Navy Federal Credit Union, the nation’s largest credit union, rejected more than half its Black conventional mortgage applicants
- Thread starter Maxxam
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Nothing bad to speak about NFCU. New mortgage in 2021 with 30 year rate of 1.9%, and financed my new ride at 5% this past April.
I can guarantee you that this was put out by a whistleblower. They pissed someone off and this is their getback. It would have went on forever without being "known"
Nothing bad to say cause you were in the sub 50 percent of Black folk that got approved?
But We're Just Professional Victims.....We Always Play the Race Card.....We Need to Take Personal Responsibility.....Its an Equal Opportunity for Everybody.....We Have Never Been Affected by Any of the Race Stuff of the Past.........Bootstraps........
Hmm, I need some more context here. Just give this some thought. The stats maybe reveal we get denied more, but nobody asks what your race is on a loan application. So,I doubt its some specific loan process that targets Black people unless it’s location based. That’s the only thing I can think of.
If I were to guess it’s more to do with debt to income ratio and negative hits on your credit report like delinquencies etc. You can easily make a $150k and have a worse credit rating than someone making $50K. Remember we had a whole thread about this were dude couldn’t understand how he was making so much money and getting denied for a loan. And let’s not front, we have a culture of spending more on bullshit than on assets than any other culture. It’s a habit that was caused by real racism back in the day that just persists today. These habits just lend themselves to the type of shit that fucks up a debt-to-income ratio/credit score. I’m guilty of this shit, but I’m trying harder to not overspend. It’s some real subconscious conditioning that causes that shit.
If I were to guess it’s more to do with debt to income ratio and negative hits on your credit report like delinquencies etc. You can easily make a $150k and have a worse credit rating than someone making $50K. Remember we had a whole thread about this were dude couldn’t understand how he was making so much money and getting denied for a loan. And let’s not front, we have a culture of spending more on bullshit than on assets than any other culture. It’s a habit that was caused by real racism back in the day that just persists today. These habits just lend themselves to the type of shit that fucks up a debt-to-income ratio/credit score. I’m guilty of this shit, but I’m trying harder to not overspend. It’s some real subconscious conditioning that causes that shit.
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Its gonna get worst with the baby moma culture and Ion need no man culture....
Wow not NFCU, they gave out those 5k credit cards like candy. This is surprising and disappointing. Damn cars hate for Blacks to catch up
Another case for over dur reparations!!!
Thanks navy federal we love you too!
Thanks navy federal we love you too!
I remember applying for a business loan in 2015 I think, I had a 6:40 credit score and a white guy had a credit score of 6:30. I was denied, and he was approved
I was told there were other contributing factors like debt to income ratio on why I was denied and he was approved. I didn't push it, probably should have
Now I'm in the 800 Club, baby! (808)...but now the rates are shit. And probably will be for 3 to 5 years or more
Me too... my wife asked me if I wanted one cause her daughter has one... im sure y not...minus well..we will see I aint gonna count this one out just yet...
Navy Federal Credit Union, the nation’s largest credit union, rejected more than half its Black conventional mortgage applicants
Full story with charts: https://edition.cnn.com/2023/12/14/business/navy-federal-credit-union-black-applicants-invs/index.html
www.bgol.us
Hmmmmmm
What year(s) is the data being pulled from?
What year(s) is the data being pulled from?
I'm gonna wait and and see. I have an account with another military credit union. I had a car loan with them, payed it off, tried to get another loan and they were like.....naw son. My credit score was 750. It's very difficult getting any type of loans with them.
From the article:
The disparity remains even among White and Black applicants who had similar incomes and debt-to-income ratios. Notably, Navy Federal approved a slightly higher percentage of applications from White borrowers making less than $62,000 a year than it did of Black borrowers making $140,000 or more.
A deeper statistical analysis performed by CNN found that Black applicants to Navy Federal were more than twice as likely to be denied as White applicants even when more than a dozen different variables – including income, debt-to-income ratio, property value, downpayment percentage, and neighborhood characteristics – were the same.
The article said NF wouldn't provide credit scores and some other info that might make a difference.
You are a fucking coon!
I had this question also. A lot of folks struggled during the pandemic and still haven't recovered.
Wells Fargo, Bank of America etc. All of these damn banks do that even a few credit unions. Knowing damn well white people fuck up their books worse than Black people.
Eli is blaming people like Him500 for Credit Unions not approving black people anymore. I don't know if that is all the way right.
White people just don't like black people. Period.
Him500 was telling people to a lot of things to build credit and credit lines.
For example going to 3 different credit unions and apply for credit on the same day so it looks like 1 inquiry.
Get huge credit lines and them form a business and get even more credit lines.
Only issue is, these people might not have viable businesses so it all falls apart and they default.
He was also telling people to take out car loans and not really getting a car.
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