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Personal Loan approval Penfed

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pip3man
Valued Contributor

Re: Personal Loan approval Penfed


@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...

Message 11 of 20
elim
Senior Contributor

Re: Personal Loan approval Penfed

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.

 

Loan Calc

Message 12 of 20
Loquat
Moderator Emeritus

Re: Personal Loan approval Penfed

Congrats on your approval!

Message 13 of 20
Anonymous
Not applicable

Re: Personal Loan approval Penfed

Outstanding! Congratulations!

Message 14 of 20
gingerflower
Valued Contributor

Re: Personal Loan approval Penfed

I plan on paying of the loan long b4 60 months. Penfed is an excellent cu.😆
Message 15 of 20
Revelate
Moderator Emeritus

Re: Personal Loan approval Penfed


@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. 




        
Message 16 of 20
Anonymous
Not applicable

Re: Personal Loan approval Penfed

Well done, congrats on the approval !!

Message 17 of 20
RonM21
Valued Contributor

Re: Personal Loan approval Penfed

Nice! Congrats


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 18 of 20
Anonymous
Not applicable

Re: Personal Loan approval Penfed

congrats

Message 19 of 20
NYFan63
Established Contributor

Re: Personal Loan approval Penfed

Congrats ginger flower
Penfed Platinum Sig Visa $33k, PenFed PLOC $25k, NFCU Cash VISA Sig 22k, NFCU Visa Flagship 22k, CAP1 Venture $23k, CAP1 Venture One $15k, NFCU NAV Check $15k, Barclays Arrival $13,2k, DCU VISA 5k, Cap1 QS 7.5k, WF Finance 3.5k, Merrick 2.2k, Barclays Apple Financing 6.1k BestBuy 5k >Ch7 BK filed 8/09; DC 01/10 EQ 636 Nov 13;
EQ08 718 | TU 731 | EXP 728
Inqs: EQ 11, TU 8, EXP 11(last 2 yrs)
Goal 750+ In the Garden til

Message 20 of 20
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