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First pre-approval in YEARS!

Auto Loans for ANY Credit Situation. Immediate Response.
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Regular Contributor

First pre-approval in YEARS!

I ruined my credit when I was younger, it got really bad and finally ended in 2013, I opted out and didn't look at my CR until I started rebuilding late 2015, I have a car loan that has been on time, and all the cards/Student loans that are in my siggy.  

 

After opting in in November I still was not getting ANYTHING, not even a successful SCT.  I opted in again but this time I did NOT put my middle initial, and sure enough got my first pre qual today.  It was from iLoan, apparently they are owned by springleaf financial.  Not planning on accepting (Up to $7,000), but it is nice to finally have someone say hey, we want your business and are not completely scared of your credit anymore lol. Smiley LOL

5 REPLIES 5
Established Contributor

Re: First pre-approval in YEARS!

Congrats! I get them but by mail it's companies I run from lol 

Fico 8 starting scores 09/27/15 EQ: 646 TU: 622 EX: 668 5 collections 1 PR reporting across the board
Scores 06/30/16 EQ: 685 TU: 699 EX: 695 1 collection now reporting on EQ and EX and 1 PR on EQ
Current scores 11/4/2016 EQ 688 TU: 705 EX: 736 No collections no PR/Judgements Finally Clean
Message 2 of 6
Regular Contributor

Re: First pre-approval in YEARS!

Sorry forgot to mention that I received this offer by mail. I have never gotten an offer by email, but here is hoping for the future.
Message 3 of 6
Valued Contributor

Re: First pre-approval in YEARS!

To clarify, it it pre-qualified or pre-approved? There is a subtle but important difference.

 

Congrats on getting to a score where you are receiving offers. You don't always have to go to the dance but it is nice to be asked.

 

As your socres are improving you could always check with lenders like Prosper.com, LendingClub.com, Capitalone pre-qualify and Capital one pre-qualify auto finance. All of these sites only do an initial SP (soft pull) so there is no effect on your credit. 

 

Great job on the improvements!

Message 4 of 6
Legendary Contributor

Re: First pre-approval in YEARS!

Did the offer indicate that it was being made as a result of a listing obtained from a CRA?

Those are "firm offers for credit" under the FCRA, and are based on an actual screening of your credit file against pre-specified criteria submitted by the creditor to the CRA,

 

Message 5 of 6
Regular Contributor

Re: First pre-approval in YEARS!

It was a "firm offer of credit" it stated so on the back. Also language about how to opt out.
Message 6 of 6
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