60 days for pre approval??

AshCas · ‎10-25-2011

I called US Bank today to ask how long a pre-approval typically takes, and they said 60 DAYS!

That seems completely ridiculous to me....am I just misinformed on how long the process takes? I thought it'd be a week or two at the most...

Familywantsahouse · ‎02-25-2012

Yeah, that seems nuts. Ours took about 12 seconds. Credit pulled, info run through GUS. You are pre-approved for XYZ.

2/24 (Lender Pull) EQ 613, TU 553, EX 589
April EQ 633, My Fico TU 638, EX ??
Current EQ 643, TU 652, EX 633 (lender pull 5/11)
Goal (we made it!!)- Over 640 middle by 5/15

cassembler · ‎02-07-2011

60 days is ridiculous. Perhaps they meant to close, on average?

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."

TM82 · ‎05-31-2011

Even a fully underwritten pre approval shouldnt take that long. A conditional pre approval should take no more than a few minutes.

webhopper · ‎09-16-2011

Should take 20 mins for a pre approval that just looks at credit. If they go through your taxes and income it can take a few days.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
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HumbleLobster · ‎05-09-2012

I got conditionally preapproved in about 3 hours yesterday with Wells Fargo and my LO said that an underwritten preapproval should only take about 3-5 days with their local workload. 60 days is nuts!

Starting Score: TU: 767 EQ: 727 EX: ?? (5/10/12)
Current Score: TU: 745 EQ: 736 EX: 793 (7/11/12 Lender Pull)
Goal Score: 800

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nc · ‎01-16-2009

They do not want your business..

Current Score: EQ: 786 (08/23/2012), EX: 802 (08/23/2012), TU: 774 (08/23/2012),

Goal Score: 800+ FICO across the board

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60 days for pre approval??

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