Alliant - When is an Approval Not Really an Approval?

[mark1210]

So for those of you who have been following, I wrapped up an app frenzy and shopped around for a few banks (DCU, PenFed, Logix, etc) before landing with Alliant.   I was approved for their checking and savings products immediately and was suggested to apply for their credit card.  Was instantly approved online about 3 weeks ago, also applied for their auto refinance and was in a "Pending Approval" state.  Over the next few weeks, I've been asked to submit 3 paystubs, employment verification, copy of drivers license, previous bank statements and then I finally got fed up.  After all that was provided, I was informed - we're curious why you've been opening accounts at other financinal places and would like to see their statements and something about signing some notaraized form. I told them to forget it, never been asked for so much documentation for a secured loan (vehicle) and a credit card.  

So I guess an auto approve is not really an approval.  

Anyone else been through something similar???

Thanks

[mongstradamus]

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@mark1210 wrote:

So for those of you who have been following, I wrapped up an app frenzy and shopped around for a few banks (DCU, PenFed, Logix, etc) before landing with Alliant.   I was approved for their checking and savings products immediately and was suggested to apply for their credit card.  Was instantly approved online about 3 weeks ago, also applied for their auto refinance and was in a "Pending Approval" state.  Over the next few weeks, I've been asked to submit 3 paystubs, employment verification, copy of drivers license, previous bank statements and then I finally got fed up.  After all that was provided, I was informed - we're curious why you've been opening accounts at other financinal places and would like to see their statements and something about signing some notaraized form. I told them to forget it, never been asked for so much documentation for a secured loan (vehicle) and a credit card.  

So I guess an auto approve is not really an approval.  

Anyone else been through something similar???

Thanks

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hmmm i just tried to app for an cc with them also , its still under pending phase. Hopefully i won't have to go thru that whole process, an lot more work than its worth it seems like. 

[mark1210]

totally agree - if it was a house or something I could understand.  

I assume they probably are suspecting some kind of unusual activity/fraud or something.  When I spoke to the loan officer - he commented "he never heard of such a thing as an app spree and didn't think it was "prudent" as he said.  

Hopefully you'll have better luck - i'd imagine if you didn't go through an app spree you'll be fine.

[mongstradamus]

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@mark1210 wrote:

totally agree - if it was a house or something I could understand.  

I assume they probably are suspecting some kind of unusual activity/fraud or something.  When I spoke to the loan officer - he commented "he never heard of such a thing as an app spree and didn't think it was "prudent" as he said.  

Hopefully you'll have better luck - i'd imagine if you didn't go through an app spree you'll be fine.

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Not an major spree just opened an few cards in june hopefully thats not deemed an spree. Just wanted another card reporting to CRA. Hopefully things will come around for you after the "misunderstanding"

[Volpes]

They wanted to see previous (foreign) bank statements?  I realize its not that unusual for CUs to ask for income verification (fairly common actually)

I'm with Alliant and NASA FCU - looking to refinance my auto loan some day, hopefully it will be a pain free process.