Consumer complaint received 2016-03-24
Product: Mortgage — Other mortgage
Issue: Credit decision / Underwriting — 
Company: Rocket Mortgage, LLC (WI)

I responded to a Quicken Loans solicitation to Refi my home. After going through an XXXX process online, the system then pulls my credit. That 's fine, I expected them to. However, it instantly came back with 'It does n't look like there is anything we can do for you '. It then says I can call our XXXX number, or chat with an online rep. I 'm not pleased because I do n't want unnecessary credit checks on my credit if there is absolutely no way to qualify. I decide to engage in a chat. Well, after talking with their representative who has the title of " President 's Club Banker '' due to his level of experience, he reviews my file. It takes only seconds for him to say, 'sorry there is n't anything we can do because you need at least XXXX % equity to qualify w/o PMI and at least XXXX % to qualify for FHA XXXX which is all he offered me '. I feel that this is so incredibly deceitful because if I had known what their threshold was for assisting me in refinancing, then I would have known that there was no way for me to qualify at this time, and therefore would not have submitted to a credit check. Instead, they bait the consumer with this possibility that I could qualify and thus proceed to allow them to damage my credit with a quite unnecessary hard pull inquiry. As a consumer, I certainly would want to try and lower my monthly payment and felt it very possible to qualify since my current loan is $ XXXX and my home appraised for $ XXXX only 3 months ago. However, based on how quickly the system rejected to extend an offer of credit, and how quickly their agent rejected to extend an offer of credit, it was quite clear that they operate within strict ( and pre-established ) guidelines that even consumers who are in a positive equity position ( like myself ) will get denied ( and frankly did n't even come close to qualifying - he said I needed at least {$35000.00} cash down at time of refinancing! Seriously? ). So, I sit here frustrated and upset that I felt baited into this hopefulness that I could lower my monthly payment and save some money to help with my other monthly obligations for my family to be in a more favorable position in our financial situation. This felt misleading and deceitful. I am trying to strengthen my credit score and this did the exact opposite. It would have been easy enough for Quicken Loans to generalize what their predetermined qualifying criteria was on perhaps their first application page ( or in the solicitation itself - clearly marked ) which would help consumers make wiser decisions upon whom to attempt to apply for an offer of credit vs. attempting to apply for an offer of credit where there is absolutely no way at all that I would be offered credit. I am very displeased at having my credit harmed when a ) there was no way I would qualify and b ) my credit was never even a deciding factor in the decision - since it was entirely based on loan-to-value criteria that was never spelled out ( or even generalized ) for the sake of educating consumers. I 'm tired of being tricked, lured and baited by these companies that do n't care if they hurt consumers.