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First question I got is Can american buy a house and get a Lending Tree mortgage in germany? Thanks for any response. Another quick question... There is a way that you can get some idea as to wether or not a company will be willing to do business with you WITHOUT generating an inquiry.. |
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Yes sir! but you might wanna make sure and wait for another person to confirm this as I am unsure of myself. Better yet, why don't you call the Lending Tree guys because they can assist you better...
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I totally agree about it being a great letter!!!.
The first thing I thought about was, who the heck do you send it to?. What if the person who reads it is not the person who makes the credit decisions, but they write you back saying 'yes, blah blah'.. I think this would be great for a person with iffy credit seeking a mortgage.. I also like the fact that you have a letter from them stating you will get something, depending upon your credit snapshot at that time.. Imagine if you really improve your credit by the time you get your return letter. (might take them 30 days to get back to you).. All in all, this is a great letter ;-).. |
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Both good points. Since you're both making the same point..
Yes I would NOT just send this to "To whom it may concern". You may want to try and find that manager you mentioned and get it into her hands.. I think if someone talks to you on the phone first they will be more likely to give you some attention.. If I were to hazard a geuss, I'd say that if mailed out COLD you may get 1 response out of 3 letters, and that would probably take 2-3 weeks.. Hey, in my opinion it's worth it to avoid those pesky inquiries. Besides there are thousands of credit issuers. It's not like the potential is limited.. LOL. I've not personally tried this approach but soon will. I do know how business works, and this is not an unreasonable way to do it.. Naturally your success will depend upon a cpl things.. Getting this into the right hands and what your report and score look like. You're right, if ones CR is a mess it'll get trashed but that's the point, there would be no inquiry.. If it does get trashed ... well ... I guess there's your answer.. Lol.. |
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I like the idea presented here. let us know if you have any success..
How do you intend to find a " good target" person for this approach? just wondering... |
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It's a great idea.. I think it might work even better if you presented it in person to a bank manager....
Of course, the presupposition there is that the branch manager has the ability to approve you.... I do know that... while a bank manager can't always approve credit cards... they can sometimes override (or help you override) declines... and they definintely can help you get better terms and higher credit lines... in relationship banking.. they can often directly add to your credit lines themselves...so knowing your bank manager is a great thing ;). It is interesting how larger banks seem to have moved the approval process to automation... and then to a human review only if pushed.... On mortgages it's a great idea esp with a lot of banks using the old software that artificially decrease your scores..... |
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Though it's impossible to second guess the number of responses a thread will get, I'm surprised this idea hasen't received more feedback..
???.. |
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I have tried a couple variations of this and did not have any luck. In one instance I met with someone I was sure was the "right person". This person was aware of my decent balances in the bank, perfect payment history for 2 years on a secured card this person set up, etc. This banker's response was that since they are a fed or state chartered bank, they cannot deviate from the written methods for extending credit and no amount of stressing tentative, what if..., etc helped! I later asked someone else for the bank's standards and found that they had various scores for secured and unsecured loans. A certain score gets automatic approval, another gets a review by a human and a third category is a denial that no one can override. This is a small bank too! I think this approach might work In one of 5 attempts...
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What a line of CRAP..
If one wants your business they will at least not BS you.. :(.. |
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Great letter. I have tried a similar thing with a cell phone company. I told the CS rep. that I would provide reports but didn't want them to pull because of the inquiry issue. I have to check back with them to see if the manager ok'd the idea. They were very receptive to it and are aware that they are losing potential business due to people not wnating the inquiry...
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So did you get any results with it?? What kind of scores did you submit with it?..
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No results yet Amy. I will post an update in about 1 month..
Thanx for your interest.. :).. |
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Butch I think the letter's very professional sounding & is a good idea. I think it would be most useful for potential auto loans or mortgage loans rather than credit card loans though since it's easier to identify the loan officer to send it to at car dealerships & banks..
The root of the problem is what we all really need to come together to address though. How about a letter aimed at senators, congressmen, banking execs etc that addresses the fact that today's consumers are better educated and more savvy than the Fair Issacs people think & we're used to shopping for the best credit deals around so why do Fair Issacs still use antiquated rated methods that punish smart consumers for price shopping for credit! Inquiries shouldn't count at all towards the score anymore! Would you agree?.. |
