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BBVA Personal Loan

rprisco
Regular Contributor

BBVA Personal Loan

I'm in upstate NY, well out of the foot print. Received personal loan prequel upto 50k in the mail. Checked my Ex they did SP back in April Score then was about 725.

Just paid off a short term Lending Tree loan, and figured what the heck, I run a small business, I'll use the money if approved to fund a project and pay it off.

The prequel directed me to the prequel site, I entered the reservation number (I think I could have skipped the res number). Sp ex again, FICO 716, preapproved for upto 35k online at 15.x percent over 72 months. I got accept, provide income etc, did loan docs and money was deposited in US Bank the next day, 10 mins of that, very easy. Thought I'd share, seems they are definitely lending well outside the banking territory.
Current Scores as of 8/18/17 all FICO 8 EQ: 695 EX: 673 *fico2 699 TU:645 bio has more.
Message 1 of 15
14 REPLIES 14
James_A
Valued Contributor

Re: BBVA Personal Loan


@rprisco wrote:
... I run a small business ...  provide income etc, did loan docs ...

Congrats on your loan. I interpret "run a small business" to mean self-employed. As such, what POI documents did they require? 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (3/12/2021): FICO 08 EXP: 748; TU: 755; EQ: 773
2020 Goal Score: 760 across the board


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Message 2 of 15
rprisco
Regular Contributor

Re: BBVA Personal Loan

Sorry forgot to post, no POI required, stated amount only. Yes I am self employed. Truly very easy.
Current Scores as of 8/18/17 all FICO 8 EQ: 695 EX: 673 *fico2 699 TU:645 bio has more.
Message 3 of 15
BigBS
Valued Contributor

Re: BBVA Personal Loan

Did they do an HP on EX, as well?

EX EQ TU
Score 804 805 822
INQs 7 4 8
Last INQ 02 Sep 20

Total Credit Limit - $1.4M

Message 4 of 15
rprisco
Regular Contributor

Re: BBVA Personal Loan

Sorry I also forgot to report that I did get a HP on Ex after I accepted the offer. 12 inq in last 6 mos did not bother them.
Current Scores as of 8/18/17 all FICO 8 EQ: 695 EX: 673 *fico2 699 TU:645 bio has more.
Message 5 of 15
soloman
Established Contributor

Re: BBVA Personal Loan

Did they offer you a lower rate if you setup direct debit for your monthly payments? If so, how much lower?

In the garden as of March 17, 2017.

Amex PRG NPSL | Amex Hilton Surpass $6K l Aviator Red $3.5K | Best Buy $6K | Amazon $6K | Chase $5K | BBVA $6K | UFCU $10K | NFCU $15K
Message 6 of 15
soloman
Established Contributor

Re: BBVA Personal Loan

So I decided to go through the online pre-approval process since it's a soft pull.  Since I have a credit card with them I just signed in and my information populated.  On 5/30/2018 I tried and was denied during pre-approval.  That's how I learned that my temporary large use of my NFCU CLOC and reported. I say temporary because I replaced the money in the CLOC on 6/1/2018.  So now that the CLOC has updated at the bureaus, I tried pre-approval again for BBVA.  They soft pull Experian and mine is now 709.  I was pre-approved for a max of $34,000 and tested $20,000 to see what the payments would look like.  I'm not going to accept because I don't have an overpowering need right now to inspire me to accept the high interest costs. However, it's good to know that this possibility exists if needed.  BBVA advertises this loan for a rate as low as 4.99%.  How do you get that rate? 

 

BBVA Loan Inquiry.png

 

BBVA Loan Calculation.png

 

 

In the garden as of March 17, 2017.

Amex PRG NPSL | Amex Hilton Surpass $6K l Aviator Red $3.5K | Best Buy $6K | Amazon $6K | Chase $5K | BBVA $6K | UFCU $10K | NFCU $15K
Message 7 of 15
soloman
Established Contributor

Re: BBVA Personal Loan

So now I try Lending Club since it's a soft pull too.  They soft pull TU and mine is 721.  As you can see Lending Club beats BBVA.  The total interest paid over the life of the loan is a big difference.

 

Lending Club Loan Inquiry.png

 

LendingClub Loan Calculation.png

In the garden as of March 17, 2017.

Amex PRG NPSL | Amex Hilton Surpass $6K l Aviator Red $3.5K | Best Buy $6K | Amazon $6K | Chase $5K | BBVA $6K | UFCU $10K | NFCU $15K
Message 8 of 15
BoozeBaron
New Contributor

Re: BBVA Personal Loan

Hello all.

I’m a BBVA Compass CC holder. About 9 months now and low SL of $3K but I too saw both online when I just PIF my bill and in the post mail today a “pre-qual” offer of $35K (up to $50k if I go into their branch) sadly they’re not in my state. That said though, I’ve always steered clear of pre qualified vs pre approved notes simply because a HP is yet to come and like the OP said, while I work as Pres of a company, it’s my company and some treat me as an employee others as self employed (depends how I paint it. We use ADP payroll so just cut a check to myself that backs my stated income) - which is truthful but I just went thru the divorce from hell and had to do some “creative accounting” when it comes to stated income. I have the highest auto stipend in the state I’m sure (6 figuresSmiley Happy but that aside, my ears just perked up when I read his 2nd post saying he didn’t have to provide POI?? Are you sure? Every loan company I’ve talked to (prosper lending tree name it) all require POI in triplicate! I just upped my Amex gold to metal Rose Gold and Blue to $35k and had to send a boatload of financials over. (That’s standard OP for Amex when you go over $25k) But it just so happens I need something that costs $30-35K but every loan company as just stated wants POI.

So back to the OP. Was your invite pre-APPROVED or pre-QUALIFIED? Are you 100% certain you never sent a W2 or 1099 or paystub or bank statements to them? Ahah! DO you BANK WITH BBVA? If so, obviously they’ll see your balance sheets then. Maybe that’s their POI?

Lastly, what APR did you end up with and for how long? You seem pretty happy with the entire experience. Oh, which agency did they HP from? Sadly I’m around 770 on TU and EQ but have a medical Bill I’m still fighting the insurance co over that drags my EXP score down to about 721. I’m trying to get a “pay / delete” deal now but the Agency refuses to cooperate despite it being long past the SOL. Also noticed after a summer trip to Europe I dropped about $20K for a months holiday (everything. Flight, hotels, meals, cars, etc x2 ppl) and that pushed my UTIL from 3% to 19% ?? And dropped my scores 30+ pts. I paid them all off and they’re slowly climbing back up. But that’s annoying. Why have a credit card (credit cards) if your credit score is gonna get hammered that hard when you use them?? I hate this “game”. Def paying cash next time.

Anyway if anyone can tell me otherwise- will the 721 score clear BBVA’s personal loan hurdle? And are we certain they’re not requiring POI for out of state clients?

Wish me luck !! (I am gonna wait one more cycle so my scores climb back up as all my PIF aren’t posted just yet) that way if I’m back to 770 I’m not gonna worry about it and should get a decent APR vs the 721.

Cheers.

BB
Message 9 of 15
rprisco
Regular Contributor

Re: BBVA Personal Loan

BoozeBaron, I am 100% certain that I provided no proof of income, I've never banked with them, as for prequal vs preapproved, honestly I dont remember, I never take a preapproval seriously because of my past credit history. My score was a solid 719 on EX and it was a hard pull after I accepted. Apr 15.49% over 72 mo. I wanted lower payments till proget is done. Great bank easy process.

I would suggest you might want to check out personal lines of credit, I've had enough of personal loans and the hit on my scores. Keybank approved me for a 26.5k ploc very easy process also no POI. They pulled clean EQ with 30 something inq, lots of new accounts and FICO 767. After 1st yr $50 annual fee, APR just went up to 12.09%, Payments are reasonable and lower compared to others and if u pif a few days b4 end of month, they will report zero balance and best of all its available again when its needed without apping for loans and taking new account score hits.

Current Scores as of 8/18/17 all FICO 8 EQ: 695 EX: 673 *fico2 699 TU:645 bio has more.
Message 10 of 15
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