Denied a loan due to criminal history!?

I have a misdemeanor on my record from several years ago. My banker stated that the 'board' denied my loan because of this misdemeanor charge!

I've never heard of anyone being denied credit (or a loan) because of criminal history (let alone a MISDEMEANOR!). Does anyone else have experience with this?

I'm not sure I understand how your lender would even know something like this...but it shouldn't pertain to your loan although underwriting has gotten very strict over the last year since the mortgage crisis. You could add a letter of explanation to the application if this offense was not related to any type crime involving money, fraud, credit card theft, writing bad checks, etc. If the crime were for something other than this such as dog licenses, traffic citations, littering, shop lifting, etc., you might explain that away in a letter. If this doesn't solve your problem, you need to shop your loan some more!

Maybe you should turn this around on them and require that THEY prove they've not been charged with anything....there are many mortgage brokers and lenders in jail now or shortly will be on their way!

Depends on what kind of misdemeanor it was, honestly. If it involved money, identification, or finances of any type, it's very possible.

no... I would try a different bank

Criminals are denied a lot of things that others have rights to.

I wouldn't do any financial dealings with someone who is dishonest enough to commit a crime (no matter how small) ... why would expect a bank to want to ??

i don't know where you live but where I live if you have a felony you cannot "own" any property but I'm not sure about loans? but i would suggest call a lawyer and just ask, that sounds kinda stupid..Oh and for the people who are stating you should have thought of it before you committed a crime..y'all are retarded, a misdemeanor could be something so little as underage drinking, it doesn't have to be something violent or harmful to someone else..don't be so ignorant

As SL said, it might well have to do with what the charges were so whether it is a misdemeanor or not, it still speaks about something in your past that may make others back off and not trust you. I wish young people would stop and think about what things like this could do to them in the future. The Bible tells us we reap what we sow.

Things do not automatically come off your record but you can go to the court house and ask if it's possible to have your record expunged and find out what the charge would be to have that done. Keep your record clean, though. Many times you are only allowed a one time expungment so if you get it expunged and then get arrested again, you may well be stuck with it.

Even juvenile records do not come off your record as so many people believe ~ false security. They may not show up in a record check when you go in to check your record but they are still in the person's file so people shouldn't get too disillusioned thinking no one will ever know and lie about whether they have a record or not.

When I worked in the Records Section, I saw many a file where people had their own tab with their name, social and DOB and they had a stack of cards with a rubber band around the stack, some two or three inches thick. You may not see some of those when you get your record but they are there and it shows very clearly a total disregard for authority and lack of respect for others. Today they are computerized and it takes several pages to print up the mess.

The majority of the time those records are only viewed by law enforcement but if you try to get a job at a company where they have special duty officers who do record checks for them, some of those things could still show up on the paperwork so the employer can decide whether a person is trustworthy or not.

You might try applying at some other places for the loan to see what happens and above all, be honest if it asks about a record. Many times they will approve you as long as you are honest and haven't been in trouble since the one offense but once again, that could still depend on what the crime was and they still have the right to say no.

Banks are usually harder to get credit through so try a credit union ~ you can usually get better rates there anyway. Different places have different policies so find out what the companies policy is before applying.

I agree with SL.
And if I'm not mistaken .. misdemeanors are deleted off of your record after some time. I was 16 when I committed the crime.... and it was classified as a misdemeanor. I'm 26 now and it doesn't show on my record. I think it takes a few more years for it be totally taken off of your record. But I'm with SL.

I wouldn't let that deter you. There are literally thousands of folks out there loaning money. You may end up paying a higher rate of interest as a result. Try some credit unions. Also, go to a site called epinions.com and ask some opinions on there. Use the power of the internet to your advantage, and just did a bit. Just ignore the ones that say, you shouldn't have done the crime to begin with, you know you went wrong, you don't need to be told. Below is an article I found, hope this helps. All the best.

Nope, but you should have considered there may be negative repercussions when you committed your crime.

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