Friday, July 16, 2010

Banking in the new economy: a rant.

Ooooooo, this really steams my clams!

Despite Husband's and my sterling credit rating(s), and despite a spotless payment record of everything (student loans, mortgage, credit cards, etc.), including four years of the current lease (about to expire) of our beloved Gustaf the Volvo, no less than two banks -- Chase (where we have our mortgage) and our local (Northwestern University) credit union -- have given us a great big raspberry on a $10,000-loan request.

Granted, I currently have no monthly income (thank you, Congress), but Husband does.  Regardless, how exactly do they (the banks) get off telling us they don't think we can handle a monthly loan payment that would allow us to buy our leased car that is $80-100 less a month than we currently pay in lease payments!?  Especially when there is physical property (Gustaf) that could be repossessed in the heretofore-proven unlikelihood that we fail to live up to our end of the bargain!?  WTF!?

Our tax dollars at work, Ladies and Gentlemen!  Thank God the banks are back on their feet!

Let this be a lesson to you kids out there:  you can do everything right, play by the rules, fastidiously honor your debts, and you might still be deemed unworthy by the overlords who decide what is a reasonable calculated risk.  The old days of community banking (think:  It's a Wonderful Life) are long gone; now we deal with computerized underwriters, staffed by MBAs who look at "the big picture".

And, in case you were wondering, YOU are not in the big picture. You never really were, but at least -- once upon a time -- reason and your record mattered.  Not anymore.