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Penfed personal loan approved

Valued Member

Re: Penfed personal loan approved

What kind of scores are nessasary for PenFed's personal loans?



Starting FICO: 590ish
Pre App Spree FICOs: EX 681 TU 670 EQ 682 (1/11/18)
Current FICOs: EX 664 TU 670 EQ 693 (2/16/18)
Goal: 700's Club

Gardening since February 2018
Message 11 of 19
Established Member

Re: Penfed personal loan approved

PENFED pulls EQ only. My score at the time was 717 and no negatives. No POI was required, fast and easy!
Message 12 of 19
Highlighted
Contributor

Re: Penfed personal loan approved

PenFed uses FICO9, I would say 640 and up they are a little more strict since they start using the FICO9.

Wait for your quarterly reviews at the end of the month and see if you have any offers. You will also get an updated score. Just call and speak with a LO they are very helpful to see what you may be able to get

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Message 13 of 19
Established Member

Re: Penfed personal loan approved

They require min score of 650, the rep told me this when I got my loan recently.
PenFed Auto: $46K | PenFed Power Cash: $10K | Cap1: $3250/$600 | Chase: $500 | Comenity: $2500/$1200/$850
INQ reporting: EQ 12 | TU 4 | EX 2
Scores: Fico 8: 699 | Fico 9: 677 | EQ Fako: 724 | TU Fako: 736 | EX Fako: 670 | NextGen on PenFed: 658
Message 14 of 19
Community Leader
Valued Contributor

Re: Penfed personal loan approved


wrote:

Love Penfed! Easy approval process for personal loan. I opened a savings account online with a deposit of $5 and decided to apply for a personal loan just to help improve the score with an installment loan to add to the mix. I plan to use the SSL technique with repaying it. The loan officers and the customer service reps are all very knowledgeable. I even decided to apply for a credit card a few days later, and they used the same HI data from the personal loan. Penfed said that the HI is good for up to 90 days, so I could request an auto loan or apply to other offerings. So get this- Penfed approved me for a $14,500 CL, which is the highest that I have ever obtained!

 

EQ 717

5 hard inquiries in 1 year


Congrats! Interesting, I hadn't considered doing an unsecured personal loan for the SSL technique. I have an installment loan, a car loan I just took out in Oct., and as it's 95% of original amount I"m getting dinged for it. Maybe if I did a personal loan and pay it down to under 9% it might help offset the car loan. As my car loan is 2.99% for 65 months I'm not interested in paying it down just to make Fico happy.


Fico 08: 720/721/719 TU/EX/EQ
Message 15 of 19
Established Member

Re: Penfed personal loan approved

I would not suggest doing that because it will add to your total debt, and you are not going to do alter your utilization significantly, unless you are considering taking a very large loan out. You may have taken a ding, but in time your score will increase. Also, my goal is to buy a house soon. I have no auto loans. My debt to income ratio is very low. My EQ score is now an 819, up over 100 since my last posting! The loan that I took helped me significantly because I paid off 92% of it immediately. But again, this might not work everyone.
Message 16 of 19
Established Member

Re: Penfed personal loan approved

2nd what GameofThrones said. Congrats on your 819 GOT! ;-)

 

PenFed Auto: $46K | PenFed Power Cash: $10K | Cap1: $3250/$600 | Chase: $500 | Comenity: $2500/$1200/$850
INQ reporting: EQ 12 | TU 4 | EX 2
Scores: Fico 8: 699 | Fico 9: 677 | EQ Fako: 724 | TU Fako: 736 | EX Fako: 670 | NextGen on PenFed: 658
Message 17 of 19
Contributor

Re: Penfed personal loan approved

Whoaaaaaa @gameofthrones congrats on the increase!!!

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Message 18 of 19
Established Member

Re: Penfed personal loan approved

Thanks!

T is up to 736, and EX 688. I’ve been working hard at cleaning up the big 3 for over a year.

I recently obtained a cc with Navy Federal. They are good too, but I like PENFED the best. Benefits can be handed down to family members too, which is great.
Message 19 of 19