I first opened an account with Los Angeles Federal Credit Union about 1 year ago and applied for a loan to refinance my vehicle.
They approved my $48,000 loan request and they called to tell me that the check has been deposited into my account and all I have to do now is go into a branch and sign the documents.
The next day I get in my car and drive to their location and as I was arriving I get a call and they said sorry they changed their mind, the loan is no longer approved because of some issue with my cars registration. wtf??? whatever, I was frustrated that they wasted my time but I let it go.
Fast forward to later in the year I have now paid my existing loan down to around $38K and decided to try again to refinance my vehicle.
This time they did not approve my request and they said it was because I had too much credit card debt.
I had recently paid off all my cards before applying so I told them that maybe there was a mistake but I don’t have any credit card debt.
I asked if they could review my loan and they said to send them statements with proof that those account have been paid, so I did.
A few days later I log on to check the status of my application but now I see that the reasons for the denial have changed.
I also reviewed my application and it appears that they also changed my income amount on my application to around $2500/month and they claimed my income was not sufficient to quality for the loan.
When I submitted my application my income was listed as $14,000/month but somehow it had magically been changed to reflect an amount that is sure to get denied.
I made sure to review my application multiple times prior to submitting to make sure that there are no errors yet somehow my income was changed and now they claim that was the reason for my denial.
Then they tell me that if I want them to review the application again with the corrected income amount then they will have to run my credit again and the person on the phone also says to me “to be honest we might still not approve your request and if we do we will most likely ask you for more documentation even after you re-submit the application, do you still want to re-apply?” wtf???
Uuummmmm on second though no. I no longer want to give your credit union my business.
I have been searching for quite some time for a bank that I can use for my future home purchases and other businesses but based on my experience with them it seems like they are not the bank for me.
I guess ill have to continue searching for a bank that will value my business.
I was planning on using this loan to see if I like how they operate and to find out if they are a bank that I want to use for my bigger purchases long term but unfortunately that relationship ended before it even started.