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How long should the preapproval process take

Regular Contributor

How long should the preapproval process take

How long does it take to get a response from an online pre approval request?  I know i am a bit anxious, but I applied Wednesday at 10am with Wells Fargo.  I applied for PNC on Thursday. I just want to know so I can stop worrying!

Beginning:Explus 630 eq 573 tu 593
Current: EXplus:677 Eq 642 TU 727
Goal: Explus 700 eq 700 tu 800

Merrick: 1550 Capital One:1150 Barclay: 2000 Walmart: 300 Chase Freedom: 500
Message 1 of 6
5 REPLIES
Valued Contributor

Re: How long should the preapproval process take


Chbraswell wrote:

How long does it take to get a response from an online pre approval request?  I know i am a bit anxious, but I applied Wednesday at 10am with Wells Fargo.  I applied for PNC on Thursday. I just want to know so I can stop worrying!


First I would stop applying, by you applying with more then one company can cause your application to be delayed. If you wanted a quick idea then you should have applied in person. A little patience goes a long way........

Good Luck
May all your dreams and wishes become a reality!
Message 2 of 6
Regular Contributor

Re: How long should the preapproval process take

   MY LO did mine while I was on the phone chatting with him.  He just ran my credit, did debt to income and asked a few questions.  It did the trick, them me emailed me a pre qual letter.

Message 3 of 6
Regular Contributor

Re: How long should the preapproval process take

How would it slow down the process if I applied with two separate companies?

Beginning:Explus 630 eq 573 tu 593
Current: EXplus:677 Eq 642 TU 727
Goal: Explus 700 eq 700 tu 800

Merrick: 1550 Capital One:1150 Barclay: 2000 Walmart: 300 Chase Freedom: 500
Message 4 of 6
Regular Contributor

Re: How long should the preapproval process take

I probably should have done it over the phone, but she asked me to do it online.  She did let me know that she is finishing up some files and would start mine early next week.

Beginning:Explus 630 eq 573 tu 593
Current: EXplus:677 Eq 642 TU 727
Goal: Explus 700 eq 700 tu 800

Merrick: 1550 Capital One:1150 Barclay: 2000 Walmart: 300 Chase Freedom: 500
Message 5 of 6
Frequent Contributor

Re: How long should the approval process take


Ron6262 wrote:

   MY LO did mine while I was on the phone chatting with him.  He just ran my credit, did debt to income and asked a few questions.  It did the trick, them me emailed me a pre qual letter.


Pre qualify is not the same as pre approved.  Pre qualify can be done with a phone call and a few questions.  Pre approval requires actual verification of the questions as well as credit checks.

Message 6 of 6