Not an expert; from personal experience auto approvals will use algorithm along with existing credit data to determine credit worthiness along with an approval amount .
An example would be the algorithm for a discover card may pull a fico score from 30 days back and based on a set internal tier approve and assign a credit limit.
A manual loan approval can require additional financial documentation, with a actual human viewing those documents and making the final decision on the loan amount. An example is applying for a credit card and requesting a 10k limit on the application. The decision could end in a complete denial or a counter offer amount based on a underwriting determination.
I once applied for a credit card with consumers credit union ; requested a limit of 5k.
The application kicked over to underwriting and was approved with a counter limit of 250 dollars.
I gladly took a hard pull for the road and refused the card.
Underwriting can grow into a complex discussion if you are wanting a mortgage loan.
Ultimately it depends on what loan product you are seeking .hopefully this answer is somewhat useful to you.
Good luck.
(Utilization 8%)Discover IT $9000; Discover IT BT $9000; Amex Everday $4,000; $Amex Hilton Honors 2,000; Bcu cash Rewards $5000; Bcu Travel $5000; Bcu Simply Visa 4,300; Cap1 Walmart Mastercard $1,100; Apple Card $3000; GM Mastercard $3;500; Zales Comenity $2,200…Ch13 2016 ; 2023 Experian fc8 (759) Equifax fc8 (712) TransUnion fc8 (749) Credit build scores 2020 EXP (590) EQ (525) TRN (579)
