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Moderator Emeritus
Posts: 32,865
Registered: ‎08-04-2007
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Re: PenFed Credit Union - APP results and FICO SURVEY


hobojon wrote:

score_building wrote:

so even though you cancelled the loan it reports as a pif loan?


hobojon wrote:
I had a preapproval for their card show up online right after they pulled EQ for a car loan. I accepted the offer and they pulled TU as well. When I got the check for the car loan I cancelled the loan and sent the check back to them. I now have a paid in full car loan on my report for the next 10 years.

Yes, it reports as paid in full, closed, which is accurate. They gave me the loan and I paid it off. My last new car loan through NFCU 10 years ago I did the same thing although it wasn't on purpose. I got the check from them and went to the dealer with it. They had sold the vehicle I was going to buy so I returned the check and that loan was reported as paid in full, closed, and has been for 10 years. It just fell off of EQ and I expect it to fall off the other two shortly.

 

Message Edited by hobojon on 04-09-2009 01:40 AM

 

That's a fast way to lose points. Not only will it drop your AAoA and score, but it doesn't help in your mix of credit because it is reporting as closed.

Frequent Contributor
Posts: 414
Registered: ‎11-30-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

Oh, I don't specifically remember agreeing to it, but that must be it. It seemed too much of a coincidence that a CU I'd never heard of before would suddenly send me an e-mail after I posted on a forum about wanting their credit card Smiley Tongue

Member
Posts: 18
Registered: ‎08-17-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

Slightly off topic. I apologize. I faxed my check stubs on Monday. My app still says pending. For anyone that had to fax theirs also... Did PenFed let you know that the fax was recieved? Just curious. Thanks.
Frequent Contributor
Posts: 261
Registered: ‎01-20-2009
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Re: PenFed Credit Union - APP results and FICO SURVEY

[ Edited ]

llecs wrote:

hobojon wrote:

score_building wrote:

so even though you cancelled the loan it reports as a pif loan?


hobojon wrote:
I had a preapproval for their card show up online right after they pulled EQ for a car loan. I accepted the offer and they pulled TU as well. When I got the check for the car loan I cancelled the loan and sent the check back to them. I now have a paid in full car loan on my report for the next 10 years.

Yes, it reports as paid in full, closed, which is accurate. They gave me the loan and I paid it off. My last new car loan through NFCU 10 years ago I did the same thing although it wasn't on purpose. I got the check from them and went to the dealer with it. They had sold the vehicle I was going to buy so I returned the check and that loan was reported as paid in full, closed, and has been for 10 years. It just fell off of EQ and I expect it to fall off the other two shortly.

 

Message Edited by hobojon on 04-09-2009 01:40 AM

 

That's a fast way to lose points. Not only will it drop your AAoA and score, but it doesn't help in your mix of credit because it is reporting as closed.


You must be assuming my credit report is the same as yours. My average age went down by 1 month. Fico doesn't count months only full years so it made no difference to my score in that respect. When the tradeline was reported my EQ Beacon score went up 14 points and my auto enhanced score went up 18 points.

Message Edited by hobojon on 04-09-2009 02:43 PM
Established Member
Posts: 16
Registered: ‎08-12-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY


SteveO wrote:
Slightly off topic. I apologize. I faxed my check stubs on Monday. My app still says pending. For anyone that had to fax theirs also... Did PenFed let you know that the fax was recieved? Just curious. Thanks.

I faxed mine in this morning, and my apps were approved two hours later.  I made sure to write my member number and app numbers on the coversheet though.

Moderator Emeritus
Posts: 4,469
Registered: ‎12-31-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

Hobojon,

 

Thanks for sharing -- who'd a thunk?

Just puttin' syrup on something, don't make it pancakes.
Member
Posts: 18
Registered: ‎08-17-2008
0

Re: PenFed Credit Union - APP results and FICO SURVEY

[ Edited ]

Hmmmm... What the heck? I guess I must be super low priority. Oh well...

 

 

Thanks for the info Xelda

Message Edited by SteveO on 04-09-2009 03:55 PM
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

SteveO - sorry that I missed your post.

 

I had to fax paystubs (last two).  I made sure I had a fax confirmation page, then called in the next morning to verify.  The CSR told me my file status showed that the fax was received.

 

Plus, if you log in (get registered for online banking) you can see your application status and comments.  When they wanted income verification, I saw the comments and contacted them about it.  Once they received, the income verification comments disappeared and the status went back to "pending."

 

Finally, in my case, the comments updated the next day with COUNTER OFFER, where they offered me $10k in lieu of my $25k request.

 

I called in, spoke to CSR and told her I accepted.  She updated the system and the comments immediately updated APPROVED and the amount as $10K.

 

Got my card in about a week from then.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Member
Posts: 18
Registered: ‎08-17-2008
0

Re: PenFed Credit Union - APP results and FICO SURVEY

**Update**

 

Today my status after 6 full days my app page updated and said *Edit Application*   *counter*  Counter offer please contact us.

 

 

I originally asked for 6,000 . Don't know why...just did. I called and they countered with $3000. I gladly accepted. Figure I would use the hell out of this card/PIF every month and hope for good CLI's whenever possible. I don't have a great credit history but I have managed to re-build a solid one in a short time over the last few years. I have one derog/judgement(5 years old) that I swear isnt mine but my Dads(same name) but I sort of lost that battle.  I have a car loan that I will PIF by June without one late/mised payment. I now will have 7 CC's that I will manage. I have not one missed/late payment in my second credit life. I started working on my credit 3.5 years ago.Thanks for all the info you guys give.

 

 

 

 

Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: PenFed Credit Union - APP results and FICO SURVEY

Congrats!  I was countered also.  From other posts, it appears that PenFed is good with CLI's over time if you pay timely, manage your credit.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549

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