Personal Loan How much to apply 4 Discover PenFed No Verification

[Anonymous]

I've realized I could use a Personal Loan to round up my profile . Have accounts with Penfed , Discover , USbank , Barclay , Scores are EQ 769 Ex 749 . CL's 10k for each . 30 year job , home address , history . House paid off . Oldest Account (closed) age 29 years , Newest accounts (4) 2 months  . Inquires EQ 4 Ex 6 (last 2 months)  TU frozen .  I would like to make it fast and simple with no income verification , etc . I've read of it happening to some folks here .  IE. they applied for the loan and immediately approved . I just received a Discover invitation for a personal loan , but when I called the rep he was no help in deciding what amount to apply for . I had asked him that it didn't seem like a lender will loan tha same amount on a personal loan equal to an existing credit line . I am wondering if there is an amount that they will consider , say half of an existing CL , which would be less hassle for eveyone involved ?

Discover said they would no make a counter offer . You have to figure the amount and if they don't approve you're out of luck . I am in the 90 day window with Penfed , having just got a credit card from them . They said you could apply ,  if not approved , just try again for a lower amount . Its like you have unlimited attempts being in the 90 day period of using an existing hard pull .

Having reread the above , I think what I need to know is there a figure/percentage of what the lender would approve without complicating .the application process . It seems if I have an existing 10k credit card they would approve 1k personal loan without having to jump through hoops . So how high might I be able to go ?

Thanks agian in advance !

[RonM21]

I could be wrong, but I believe a CU like PenFed may be better for this sort of thing in most situations.

[takeshi74]

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@Anonymous wrote:

I've realized I could use a Personal Loan to round up my profile .

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Get a loan as your financial needs dictate.  Don't just get one for scoring purposes or to round out your profile.  The benefit to Credit Mix will be lost when the installment is closed.  Consider all the other factors such as impact to balance to loan ratio, AAoA, having a new account, the hard pull, etc.

http://ficoforums.myfico.com/t5/General-Credit-Topics/CK-TU-all-inquiries-missing/td-p/4609595

...and please use paragraphs.

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@Anonymous wrote:

Scores are EQ 769 Ex 749 .

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What models are these?  Always consider the specific scoring model and the relevance of a given model/CRA combo to a given creditor/product.  PenFed uses an EQ FICO NG2.  Don't overlook TU when keeping an eye on your credit.  If the scores you posted are FICO 8's then keep in mind that best terms are generally offered in the 740-760 range.

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@Anonymous wrote:

I would like to make it fast and simple with no income verification , etc .

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We're not underwriters for PenFed or Discover so we can't guarantee anything for you.

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@Anonymous wrote:

I am wondering if there is an amount that they will consider , say half of an existing CL , which would be less hassle for eveyone involved ?

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There isn't a simple and causal relationship like you're assuming.  Your revolving account limits factor into revolving utilization which itself factors into Amounts Owed.  Amounts Owed is just one factor among many for FICO scoring.

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=revolving+utilization+closed+accounts+site:myfico.com

FICO scoring is just one consideration for a creditor who will also review your entire credit profile, income and possible other factors as well to compare against the underwriting critieria for the product you're applying for to determine if you qualify and for what amount and terms.  You can't just rely on limits alone.

[Appleman]

Dollars to donuts that PenFed beats Discover when it comes to personal loan.

If you are within the 90 day window and would like to apply for the PLOC, call them. They may be able to give you an answer on the phone. On-line works well and PenFed is known to counter.

When I applied to PenFed I took full advantage of the one pull. CC X2 (CLI on 1 as well), PLCO, auto re-finance and over-draft. It will cost you nothing more score wise to apply to PenFed and they really are great on the phone. I would ask for a bigger number up front rather than going back for more. Remember that the PLOC will be scored as a CC by the CSRs so I would not utilize the line over 50% (I prefer under 30%).

As a data point, I was immediate approved for $10K card, CLI and they put me at $30.5K. Apped the PLOC after the initial $10K card approval. I applied for $15K and was given the lowest interest rate of 10.24% (something in that range). In retro-spect I should have applied for $25K just to see as it would have padded my utilization.

Good luck.