topic Re: Oh PenFed you just made my month...again!!! in General Credit Topics

Oh PenFed you just made my month...again!!!

ohreally7654 — Tue, 12 Jul 2016 01:36:02 GMT

So after getting approved on recon last week for PenFed's American Express, 9K SL after a flat out denial, I started thinking today...I wonder if there's any way they might be able to extend me a personal loan to pay off my existing loan with Avant at an exorbitant 36% interest rate. I know, I know, horrible. But I will say, they granted me the loan in February when I was at a 605 score and no one else would touch me. I knew the positive effect it would have on my utilization to pay off credit card debt and combined with the fact I had my only collection removed shortly thereafter I thought, well, no problem, I'll be able to refi out of that loan with my new 680 score. Little did I know at that time that Avant only pulls a new credit report after 9 months. I felt stuck and frustrated.

Fast forward to today. I called PenFed this afternoon. I explained they just approved me last week for an Amex and that I was interested in a personal loan to pay off my high interest loan. I said I understood that it'll probably be a new HP, and I was fine with that (PS they used the same hard pull from 7/1). I just wanted to see if they could help me. We chatted for a minute. She put the request through the system. Immediate decline. Before telling me that I warned her that my student loans weren't reporting correctly so the system may reject me. She said I'm way ahead of you! I just put your application from declined to pending and I'm going to take this to a loan officer to see if they'll grant you an approval. I figured she'd have to get back with me tomorrow. Nope! 5 minutes later she came back with an approval for the full requested amount, $11K, no proof of income required, nothing! Less than half of my current interest rate, no origination fee or PPP. They're mailing a check out today and should have by Friday! I'm in absolute shock it was so easy and they are saving me $250/mth to boot!! I normally hate Monday's. And after the synchrony madness on Friday, I've been more than a little grumpy. But this has more than made up for it!

i can't thank MF members enough for being so generous in sharing your wisdom and data points. I am truly thankful!

Re: Oh PenFed you just made my month...again!!!

AverageJoesCredit — Tue, 12 Jul 2016 01:36:54 GMT

Wow! Simply amazing! Happy for ya! Congrats all around

Re: Oh PenFed you just made my month...again!!!

CreditCuriosity — Tue, 12 Jul 2016 01:43:45 GMT

Awesome job.. What APR did you get out of curiosity?

Re: Oh PenFed you just made my month...again!!!

Anonymous — Tue, 12 Jul 2016 01:45:09 GMT

awesome,, congrats! If you haven't already, pls post your data points on baller's penfed thread.

Best of luck!

Re: Oh PenFed you just made my month...again!!!

ohreally7654 — Tue, 12 Jul 2016 01:45:14 GMT

@AverageJoesCredit wrote:
Wow! Simply amazing! Happy for ya! Congrats all around

Thank you so much, I really appreciate that! It's definitely been a good day!

Re: Oh PenFed you just made my month...again!!!

Anonymous — Tue, 12 Jul 2016 01:46:33 GMT

Talk about #Winning! Congrats!

Re: Oh PenFed you just made my month...again!!!

ohreally7654 — Tue, 12 Jul 2016 01:49:34 GMT

@CreditCuriousity wrote:
Awesome job.. What APR did you get out of curiosity?

Thanks so much, CreditCuriousity! I'm so thankful to be out from under that big payment with Avant.

They gave me a 17.99% rate, which is sooo much better than where I'm at now. I figure I'll give it till the end of the year and should be able to refi to an even lower rate! The NexGen score they gave me for my Amex approval was 669.

Re: Oh PenFed you just made my month...again!!!

ohreally7654 — Tue, 12 Jul 2016 01:52:29 GMT

@Anonymous wrote:
awesome,, congrats! If you haven't already, pls post your data points on baller's penfed thread.

Best of luck!

Thank you so much AhmedInMD! and thank you for the reminder, I'll definitely add my data points to the thread! I know that's such an invaluable resource!

Re: Oh PenFed you just made my month...again!!!

ohreally7654 — Tue, 12 Jul 2016 01:53:55 GMT

@Anonymous wrote:
Talk about #Winning! Congrats!

Thank you, Fabucredit! Celebrating with a yummy steak and a really great 80's movie LOL!

Re: Oh PenFed you just made my month...again!!!

Anonymous — Tue, 12 Jul 2016 01:58:32 GMT

Very nice ...Congrats . Penfed is my favorite CU!!!

Re: Oh PenFed you just made my month...again!!!

Anonymous — Tue, 12 Jul 2016 02:16:06 GMT

Wow!

Congratz!

Can you say: recon ! ! !

ohreally7654 wrote:
So after getting approved on recon last week for PenFed's American Express, 9K SL after a flat out denial, I started thinking today...I wonder if there's any way they might be able to extend me a personal loan to pay off my existing loan with Avant at an exorbitant 36% interest rate. I know, I know, horrible. But I will say, they granted me the loan in February when I was at a 605 score and no one else would touch me. I knew the positive effect it would have on my utilization to pay off credit card debt and combined with the fact I had my only collection removed shortly thereafter I thought, well, no problem, I'll be able to refi out of that loan with my new 680 score. Little did I know at that time that Avant only pulls a new credit report after 9 months. I felt stuck and frustrated.

Fast forward to today. I called PenFed this afternoon. I explained they just approved me last week for an Amex and that I was interested in a personal loan to pay off my high interest loan. I said I understood that it'll probably be a new HP, and I was fine with that (PS they used the same hard pull from 7/1). I just wanted to see if they could help me. We chatted for a minute. She put the request through the system. Immediate decline. Before telling me that I warned her that my student loans weren't reporting correctly so the system may reject me. She said I'm way ahead of you! I just put your application from declined to pending and I'm going to take this to a loan officer to see if they'll grant you an approval. I figured she'd have to get back with me tomorrow. Nope! 5 minutes later she came back with an approval for the full requested amount, $11K, no proof of income required, nothing! Less than half of my current interest rate, no origination fee or PPP. They're mailing a check out today and should have by Friday! I'm in absolute shock it was so easy and they are saving me $250/mth to boot!! I normally hate Monday's. And after the synchrony madness on Friday, I've been more than a little grumpy. But this has more than made up for it!

i can't thank MF members enough for being so generous in sharing your wisdom and data points. I am truly thankful!

Re: Oh PenFed you just made my month...again!!!

CreditCuriosity — Tue, 12 Jul 2016 02:18:29 GMT

@ohreally7654 wrote:
@CreditCuriousity wrote:
Awesome job.. What APR did you get out of curiosity?
Thanks so much, CreditCuriousity! I'm so thankful to be out from under that big payment with Avant.

They gave me a 17.99% rate, which is sooo much better than where I'm at now. I figure I'll give it till the end of the year and should be able to refi to an even lower rate! The NexGen score they gave me for my Amex approval was 669.

Deff better than the Avant rate.. A good win and after a year or whatever you should be able to get a better one as stated.

Re: Oh PenFed you just made my month...again!!!

Anonymous — Tue, 12 Jul 2016 02:21:41 GMT

Well, that rocks! Big congratulations!

Re: Oh PenFed you just made my month...again!!!

ohreally7654 — Tue, 12 Jul 2016 03:13:44 GMT

@Anonymous wrote:
Very nice ...Congrats . Penfed is my favorite CU!!!

Thank you so much! They are definitely my favorite as well! They now have a customer for life

Re: Oh PenFed you just made my month...again!!!

ohreally7654 — Tue, 12 Jul 2016 03:11:43 GMT

@Anonymous wrote:
Wow!

Congratz!

Can you say: recon ! ! !
.
ohreally7654 wrote:
So after getting approved on recon last week for PenFed's American Express, 9K SL after a flat out denial, I started thinking today...I wonder if there's any way they might be able to extend me a personal loan to pay off my existing loan with Avant at an exorbitant 36% interest rate. I know, I know, horrible. But I will say, they granted me the loan in February when I was at a 605 score and no one else would touch me. I knew the positive effect it would have on my utilization to pay off credit card debt and combined with the fact I had my only collection removed shortly thereafter I thought, well, no problem, I'll be able to refi out of that loan with my new 680 score. Little did I know at that time that Avant only pulls a new credit report after 9 months. I felt stuck and frustrated.

Fast forward to today. I called PenFed this afternoon. I explained they just approved me last week for an Amex and that I was interested in a personal loan to pay off my high interest loan. I said I understood that it'll probably be a new HP, and I was fine with that (PS they used the same hard pull from 7/1). I just wanted to see if they could help me. We chatted for a minute. She put the request through the system. Immediate decline. Before telling me that I warned her that my student loans weren't reporting correctly so the system may reject me. She said I'm way ahead of you! I just put your application from declined to pending and I'm going to take this to a loan officer to see if they'll grant you an approval. I figured she'd have to get back with me tomorrow. Nope! 5 minutes later she came back with an approval for the full requested amount, $11K, no proof of income required, nothing! Less than half of my current interest rate, no origination fee or PPP. They're mailing a check out today and should have by Friday! I'm in absolute shock it was so easy and they are saving me $250/mth to boot!! I normally hate Monday's. And after the synchrony madness on Friday, I've been more than a little grumpy. But this has more than made up for it!

i can't thank MF members enough for being so generous in sharing your wisdom and data points. I am truly thankful!

Thank you, Sebastian503! They are the one and only lender I've reconned with--I'm so glad they made it such a seamless and pain-free process!

Re: Oh PenFed you just made my month...again!!!

ohreally7654 — Tue, 12 Jul 2016 03:12:57 GMT

@CreditCuriousity wrote:
@ohreally7654 wrote:
@CreditCuriousity wrote:
Awesome job.. What APR did you get out of curiosity?
Thanks so much, CreditCuriousity! I'm so thankful to be out from under that big payment with Avant.

They gave me a 17.99% rate, which is sooo much better than where I'm at now. I figure I'll give it till the end of the year and should be able to refi to an even lower rate! The NexGen score they gave me for my Amex approval was 669.
Deff better than the Avant rate.. A good win and after a year or whatever you should be able to get a better one as stated.

Yes exactly! And thank you!! I really wish PenFed pulled EX as that score is quite a bit higher than EQ. But I'm just thankful for the approval!

Re: Oh PenFed you just made my month...again!!!

ohreally7654 — Tue, 12 Jul 2016 03:14:23 GMT

@Anonymous wrote:
Well, that rocks! Big congratulations!

Thank you, Musiclover!!

Re: Oh PenFed you just made my month...again!!!

Anonymous — Tue, 12 Jul 2016 03:21:04 GMT

* I was instantly denied. Wrote a Recon Letter, sent. After 40 minutes, picked up phone. 23 minutes later on the phone, approved, using card 74 hours later

Simply AWESOME financial institution

ohreally7654 wrotte

Thank you, Sebastian503! They are the one and only lender I've reconned with--I'm so glad they made it such a seamless and pain-free process!

Re: Oh PenFed you just made my month...again!!!

ohreally7654 — Tue, 12 Jul 2016 04:08:52 GMT

@Anonymous wrote:

* I was instantly denied. Wrote a Recon Letter, sent. After 40 minutes, picked up phone. 23 minutes later on the phone, approved, using card 74 hours later
Simply AWESOME financial institution
.
ohreally7654 wrotte
Thank you, Sebastian503! They are the one and only lender I've reconned with--I'm so glad they made it such a seamless and pain-free process!

Wow!! You are a real success story as well! Big congratulations to you on a job well done! Simply awesome, indeed

Re: Oh PenFed you just made my month...again!!!

RonM21 — Tue, 12 Jul 2016 09:59:31 GMT

Well done. Congrats to you!