Here is my grievance about the loan department. Although I WAS approved for a $[removed sensitive data] refinance auto loan a few weeks ago. But it wasn't going to save me any money. So, I declined the offer. You see, My husband recently passed and I'm shuffling to try to get these finances in order, now I am down to one income. I need to get rid of three high interest personal loans from other institutions. So I applied for a $[removed sensitive data] personal loan with USAA. I was declined. Well, reading why they declined I was confused. The reason for the loan was incorrect it had basically spending money! Lol nope I said I needed it for debt consolidation. Another reason was too many inquiries on my credit report. USAA was two of those; three were mortgage companies and yes the other 3 were loan companies. Another reason was too many loans, well, duh!! That's why I'm requesting from you guys to get rid of three of them! And finally, my credit card balances were too high. Hello!! I just paid those off on September 9!! So if I was able to actually speak to the person about any of this I would have been ok and not unloading here! I can't believe you can't even get to speak to the person making this decision. They just looked at my paystubs and said nope. Which for two pay periods have been lower than normal because I ran out of vacation time due to husband passing away. So how come I was approved for $34,000 but not $10,000? If approved, it was going to free up about $700 a month for me. And I would gladly give USAA my money than those other institutions. It has taken me 6 years to get to a good credit rating and I just don't understand. Disappointing in so many ways with you guys! I've been a member for almost 30 years. Other than them dropping my renters insurance after I was burglarized 7 years ago, I was surprised when they did it but just moved and went with another insurance company for that rental insurance. On a positive note, I did speak to a delightful lady that answered the phone but I wasn't in contact with the underwriter who declined my application. I wish I could remember her name! She was super. Anyway, rant over! I'm sending a letter to the CEO. And that's because It's the only name I could find to write the letter too! Very saddened by this USAA.
@ wrote: I can't believe you can't even get to speak to the person making this decision.
but I wasn't in contact with the underwriter who declined my application.
To be honest, I don't think I've even been able to talk to an Underwriter at any bank or loan/mortgage company. Somehow they feel they're better than us and can't be bothered. Personally, I think it should be an option required by law and they should not be able to refuse to talk to us.
Lisa, I'm sorry for the frustration with your account and would like to help review things further on your behalf. I understand it was your intention to use the loan to pay off those higher rate loans, and although we do offer personal loans, we do not offer true debt consolidation loans. When you apply for a personal loan, we consider this new loan to be new debt in addition to the current debt you already have, even if you plan to pay off your existing loans. This is because funds from a personal loan can be used for anything you want. We do not pay your creditors directly nor do we outline the accounts in your loan agreement that must be paid off, so ultimately, you must still qualify for a personal loan. I also apologize for the frustration with your previous insurance policies. I was able to locate your account and have forwarded your message to the best team. We'll reach out as quickly as possible to review more info together. -Lori
I'm sorry to hear you feel this way, @DeJourni, we never want a member to feel it's time to move on. I'd like to learn more about why you feel this way. Please reply with any details you have and I'll be sure to forward to the team that handles the area of concern. - Cathleen