Discover Consumer Loan Complaint

Discover Consumer Loan department,

Installment loan Taking out the loan or lease Wisconsin

On -/-/2016 I reached out to the Discover personal loan origination department with questions on whether it made sense to refinance my existing Discover personal loan or not. After a short conversation we came to the conclusion that it did in fact make sense to refinance the loan as the interest rate could be lower as well as we would shorten the term. After obtaining my permission to pull my credit and getting my income information the representative informed me that we would not be able to go forward with the loan because Discover does not lend more than $31000.00 to any one individual. I would have been alright with this answer if they had informed up front that they do not loan out more than $31000.00 for any one person but they did not. Also, the loan application was for $17000.00, the exact amount of the existing loan. The term refinance does not mean doubling the amount of what you trying to


At this point I requested a manager. As soon as the manager came on the line I could tell he was not taking the situation as serious as he should have. He reaffirmed what the representative had stated and said that he would not be able to remove the credit inquiry. The only thing that I was upset about was the credit inquiry, I understand that lenders have limits on what they are willing to lend to any one person. In this circumstance the loan application should have never gotten to the point where credit was pulled. All of their employees and the system they use should recognize what application limitations are so that they do not negatively affect their customer 's credit scores with unnecessary credit inquiries. I also called back a few more times to try and escalate the situation but this came with no positive results. Every manager that I spoke with did not seem to understand the severity of unnecessarily pulling a consumers credit for loans that they disclose as not even possible.