter of explanation to go along with it. They won't withdraw anything but they'll add the additional information. Just be businesslike and concise like "loan terms were deemed less desirable after application process was begin and terminated the application". No need to make a federal case out of it.
  • Bing is correct; you've already been dinged on the credit report just by the simple act of applying and someone pulling the reports with no malice involved at all.
  • yeah, it dosen't matter if you decided to terminate the app. You already apply for it so they already pulled your report. Don't worry, when shopping for car loan, it will count as one ding on your credit report unless you over apply and sound really desperate.
  • I had a loan denied because I had to many bank accounts. Go to a credit union, they seem to be able to help a regular guy.
  • If you don't like playing the credit game, don't buy things on credit..He who has the gold makes the rules...
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