Ok it just hit me. Generations Bank pulls TU for me. My TU is now clean except one big ugly account. Can I still get approval? I know they want 650 score. I might have it and don't know it. Eloan says I'm real close to 650. I wonder if I would get to talk to a rep if denied. Maybe I could talk my way into approval?
650 score plus debt to ratio of 33% I was denied due to debt ratio this morning. They are more than glad to explain their requirements on the fone.
We transmit our credit bureau from transunion. The minumum credit score is 650 and the minimum income requirement is $15,000.00 annual income. You can apply on-line at our website at www.generationsbank.com or call us toll free at 877-788-3520. Generations Bank
Here are the specs. BTW, my eloan TU score was around 650, but Generations rep said my FICO was 722. Generations Bank Loan Underwriting Standards FAIR LENDING STATEMENT Credit is made available on a fair and consistent basis to all applicants who meet our lending standards without regard to race, color, religion, national origin, sex, marital status, familial status, handicap, age (providing the applicant has the capacity to enter into a binding contract), source of income, or the exercise of rights under the Consumer Credit Protection Act. Customers and prospective customers deserve the best products and service we can provide. We are committed to making all potential and current customers feel welcome and valued. UNSECURED CONSUMER LOANS AND CREDIT CARDS The general requirements for an unsecured consumer loan (including credit cards) are a credit bureau score of 650 or more, a debt to income ratio of 33% or lower, annual income of $15,000 or more, no current delinquencies and no bankruptcies within the prior two years. Interest rates range from 9.9% to 21.9% and are primarily determined based upon credit bureau scores. MORTGAGE LOANS Generations Bank desires to provide a wide range of mortgage-related services. We choose to originate and hold many loans to maturity. However, certain loan applications are approved and originated by or sold to other investors (lenders). This allows Generations Bank the ability to provide you with the most attractive financing alternatives. This process may require the use of a third-party mortgage loan originator and/or broker that may pay us a commission. Generations Bank currently only originates and retains adjustable rate mortgage (ARM) loans, and the Bank requires a credit score of 680 or higher and a 41% or lower debt to income ratio. The Bank may loan up to 90% of the value of a property in a first mortgage. The Bank may also loan up to 75% of the equity in a residential property in the form of a home equity loan. Through other investors (lenders) and brokers, Generations Bank may be able to provide applicants with underwriting terms that are less restrictive but generally require a credit score of 500 or higher. SECURED CONSUMER LOANS Secured consumer loans, including auto loans, can be made up to 102% of the purchase price or retail value, whichever is less. Retail values are determined by using Kellyâ??s Blue Book or other similar industry resources. Rates are determined by the length of time and the age of the asset being financed. The general requirements for a secured consumer loan are a credit bureau score of 650 or more, a debt to income ratio of 37% or lower, annual income of $15,000 or more, no current delinquencies and no bankruptcies within the prior two years. COMMERCIAL LOANS Commercial loans generally require collateral and the Bank may originate loans secured by this collateral in varying proportions (ratios), depending upon the type and quality of the asset. In addition, commercial loans require financial statements and tax returns, along with ratios of capital to assets, profitability and cash flows. Unsecured commercial loans are generally underwritten in the same manner as unsecured consumer loans (see above) and require the personal guaranty of the principal(s) of the business.
Sounds like I'm out of luck here. Ok here's a stupid question: Is a closed account that has a balance due considered a delinquency? DOLA is in 1999 and no update since.
Ok I now its a delinquency but is it a current delinquency? I know it sounds stupid but I am trying to find some hope here.
When I applied with them I had a 684 TU score and got denied due to too many inquiries, at the time I had 6 (mostly cause Citibank BDD cost me 4 inquiries instead of 2). So be careful!
They only approved me for $2K based on my score with NO derogs..no inquiries. Can I ask for more before I fax my pay stub and driver's license?
Thanks for posting this - I had asked in another Generations thread about inquires and no one responded ... but then I found your post! Thank you - you saved me an inquiry, as I also had 4 inquires with the Citi BDD, and then the screwy Sears inquiry... thanks so much! My TU score thanks you too! =-) Ozzy.
