PENFED approval?

[Anonymous]

Looking to finance a car through PENFED in 2-3months. Does anyone know their credit score tiers? WIll I have an issue getting approved by them? Thank you

Credit Score:

699 FCIO 8

711 FICO auto score 8

AAoA:7 years

# of positive trade lines:3

# of negative trade lines:3 60 days late 3 years 2 months ago

Income:112,000 annual

Lenght of Employment:19+ years

Previous Loan Experience: 9 auto loans ,10 other loans

Debt-to-Income (DTI):22%

Year of Car:2015

Miles:9

Purchase/Refinanceurchase

Requested loan term (XX Months):60

Down payment amount:10K

Co-borrower/Co-Signer:No

Other:

I don't have to pay sales tax so TLV is 83%

Revoling credit is at 1% util.

Just paid off 1 car loan early have one new car loan for 16K and one personal loan for 10K I plan on paying down the personal loan on april 15th to very little and let it keep reporting.

[Anonymous]

In my opinion, you will certainly be approved. Don't even worry about that.. I guess the only thing you have to wonder about is the APR and how much you will be approved for.. the APR, I would say it will be low, even with your late payments 3 years ago. If those late payments were on an auto loan of yours in the past, then it might weight heavier on your FICO Auto enhanced score, and probably affect your APR.

Things like APR estimation.. your guess is as good as the next person haha.. it's a thing that only by applying you will know for sure.

Good luck.

[Anonymous]

Thanks. Ya I guess I'll find out the way I usually learn best with... The hard way. 

[guydiver]

Don't know what their tiers are, but you look golden. 

[Anonymous]

Penfed uses NextGen scores which goes up to 950.  Based on your profile, you should be fine and rate high with them.  I have accounts with them and that was what they used to extend me credit.  Here is another thread also on it..

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Next-Gen-Scores-are-Great/td-p/3273472

[ah32]

If you have a couple months, I would write a goodwill letter to ask about the account lates to be removed. They may be willing if you kept the account open and haven't been late since. Worth a shot! Good luck.

[Anonymous]

Thanks to everyone for the advice. Of course I followed none of it. Haha.

I'm buying my car from the factory and they needed proof of financing before they would accept the order. So I went ahead and signed up for PENFED and applied for the loan at the same time. I had to call in, verifiy address and they asked for the VIN. I explained I didnt have one yet and why. The next day I was approved at the lowest rate pending VIN which I get in 2 weeks.

The loan approval is good for 90 days. Once the car is bulit I will finish the paperwork.

As a side note I paid off my last car a month ago and it hit my score right after I got the loan. Basicly it cost me -13 to -15 point across all scores. The hard pull from PENFED didnt change my score at all.

I am going to try the GW letters anyway. Can't hurt.

Thanks agian.

[Hoya08]

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@Anonymous wrote:

...I'm buying my car from the factory and they needed proof of financing before they would accept the order....

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This requirement must be per dealership?  I've ordered 2-cars ('14 Audi and '15 Lexus) and did not require proof of financing for them to accept the order.  Mind you they required a $1000 deposit, but other than that, financing wasn't required until delivery of the vehicle.

It's good to know the loan approval is good for 90-days.  However, it make take up to 120-days (from palacing the order) for delivery!  What this means is, you will have to buy the car before it's delivered (read: possibly make 1-2 months payment even though you don't have the collateral yet).