My husband and I recently refinanced our mortgage at 5.5% through Countrywide Funding. Being encouraged by the equity in our home, a few months later we decided to look into a home equity loan.
I'd seen the Ameriquest ads on TV touting "At Ameriquest, we know you are more than just your credit score..." We have had some late payments in the past, but have never filed bankruptcy nor defaulted on anything. We experienced some cash flow issues when my husband attempted to start a business. Certainly an "explainable" reason for some late payments. To top it off, we paid off all of our debt with the exception of our 2 cars when we refinanced. (In hindsight I wish we had "cashed out" more with Countrywide.)
So, we applied online to Ameriquest and lo and behold got a call back that evening! (Seemed this company was on the ball..) But then... I gave some info about our income, etc. To the young man on the phone. He then ran my credit history and started asking me about past loans like an auto loan to Honda Motors. (??? This was paid off completely in 1992!! How is a 12 year old auto loan relevant to my current credit history?)
He seemed confused regarding our current situation, and BALKED OPENLY at the prospect of getting a home equity loan through Ameriquest. He then went on to question the truthfullness of my report that we had just refinanced through Countrywide at 5.5% stating "I find that hard to believe given your credit score." (!) OK, so we don't have perfect credit. But we have been working tirelessly to change that, paid off our debt, have not taken on any more credit, etc. Besides, I told him, Ameriquest advertises it provides loans for people with credit problems.
He refused to comment on this. Apparently, I am NOT more than my credit score. Never mind the fact my husband and I have secure professional jobs, make a solid six-figure salary, and live WELL within our means. None of that matters to Ameriquest. Their claims of what they provide are fraudulent at best.
I asked the client representative to at least try to find out more info for us. The ensuing silence speaks volumes. They have no desire whatsoever to do business with us. Frankly, at this point I would refuse any offer just on principle.
More than my credit score? Apparently NOT. Ameriquest falsely advertises they can give loans to people without perfect credit.
Steer clear of Ameriquest.
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