Take A Credit From Bank Of America
A simpler explanation is that if the loan interest rates are low, the Bank of America is less profitable. In this case, the bank with a large number of customers may be able to see fewer profits because the profit will be higher because a large number of people will profit. But with a small number of customers, relatively small banks cannot be willing to raise interest rates and give loans.
Interest Rate Factor
However, there were differences in these conditions after the changes made in the legislation. For example, the bank of America now looks at the credit rating and debt ratio of a person first. If your credit score is low, you will not get credit if it is well below the limit. Your past credit habits go into effect at your grade. In this case, when a bank approves your credit, another bank may not take it. In other words, if the sum of the unpaid loans of the bank is low that month, your credit may be approved, and if the unpaid loans are high, you may not get approval. Even if you still have a high grade and you can document your income, you may not get credit even if you have a high debt ratio.
You understand that after the changes made in the banking legislation, it started to keep this job tight. Nevertheless, if you want to receive a loan, you should apply to a single bank and do not wait for the end result.