Melinda P.
This company came to me and said "it…
This company came to me and said "it looks like you've had your vehicle over 2 years, and it's time to refinance and save money, according to our records we may save you $." They even had a pre-approval process when they take your information based on your income credit score and vehicle and they said based on the information you can be approved. Knowing that my credit score was a 690 I agreed to go ahead and refinance but within 20 minutes they told me with a hundred and fifty lenders they work with not one of them would approve us for a refinance which boggles my mind, what was the point of you wasting my time and giving me a another inquiry on my credit which ironically is going to drop my credit score so then I'm going to still have issues refinancing with other companies I wish I would have never clicked on there email.
Response from SpeedCentsJun 22, 2018
Hi Melinda. I can understand your frustration, completely. As one of the founders, I started this company to help as many people as possible. Unfortunately that doesn't always happen. We are doing our best to include as much lender criteria as possible in our application to tell people they won't be approved BEFORE sending them to lenders. We don't want to give people a false hope of approval. In addition, hard inquriers shouldn't impact your score more than 5 points, which wouldn't be enough to affect your chances with other lenders, read more here: https://www.credit.com/credit-reports/what-is-a-hard-inquiry/ If there was an inquiry on your credit and this was the first one for auto refinancing, there won't be a negative impact on your credit from future lenders. It speaks more about this on Experian's website: https://www.experian.com/blogs/ask-experian/how-long-do-inquiries-impact-my-scores-2/ I'm sorry we weren't able to help this time. I truly hope you are able to find a bank that can help you.