Why I hate banks, pt.1
“You have to meet this criteria to be able to repay your student line of credit as a line of credit. Otherwise, we have to convert it to a loan with a higher interest rate.”
*I meet the criteria*
“Sorry, we can’t do it as a line of credit. And we’re going to demand a co-signer because we think you maybe can’t afford the obscene payments we’re asking for each month. And just because of that, we’re jacking your interest rate from 5.5% to 11%.”
Why I hate banks, pt.2
“Everything looks excellent on your credit report! You have a superb repayment history! Oh but no, we can’t transfer your line of credit to our bank.”
This happened to me too.