Company: Discover


Company:  Discover 

Nature of Complaint: Installment loan; Taking out the loan or lease 

Result: 

Response from Company: Closed with explanation

Complaint:  DISCOVER PERSONAL LOANS IS ADVERTISING AN INTEREST RATE AS LOW AS 6.99 %. I HAVE A CREDIT SCORE OF XXXX WITH GREAT INCOME AND LOW RATIOS. THE BEST RATE THEY COULD OFFER ME WAS 8.99 % WITH AUTOMATIC DRAFTS. IT IS MY BELIEF THAT NO ONE QUALIFIES FOR THE 6.99 % AND THAT THIS IS FALSE ADVERTISING. THE CSR ASK ME WHAT MY CURRENT RATES ARE ON MY CREDIT CARDS THAT I WANTED TO CONSOLIDATED. THIS SEEMS LIKE A WEIRD QUESTION UNLESS YOU ARE TRYING TO JUST BEAT THOSE RATES. I ‘VE BEEN IN THE XXXX FOR 21 YEARS SO I KNOW AN A+ BORROWER.. ( 1364618)

 

Submitted on 5/7/15 by a consumer in TX

 


Company:  Discover 

Nature of Complaint: Installment loan; Taking out the loan or lease 

Result: 

Response from Company: Closed with explanation

Complaint:  I received an pre-authorization offer for a personal loan with Discover Personal Loans through XXXX mail with a potential interest rate as low as 6.99 %, as I am a current Discover Card account holder in excellent standing and with excellent credit. After going through process, I was quoted an interest rate of 16.99 % – XXXX more points than the pre-authorization. I only had XXXX hard inquiries on my credit, before Discover. Being a Discover Card holder, I am not sure why a hard inquiry was needed, when a soft inquiry would have been sufficient. Now I have XXXX hard inquires on my credit report. Discover ‘s hard inquiry, alone, dropped my FICO score by XXXX points. I had a FICO score of XXXX before Discover did an inquiry. I am asking that the hard inquiry be removed from my credit reports. Had I known that my credit score of XXXX received an interest rate of 16.99 %, I would have never applied for the personal loan to consolidate my other credit cards ( with interest rates of 12.99 % and 10.99 % ). Nor should Discover have needed to pull my credit, seeing as I am a current customer in good standing. I have asked Discover to remove the hard inquiry, but am not making progress with Discover.. ( 1330683)

 

Submitted on 4/17/15 by a consumer in FL