Thoughts On Advice Given By Bank. Will Rep

[Evil_D]

I've got about 2/3 of the funds for a project on my house.
Asked my wife to call bank to make a general inquiry only with regards to obtaining the remaining funds (to see what our options are).

I know women aren't the best at negotiating but she claims the douche on the phone told her it would look bad on credit history getting a loan for such a small amount.

So, lets just put aside I'm already comfortably settled in a nice house, never missed a payment, have a great credit history, no other debt.
But this douche thinks getting a small loan would look bad on credit history...

Sounds like purity spiraling to me - they cant find anything wrong so they are just making up negatives now.

Of course, it's probably even more likely he just didn't want to do his job.

Thoughts?

[Destor]

I’ve done my credit score research over the years and have never heard of small loans negatively affecting credit score. That being said, conceivable it could impact an individual’s assessment of your credit health if they look into it and see you sourcing credit for smaller amounts

How small are we talking? What about getting a larger revolving line of credit and just using a small portion of it, based on your apparent ability to already control your spending

[paulinkansas]

Have you looked into a HELOC. Home Equity Line of Credit.

[Baylorballs]

I would call 2 or 3 other banks/ lenders. An experienced lender should give you some insight on this.

That said.. I'm in real estate and I would hesitate to dump 66% of your funds into your house. WIll you live there for 10+ years? maybe sell soon ? Make sure the money you pour into it will help it's value ( kitchen, Bathrooms ) that will appeal to other buyers ( ie nothing TOO extravegant ) good luck

[powerlifterer]

I would take that as "This small loan is not going to help me reach my sales goals so I dont't want to be bothered but I need to say something to get you off my line"

[guest89]

Sounds like BS to me. My dad was a tradie that made pretty good money (2k-3k per week) when I was growing up. He typically spent it as soon as he got paid. So if he needed money for a small project (Say 5-10k) he'd take out a small loan from the bank. He and my moms credit was always 800+. They never had issues getting a loan.

He most likely don't want to waste time on a small figure.

[Evil_D]

I would take that as "This small loan is not going to help me reach my sales goals so I dont't want to be bothered but I need to say something to get you off my line"

Sounds like BS to me. My dad was a tradie that made pretty good money (2k-3k per week) when I was growing up. He typically spent it as soon as he got paid. So if he needed money for a small project (Say 5-10k) he'd take out a small loan from the bank. He and my moms credit was always 800+. They never had issues getting a loan.

He most likely don't want to waste time on a small figure.

Thanks brahs.
This seems the most likely explanation.
The rot of hyper-individualism and rotten attitudes has reached everywhere in 2020, even people who are supposed to be customer service professionals.

[Zjunky]

Not necessarily.

The bank rep may be making a good point. If you are borrowing small amounts and someone pulls your credit history it may appear that you can't manage your money. The credit history says "Customer borrowed $X." If $X is small that may look bad because most small $X are things like Payday loans. The credit history won't specify that it was an investment in your home.

If it's a small amount you may be better off putting it on a credit card and using your existing credit rather than putting something on there that can be mistaken for something else.