PenFed auto question

Anonymous · ‎07-15-2016

Last month i was pre qualified thru Cap1 Auto for 20k. After checking out diff dealers and whatnot I didnt find quite the deal I was looking for. I kept seeing on these forums about PenFed. I dont think I read any negitive posts. By this point the whole car idea had subsided but I did decide to become a PenFed member and applied for the Promise card. I was denied......but now the need for a car has risen again. I think I heard on here that if I apply for an auto loan, it will be the same hard pull from when I opened the acct and applied for the CC....Can anyone give me some feedback and/or let me know their exp. with PenFed auto??

elim · ‎07-15-2016

Penfed will most likely use the EQ pull they did up to 90 days ago. Some have had a second EQ pull for other products. It's easy to apply online for an auto loan with them, and because it's a secured loan... your chances may be better than the unsecured CC.

GL

Anonymous · ‎07-15-2016

I worked at PenFed for 4 years, there is literally no whyme or reason to their loan approvals. You see good people not approved for a loan, and then you get people who work part time in GUAM having 50k ccs... so yeah who knows. If you do apply for an auto loan and are denied call and do recon. I know they aren't that fond of a lot of inquries in a short period of time. I know that you need over a 650 to get an auto loan from a private party and below that you're required to purchase from a dealership. The chances of getting an auto loan are generally better since it's collatteral they can collect on if you default vs a cc. If you default on that they won't do much other than harass you at least 5 times a day calling you, wait 120 days and you may or may not be charged off, and then wait some more till they decide to ever send you to collections. lol.

Anonymous · ‎07-15-2016

Lol...thank u for the inside info. So do u think they will use the same pull? my score took a hit because my lovely wife used the wrong card the day b4 it reports. That took my UTI from 7% to 29%....17 pt drop. I wish they pulled from another CRA...Equifax is my Lowest!! Errrrrrr!!!!

Anonymous · ‎07-15-2016

You could always call and ask them if they can re pull a credit report on you, or when the one they have on file will expire. If you call after 5pm PST you'll get the Eugene office, they are more on the ball and less brain dead than VA and Omaha... oh Omaha...