topic Re: Pen Fed Signature Loan Pre-Approval - how solid is it? in Personal Finance

Pen Fed Signature Loan Pre-Approval - how solid is it?

CreditJourney007 — Sun, 16 May 2021 03:54:34 GMT

I used the tool for $15k, and it came back for pre-approved up to $25k at 16% interest. I only need $15K (want to consolidate credit cards), so I proceeded with the app and it's in review after requesting POI, which I assume is normal.

Just getting DPs, I guess, if anyone else has been pre-approved and later denied?

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

FinStar — Sun, 16 May 2021 04:20:48 GMT

It would depend if it passes the POI 'sniff' test. If it does, then you can be approved for the requested amount or countered to a lower amount (or declined).

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

CreditJourney007 — Sun, 16 May 2021 20:08:11 GMT

Would it pass the sniff test as long as it's the exact salary I put on the app? I didn't inflate or anything.

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

Anonymous — Sun, 16 May 2021 21:12:58 GMT

Recently approved for a loan and they seem to request POI and loan deposited in a week. It took 7 days as they are all working from home but gotta love PenFed. I didn't get $25k so your scores must be better than mine. Good luck! Keep us updated on the process and response time

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

CreditJourney007 — Sun, 16 May 2021 23:44:24 GMT

Did you cold app or were you preapproved? My fico 8 is around 680, fico 9 about 710.

@Anonymous wrote:
Recently approved for a loan and they seem to request POI and loan deposited in a week. It took 7 days as they are all working from home but gotta love PenFed. I didn't get $25k so your scores must be better than mine. Good luck! Keep us updated on the process and response time

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

FinStar — Mon, 17 May 2021 02:04:19 GMT

@CreditJourney007 wrote:
Would it pass the sniff test as long as it's the exact salary I put on the app? I didn't inflate or anything.

This is really up to their UW department to determine the final outcome, so it's fairly possible it went for an additional review (versus instant approval) to determine whether the submitted POI supports the full $15K given other internal criteria or considerations such as DTI + your overall profile, etc.

Fingers crossed it's a good outcome. Keep us posted.

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

Anonymous — Mon, 17 May 2021 17:10:42 GMT

Pre-approved but with your DP's I say go for it!

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

CreditJourney007 — Mon, 17 May 2021 19:23:33 GMT

Thanks all!

Still waiting, but it's only been 1 business day, so fingers crossed still!

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

Anonymous — Wed, 26 May 2021 23:57:28 GMT

@CreditJourney007 wrote:
I used the tool for $15k, and it came back for pre-approved up to $25k at 16% interest. I only need $15K (want to consolidate credit cards), so I proceeded with the app and it's in review after requesting POI, which I assume is normal.

Just getting DPs, I guess, if anyone else has been pre-approved and later denied?

Really up to UW. The pre approvals aren't solid. I was pre approved, applied for it sent them my info and they came back saying I had too much outstanding credit on my credit cards.

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

Anonymous — Thu, 27 May 2021 04:37:04 GMT

I was preapproved and received $20K from Penfed. Everyone's credit profile is different. I love Penfed.

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

gingerflower — Fri, 28 May 2021 16:48:09 GMT

I checked my preapproval and interest rate for a $5000 personal loan which I got a rate of 7.49 fixed rate for 36 months I applied and got instant approval. My funds will be deposited in my Penfed checking account in 2 business days. Good luck on your application.

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

Anonymous — Sat, 29 May 2021 01:40:41 GMT

I did the preapproval for 10k, got preapproved for max of 35k at 10.99%. Went ahead and applied for the 10k, and it went under review. I got denied bc of too many new accounts and lack of payment history. Fico 8 was around 720 at the time with very low DTI and 80k income.

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

Anonymous — Sat, 29 May 2021 05:33:07 GMT

@Anonymous
Did you have any open credit cards with PenFed at time of your loan app? Was just wondering because they could have used your cc payment history with them.

Re: Pen Fed Signature Loan Pre-Approval - how solid is it?

Anonymous — Sat, 29 May 2021 13:01:39 GMT

I didn't have any open trade lines with PenFed at the time of the app. However I did have several other credit cards but my history is short and they didn't like that.