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Do I have a chance with PenFed?

Frequent Contributor

Do I have a chance with PenFed?

I'm looking to get a loan soon and I've heard great things about PenFed.  My EQ score is 726 and my TU score is 747.  I have some late payments with Chase from 2009 but that's the only negative thing on my report.  Will PenFed approve me for their 1.74% rate?  Also, how easy is the whole process?

Message 1 of 5
4 REPLIES
Established Member

Re: Do I have a chance with PenFed?

PenFred is not a nightmare anymore, at least not these days. The process is fairly easy to run through. As for getting the 1.74% @ 60 months, the Chase TL should not be a problem. It is more than 2 years old already, and hopefully the account is now current/paid in full.

Message 2 of 5
Frequent Contributor

Re: Do I have a chance with PenFed?

Yea, the account was paid after chase closed it.
Message 3 of 5
Frequent Contributor

Re: Do I have a chance with PenFed?

It looks like chase is going to make a GW adjustment so I think it should be pretty easy now to get approved by PenFed.
Message 4 of 5
New Contributor

Re: Do I have a chance with PenFed?

I am getting really discouraged with Penfed. I joined Saturday and applied for an auto loan Saturday for $27,000. I am a first time buyer and my EQ score is 718, per myfico and thats who they pulled. It still says pending with no movement as of yet. I am getting really nervous. I have great pricing on a 2013 Camero w/ GM Family discount and I really want to go to the dealership with financing versus them doing it for me. I was denied earlier this year from Ally and Cap One for inquiries (I always leave the garden..LOL) and last year my local CU denied me around June for reasons I cant remember so I am really nervous about reapplying with them. This whole experience has me on pins and needles. I have a car that is almost 10 years old, with 177k miles but is paid off and has been lasting me so far, but over the last 6 months I have tanked about $2k into it to keep it running. I dont plan on trading it in. Does Penfed do counter offers? the Camero I am looking at was listed at 26500 but with the discounts and what not I got a dealer willing to let it go for $23500 so I dont plan on using the whole $27000. I just pulled that number because I knew I didnt want to go over that amount. I plan on paying TTL out of pocket. Mother never said buying a car would be so nerve wrecking!!!!


Starting Score: 624
Current Score: 710(MYFICO 06/10/2013) Experian: 705 (Pulled from Bank of America while applying for an auto loan 5/2013)Goal Score: 800 Club

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Message 5 of 5