rbfcu.org

I applied for a personal loan for $75k…

I applied for a personal loan for $75k with this credit union on 08/07/2022 and was denied. The Adverse Action reasoning for the denial was unsatisfactory and was also incorrect so I sent an email to their underwriting department to question this. Someone (named Melissa...no last name left) returned my call during my office hours and left me a voicemail. When I returned the call she had given me an phone extension without a voicemail to leave her a message. I called the following day and was told by the CSR who took my call is the extension she left #82301 is not an extension with a voicemail capability. He checked and found that this particular employee was out of the office and their underwriting department uses a "general" extension to accept calls yet with no way for a customer explain why their calling nor leave a voicemail. Later that day (Tuesday August 16) I received a call from a gentleman who says he name is John and he is a Senior Underwriter. I questioned how could I not qualify for a personal loan with a FICO score of 840 (850 is the highest according to their TransUnion Adverse Action letter). I also questioned why was the turndown reason listed not accurate. There were two turndowns listed (1. Proportion of loan balances to loan amounts is too high and number 2. Too many accounts with balances). NEITHER one of these are true or accurate. First and foremost out of $250k-$300k of available credit to me my balance is less than $500. Secondly I have a small car loan with a balance of less than $3k with a $180 monthly payment. In speaking with him he stated the credit union really don't want to do "unsecured" loans they want to move more to "secured" loans. I responded with why do the credit union offer this on the website as an option and this borderlines "Bait and Switch". I currently have a line of credit ($40k)with this credit union that has never been paid or paid derogatory. A person cannot achieve the credit score that I have and at the same time have the reasons for the credit unions denial their credit file. To be clear you cant have high credit balances and a high credit score. I have experienced the same challenges before when applying for credit with the same credit union when I have applied. As we moved further along in the conversation John says the credit union takes each application on a case by case basis and I asked if I cant get approved with the outstanding credit that I have than who can?? Furthermore, case by case basis opens the door for humans to interject their personal biases and opinions which is the reason why lenders have guidelines. There isn't a guideline that the credit union has have that I didn't meet. I am NOT an overly sensitive person when it comes to race issues BUT I have to question why I was denied because the reason given is not true or accurate. This company has racial biases and issues because I have experienced it myself and I have seen other people experience the same. RBFCU PLEASE DO NOT PATRONIZE me and send some disingenuous response to my post saying you are "sorry" for my experience blah, blah, blah. I am going to talk about this until something is done!!!!!

Date of experience: Aug 18, 2022