Despite tough times and negative associations with Wall Street, most people still secure most of their financing from banks, often going to the bank where they hold an account first. While this makes a lot of sense in theory, many banks are rejecting almost every loan application that they see from consumers with and blemish on their credit report as a means to reduce their overall market risk. Credit card companies are following in the same footsteps and the requirements for borrowers are very similar between all banks.
This means that if you have been rejected once or twice, you will continue to be rejected without some major change. Therefore, you waste your time, the bank's time and risk further harming your credit report with too many inquires if you continue to seek financing through a traditional lender.
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Despite tough times and negative associations with Wall Street, most people still secure most of their financing from banks, often going to the bank where they hold an account first. While this makes a lot of sense in theory, many banks are rejecting almost every loan application that they see from consumers with and blemish on their credit report as a means to reduce their overall market risk. Credit card companies are following in the same footsteps and the requirements for borrowers are very similar between all banks.
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This means that if you have been rejected once or twice, you will continue to be rejected without some major change. Therefore, you waste your time, the bank's time and risk further harming your credit report with too many inquires if you continue to seek financing through a traditional lender.