Third Federal - Wasted Three Weeks of My Time
Applied with Third Federal THREE WEEKS ago for a Home Equity Line of Credit. Just heard back today I was denied.
What really sucks is that a quick review of my application on DAY 1 would have revealed a deal-killing item based on their strict qualification requirements. Why they didn't do a quick pre-qualification based on my information and spare me hours and weeks of wasted time is beyond me.
So donโt waste time with applying with Third Federal if you have less than perfect credit or are self-employed. Go with your local community bank or credit union who can evaluate and grant loans to people with situations that are not black and white, or perfect.
Reason of review: Poor customer service.
Monetary Loss: $25000.
Preferred solution: Change your business processes to not *** consumers off.
Third Federal Pros: Low rate.
Third Federal Cons: Strick qualification guidelines, Slow processing and underwriting, Only apply if you have perfect credit.
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