Topic: Consumer Law
Q: My daughter is 22 and just graduated college in Pittsburgh with honors. She has no student debt and a 6-figure per year job in the entertainment industry in Pittsburgh. She is a union member. Unfortunately, she has no credit history. This loan is from her own bank (PNC) where she has a good amount of savings (over $10,000). First, they told her she qualified, and told her the loan was denied. I offered to co-sign and spoke to the person. An hour later my daughter called and said they won’t allow an out of state co-signor, even though I said I would travel to Pittsburgh and offered whatever documentation they needed. My FICO score is excellent. It really pisses me off.
A: If I could speculate as to a reason, it would be that if there is a default on the loan, you will be hard to sue as an out of state resident with no real estate in PA that could be used as collateral. I would try another lender. Locally, try First Commonwealth Bank, or, more on the nationwide level, all the usual suspects as there are hundreds of them.
CIVIL LAW, AUTO LOAN, CREDIT, COLLATERAL