Discover Personal Loans are a waste of time
Like most people, I'm working on consolidating some of my debt into one monthly payment that I can handle. I continue to get phone calls at my house daily from creditors wanting me to apply for their credit cards, loans, etc. I always ask them not to call anymore and hang up.
The other day, I received some documents in the mail that was advertising Discover personal loans to preferred customers. They said I had earned a 5.0 Superior credit rating based on my great financial history. They offered loans from 5K to 25K. I chose to try for the 20K loan, which would pay off my vehicle and all my credit cards for $321 a month. Not a bad deal for me.
So, I call the 800 number and go through the whole process of giving name, addres, SSN, income info, etc. She placed me on hold while my credit report was analyzed. She then comes back to the line about 1-2 minutes later and says that unfortunately she cannot approve my loan request. WTF??
I have a 731 credit score and never paid a bill late. I do have high debt, but it always gets paid on time. My issue is why send out these letters telling people that they are "pre-approved" for these loans and then deny them when they actually try to get one?? I have a Discover credit card and am seriously thinking about transferring the blance and closing the account because of this.94fa3d3