Consumer complaint received 2023-11-21
Company: SLM CORPORATION
State: VA
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Improper use of your report
Sub-issue: Credit inquiries on your report that you don't recognize

Complaint:
In XXXX or XX/XX/XXXX, I was approved for an $ XXXX XXXX XXXX Loan from Sallie Mae as I was taking the XX/XX/XXXX XXXX XXXX XXXX. On XX/XX/XXXX, I logged into my Sallie Mae account and decided to apply for another XXXX XXXX Loan because I am taking the VA XXXX XXXX in XX/XX/XXXX. When filling out the XXXX XXXX XXXX application, it has a drop down for you to select the date that you are taking the XXXX XXXX so the system knew these were for two different XXXX XXXX on different dates. In filling out the amount requested, it states underneath the text box that I can request " up to {$15000.00}. '' So, I requested {$15000.00} on XX/XX/XXXX for the XX/XX/XXXX VA XXXX XXXX. My loan application was denied, so I immediately applied again because I didn't understand why it was denied since my credit score had not changed from the time I was approved for the $ XXXX loan for the XX/XX/XXXX XXXX XXXXXXXX XXXX  in XXXX or XX/XX/XXXX. I did not realize the inquiry would impact my credit. When I was denied again, I called Sallie Mae to express my confusion as to why I was being denied. They said they didn't know. I told them that I had already been approved for $ XXXX back in XXXX or XX/XX/XXXX and I told them the amount I was now applying for $ XXXX for a XX/XX/XXXXXXXX XXXX XXXX XXXXXXXX. They said to wait for the denial letter to come with a reason. When I received the two letters for both of my inquiries, Sallie Mae stated my {$15000.00} request exceeded the amount available. I then realized that may mean that the $ XXXX I had taken out in XXXX or XX/XX/XXXX for the XX/XX/XXXX XXXX XXXX XXXX may have to be decucted from the $ XXXX XXXX of the XXXX XXXX XXXX for the new loan I was applying for. I then requested $ XXXX and it said I would only be approved with a co-signer. I thought that was odd since I have never needed a co-signer before due to maintaining a good credit score for many years, so I checked my credit score and it had dropped XXXX points from the inquiries. I called Sallie Mae and asked them about the amounts and they told me that the $ XXXXXXXX XXXX XXXX XXXX  was a " lifetime loan '' so I had been denied those first times because as the letter stated, I could not exceed $ XXXX. I asked them where the information was provided to give me notice that the XXXX XXXX XXXX XXXX  were not treated separately for different XXXX XXXX  ( since the application asks for that info ) and where it said " lifetime loan '' - they could not provide me with that information other than to say that it was on the website and when I read the site to them from top to bottom they admitted it was not anywhere on the website and therefore no notice was provided. I told them I thought that was wrong since I was logged into my Sallie Mae account and the requests amount box said I could request up to $ XXXX, whereas it should have notified me that I could actually only request up to $ XXXX as it did not factor in my previous $ XXXX loan for a different XXXX XXXX  and that my XXXX XXXX had been severely impacted. I also submitted a bar study loan application for XXXX and was denied due to the poor credit that I got from Sallie Mae 's inquiries. I called XXXX and they said to obtain a " XXXX Deletion Letter '' from Sallie Mae and to provide it to them. I called Sallie Mae and they told me they do not provide those letters and that there was nothing they could do about the inquiries. I would like the XX/XX/XXXX Sallie Mae inquiries removed from my credit report, and XXXX if possible since that was inadvertently affected due to Sallie Mae not providing me with proper notice as to the amount I should apply for in that it is a " lifetime loan '' that applies to ALL XXXX XXXX on separate dates and in different jurisdictions - the phrase " lifetime '' in never stated on the website and distinguishing between XXXX XXXX loans is never addressed anywhere - plus asking for the date of the XXXX XXXX on each application while saying you can ask for up to $ XXXX is extremely misleading. I would like my credit score restored so that I can apply again for the correct amount and not need a cosigner. Thank you!!

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation