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Frequent Contributor
Posts: 308
Registered: ‎01-01-2016

Penfed data point- auto loan approval 50 days after the BK7 discharge.

[ Edited ]

My husband was discharged on july 24th 2017. its 50 days since the discharge from chapter 7 bankruptcy.

With in a week after the discharge my husband was approved for an autoloan with capital one at 6.16% for 20000$.

and was also approved for Cap one 500$ platinum master card.

He became a member of Penfed and NFCU shortly after discharge.


Today  at 50 days from discharge he was approved for an autoloan refinance from penfed which we declined because the rate they approved him for was @7.3% for the full amount but it is more than 6.16% that is his current rate with Cap one. But still i am impressed that penfed approved him for auto loan fresh out of BK. His ex is 605, Eq is 631 with1 auto loan and 1 cc reporting and transunion was 580 without the autoloan but only cc  reporting. it must have gone slightly up now.


This data point might help anyone fresh out of BK and with higher auto loan apr .  My husband has a long history of 13 years , with his AAOA is around 8.even before the discharge his credit reports were clean , showing all accounts @ 0 balance. BTW he burned cap one in bk.


we are hoping for the penfed survey so that we can try negotiating the apr. If not we will try again after some more months of payment history.



QS 7K | Disc11.5k | Amex Evday 6.9K | AmexBluCsh 20K| NFCUcshrewrds15.5K | NFCU more rewards amex 9700K|Penfed cshrewrds 5K | Penfed travel Amex 5K|Consumers Cu Visa signature Cash rebate 6.5K | Blispay 2K| Citi Sim 7K|Citi Double cash 7.1k|
Chase Aarp 4.2K| Chase prime vis sig 3.5K | Paypal 2% Cash back 300| Walmart MC 10K |2nd Disc 3.5K| Amz Store CC 5K | Care credit 5.5K |Marvel MC 5.5K |Good yearCC 2.4k - Over 145k CL all together

FICO SCORES- TU 737, EQ 710, EX729 , AAOA 1 year. Inquiries TONS.
Valued Contributor
Posts: 1,477
Registered: ‎01-31-2008
0 Kudos

Re: Penfed data point- auto loan approval 50 days after the BK7 discharge.

Thank you for the data points. And congrats on the approvals.

New Contributor
Posts: 70
Registered: ‎08-29-2017
0 Kudos

Re: Penfed data point- auto loan approval 50 days after the BK7 discharge.

Just PM'd you. Great congrats!!

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