Student loan -- Getting a loan -- Complaint #7132019
Complaint Overview
Complaint ID: 7132019
Company: Discover Bank
Product: Student loan
Sub-Product: Private student loan
Issue: Getting a loan
Sub-Issue: Denied loan
State: Connecticut
ZIP Code: 06473
Date Received: 2023-06-17T12:00:00-05:00
Date Sent to Company: 2023-06-17T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
Myself and my husband have been trying to consolidate and refinance the student loans my daughter has with Discover ( I am the co-borrower ). The goal is to lower the interest rate and payments. Earlier this month, my daughter was approved to consolidate her loans- however the interest rate offered was at the max. We applied to be co-borrowers to lower the rate and were denied. " Income is insufficient & Delinquent credit obligations. '' We reviewed our credit reports and have XXXX accounts coded as adverse from more than 3 years ago. One payment missed. Accounts are either current or have been paid off. We have pages of " Satisfactory '' accounts- including all student loan accounts. Current debt includes student loans $ XXXX which we are trying to refinance. Our credit scores are great ( XXXX ) and income is $ XXXX. We complained to Discover about their unfair credit decision and they were unable to assist. They referred us to the credit agencies. There are no actual lenders- only the automate credit model they use. Discover 's underwriting criteria in their model is extremely unreasonable and unfair to graduates ( and their co-borrowers ) who are trying to manage finances. They are unwilling to work with consumers. It is extremely disheartening that very large financial institutions that make oodles of money can't have fair lending practices that help consumers.
Frequently Asked Questions
What is Complaint #7132019 about?
Complaint #7132019 was filed against Discover Bank regarding Student loan specifically about Getting a loan. It was received by the CFPB on 2023-06-17T12:00:00-05:00.
How did Discover Bank respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Discover Bank?
Yes, visit the Discover Bank company profile at readthecomplaint.com/company/discover-bank to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.