Holy crap Penfed!!

[CS800]

Congrats !!

Ok here is something funny. When I first started on this forum, I always had an eye for PenFed. As my FICO's got better around the 650's, I applied for a card with them and denied.

I waited and tried when by fico's became around 700, denied

720 Denied

740 denied

So i stopped applying with them 2 years ago. Really wanted their Defender card for the low APR.

I have enough credit limits to not need another card

But when i read your post it was a flashback for me but glad it worked out for you

[nycplayboy78]

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@CS800 wrote:

Congrats !!

Ok here is something funny. When I first started on this forum, I always had an eye for PenFed. As my FICO's got better around the 650's, I applied for a card with them and denied.

I waited and tried when by fico's became around 700, denied

720 Denied

740 denied

So i stopped applying with them 2 years ago. Really wanted their Defender card for the low APR.

I have enough credit limits to not need another card

But when i read your post it was a flashback for me but glad it worked out for you

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Holy Fishsticks Batman...Those are EXCELLENT scores and PenFed still denied you....LAWD!!!! So what is their best credit card in your opinion their Defender or Rewards credit cards?

[Anonymous]

Not asking for any income documents at all for a car loan that's insane! None for a PLOC or CC is the norm, but not for a car loan is wowser.

[Anonymous]

@CS800

Have you ever burned PenFed in the past with a car, mortgage, PLOC, credit card or checking account?

When you applied did you have ANY negatives of any kind still showing?

Did you have a lot of new accounts opened and/or inquiries in the past 6-12 months before applying with them?

Those are all major reasons why PenFed can deny people even with high scores.

[RonM21]

Congrats on the PenFed auto loan and the bonus AMEX!!

[Anonymous]

Is there a way to see if you prequalify for a PenFed auto loan without getting a HP?  Also, what bureau(s) do they HP when you submit an application with them?

Are the good for refinancing as well?  I'm looking to refinance an auto loan that I owe about $10k on.

[Anonymous]

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@Anonymous wrote:

Is there a way to see if you prequalify for a PenFed auto loan without getting a HP?  Also, what bureau(s) do they HP when you submit an application with them?

Are the good for refinancing as well?  I'm looking to refinance an auto loan that I owe about $10k on.

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Unfortunately, unless you've done some sort of app recently, it's gonna be a HP. In fact, I even had a recent app and they HP me again anyway when I applied for the auto loan. But it's totally worth it, cause you'll more than likely get an amazing rate!

They are good for Refi as well. I ended up not accepting their offer, as I pried a 3.9% interest rate out of Audi Financial all on my own, with less money down than PenFed wanted. But I may refi with PenFed in a few months if I can get a lower rate.

[Anonymous]

@BBS

PenFed uses Equifax for all credit products and more precisely they use what they call a EQ NextGen score on you.

I just closed last Friday on a $10,000 cashback refi with ATFCU at a 2.09% rate (705 Experian) and they pull EQ but I got them to pull Experian as well to get in their tier 2 (tier 1 is 1.59% and you need 730+) because of a major screw up Synchrony Bank did to me on two of my accounts.

Also, no payment for 60 days. :d