I need some advice on Lending Club My TU score is 750 and was turned down SOFT OR HARD PULL?

[JoeLuvsHisCredit]

I was turned down for a Lending Club personal loan 750 TU score and wanting to know if it's a soft or hard pull? I have read alot of post but I couldn't really find the answer to my question.

The reason I want a personal loan because my auto, home etc loans are paid off and want to add a different type of loan to my file.

Thank you very much,

JOELUVSHISCREDIT

[TrialByFire]

Should be a soft pull until you select loan terms and proceed with the application. If you didn't make it that far and just clicked "check my rate" and were denied that shouldn't HP you. Try applying with a credit union for a personal loan. Terms are usually more favorable

[JoeLuvsHisCredit]

Thank you very much TrialByFire for your help and I was denied I was very supprise because my score is 750 and only  have 6 Inquiries. But I do have a few NEW accounts in last 6 months.

Thanks Again,

[heavyjay]

Lending Club will decline if you have more than 3 inquiries.

[JoeLuvsHisCredit]

Thank you heavyjay. I really don't care they decline me if they didn't do a HP . I know in a few months I can get alot better loan with a BETTER rate etc. But I really thought I would have a good chance with a 750 score but it's their loss not my

Thanks Again

[heavyjay]

I hear ya. They wanted nearly 20% APR from me. I went elsewhere and got 8.625%.

[JoeLuvsHisCredit]

heavyjay.

If you don't mind me asking who did you went with ?

Thanks

[heavyjay]

Sent you a PM.

[CreditDunce]

A cheaper way to get an open installment loan is a SSL loan from a local CU.  FICO 08 doesn't care about the type of installment loan, it just wants to see an open one with less than 10% util.  Here is CGiD thread on how to do it with Alliant:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

[JoeLuvsHisCredit]

CreditDunce

Thank you very much

I do have a closed pif auto loan plus 2 closed personal loans and a ss loan. Which all are closed and pif. I wish I knew about this because my auto loan was for 72 months and I paid it off less than 28 months, grr lol.

Thanks again!

Who will benefit from this technique?
The people who will benefit the most are people who have no installment loans, open or closed, on their credit report.  People who will also benefit (but not as much) are people who do have a closed installment loan but who have no open installment loans.

I really wish I knew about this.