Consumer complaint received 2020-07-28
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Getting the loan — 
Company: BANCO POPULAR DE PUERTO RICO (PR)

This is an exact copy, with corrected grammar errors, of the message I sent to Banco Popular Customer Service through their own web site after I logged in. today, XX/XX/XXXX, before XXXX XXXX I really thinks this will not only speed the consideration of my claim, but the message shows something is not right here. " Good afternoon, today at XXXX XXXX, I received a text message informing that the Bank had made the inquiry to my credit that I requested, looking for the option of consolidating my current credit card debts with a personal loan like the one you ( the bank ) even offer online. 
For this I have been working my credit for a long time, and it was not until yesterday that I could see when ( after ) paying for my credit report to the same company XXXX XXXX XXXX or FICO, for my report, where I could see not only that the score is favorable with XXXX pts in FICO 8 XXXX XXXX, which FICO reports is the most used, but my debt level and payments are in the Good rating, knowing that no matter how high the score, if these two criteria is below the Good rating,, and that it is much more difficult to improve these 2 criteria, compared to raising the points, which is easier, I decided to risk an investigation to my credit for which I paid FICO ( before the inquiry ), it is not a free generic version, but XXXX XXXX from the XXXX branch, who attended me, just reported that the Bank recently changed the model or formula it uses, and that my score came out at only XXXX pts, 23 pts below FICO 8, which according to my report provided by the same FICO ( yesterday, XX/XX/XXXX ), it could only mean that the Bank uses the new version FICO 9 that most banks do not use, because my FICO 9 came out in XXXX yesterday when I paid for the report I have with me and the official could see it. 

Although this denial of credit is under reconsideration, ( that is why I tried to correct the problem before the CFPB complaint ), I honestly did not expect this, not only because I am a client of the Bank of years as well as my parents, but because we are aware that no matter how high the ( credit ) score or empirical, if the debt criteria and payment history is not good, there are no opportunities to be approved, precisely that is not my case, and not only that, I asked to be considered for a loan of only {$5000.00} to consolidate my debts, and to be considered for one of {$12000.00} to repair my car body ( at shop ), but they did not even look at the request for {$5000.00} because they counted some arrears that I had in XXXX to my ( credit card with the Bank ) card, but that they are documented in the Bank in the card division perfectly, and the card is Paid as Agreed for years with the same Bank, call XXXX XXXX XXXX, I sincerely believe that it was not a fair decision, and I was not considered a client of the Bank, nor clearly informed that these changes would result in a possible denial easily, although the Visa in question is Paid as Agreed I do not understand, knowing that only that would have more weight than all my efforts of years, I would not have even applied, because I risked a credit inquiry, due to the status reported by the FICO itself, knowing that the main criteria of debt and payment history are Good with FICO , XXXX XXXX XXXX XXXX XXXX ''