Had a chat with a loan officer that shook me up

I was complaining to this loan officer at my local credit union about getting denied for a car loan. She straight up told me the algorithm they use flagged my zip code as high risk, not my actual payment history. Said it's called geographic scoring and most lenders do it. Has anyone else found out their address is tanking their credit chances without them knowing?

3 comments

3 Comments

the_paul1mo ago

Bought a cheap beater instead. Problem solved.

the_sam1mo ago

Whoa, hard disagree on that one man. Buying a cheap beater just kicked the can down the road and now you're dealing with a whole new set of headaches. In my experience, those budget cars are usually hiding some nasty surprises that pop up right after you drive it off the lot. You'll be dumping money into repairs that could've gone toward a single reliable payment instead. Plus, the safety features on most beaters are ancient, and that's a gamble I wouldn't take with my family. I get the appeal of no car payment, but you're trading one problem for a dozen smaller ones. Your mileage may vary, but I've seen too many friends get burned that way.

michaelgrant1mo ago

Exactly. I bought a beater once and it cost me double what I saved in the first year.