Credit Card Center Advertiser Disclosure

Reply
Member
Posts: 5
Registered: ‎07-11-2016
0 Kudos

PNC is a strange cat

So... Last Thursday I went to my local branch to refinance my 2017 truck at the behest of my banker. I currently have a 5.6% loan I got in Feb. with a 650ish FICO across the board at the time. Now it is about 40 points higher. While there I applied and was instantly approroved for a Visa Rewards with a starting limit of $10k. Haven't had any dings in more than five years and all major derogatory are removed. 

 

The refi went into review and was denied yesterday. The branch manager was more shocked than I was. He reconned for me, but they refused. They are looking at six and seven years ago he said. 

 

Just amazed they would issue me $10k on a Visa and not redo a truck I've been paying more than the principal every month since I bought it. I work in that car business and I'm scratching my head. 

Regular Contributor
Posts: 188
Registered: ‎03-02-2015

Re: PNC is a strange cat

IMO that is a sign of tightening auto credit vs. a healthier credit card market; not much you can do except try another bank/CU

Moderator
Posts: 10,700
Registered: ‎03-06-2010
0 Kudos

Re: PNC is a strange cat


FMC wrote:

IMO that is a sign of tightening auto credit vs. a healthier credit card market; not much you can do except try another bank/CU


^^^Agree with this assessment.

 

Banks are going to be at the front end of this tighening. Plus each individual bank/CU or other lender makes portfolio decisions on a regular basis.  Check into a CU rather than a bank.  OP, it sounds like you are making all the right moves. Don't take their rejection personally. 

New Contributor
Posts: 130
Registered: ‎06-02-2016

Re: PNC is a strange cat

I would definately try going to a credit union to try and refinance your truck. I am unsure of what PNC's underwriting guidelines are but you may be in excess of their LTV limits which could be a reason for denial. From my experience in recent time's I have found that CU's are becoming increasingly aggressive in the auto lending industry while other lending institution's such as Ally, Wells Fargo Dealer Services, among other's have been tightening up a bit in light of the increased default/delinquincy rates in the Auto Loan Industry. If you do a little research, the car market, specifically in the lending area has been struggling recently, largely in part due to loose lending in the subprime market.

AMEX BCE ($34,500) CITI AAdvantage ($17,000) Region's Platinum Card ($12,000) Discover IT ($13,000) Macy's ($7,400) Chase FU ($10,000) TU:768 EX: 767

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.