@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.
