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New Member
Posts: 3
Registered: ‎01-29-2013

(Another) Will I be approved thread

[ Edited ]

Hey all, this question is geared towards the NFCU and PenFed Experts


My fico score is around 610, I've never had a negative mark on my auto accounts going back to 2007 when I bought my first car.


I recently had high CC utilization but I have paid that down so that my total utilization is around 60%.Hopfeully my score jumps a little more after the banks report those payments.


What I am trying to do is trade out of a rapidly depreciating car and roll about half the negative equity (and down payment the other half).


The last two cars I bought were $37,000 and $24800. I still have the less expensive one, and will be trading the more expensive one.


What are the chances of getting approved via NFCU or PenFed?  Has anyone done a "Second auto" through them?



Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012

Re: (Another) Will I be approved thread

You need to get your utilization down around 30%. Less than 10% is ideal. To answer your question we need your income, the balance left on the car you plan to trade in and how much you anticipate getting for it, and the purchase price of the car you are considering. Too much negative equity can burn a deal.
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