How am I looking for a PenFed approval?

Watson · ‎12-27-2021

Credit Score: 675 EQ 9 (PenFed's preferred auto score, I believe)

AAoA: 3yrs EQ, 1yr 9m TU, 2yr 5m EX

# of positive trade lines: 6 open, 10 closed

# of negative trade lines: 3

Income: $78,500

Lenght of Employment: 1yr, 2 mo at current job, sustained employment between military and private sector for12 years prior

Previous Loan Experience: 1 auto, 4 personal over the last 10 years

Debt-to-Income (DTI): 14%

Year of Car: 2017

Miles: 38,XXX

Purchase/Refinance: Purchase (don't want to spend more than $28,500)

Requested loan term (XX Months): 60 or 72

Down payment amount: $5,500

Co-borrower/Co-Signer: Nope

Other: Recently completed a full credit rebuild a few months ago. My last three remaining negative accounts are all paid and settled but aren't going anywhere until they age off in 2026. I'm getting a $5,500 bonus in February and am looking to replace my tired 2007 Impreza. Actually kinda scared to apply since I'm so used to denials, but I know PFCU usually looks at the whole picture. I just need some reassurance. I can also put more down if needed, but would rather not. Credit utilization is high right now due to Christmas expenses, but will be back to AZEO and 1% util by end of January which should boost my EQ 9 score. Very low monthly expenses otherwise, and I plan to pay the vehicle off in two years. Longer loan term is just for the low monthly payments in the meantime. Give it to me straight, doc. How do I look?

ETA: will also be using PenFed Car Buying Service, if that makes any difference.

Anonymous · ‎01-03-2022

Let me know how this turns out for you. I have similar stats and will be applying for a loan soon with PenFed and DCU. Good luck

Watson · ‎01-06-2022

@Anonymous I surely will! I'll be applying sometime in March, so don't hold your breath. Still a few months out.

Anonymous · ‎01-06-2022

Ah I most likely will as well maybe sooner, if so I will let you know how it goes. Going to see if PenFed or DCU gives me the better offer

dunn2500 · ‎01-06-2022

dont believe car buying service has any effect on getting approved, they just paired up with true car and you get 1/2 or 3/4 of a point deducted from an approved rate....did this last year.......it is good though, and was pretty painless and i did receive the full benefit they advertise......every lil bit helps

7774x · ‎01-10-2022

@Watson wrote:
Credit Score: 675 EQ 9 (PenFed's preferred auto score, I believe)
AAoA: 3yrs EQ, 1yr 9m TU, 2yr 5m EX
# of positive trade lines: 6 open, 10 closed
# of negative trade lines: 3
Income: $78,500
Lenght of Employment: 1yr, 2 mo at current job, sustained employment between military and private sector for12 years prior
Previous Loan Experience: 1 auto, 4 personal over the last 10 years
Debt-to-Income (DTI): 14%
Year of Car: 2017
Miles: 38,XXX
Purchase/Refinance: Purchase (don't want to spend more than $28,500)
Requested loan term (XX Months): 60 or 72
Down payment amount: $5,500
Co-borrower/Co-Signer: Nope
Other: Recently completed a full credit rebuild a few months ago. My last three remaining negative accounts are all paid and settled but aren't going anywhere until they age off in 2026. I'm getting a $5,500 bonus in February and am looking to replace my tired 2007 Impreza. Actually kinda scared to apply since I'm so used to denials, but I know PFCU usually looks at the whole picture. I just need some reassurance. I can also put more down if needed, but would rather not. Credit utilization is high right now due to Christmas expenses, but will be back to AZEO and 1% util by end of January which should boost my EQ 9 score. Very low monthly expenses otherwise, and I plan to pay the vehicle off in two years. Longer loan term is just for the low monthly payments in the meantime. Give it to me straight, doc. How do I look?

ETA: will also be using PenFed Car Buying Service, if that makes any difference.

Penfed uses EQ ..looks good for approval ..open a PenFed Savings/Checking account immediately, if you don't have it...Approval process is fast ..I opted for FedEx delivery of check .

Watson · ‎01-11-2022

@7774x wrote:
@Watson wrote:
Credit Score: 675 EQ 9 (PenFed's preferred auto score, I believe)
AAoA: 3yrs EQ, 1yr 9m TU, 2yr 5m EX
# of positive trade lines: 6 open, 10 closed
# of negative trade lines: 3
Income: $78,500
Lenght of Employment: 1yr, 2 mo at current job, sustained employment between military and private sector for12 years prior
Previous Loan Experience: 1 auto, 4 personal over the last 10 years
Debt-to-Income (DTI): 14%
Year of Car: 2017
Miles: 38,XXX
Purchase/Refinance: Purchase (don't want to spend more than $28,500)
Requested loan term (XX Months): 60 or 72
Down payment amount: $5,500
Co-borrower/Co-Signer: Nope
Other: Recently completed a full credit rebuild a few months ago. My last three remaining negative accounts are all paid and settled but aren't going anywhere until they age off in 2026. I'm getting a $5,500 bonus in February and am looking to replace my tired 2007 Impreza. Actually kinda scared to apply since I'm so used to denials, but I know PFCU usually looks at the whole picture. I just need some reassurance. I can also put more down if needed, but would rather not. Credit utilization is high right now due to Christmas expenses, but will be back to AZEO and 1% util by end of January which should boost my EQ 9 score. Very low monthly expenses otherwise, and I plan to pay the vehicle off in two years. Longer loan term is just for the low monthly payments in the meantime. Give it to me straight, doc. How do I look?

ETA: will also be using PenFed Car Buying Service, if that makes any difference.
Penfed uses EQ ..looks good for approval ..open a PenFed Savings/Checking account immediately, if you don't have it...Approval process is fast ..I opted for FedEx delivery of check .

I do have a savings account with PenFed that I opened last August knowing I'd want to finance with them in the future. I have my down payment savings in there. Good to know I'm on track. Thanks!

Anonymous · ‎01-11-2022

My EQ9 is around 685 but shoud go up some more before app. My income is slightly higher and I have had savings and auto loan with them since October (I refinanced with them). I have a tesla on order with estimated delivery in March but who knows when I will actually take delivery. If before then, I will let you know how it goes. I am also going to app with DCU and take the better offer of the two.