I'll start from the beginning. On 7/1/2020 I played around with Penfed's preapproval on personal loans. Was preapproved for up to $20,000 logged out went back in to try a new amount the first one i played with had a continue button that i didn't push (I was scared it would push the app through) So I did another one to look at different payments for $15,000. Thought maybe some of my cc payments would make my score go up, but no major % reached. I was looking at this to take over the 2 loans I have that are higher then 14.99% btw. So i thought about it for a couple of weeks.
Then on 7/21/2020 -I was preapproved same as above for 14.99% again for $20,000 (I still had the other 2 I had played with previously showing online) pushed the continue button yesterday morning and now is under review. Got an email to call them to expedite it. So i called on my way home yesterday and was told myfico wasn't working for them yesterday so they were having some issues with it, but that the underwriter is working on it. Said i should get an email sometime today 7/22/20 Then she said if i didn't hear anything from them by Thursday to call back.
7/23/20 Was denied yesterday evening, told me the reason was in a portal tried to log into it. no reason there??? Oh well. So far no hp as of mid day today.
7/23/2020 It gets weirder hehe. After denial on July 23rd I get an alert that they checked my credit so I tried for a cc since i didn't want the hp to go waste. Went to review then a few hours later was denied again. Was told the reason was on portal still couldn't see it. Thought oh well they just don't like me.
Then on Friday the 24th I get an email that I need to call them about my Loan? So I'm at work and scratching my head going huh? So curiosity gets the better of me and i use the help feature to get them to call me. They call and said they counter offered at $6500. (I had asked for the full $20, 000.) So I ask what are the terms and she said a year and the payments are $500 a month! I said I can't afford that can I get 2 or 3 year terms. She says let me ask and I'll call you back. She calls back almost an hour later and says ok they were confused because this week had made the 3rd preapproval I had looked at and so they denied me because they thought I was looking for 3 loans(see above)! She said I was still ok for the original $20,000 or less if i still wanted. And that they are supposed to help their members not deny them. So she said they took the other preapprovals off. I could go play with terms and such of the one gave me the number and said she would call me back tomorrow. So I went to the website and asked for the full amount again. This time it went through and asked for POI. I uploaded my payment stubs.
So Saturday rolls around and no phone calls what so ever.
Monday still sitting at being reviewed no phone calls or emails
Tuesday I get an email they looked at my proof of income go and look at my loan application still under review........Wow this is weird
***Update So I called on my way home from work sat on the phone for 20 minutes only to be told I was not approved for the same reasons I was denied last week. To many new accounts (i have 2: 1 an emergency loan from NFCU $1500 from april and 1 Lambs card I had to get because my catalytic converter on my car went out $3600from June,( I have been having a bad year)) And my revolving accounts being too high(other car trouble before converter went out, also lost my job this year before covid-19 hit)I have no late payments, no derogs, no collections, no bk either. My fico 9 according to them 669.
What really irks me about this though is they contacted me Friday and counter offered with a lower amount. When I asked for a longer time to pay it back they called back and said there was confusion on how many apps where in play and encouraged me to go again because that is why they counter offered? So on their encouraging words I bit the bullet again and got another hard pull because they acted like I would be approved. I'm an adult and know nothing is written in stone but wouldn't you have thought you would be approved too if they called back and told you the things i've said? Does anyone know if they still do surveys after?
Starting Score: 612
Good luck on your application. Hope you get approved.
