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@Revelate wrote:Approval fantastico!
Penfed certainly has come a long way in the past year or so!
That's certainly true. I was fortunate to have an in-depth conversation with a lady from their EO. She gave me a bunch of insight into the changes PenFed made last year. She said as of the time she joined the team, that a consumer with a 700 score was considered high risk and they barely gave approvals to such persons. However last year they amended their guidelines and 620 became the minimum to be eligible for any sort of loan. She also said they were more likely to extend credit to someone with a long history with BK or late payments reporting than someone with clean credit but short history (which by the way didn't make sense to me). She also said the score model they still use is very conservative so higher FICO scores almost always comes out lower on their end. But yeah they did change up a lot of things...
Congrats!, I thought about it for a minute because I have a similar NextGen score (756) but, 10% has a hefty cost of $2,748.23 over the life of the loan. Knock it out ASAP.
Congrats on your approval!
Outstanding! Congratulations!
@pip3man wrote:
@Revelate wrote:Approval fantastico!
Penfed certainly has come a long way in the past year or so!
That's certainly true. I was fortunate to have an in-depth conversation with a lady from their EO. She gave me a bunch of insight into the changes PenFed made last year. She said as of the time she joined the team, that a consumer with a 700 score was considered high risk and they barely gave approvals to such persons. However last year they amended their guidelines and 620 became the minimum to be eligible for any sort of loan. She also said they were more likely to extend credit to someone with a long history with BK or late payments reporting than someone with clean credit but short history (which by the way didn't make sense to me). She also said the score model they still use is very conservative so higher FICO scores almost always comes out lower on their end. But yeah they did change up a lot of things...
Thanks for sharing that!
Yeah that tracks pretty well with what we've seen here over the years; I remember seeing some approvals that were surprising to me from Penfed and I think I made a comment along the lines of "bout time they started acting like one of the largest CU's in the US" haha. Certainly the 20K PLOC I got would not have been obtainable under their old UW guidelines.
Longer history w/BK has history which can be modelled, short history clean file tends to really inflate scores certainly on FICO 8 and later and isn't as much to go on... not so sure on how FICO NextGen reacts on that as Penfed is rarely outside of one of this or similar forums an early account in anyone's credit life.
Well done, congrats on the approval !!
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
congrats