Bank of the West Complaint

Bank of the West Mortgage department,

Home equity loan or line of credit Application, originator, mortgage broker California

Hi, I applied for a Stated Income HELOC from Bank of the West. I had one with them prior. During the phone application they suggested/offered to open " multiple products '' as part of the application process. I wanted a specific kind of HELOC which was difficult to get. It seems like they could have decided I did not qualify for that HELOC without making a credit inquiry. However, I think the bank was more interested in opening other types of accounts that required a credit inquiry. This was even though they could have known I did not qualify for the HELOC without doing an inquiry. It was sort of a " bait and switch '' kind of an application to get me to open other accounts. After the bank pulled the credit, which I believe was unnecessary to decide the HELOC application, and subsequently rejected the HELOC application, I was stuck with an unwanted inquiry on my credit report and an unwanted credit card. I complained about it and said I wanted the credit inquiry reversed.

being fully able to determine without pulling my credit that the HELOC application was going to be rejected. This was because the HELOC denial was based on debt to income ratio, not credit. I suggest that this bank disclose that applying for other products has no bearing on the HELOC application and not try and mix the two application processes. I also suggest that they determine if the applicant 's debt to income ratio would disqualify the applicant prior to pulling credit. Other lenders that do not cross sell other products are easily able to determine this without pulling credit. Thanks, - -