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I am retired and am worth millions. I have a credit score in excess of 800.

Never missed or been late on any mortgage payment (ever), even the one I had for years with B of A. I pay every one of my credit cards on time and in full. I asked B of A to refi my existing loan at (which it solicited monthly ) at a lower rate than and hundreds of dollars a month less than what I had been paying these *** for many years. The loan I was seeking was less than $240K, no cash out, was less than the amount I could have paid off with a check the next day and was about 30% loan to value.

Duh!!!! Those idiots turned me down because I could not show that I had liquid assets (which they discounted by 40% for whatever moronic reason) sufficient to pay every payment due all 30 years of the loan even though I am over 70 years old and will not live that long. I could pay off the loan tomorrow by check, but still they decided I was not a good credit risk.

Their own loan officer said he was shocked at the stupidity of the bank's underwriting department. [Can't imagine why he still works there.] B of A turned down an existing customer with impeccable credit history who would pay far less than he was already paying its own loan each month, who had excellent credit, had ,many hundreds or thousands of dollars in equity above the loan requested, who could pay off the loan from his checking account and who would obviously pay off the AvoidAloan before he would ever let a greedy bank take his property.

User's recommendation: Avoid these idiots at all cost.

Preferred solution: Apology.

Location: Tucson, Arizona

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