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!
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.
Wow.. that's what my crystal ball said. lol Congrats p-
Starting Score: 504
Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
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.
Nice job! Win/win!
Starting Score: 504Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
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