Reply
Valued Contributor
p-
Posts: 2,539
Registered: ‎06-05-2008

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!

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
p-
Posts: 2,539
Registered: ‎06-05-2008

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.

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

Moderator
Shogun
Posts: 12,884
Registered: ‎04-15-2011

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
p-
Posts: 2,539
Registered: ‎06-05-2008

Re: Be my Pen Fed fortune teller?

thanks!

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

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

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
TrishN
Posts: 505
Registered: ‎11-05-2012

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
p-
Posts: 2,539
Registered: ‎06-05-2008

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.

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

Moderator
Shogun
Posts: 12,884
Registered: ‎04-15-2011

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
p-
Posts: 2,539
Registered: ‎06-05-2008

Re: Be my Pen Fed fortune teller?


Shogun wrote:

Nice job!  Win/win!


Thanks!

 

Time to refi the house next...

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

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

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

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+