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Contributor
NewSurrender
Posts: 81
Registered: ‎05-06-2012

PenFed Auto Loan recon?

I recently applied for a PenFed auto loan, but was turned down. The thing is though, I recently joined in the last 3 months, so I'm pretty sure they used the same credit report they did a month ago when I joined. Since I joined PenFed, I've paid off all of my credit cards and went from 35%+ util to less than 5%.

 

Would it be possible to call and ask them to pull my credit report again and reconsider me? What number would I call? I'm aware that it would most likely be another HP, but I'm okay with that, if it means I can get a loan for 1.99% (Absurdly low rate, I don't even know the next closest lender to that %). Has anyone had any luck reconing an auto loan? I know a PenFed credit card denial is almost impossible to recon, not sure about loans.

Established Contributor
bettercreditguy1
Posts: 745
Registered: ‎02-11-2012

Re: PenFed Auto Loan recon?

It may be worth a try, however I do not know. I was approved as a member, then three months later I applied and qualified for an auto loan with them. There was no additional hard or soft pull when the car loan was approved. They may want income verification.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Moderator
Revelate
Posts: 8,371
Registered: ‎12-30-2011

Re: PenFed Auto Loan recon?

It's definitely worth a try, let me know how it works out and what their denial reason was if it doesn't please... Penfed is one of the lenders I'm looking at refinancing my own auto loan with in another month or two.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Member
stevehbold
Posts: 47
Registered: ‎07-15-2011

Re: PenFed Auto Loan recon?

I just applied for a auto loan too on Friday morning but it said referred to loan officer. I haven't heard back from them yet. Does that mean an approval pending verification or just has to be reviewed? I'm quite anxious with my truck dying last week , I need a new vehicle
USAA Amex 0/4000 USAA MC 0/4000k
Barclays apple 0/2000- recon'd from 1300 to 2k
Discover More 250/1700cl Capital One 0/500cl Amazon Store 0/600 Orchard 0/320 Paypal Smart Connect 0/300 Amex zync 500 auto pay
Ex 699 7/12 CU pull -auto loan beacon 5
EX FICO from AMEX-657
Eq 688 6/12
Tu 679 6/12
Moderator
Revelate
Posts: 8,371
Registered: ‎12-30-2011

Re: PenFed Auto Loan recon?


stevehbold wrote:
I just applied for a auto loan too on Friday morning but it said referred to loan officer. I haven't heard back from them yet. Does that mean an approval pending verification or just has to be reviewed? I'm quite anxious with my truck dying last week , I need a new vehicle

Could be either, the "care to explain THIS on your credit report?" conversation, and probably something simple to like send us your last two paychecks so we can verify income.  Almost certainly the second, might also be the first.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Frequent Contributor
BigDaddy18
Posts: 673
Registered: ‎04-23-2009

Re: PenFed Auto Loan recon?

I think all of there loan officers are on vacation!!

 

I applied for a CC last Sunday and I'm still waiting to hear back from them?

 

I shot them an email today though!


Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810


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Valued Member
stevehbold
Posts: 47
Registered: ‎07-15-2011

Re: PenFed Auto Loan recon?

I'm sure I'll have some explaining to do ,lol.
USAA Amex 0/4000 USAA MC 0/4000k
Barclays apple 0/2000- recon'd from 1300 to 2k
Discover More 250/1700cl Capital One 0/500cl Amazon Store 0/600 Orchard 0/320 Paypal Smart Connect 0/300 Amex zync 500 auto pay
Ex 699 7/12 CU pull -auto loan beacon 5
EX FICO from AMEX-657
Eq 688 6/12
Tu 679 6/12
Valued Member
stevehbold
Posts: 47
Registered: ‎07-15-2011

Re: PenFed Auto Loan recon?

I was denied for pyramiding debt, whatever that means. I was approved from my local cu tho. Tier B
USAA Amex 0/4000 USAA MC 0/4000k
Barclays apple 0/2000- recon'd from 1300 to 2k
Discover More 250/1700cl Capital One 0/500cl Amazon Store 0/600 Orchard 0/320 Paypal Smart Connect 0/300 Amex zync 500 auto pay
Ex 699 7/12 CU pull -auto loan beacon 5
EX FICO from AMEX-657
Eq 688 6/12
Tu 679 6/12
Moderator
Revelate
Posts: 8,371
Registered: ‎12-30-2011

Re: PenFed Auto Loan recon?


stevehbold wrote:
I was denied for pyramiding debt, whatever that means. I was approved from my local cu tho. Tier B


Not certain I understand that with your credit profile, though Penfed is sort of notorious for using this as an excuse compared to other lenders.  In general it means using further borrowed funds to pay your existing debts (which isn't necessarily a bad thing) or Penfed in particular has been known for using it as "you have enough available credit already" compared to income or some other measurement too.

 

Oh well there's other lenders as you found out :smileywink:.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Regular Contributor
Iincognito
Posts: 181
Registered: ‎04-21-2010

Re: PenFed Auto Loan recon?

 

 


NewSurrender wrote:

I recently applied for a PenFed auto loan, but was turned down. The thing is though, I recently joined in the last 3 months, so I'm pretty sure they used the same credit report they did a month ago when I joined. Since I joined PenFed, I've paid off all of my credit cards and went from 35%+ util to less than 5%.

 

Would it be possible to call and ask them to pull my credit report again and reconsider me? What number would I call? I'm aware that it would most likely be another HP, but I'm okay with that, if it means I can get a loan for 1.99% (Absurdly low rate, I don't even know the next closest lender to that %). Has anyone had any luck reconing an auto loan? I know a PenFed credit card denial is almost impossible to recon, not sure about loans.


I do remember asking PenFed about their car loans when I joined a couple of years ago. They told me that they generally like to see 2-3 years of perfect payment history (current auto loan) before giving you the green light. If you think you have a strong enough payment history and sounds like you have a your util% under control, you should definately try to recon.

 

I just applied for a PenFed auto loan myself... (15% utilization)

 

I thought it was worth seeing what I can get since I just asked for a CLI on their card and they already pulled my credit. I asked for $45,000 and was instantly approved for a loan at 1.99% for 60 months. The loan officer looked at the system approval today and confirmed. Didn't know that someone still had to look at it before you can start shopping...

Current Scores (as of 04/22/13): EQ FICO=795; TU FICO =766; EX =763

BankAmericard Cash Rewards ($20,000) | Amex Platinum (NPSL) | Amex Clear ($20,000) | Amex Blue Cash ($2,500) | Chase Freedom ($11,000) | PenFed Platinum Cash Rewards ($5,000) | Barclaycard Apple ($5,000) | Discover More ($6,500) | BankAmericard Cash Rewards [Authorized User] ($15,000)

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