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Questions about joining PenFed and used car loan

Regular Contributor

Questions about joining PenFed and used car loan

Hello guys!

 

I am interested in joining PenFed by means of the NMFA (National Military Families Association). Well, I have some dumb questions... I'd like to know if the $20 fee can be paid with a debit card online, and what is exactly the share account? Is it a regular checking account? Should we continue feeding this account after becoming a member of PenFed keeping a minimum to avoid maintainance fees? I'd like to get a small car loan ($5000 to $6000) for a used car and maybe their Visa Rewards Card. In October my EQ, which I think is what they pull, is clean (no hard pulls in one year and a half) and it was at 714, it's probably higher now.

 

My credit history is rather short: 1 year and 11 months. I have five credit cards from major banks, and a utilization of 6.44%. No baddies. Do you think I have any chances to at least get the used car loan?

 

I would also like to know if they ask you in advance whhich car is the one you want to buy and if you have to give them the dealer's information... or they just send you the check?

 

Thank you very much for your help!!!

 

Zar Smiley Happy

7 REPLIES
Moderator Emeritus

Re: Questions about joining PenFed and used car loan

You can join via NMFA and any extra money you throw in goes to a Share account. Basically, it acts as a savings account where you own shares or a portion of Penfed. You'd have to apply seperately for the checking account or other loan products like CCs or Auto loans. However, if you app within 60 days of opening a share account, it is my understanding that they won't ding an extra inquiry.

 

I have had no maintenance fees, other than a $0.50 per month paper statement fee for my share account.

 

For the most part, Penfed doesn't like to see new accounts, especially within the past 6 months.

 

Can't speak to the car, but someone here can answer that.

 

 

Established Contributor

Re: Questions about joining PenFed and used car loan


Zar wrote:

Hello guys!

 

I am interested in joining PenFed by means of the NMFA (National Military Families Association). Well, I have some dumb questions... I'd like to know if the $20 fee can be paid with a debit card online, and what is exactly the share account?



Yes, the fee can be paid with a debit card online.  Probably the best way as I think there is some wording that says if you use a credit card it will be considered a cash advance rather than a purchase.  That's all I know. Smiley Happy

Member

Re: Questions about joining PenFed and used car loan

1.  I applied online on 09/16/08, within a few minutes of becoming a member (I actually had to join an association that was affiliated with PenFed in order to become a member).  After I applied, I went to my account information screen and was told that loan was "Approved" pending VIN information to complete the loan process

 

2.  When I went to pick up the loan check, one of the representative asked me if I wanted to apply for the Cash Reward Card.  I was pretty hesitant because I was amazed that my auto loan was approved (considering I have had derog information in the past).  I said what the heck.  Was approved for a Platinum card with a $ 5,000 CL.

 

3.  I actually went to the PenFed location here in Springfield, VA.  I also spoke with a representative with PenFed and they said they could send some type of confirmation to the Dealer once they get all the necessary information off the "Buyer Sheet/Invoice" and process the loan application.

 

4.  I am positive they pulled EQ (I am looking at the inquiries that hit my report on 09/16).  One good thing about the loan app and applying for the credit card, was they did not have to pull another report because they already had the original report score.  The score they pulled was 672.

 

I hope that helps.  Good luck

 

Hope to hit the 700 club in the next 6 months

New Visitor

Re: Questions about joining PenFed and used car loan

 

Can anyone tell me what PenFed actually is?

=====================================

napster1

 

(Edited to remove link.  Please read the Terms of Service and User Guidelines for the myFico Fora.)

Message Edited by WhirledPeasPlease on 12-30-2008 12:49 AM
Moderator Emeritus

Re: Questions about joining PenFed and used car loan

PenFed is a credit union -- Pentagon Federal CU.
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Regular Contributor

Re: Questions about joining PenFed and used car loan

Rejected for a $2500 CC and an auto loan. 724 Fico, 13 util, 4 new accounts, 3 inq on EQ.


Starting Score: 8/2008 521
Current Score: 734
Highest Ever: 4/2009 759
Goal Score: 760+

Take the FICO Fitness Challenge
Regular Contributor

Re: Questions about joining PenFed and used car loan


jahmal wrote:

Rejected for a $2500 CC and an auto loan. 724 Fico, 13 util, 4 new accounts, 3 inq on EQ.


 

What was the reason given?