So, here is the story. I've applied for a loan three times before. First time I was denied because I had unknown debts on my history. I paid those off. I applied again, I got denied because I had insufficient credit, third time I came with a co-signer. And they decided that my co-signer was not adequate enough. He has five years of GOOD credit, he has a high credit score. But he's too close his credit limit on one of his credit cards. So, their standards are so ridiculous. My question is this: Would I be able to contact the CEO of my bank and get him to override the decision and approve my loan?

You can contact the CEO of your bank and explain the facts as you understand them, and ask whether there is anything that can be done. I wouldn't threaten to take my business elsewhere, yet.

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Originally Posted by ChihuahuaMomma

So, here is the story. I've applied for a loan three times before. First time I was denied because I had unknown debts on my history. I paid those off. I applied again, I got denied because I had insufficient credit, third time I came with a co-signer. And they decided that my co-signer was not adequate enough. He has five years of GOOD credit, he has a high credit score. But he's too close his credit limit on one of his credit cards. So, their standards are so ridiculous. My question is this: Would I be able to contact the CEO of my bank and get him to override the decision and approve my loan?

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ChihuahuaMomma - look, to be really honest, I think you are not going to get very far trying to convince the CEO of your bank to override one of his underwriter's decision to decline your loan application.

First of all, the reasons for the bank declining your application are well within the purview of the bank and it's customers, including you. Why? Well, you're credit isn't great and your co-signor has extended himself debt-wise so in the event of a significant loss, like your job or his job, it might be difficult for you to make that monthly loan payment.

The bank is considering your credit history and has seen a pattern that suggests you don't always pay your debts. I mean, after all, you said that when your credit was ran that there were "UNKNOWN DEBTS" on your credit report. I don't know about you, but if I had "UNKNOWN DEBTS", I certainly wouldn't pay for them if they weren't mine to begin with. But in your case, you said that you did pay them. Why? If they weren't your debts, you shouldn't be shelling out any of your money to pay for them. Alas, there is the real issue. They were your debts and you ignored them and didn't pay them when they were due. So right there, that shows that you have been irresponsible before. Maybe you have changed but the bank isn't convinced based upon your credit history and neither will the CEO…in fact, he might be all the more outraged by your refusal to acknowledge your own risk factors and attempt to dismiss the integrity and expertise of his underwriting staff.

My suggestion is that you just keep working on paying your existing debts on time and developing a stronger sense of doing what's right before you take out another loan. I wish you the best and hope in time you can raise your own credit score and get a loan on your own.

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Originally Posted by jakester

ChihuahuaMomma - look, to be really honest, I think you are not going to get very far trying to convince the CEO of your bank to override one of his underwriter's decision to decline your loan application.

First of all, the reasons for the bank declining your application are well within the purview of the bank and it's customers, including you. Why? Well, you're credit isn't great and your co-signor has extended himself debt-wise so in the event of a significant loss, like your job or his job, it might be difficult for you to make that monthly loan payment.

The bank is considering your credit history and has seen a pattern that suggests you don't always pay your debts. I mean, after all, you said that when your credit was ran that there were "UNKNOWN DEBTS" on your credit report. I don't know about you, but if I had "UNKNOWN DEBTS", I certainly wouldn't pay for them if they weren't mine to begin with. But in your case, you said that you did pay them. Why? If they weren't your debts, you shouldn't be shelling out any of your money to pay for them. Alas, there is the real issue. They were your debts and you ignored them and didn't pay them when they were due. So right there, that shows that you have been irresponsible before. Maybe you have changed but the bank isn’t convinced based upon your credit history and neither will the CEO…in fact, he might be all the more outraged by your refusal to acknowledge your own risk factors and attempt to dismiss the integrity and expertise of his underwriting staff.

My suggestion is that you just keep working on paying your existing debts on time and developing a stronger sense of doing what’s right before you take out another loan. I wish you the best and hope in time you can raise your own credit score and get a loan on your own.

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I know I did not mention all the facts. But I am perfectly capable of making the monthly payments. And those "unknown debts" were because my mother put bills in my name when I was younger, so I didn't find this out until they checked my credit report. I also want to mention that you said ANOTHER loan, I've never had a loan before. Nor do I even HAVE credit, because I cann't get a loan or a credit card. I have to start somewhere and no one is willing to help me with that.

Sounds like you would have to start with a secured credit card. A secured credit card would require you to deposit a certain amount in a savings account and they you get a credit limited based on that savings account. Or a car loan with a co-signer.

I've tried that. No go. I don't need a car. I have one that I own. And I don't want to pay super high interest rates on an expensive car that I don't need. That's different than making payments on a small loan to build credit.