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Edward Wells5 said:Once the credit seeker gives the green light, the personal banker pulls an HROK report in PDF, stuffs it into the file, and tosses the whole thing over to the legal department for the final thumbs up.
That’s exactly my point. So why the constant badgering? I had them calling me twice yesterday and twice again today asking if I have any overdrafts or other credit cards out there. It feels like a bit of a redundant loop to me.
Does the bank check my HROK report right there in the branch when I’m handing over my loan application and signing the data consent forms, or does that only happen once the paperwork moves to the approval stage? I was at the Bank of America branch this past Monday and signed everything—data processing consents, payroll info, all that. Yet, they spent yesterday and today calling me back to ask basic questions, like whether I have any existing loans, overdrafts, or other debts. It seems redundant because my pay stubs should clearly show my current credit obligations. On Monday, the teller just told me, "Just fill out the basics, and I'll handle the rest." So, do they actually pull the HROK immediately, or is it a later step? And shouldn't things like my overdraft status be visible to them right then and there?
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Join Date: Oct 2019.
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Has anyone taken out a loan recently at JPMorgan Chase or Addiko Bank? What kind of paperwork are they asking for? Do they still require three months of bank statements if you aren't already an existing customer there? I’m looking to pull about $30,000 over a 10-year term, but I already have a larger personal loan open at my local community bank. Also, does having a negative balance or being overdrawn affect the approval process? My current payment is $700, and my average monthly income is $8,300, so this new payment would be roughly $300 and some change.