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Be my Pen Fed fortune teller?

Valued Contributor

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!

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 1 of 21
20 REPLIES
Valued Contributor

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.

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 2 of 21
Moderator Emeritus

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!

June 2017 update: All scores over 820, just pure gardening now.
Message 3 of 21
Valued Contributor

Re: Be my Pen Fed fortune teller?

thanks!

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 4 of 21
Regular Contributor

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 Smiley Tongue) //CK:692, Sesame:656
Message 5 of 21
Established Contributor

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
Message 6 of 21
Valued Contributor

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.

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 7 of 21
Moderator Emeritus

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!

June 2017 update: All scores over 820, just pure gardening now.
Message 8 of 21
Valued Contributor

Re: Be my Pen Fed fortune teller?


Shogun wrote:

Nice job!  Win/win!


Thanks!

 

Time to refi the house next...

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 9 of 21
Regular Contributor

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.

Message 10 of 21