topic Re: Personal Loan approval Penfed in General Credit Topics

Personal Loan approval Penfed

gingerflower — Tue, 14 Jun 2016 01:08:16 GMT

Instant approval on my personal loan with Penfed. $10,000 @9.99 Apr 60 months . Yahoo!! Thank you penfed

Re: Personal Loan approval Penfed

CreditMagic7 — Tue, 14 Jun 2016 01:24:17 GMT

@gingerflower wrote:
@Instant approval on my personal loan with Penfed. $10,000 @9.99 Apr 60 months . Yahoo!! Thank you penfed

Very Nice

Re: Personal Loan approval Penfed

CreditCuriosity — Tue, 14 Jun 2016 01:33:19 GMT

Very nice... Mind sharing you EQ next gen score from penfed?

Re: Personal Loan approval Penfed

gingerflower — Tue, 14 Jun 2016 01:38:05 GMT

Thank you creditMagic7😀

Re: Personal Loan approval Penfed

gingerflower — Tue, 14 Jun 2016 01:40:55 GMT

@Creditcuriosity my Eq next gen score is 755

Re: Personal Loan approval Penfed

CreditCuriosity — Tue, 14 Jun 2016 02:16:02 GMT

@gingerflower wrote:
@CreditCuriosity my Eq next gen score is 755

Thanks .. Very nice next gen score

Re: Personal Loan approval Penfed

Revelate — Tue, 14 Jun 2016 05:05:15 GMT

Approval fantastico!

Penfed certainly has come a long way in the past year or so!

Re: Personal Loan approval Penfed

Anonymous — Tue, 14 Jun 2016 05:51:12 GMT

Thats wonderful!

Re: Personal Loan approval Penfed

ddemari — Tue, 14 Jun 2016 06:06:38 GMT

congrats on your sucess with penfed!

Re: Personal Loan approval Penfed

Anonymous — Tue, 14 Jun 2016 08:43:48 GMT

Congrats! Penfed is a great CU. My favorite CU

Re: Personal Loan approval Penfed

pip3man — Tue, 14 Jun 2016 10:49:52 GMT

@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...

Re: Personal Loan approval Penfed

elim — Tue, 14 Jun 2016 11:09:19 GMT

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

Re: Personal Loan approval Penfed

Loquat — Tue, 14 Jun 2016 11:16:16 GMT

Congrats on your approval!

Re: Personal Loan approval Penfed

Anonymous — Tue, 14 Jun 2016 12:15:44 GMT

Outstanding! Congratulations!

Re: Personal Loan approval Penfed

gingerflower — Tue, 14 Jun 2016 16:10:24 GMT

I plan on paying of the loan long b4 60 months. Penfed is an excellent cu.😆

Re: Personal Loan approval Penfed

Revelate — Tue, 14 Jun 2016 18:00:43 GMT

@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.

Re: Personal Loan approval Penfed

Anonymous — Tue, 14 Jun 2016 23:27:41 GMT

Well done, congrats on the approval !!

Re: Personal Loan approval Penfed

RonM21 — Wed, 15 Jun 2016 09:17:35 GMT

Nice! Congrats

Re: Personal Loan approval Penfed

Anonymous — Sun, 03 Jul 2016 11:50:52 GMT

congrats

Re: Personal Loan approval Penfed

NYFan63 — Sun, 03 Jul 2016 14:45:31 GMT

Congrats ginger flower