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Hello.
I was trying to refinance my car with a co-signer at PendFed because they always automatically deny me.
my brother has a 700 score and excellent payment history. I have a low score because of 70% util but have no collections at all. I went through the full application and this time at the end it said "Congratulations! You're PreApproved" and it showed me three loan lengths I could choose from so I chose the best one for me and then it said that it is under review.
How solid are these pre approvals during the application?
Is it looking good so far for me? I'd like to hear someone's experience doing this before.
To be clear it was not a mail in pre approval or a "My Offers" pre approval. I just applied and it showed up as pre approved. I really hope it's a good sign.
They did a HP on both of our Equifax scores. Haven't heard anything which I'm sure it's due to their closure of New Years Day. (I tried to call)
@Anonymous wrote:Hello.
I was trying to refinance my car with a co-signer at PendFed because they always automatically deny me.
my brother has a 700 score and excellent payment history. I have a low score because of 70% util but have no collections at all. I went through the full application and this time at the end it said "Congratulations! You're PreApproved" and it showed me three loan lengths I could choose from so I chose the best one for me and then it said that it is under review.
How solid are these pre approvals during the application?Is it looking good so far for me? I'd like to hear someone's experience doing this before.
To be clear it was not a mail in pre approval or a "My Offers" pre approval. I just applied and it showed up as pre approved. I really hope it's a good sign.
They did a HP on both of our Equifax scores. Haven't heard anything which I'm sure it's due to their closure of New Years Day. (I tried to call)
I'm not sure if the Personal Loan or Auto Refi Loan is different in terms if one is easier to be approved for or not. I can tell you this, I did their pre-qual for a personal loan and got a Pre-approved amount for $10k at a ridiculous 17.99 APR (their max allowed) as I was trying to consolidate my debt and just pay $200 more on top of the minimum payment to reduce the interest I pay for the full term. I thought it was solid since it was pre-approved and not prequalify along with the fixed APR. Pulled the trigger and went to "under review". Apparently they pulled Experian for their personal loan, not sure about Auto. They denied me with a vague explantion. I end up applying for a membership at PSECU and applied for a $18k loan and was approved at 13% APR (still high but I intentd to pay way more than minimum anyways). So far, I love PSECU. They also approved for a credit card with a $16k SL on top fo the personal loan with the same pull. Double dipped.
Penfed pulled a lower score than my fico 8 which was 660 at that time. I think the score they pulled was like 620, not sure which Fico it was. I had a high UTI at 90%, if that help. My goal of course was to consolidate, hence, the reason I tried to get the loan.
@Anonymous wrote:Hello.
I was trying to refinance my car with a co-signer at PendFed because they always automatically deny me.
my brother has a 700 score and excellent payment history. I have a low score because of 70% util but have no collections at all. I went through the full application and this time at the end it said "Congratulations! You're PreApproved" and it showed me three loan lengths I could choose from so I chose the best one for me and then it said that it is under review.
How solid are these pre approvals during the application?Is it looking good so far for me? I'd like to hear someone's experience doing this before.
To be clear it was not a mail in pre approval or a "My Offers" pre approval. I just applied and it showed up as pre approved. I really hope it's a good sign.
They did a HP on both of our Equifax scores. Haven't heard anything which I'm sure it's due to their closure of New Years Day. (I tried to call)
I did auto refi using the same pre-approval tool. I chose to cash out my equity which they countered 37.9k .. My balance was only approx. 23k remaining. Next screen gave me the Congratulations and a few different terms to choose from. After I chose my terms about 10-15 minutes later I got an email saying 'action required'. They wanted a colored copy of my ID, .. they were very strict on the clarity and color of the image. After that I got another email asking for me to sign loan docs. That was it. They did pull EQ for me too. I would say your chances are fairly well. GL!
Were u ever approved? Same exact situation for me but I did not do the cash out just traditional refi to save money but added my wife.
@Anonymous wrote:Hello.
I was trying to refinance my car with a co-signer at PendFed because they always automatically deny me.
my brother has a 700 score and excellent payment history. I have a low score because of 70% util but have no collections at all. I went through the full application and this time at the end it said "Congratulations! You're PreApproved" and it showed me three loan lengths I could choose from so I chose the best one for me and then it said that it is under review.
How solid are these pre approvals during the application?Is it looking good so far for me? I'd like to hear someone's experience doing this before.
To be clear it was not a mail in pre approval or a "My Offers" pre approval. I just applied and it showed up as pre approved. I really hope it's a good sign.
They did a HP on both of our Equifax scores. Haven't heard anything which I'm sure it's due to their closure of New Years Day. (I tried to call)
Did you end up getting approved?