NAVIENT Baddie MAYBE GETTING REMOVED may apply for auto loan thru PenFed! UPDATE!!!!!!!!!!!!

[Anonymous]

First off, this will be my second thread on this site as my last was mortgage approval odds which went in my favor and I have been in my new home for 11 months

So during my quest for a mortgage I was not very confident and believe I was simply over thinking everything as i was approved and received a great rate @ 3.75%. So THANK GOD. At that time my scores ranged from 640-675 ish. Now my scores range from 690-719 according to Experian.com. Over 2 and a half years ago I had a missed payment with NAVIENT that went 90-120 passed but my history with them prior to and after this were and are spotless. I was in the process of moving from NC (Duty station) to my buddies (where I lived until I got a job) for 3 months. Long story short, I had not set up auto payments and had not been receiving the letters in the mail as my buddy (his terrible wife*) did not forward my mail. Since then I believed i was screwed for 7-10 years. Since this issue, I was still able to get financed for a $33k car loan (at a bad rate of 5.5%) and a home loan (VA so that helps) so I feel lucky to this point. ANYWAY.... I have been stalking the forums and saw that a good will letter is the least I could do in an attempt to remove the baddies. Well, about 10 days after mailing the letter I received a phone call from NAVIENT asking for my DD214 (service separation form). Unfortunately I missed this call but was able to catch them just before the close of business to get the fax number. Unfortunately the lady who called me was already gone and the lady who gave me the message when i did call wasn't sure of what was going on. After some research I am THINKING I may be protected under the SCRA (SOMEHOW) and have read a couple of stories where people have had baddies removed under very similar circumstances. This is all speculation on my end though. I WILL KEEP YOU ALL POSTED as i know NAVIENT can be fairly unfun with GWL's.

Now that I have that out, I wanted to ask those who have experience with PenFed what you think the likelihood is that I get approved for a used autoloan thru them. I started an account with them 2-3 weeks ago and applied for their Promise Visa credit card and was approved for a CL of $3k (will ask for increase after 30 days). I have read nothing but good things and wanted to know if the odds are for or against me. Here's some of my info...

Credit rating pulled by PenFed for Promise Card was a 720

Credit Cards (4) equaling $8k (3 were established during my credit rebuilding 3+ years ago)

DTI- 21%

Monthly Income- $6100 (Did have a great interview for promotion fingers crossed, should hear this week)

Credit Utilization is paid each month and rarely exceeds 10%

Auto Loan Application will be $37k-$40k and is a 2009 Corvette ZO6

This is all pending my possible promotion and outcome of my NAVIENT baddies.

Please refrain from telling me to pay cash for toys or not to finance. This car will be arond a while and I have 2 other vehicles I use daily.

Otherwise I am open to input and answering questions for things I probably missed.

THANKS!

[Anonymous]

First and foremost thank you for your service.  I am pretty sure Navinet will remove that baddie based on your active duty status.  Congrats on the house.  Even if Navinet doesn't remove the baddie since its been over 2 years you could probably get approved but I think your wise to wait and get it off before you proceed.  The C6 ZO6 is a tremendous value so I am sure you will be happy.  Folks here won't tell you not to finance something, in fact with interest rates as low as they are its a better cash management strategy to take advantage of these rates. The only cautions here are about negative equity, DTI ratios and encouraging folks to use credit unions rather than using the dealer to arrange financing unless you qualify for manufactuer incentive rates.  

Anyway I am pretty sure you will get taken care of by Navinet, Penfed is great for auto loans. I just did one for my M2 and was impressed by how easy and quick it was.  I suspect you will get a pretty impressive bump in scores with your lates fall off so you won't have a problem at all.  

If Navinet doesn't remove this baddie ( I am quite sure they will but just in case) you might want to consider filing a complaint with CFPB based on your change of duty station, mail issues etc and my guess is they will remove it then.  Lenders don't want to mess with CFPB.  I seriously doubt you will have to go that far but its good to have in your back pocket just in case.

[Anonymous]

Thanks for the input and valuable info asI have never heard of CFPB but have since googled it. I will be calling them first thing tomorrow to see if they received my fax containing my DD214. This week has the potential to change a lot of things for me so I'm quite excited and anxious. Do you recomend I ask for a CLI with PenFed now or wait it out? And should i have a zero balance when requesting it?

Thanks

[Anonymous]

I would wait on the CLI, once this baddie falls off and you apply for the car loan your credit report they have for you will be even stronger so your chances for a CLI and a good one will be higher.  My theory on CLI's are ask for them only when your credit is at its best so you can get the best chance for a decent limit.  You should also join NFCU and apply for a card with them, when it comes to CCs NFCU is the best.  They are also good with car loans, not as good as Penfed in terms of maximum amount they will finance but they are on par with the rest.

[Anonymous]

UPDATES

So last Friday I received an offer for my new position and am very excited to let you know, I accepted. It will be a few weeks before this transition, but well worth the wait.

ALSO

Navient sent me an email stating that my "request for deferral has been approved" and covers the loan life during my enlistment so THAT'S GREAT NEWS. However, when I looked down the list of documents sent from Navient, there was one dated for about a month ago. Basically stated that what they reported to the credit agencies is correct???? So my assumption is that they initially refused my GWL attempt but reviewed it further and maybe changing their minds? Simply put, if a loan is in deferment, you cant miss a payment because there are no payments to be made. Also, after reviewing my payment history on their site, the payment months in question aren't there. This however could be due to there not being one made.

I sent an email to the rep I have been in touch with for some enlightenment. WISH ME LUCK!!! 

[Anonymous]

Received this email last week:

"Hello –

The postponement we discussed previously has been processed retroactively.  This in turn should allow for updates to be submitted to the Consumer Reporting Agencies as we have discussed.

I have submitted a request for these updates to be submitted. I will inform you once I receive a response"

Then this morning received this:

"Hello –

 I have received confirmation that the updates have been submitted. Please allow the credit bureaus sufficient time to update their records"

Based on this i'm assuming they're removing the baddies but also have a weird feeling that it isn't what I think due to her not blatantly saying the baddies are getting removed. Then again, I usually refuse to believe anything before I see it happen. Any insight?

[Anonymous]

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@Anonymous wrote:

Received this email last week:

"Hello –

The postponement we discussed previously has been processed retroactively.  This in turn should allow for updates to be submitted to the Consumer Reporting Agencies as we have discussed.

I have submitted a request for these updates to be submitted. I will inform you once I receive a response"

Then this morning received this:

"Hello –

 I have received confirmation that the updates have been submitted. Please allow the credit bureaus sufficient time to update their records"

Based on this i'm assuming they're removing the baddies but also have a weird feeling that it isn't what I think due to her not blatantly saying the baddies are getting removed. Then again, I usually refuse to believe anything before I see it happen. Any insight?

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Pretty sure your in good shape.  If they weren't removing this stuff they wouldn't have a reason to update the credit agencies.  You should know fairly quickly.

[Anonymous]

GREAT NEWS!!!!!!

Baddies removed, scores all went up. EQ went up 60pts

Found a ridiculous deal on a Corvette ZR1 and applied today....instantly approved at a great rate of 3.4% on a 8 year old car. Also had my CLI approved which was minimal but good news. The only bad news is my AAOA on EQ dropped to 3 years which sucks but in miniscule. SOOOOOO HAPPY! Thanks again guys

[CreditCuriosity]

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@Anonymous wrote:

GREAT NEWS!!!!!!

Baddies removed, scores all went up. EQ went up 60pts

Found a ridiculous deal on a Corvette ZR1 and applied today....instantly approved at a great rate of 3.4% on a 8 year old car. Also had my CLI approved which was minimal but good news. The only bad news is my AAOA on EQ dropped to 3 years which sucks but in miniscule. SOOOOOO HAPPY! Thanks again guys

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Amazing would love to know how you got navient to remove lates from your student loans.. Still have some lates from 5.5-6 years ago with them and they are the worse for GW's... How did you manage and they stick by the book for 99% of the people and don't budge