Lending Club pre approval?

[tcbofade]

Does anyone know if a pre approval from Lending Club is a "real" pre approval?

I've gotten two of them in the last two days, and somehow, I'm doubting their validity. 

[Creditplz]

Good question, they always send me checks with my name and $40,000, same with emails. I always want good offers not this though!!! I'd try my luck with penfed before Lending Club

[Anonymous]

It doesn't hurt to go to their site and apply to find out. It's just a soft pull.

[tcbofade]

It IS just a soft pull, but my scores will be better in a few weeks, I think that I'll wait until May or June to find out how serious they are.

[RobertEG]

I assume by "real" that you mean a firm offer for credit?

If an unsolicited offer for credit includes the statement that it is being made baed on your name being provided on  listing they obtained from a CRA (i.e., the listings that you can opt in or out of under FCRA 604(c)), then it is as "firm offer for credit" as defined under the FCRA.

“FCRA 603(l) The term “firm offer of credit or insurance” means any offer of credit or insurance to a consumer that will be honored if the consumer is determined, based on information in a consumer report on the consumer, to meet the specific criteria used to select the consumer for the offer, except that the offer may be further conditioned on one or more of the following:

• (1) The consumer being determined, based on information in the consumer’s application for the credit or insurance, to meet specific crite-ria bearing on credit worthiness or insurability, as applicable, that are established
• (A) before selection of the consumer for the offer; and
• (B) for the purpose of determining whether to extend credit or insurance pursuant to the offer. ….”

[joshall]

No, their pre-approval is NOT real approval.

My credit score were 673-689-669, and they sent me a $35k pre-approval check, I tried to apply but I was rejected.

[Anonymous]

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@joshall wrote:

No, their pre-approval is NOT real approval.

My credit score were 673-689-669, and they sent me a $35k pre-approval check, I tried to apply but I was rejected.

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Joshall,

Did you ask for it all?

[joshall]

I was attempting to see if I could borrow 20k - I had a pre-approval for 35k.  But, nope, I was rejected even at 20k.

[Anonymous]

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@joshall wrote:

I was attempting to see if I could borrow 20k - I had a pre-approval for 35k.  But, nope, I was rejected even at 20k.

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I would have been upset.  

[tcbofade]

Yes, Robert...that is what I meant.

Thank you Josh... I thought it was a bit too good to be true. 

My scores will be climbing a bit over the next few weeks, and my portfolio may be changing... we shall see.