Applied for Generations Bank CC

Discussion in 'Credit Talk' started by neosmatrix, Sep 18, 2002.

  1. neosmatrix

    neosmatrix Well-Known Member

    Called their rep and asked about what my chances would be with a bk7 from 97 on my credit report with my current TU score of 680 fico and he said that they would not use something that far back for immediate denial. So i applied and i get this

    Thank you.
    Your application has been received and sequence number
    xxxxxx has been assigned to it. Please keep this for
    your records. We will contact you within one business day
    if your application is approved. All other applicants
    will be contacted by mail.

    I suppose this means denied.. I believe the rep lied.
     
  2. the other

    the other Well-Known Member

    not necessarily. They do manual underwriting. It is not automated. A real human being will look at your info. and make a decision.

    I was informed via e-mail and snail mail when I got mine.
     
  3. uniondiva

    uniondiva Well-Known Member

    let me know what happens. my tu is 685 with all the three baddies left from two years ago. should I try?
     
  4. neosmatrix

    neosmatrix Well-Known Member

    the other,

    how long till they notified you by email?
     
  5. picantel

    picantel Well-Known Member

    At the time we applied with them we had about the same score probably. They turned us down not because of credit but because of our debt to income ratio. they counted rent even dangit. Our mortgage guy said we have a super low ratio so it is hard to understand why they did so.
     
  6. neosmatrix

    neosmatrix Well-Known Member

    My debt to income ratio is only 22% so hopefully they will approve me.
     
  7. uniondiva

    uniondiva Well-Known Member

    mine is under 30%, I will try after I close on home refinance
     
  8. charlieslex

    charlieslex Well-Known Member

    There was a post on the requirements for Generations, it was very straightforward. I believe the min score was 680, a paystub is required and the CL is based on a formula. Do a search and I'm sure you'll find it. It was 3 or 4 months ago. I thought that I had it bookmarked, but I can't find it. Sorry! Charlie
     
  9. picantel

    picantel Well-Known Member

    They told us the debt to income ratio had to be 33% or lower which includes all debts such as ccs,rent,car,ect.
     
  10. Butch

    Butch Well-Known Member

    Pic,

    Tho I don't doubt a bit that this was what you were told this is silly.

    If indeed all your bills are factored into the expense portion of your ratio you'd be at 95% of your income and that would assume you live well within your means and have 5% disposable income left over AFTER expenses. (Most Americans live hand to mouth as it is)

    Or looked at a different way, are we expected to believe that we all must expend only 33% of our income on all our bills (all debts such as ccs,rent,car,ect.) and have 66% left over before we can quailify?

    Shoulda called this person a Moron right to his face.

    :)

    Come to think of it, what's his name and number, I'll do it.
     
  11. slppryslp

    slppryslp Well-Known Member

    Butch,
    This stuff sounds pretty standard for bank loans, I remember reading some of the rules of thumb for making mortgage loans and generally they want to see that your mortgage payment is less than 28% and that your total debt payments(including the mortgage) are less than, I think the figure was, 36% of your monthly income.
     
  12. Geo

    Geo Well-Known Member

    They verify employment and/or income
     
  13. Butch

    Butch Well-Known Member

    Well sure, if their just using DEBT to income, that I can accept.

    I saw Picantel refering to all outgoing expenses when he said: Car, Rent, CC's etc,.

    I thought he was talkin about Food, Healthcare, Baby formula, yada, yada, yada,. I just misunderstood him.

    OK ... I concede.

    :)
     
  14. the other

    the other Well-Known Member

    Sorry I haven't replied. I haven't been on in a few days.

    It only took a couple of days (I think) before I got the e-mail.

    I did have to fax in a pay stub too.
     
  15. slppryslp

    slppryslp Well-Known Member

    No worries, Butch
    I've been wrong more times than I can count....And since I've learned a bunch from your posts I'll look the other way and call it a muligan ;)
     
  16. Butch

    Butch Well-Known Member

    Awe just a technical oversight, a product of my anal retentiveness.

    Thanx for the plug.

    :)
     

Share This Page