topic Re: Penfed approved car loan with no POI. How long before they.. in Auto Loans

Penfed approved car loan with no POI. How long before they..

Superduper2014 — Wed, 13 May 2020 16:57:35 GMT

It seems that Penfed gives you 90 days to use the check they send you to buy the car you choose (used car), but when asked if they would require any documents or another review if a car is not bought in a certain amount of time, she mentioned that they may pull credit again at 30 days if the check has not been cashed, but she was honest and stated she was not too sure about it.

Seems reasonable that they would pull credit again after 30 days. What do you guys know about this.

Also, can the hard pull for the car loan be used to get a Penfed credit card or that means another HP. They pulled Equifax.

Oh, if they use the same HP from the car loan, should the credit card be applied for after the car has been bought or before?

Thanks

Re: Penfed approved car loan with no POI. How long before they..

Gmood1 — Wed, 13 May 2020 23:49:28 GMT

@Superduper2014

Yes you can use the same HP for other apps. It doesn't matter if you've bought the vehicle or not.

You can go right back an app for the CC.

Brother was approved for his vehicle loan and CC at the same time.

Re: Penfed approved car loan with no POI. How long before they..

Superduper2014 — Thu, 14 May 2020 20:17:50 GMT

@Gmood1

Thank you for replying.

So basically just log back in and apply and they will use the previous HP. Sounds great.

I see they have 4 available cards, which one is the easiest to get a higher initial credit limit on? They all seem to have what my gf needs, which is a promo APR for bal transfers for 12 months. Her score was 730+ fico Equifax.

They have the Power Cash Rewards, Platinum Rewards Visa Signature, Gold VIsa and Promise Visa card.

Any suggestion on the card before applying to maximize the app is appreciated.

Also, what about DCU? she applied with them as well for a car loan, do they use the same HP like penfed does for a credit card?

Thanks again.

Re: Penfed approved car loan with no POI. How long before they..

Gmood1 — Thu, 14 May 2020 20:25:53 GMT

@Superduper2014

Doesn't matter which one you app for. They all use the same UW standards.

get the one the suits you the best! lol

And yes, DCU uses the same HP.

You'll find most CUs use the same HP for 30 to 90 days.

Good luck!! Maximum exposure is $50k for CCs with Penfed. You can have that spread across several CCs.

Re: Penfed approved car loan with no POI. How long before they..

Superduper2014 — Thu, 14 May 2020 20:31:02 GMT

@Gmood1

Awesome!

When you mention the maximum exposure and spreading it across sevaral CCs, do you basically mean that my gf can apply today for several CC with Penfed until she gets to 50k? I know this may sound like a silly interpretation of your words, so I apologize, my brain is fried right now and need to give sound advice lol.

Well at least can she apply today for 2 penfed cards and still expect to have no more hard pulls and then go to DCU and app for one of their credit cards too and expect the same. Again, sorry for the redundancy. This sounds too great, I think I am missing something. lol

Re: Penfed approved car loan with no POI. How long before they..

Gmood1 — Thu, 14 May 2020 20:38:56 GMT

@Superduper2014 wrote:
@Gmood1

Awesome!

When you mention the maximum exposure and spreading it across sevaral CCs, do you basically mean that my gf can apply today for several CC with Penfed until she gets to 50k? I know this may sound like a silly interpretation of your words, so I apologize, my brain is fried right now and need to give sound advice lol.
Well at least can she apply today for 2 penfed cards and still expect to have no more hard pulls and then go to DCU and app for one of their credit cards too and expect the same. Again, sorry for the redundancy. This sounds too great, I think I am missing something. lol

Basically one CC today, though two isn't out of the question. In the future she could apply for another. $50k is max for all of the CC's together. They allow or did the last time I tried, the ability to move CLs around on CCs or use limit from one card to help open another.

When I got my first CC, I used some of that limit to open another CC with them. Their policies change all the time. So not sure if this is still the case.

Re: Penfed approved car loan with no POI. How long before they..

Superduper2014 — Thu, 14 May 2020 21:16:42 GMT

Well,, bummer.. she was denied

"After careful review of your credit report and the information that you provided in your application, we are unable to approve your request at this time. You will receive written notification detailing the reasons your application was denied. Thank you for being a member of PenFed!"

Hope that doesn't affect the car loan that was approved

Re: Penfed approved car loan with no POI. How long before they..

Loquat — Sun, 17 May 2020 15:40:09 GMT

@Superduper2014 No worries about the auto loan being touched. If they approved it then it's usually solid. Credit card and auto loans are of different underwriting criteria. Mainly one being secured (car) and the other is unscecured cash. Hence the reason that auto loans are so much easier to get a approved for than just about any other financial product.

I hope your GF enjoys whatever her new(er) car will be.

Re: Penfed approved car loan with no POI. How long before they..

Superduper2014 — Sun, 17 May 2020 16:24:48 GMT

@Loquat Thank you for the reassurance Loquat.

Do you think it is worth it to have her call Penfed to recon the decision on the credit card?

Or is it typically useless to call Penfed for recons on cards?

She is scared that if she calls, they may also re consider the car loan (versus not calling and just moving on with the car loan)

But since they already HP her equifax, I am thinking it may be worth it, but don't want to jinx this and make it worse, hence I am trying to get advise. Thanks and enjoy your Sunday!