FirstAgain

Review: My credit monitoring website(www.[redacted].com) recommended the Lightstream consumer finance company for a NONSECURED loan at a low interest rate. My FICO score is around 750 which qualifies me as an excellent and very responsible borrower to lenders. The Lightstream loan requires applicants to have an excellent credit score status and states that their "ANYTHING LOANS" are unsecured for $10k to $100k for a minimum duration of 24 months. I had a recommendation of $17K which was my total credit card debt. I submitted a loan for $13500 at 24 months. I have a very long and excellent credit history. After calling Lightstream back at 1-877-977-1739 and talking to "[redacted]" with additional info I was later DECLINED via email. The reason was not available online. My "declined" email said that an explanation would be given on 4-19-2014 via email.I had reached another person "[redacted]" who answered my call later yesterday who said [redacted] was on another phone line. He couldn't connect me with the underwriter on my application and said if my application was approved then they would call me back. I had some additional questions and I asked him to have them call me at any rate. They didn't call. After researching online later I found a large number of complaints against [redacted] Bank and a recent complaint with Lightstream. There were over 100 complaints. Today I called Lightstream and asked for "[redacted]" who "[redacted]" said "was or was not there". He said she didn't work with loans. He said he was in the loan department and could help me. I explained what credit card consolidation I was trying to achieve with their "Anything loan" which was set for 24 months. I asked him if 48 months would work for this loan application. He said under NO terms would my loan be approved WITHOUT LIQUID ASSETS on my application. I reminded him of the "UNSECURED" loan that their website advertised for applicants with excellent credit scores and history. He said that wasn't enough to be accepted. I said I would file a complaint.Desired Settlement: Since this loan required an inquiry to the 3 Credit Bureaus there will be a 2 year period before this is taken off. I had not wanted this to wastefully occur nor expected this loan application to be denied. Receiving the loan would have met my expectations. However if the inquiry was taken OFF the records then that would be satisfactory. Otherwise I think that the link to [redacted] submits a false expectation of the Lightstreams's "Anything" unsecured loan and should be rewritten with appology

Business

Response:

Dear [redacted]:

We appreciate your letter and would be happy to address your

concerns.

We understand that each customer situation is unique, and when

underwriting an application, we employ a judgmental underwriting approach to

determine whether each situation meets our credit guidelines. We are not

a FICO score driven company. We not only review the credit of the

applicant, but we also look to ensure that there is sufficient income and

assets to support any current debt obligations.

On our web site, we detail our definition of excellent and

substantial credit, and the definition has the following bullet points:

1). Five or more years of significant

credit history.

2). A credit history with a variety of

account types such as major credit cards (for example, Visa, MasterCard, Amex),

installment debt (vehicle loans) and mortgage debt if applicable.

3). An excellent payment history with

no delinquencies or other problems repaying debt obligations.

4). A proven ability to save evidenced

by some or all of the following; liquid assets (stocks, bonds, bank deposits,

etc.), cash down payments on real estate, retirement savings, and little, if

any, revolving credit card debt.

5). Stable and sufficient income and

assets to easily repay current debt obligations and any new loan with

LightStream.

While we felt that your application met the first three

requirements, we did not feel the application met the last two requirements

that are listed above.

We are sorry, but given the circumstances, we are unable to remove

the credit inquiries off of your Experian and Equifax credit bureaus.

Please feel to contact me directly with any further questions or concerns.

Thank you,

###-###-####

LightStream

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

Regards,