06-18-2009 08:23 PM
06-19-2009 04:57 AM - edited 06-19-2009 04:58 AM
A loan approval is not an account until you complete the loan and won't be shown as such. When you log onto Skybranch, look for "loan applications" on the left. Select "Consurmer", then select the "loan application status" button and hit "continue". Your auto loan should show the amount you're approved for and "Pending" as the status. It will be pending until you actually close the loan.
Hope this helps
06-19-2009 05:20 AM
06-19-2009 06:01 AM
06-19-2009 09:15 AM
I was pre approved in the initial online application for 25k and I just followed the steps you stated which were good and nothing was posted in the pending section of consumer loans.
06-19-2009 10:18 AM
06-19-2009 11:02 AM
Oh boy I am afraid to jinx it but I can tell you I learned a lot of details that I wish I knew 3 weeks ago!
If you check my scores, when my FICO EQ was at 806 I said what the heck, so I studied all the forums here and concluded that every time you apply the initial inq and then the new account reporting (also reducing the average age of accounts) takes a big hit to the score. I said what the heck and started with Alliant and poof instant online approval for everything, Visa was 10k, auto loan was 25k, checking and saving opened and funded. It was quite easy. I can tell you something very important I have learned have just one name one address no nick names or anything else and a home phone number in your name. Those things I already had but have seen others reports with good scores and no approvals with those variations reporting.
Here are the results I guess I should post them some where else and maybe will later.
Applied for Hooters Denied (failed security challenge) Was going to get for my son.
Applied for Best Buy store card instant online 2k approval and when calling in for security challenges they bumped the limit 400 making a total of 2,400
Applied Cit Plat (on suggestion on my last post) never got an answer and then 6 days later it was reporting on my reports as a 4,800 limit. Card just came in mail no e mails from them at all.
applied Macy's online (I was to lazy to go to store) instant 500 set up online account very easy
Applied Bloomingdales on line (again to lazy to go to store) instant approval 1,800
Applied HSBC Saks elite black denied due to app for HSBC best buy card, Stated must be 90 days between applications.
Applied Chase, denied due to new account of Macy's (was on credit reports in 2 days!
Applied VS on line, instant approval 500 set up account online very easy.
Applied Amex preapproval site, it gave me 4 choices so I chose one that had a limit and got instant approval for H Hilton 2,000 limit set up account online very easy. (This after reading about the benefits was great for me)
US Bank applied online when scores were the highest and was denied due to being outside the customer area.
Kroger Denied due to recent inquiry
Kay Jewelers instant 5,000 online approval.
Okok why did I do this all at once knowing rejection was coming? Easy answer for me the money is now being spent on debit cards and getting nothing in return so I figured why not open some store cards that my family is spending in already and put them on as AU's and let them use the accounts. I am not worried about going over limits since I check most accounts weekly. This I think was a good choice for me and I know the scores would crash so for the curious here is where I stand after the fallout form all these inquiries spread out over the 3 CRA's
My TU non fico actually went up 25 points
My EX plus score went down from 763 to 732
My EQ true FICO went down from 806 to 765
This is a learning process and I can tell you one thing I would not have applied for the HSBC card if I knew they only allow one of there products every 90 days. I would have never applied for Hooters (only did it because I thought my son would get a kick out of it and reading in many forums of limits that were OK with "bad scores" So I thought I would get a "good" limit! haha fooled me.
Also one thing I found I checked and rechecked sites to see where the pulls were going to come from and most times the information was correct, however the few that were not correct killed me with the "new inquiry"
I went to renew my passport this week and put the charge on my new AMEX first one I have used but the store cards will be used now instead of debit cards.
I have learned a lot here and how I wish they would teach kids in school about money, responsibility, and credit!
I have a relative that is a new boat manufacturer and he states now even with a 750 FICO it is very hard to get someone approved for the loan, but then they found the information on credit unions and are getting half the loans approved just by the customer going in and opening new account and getting 5 percent consumer loans.
The learning process continues!
TU 653 EX 577 EQ 616
TU 690 EX 591 EQ 616 4-28
TU 702 EX 603 EQ 625 5-01
TU 702 EX 631 EQ 625 5-08
TU 711 EX 631 EQ 625 5-09
TU 662 EX 673 EQ 625 5-11
TU 666 EX 763 EQ 622 5-13
TU 666 EX 763 EQ 675 5-14
TU 707 EX 763 EQ 633 5-15
TU 707 EX 763 EQ 705 5-21
TU 707 EX 763 EQ 806 5-29 (EQ SCORES ARE TRUE FICO PAID FOR)
When I started this journey 2 months ago I decided to subscribe to all 3 bureaus reporting each around 15 a month so I could daily check in on progress
06-19-2009 11:49 AM
Congratulations on all of your new accounts!! After 3 months you should start to see some recovery in scores, and after 6 months they may be back to normal. Good luck.
I think I've read several places here on the forum about HSBC not allowing multiple cards within a certain amount of time. Also have seen here that Hooters was getting harder to get.
You're right...the learning process goes on and on!!
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