Different underwriting standards are crazy

[SDMarik]

I always find it so interesting how some banks/issuers can have such drastically different  guidelines for their underwriting. I was just clicking around on some different pre-qualification sites. On FNBO I did the pre-qualification and it came back pre-approved for $15,000 (I know this can be shaky from what I've heard?) I then went to the Lowes site for kicks, as we are planning a rennovation, and the approval came back for $800. Crazy stuff.

[FireMedic1]

Welcome to the world of Pre-quals. Just because they say one thing. Doesnt mean your going to get whats on the screen. Many have apped with your approved and get denied afterwards. Theres only a few that are solid pre-quals. The rest? Toss the dice and see if you get snake eyes.

[Iusedtolurk]

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@SDMarik wrote:

I always find it so interesting how some banks/issuers can have such drastically different  guidelines for their underwriting. I was just clicking around on some different pre-qualification sites. On FNBO I did the pre-qualification and it came back pre-approved for $15,000 (I know this can be shaky from what I've heard?) I then went to the Lowes site for kicks, as we are planning a rennovation, and the approval came back for $800. Crazy stuff.

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@SDMarik  I have been working on my cousins credit which was dismal 10 months ago now his basic factors are:

HIS

640 ficos across the boards.

3-5 inquires

8 months AAoA

10% util

MInes

740+ ficos across the boards

1 inquiry

2 yrs 8 months AAoA

4% util

Last week he got approved for a Lowes.

3000 sl

For the heck of it I was like if he got 3000  I'll probably get at least 5000 or more so I did a prequal.

It came back Approved for

3050 sl

I was like WHAT and I have more income than he does and a much better profile.

Oh well..not applying for any new accounts now anyway.