I know a guy who is a banker at Chase. He said they are looking for a minimum 720 credit score for new loans. That's probably the reason you were denied at Chase.
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can't get a loan from banks
- Thread starter Sky123987
- Start date
Quote from Sky123987:
I just applied to get a line of credit from 2 banks.
I have a credit score of 690.
I have 0 debt
I have a house completely paid off in cash
I have tax returns for the last 3 years of 100k +
Chase & some other bank I've never heard of declined me WOW!
0 Debt and $100K in income and 690 credit score.........something is not right. Check your credit report to make sure that there are no other debts.
Quote from Sky123987:
25% idiot. There's still equity in the house
"There's still equity in the house" Still is the keyword there pal. Lots of folks also thought they had $50,000 amex credit lines until they got the letter saying their lines were being reduced. Lots of unfinished home improvement projects around. If your house is worth $1000, your neighbor A defaults, then neighbor B defaults bringing down the value or your home. Now whatever equity you thought you had has evaporated and now the bank is holding a note with a ltv ratio of > 90%. Where the house is located also matters more than ever now.
Quote from Sky123987:
under you standards i'm not sure banks would be able to give any loans
LOL, they haven't. Thus the 700 billion package. Where you been?
These are new times friend, new times. Everyone forgot to to their what-if and now paying the piper. Now banks are calculating their what-ifs.