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Valued Contributor
Posts: 2,656
Registered: ‎06-05-2008
0

Be my Pen Fed fortune teller?

New member of Pen Fed, applied today for a 35k auto loan.  I got the 24 hour review message, so I popped on here to see what my Equifax FICO is, and it came back as 723, a personal best (yay).  This was with the Penfed inquiry on there, so I assume their pull was a slightly higher number.  Also, it looks like they did use my membership inquiry for the loan app, no double hit for me.

 

If you were approved for a similar amount, what was your score and report like?  

 

I have no CA's, but lates from 4.8 yrs ago and 5+ on 2 accounts.  My util is right at 7%, and my debt to income is extremely low.  AAOA is 4.6, oldest 9.25, and I have 2 inquiries.  My spread contains good open mortgage and car history, several open revolvers, one charge, and two store cards.  Based on your experience with Pen Fed, will I be approved?

 

Is it a simple yes or no with the advertised rate, or do they sometimes come back offering a higher rate?

 

Should I wait the 24 or call?

 

Please feel free to use your crystal ball.  Thanks!

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Posts: 2,656
Registered: ‎06-05-2008
0

Re: Be my Pen Fed fortune teller?


p- wrote:

New member of Pen Fed, applied today for a 35k auto loan.  I got the 24 hour review message, so I popped on here to see what my Equifax FICO is, and it came back as 723, a personal best (yay).  This was with the Penfed inquiry on there, so I assume their pull was a slightly higher number.  Also, it looks like they did use my membership inquiry for the loan app, no double hit for me.

 

If you were approved for a similar amount, what was your score and report like?  

 

I have no CA's, but lates from 4.8 yrs ago and 5+ on 2 accounts.  My util is right at 7%, and my debt to income is extremely low.  AAOA is 4.6, oldest 9.25, and I have 2 inquiries.  My spread contains good open mortgage and car history, several open revolvers, one charge, and two store cards.  Based on your experience with Pen Fed, will I be approved?

 

Is it a simple yes or no with the advertised rate, or do they sometimes come back offering a higher rate?

 

Should I wait the 24 or call?

 

Please feel free to use your crystal ball.  Thanks!


Good news everyone - I was approved for 60 months at 1.49%  Sweet.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Moderator
Posts: 12,952
Registered: ‎04-15-2011
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Re: Be my Pen Fed fortune teller?

Wow.. that's what my crystal ball said.  lol   Congrats p-


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
Posts: 2,656
Registered: ‎06-05-2008
0

Re: Be my Pen Fed fortune teller?

thanks!

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Regular Contributor
Posts: 154
Registered: ‎09-21-2012
0

Re: Be my Pen Fed fortune teller?

Congrats!

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656
Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: Be my Pen Fed fortune teller?

Why they don't de....... Lol just kidding. Congrats to 2 year fixed these bad update every month. Lol you the best 

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Valued Contributor
Posts: 2,656
Registered: ‎06-05-2008
0

Re: Be my Pen Fed fortune teller?

Quick update - I got a 2.9 offer from a local CU on 72 months that brought the payment down lower, so I did that instead, and used the Penfed to refi my wife's car from 3.85 down to 1.49%.  Plan is to pay heavy on the new one and refi in 6 months or so.

 

The refi app was instant approval - and I still can't believe the rate.  What a sweet deal.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Moderator
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Be my Pen Fed fortune teller?

Nice job!  Win/win!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
Posts: 2,656
Registered: ‎06-05-2008
0

Re: Be my Pen Fed fortune teller?


Shogun wrote:

Nice job!  Win/win!


Thanks!

 

Time to refi the house next...

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Regular Contributor
Posts: 125
Registered: ‎04-06-2011
0

Re: Be my Pen Fed fortune teller?

You are just like me! Just got my 1.49% APR loan and I loved PenFed so much I am going to ReFi in the next 6 months.

Starting Score (12/1/2010) - EQ: 495 / TU: 490
Current Score (11/3/2012) - FICO EQ: 705 / FICO TU: 696 / Transrisk: 753 / Vantage: 753

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