Penfed Auto Approval.....

[Anonymous]

Hello Everyone,

I was really excited about my car loan approval last night from PenFed with an awesome 1.49% APR! Don't get me wrong, I still am. But, to my surprise this morning, I have a new EQ inquiry that I didn't expect from them. This makes 4 inq's which officially will push me into the garden....

I don't understand though. They just pulled my report last month because of a checkings account I added. I assume then that they don't use the same report for 90 days like I've heard..... That's okay. I got what I needed but was surprised and thought I would share.

[Anonymous]

Congrats on the loan approval.  Would you mind sharing some details on your approval.  I plan to apply for a loan w/ PenFed next month and I am curious of my chances is getting their lowest rate. Current scores are 698 EX 713 EQ 727 TU.  Thanks. 

[TNTransplant]

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@Anonymous wrote:

Hello Everyone,

I was really excited about my car loan approval last night from PenFed with an awesome 1.49% APR! Don't get me wrong, I still am. But, to my surprise this morning, I have a new EQ inquiry that I didn't expect from them. This makes 4 inq's which officially will push me into the garden....

I don't understand though. They just pulled my report last month because of a checkings account I added. I assume then that they don't use the same report for 90 days like I've heard..... That's okay. I got what I needed but was surprised and thought I would share.

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I would call them and question this.  When I did an auto refiance with them last month, they used that approval to also see if I was qualified for one of their credit cards.  The rep specifically told me that the HP was good for 90 days, and there was only one HP that showed on EQ.

[TNTransplant]

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@Anonymous wrote:

Congrats on the loan approval.  Would you mind sharing some details on your approval.  I plan to apply for a loan w/ PenFed next month and I am curious of my chances is getting their lowest rate. Current scores are 698 EX 713 EQ 727 TU.  Thanks. 

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I was approved with them with an EQ FICO score of 701 (probably just over the cutoff limit).  However, they used an EQ Pinnacle/Next Gen FICO scoring model with a score range of 150 - 950.  I got the lowest rate (1.9% at the time) and the process was painless.   

FWIW, my EQ 5.0 score from here was 709 at the time, so it was fairly close to the number they told me - not sure if it always correlates that way.

Hope this helps...  

[Anonymous]

I'm still quite new to the board here. But, based on what I've read so far and my own experience, it looks like you'd have a good chance. I had four recent inqs and an EQ score of 773 when I pulled the trigger. I was very worried about my recent new app's and accts. As long as your EQ report is clean of any recent delinqs, you may be all set to go. I actually jumped the gun with my request, I wanted to wait until October. But, I had an itchy finger to get it over with. Good luck and let us know how it works out!    

[Anonymous]

@ TNT. Thx for the information. That's what I thought too, that they'd use my same report. So, I'll definately call them and ask if they'd consider removing that addt'l inq.

[Anonymous]

This might sound strange but tonight I realized that I have an account with them. Nothing major, just enough to have it open $5.10. Opened it 4-5 years ago for some reason. Decided to follow up on an e-mail and found that the account is still active. 

How are they to get a loan with (easy, medium, tough)?  My current scores are in my signiture. Bankruptcy discharged 1/10. Their rates look really good!

Also, (a little off topic), how are they for things like credit cards?   

Thanks! 

[Anonymous]

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@Anonymous wrote:

This might sound strange but tonight I realized that I have an account with them. Nothing major, just enough to have it open $5.10. Opened it 4-5 years ago for some reason. Decided to follow up on an e-mail and found that the account is still active. 

How are they to get a loan with (easy, medium, tough)?  My current scores are in my signiture. Bankruptcy discharged 1/10. Their rates look really good!

Also, (a little off topic), how are they for things like credit cards?   

Thanks! 

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They are more tough. You may want to research some other threads on the board to get a better outlook on their requirements. I too had opened my account with them several years back with no activity. But, I did not approach them until I had done more work with my utilization and scores. They have excellent products with very low rates. Another lender that is mentioned often for working with prior baddies to include BK is Navy Fed. Your opportunity may be best there for more competitive rates. There are many excellent threads to research here. Good luck & definately post how it goes for you.