New here and looking to join PenFed plus get AUTO LOAN

[Anonymous]

Hey Fico Fam,

So I'm waiting on my scores to update. Currently, my TU is 639, EQ is 631 and my EXP 636. I got added on a few seasoned tradelines as an AU so I'm waiting on those to post. I belive my scores will then jump well over 700+. I then plan to join PenFed and get an Auto Loan of about 35-40k. My income is about 4k/month. I do have a collection or two with some credit repair happening as we speak (so they may have been deleted by now). Just wondering if I'll have any issues applying with PenFed for membership and an auto loan? I read as long as i donate the $17 to one of the organizations ill be fine. Also is PenFed's auto loan process lengthy? I know i provided lots of info, all answers are appreciated in advance. Thanks guys.

[Anonymous]

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@Anonymous wrote:

Hey Fico Fam,

So I'm waiting on my scores to update. Currently, my TU is 639, EQ is 631 and my EXP 636. I got added on a few seasoned tradelines as an AU so I'm waiting on those to post. I belive my scores will then jump well over 700+. I then plan to join PenFed and get an Auto Loan of about 35-40k. My income is about 4k/month. I do have a collection or two with some credit repair happening as we speak (so they may have been deleted by now). Just wondering if I'll have any issues applying with PenFed for membership and an auto loan? I read as long as i donate the $17 to one of the organizations ill be fine. Also is PenFed's auto loan process lengthy? I know i provided lots of info, all answers are appreciated in advance. Thanks guys.

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PenFed is pretty accessible as far as membership goes and the auto loan process pretty smooth from what I've seen here.

I do wonder if you'll run into income/DTI issues in getting approved. A $40k car on a $48k salary is pretty hefty. About 3x what I'd be comfortable with, personally.

[Anonymous]

that's good to know about membership approval. As far as DTI, I mean before taxes it's close to 55-60k. I'm hoping to get enough from a loan or if i have to put some down I will. So other than that my scores will get me into PenFed. Just gotta see about the LOan? What about credit Cards? Any ideas what my scores will get me? Well my potential scores

[bigpoppa09]

OP sounds like u are trying to buy to much car on your income I'm thinking u are going to need a big DP to make this work.

[Anonymous]

I mean before taxes i make about 60K. But if i do a 72 month loan with payments around $500 a month that would't get me in the door? My DTI is 21%. Also is it true if i have a couple collections i won't be able to get membership with DCU or PenFed let alone financing.

[bigpoppa09]

That is incorrect DW has the worst thing u can have on your credit report a BK7 she was instantly approved for membership with DCU I am a member of Penfed she will be joining soon.

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@Anonymous wrote:

I mean before taxes i make about 60K. But if i do a 72 month loan with payments around $500 a month that would't get me in the door? My DTI is 21%. Also is it true if i have a couple collections i won't be able to get membership with DCU or PenFed let alone financing.

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[Anonymous]

REALLY?!?! Wow ok that gives me hope, what about auto financing? ANy insight with that type of report and numbers?

[bigpoppa09]

U are going to drive your self nuts over this DCU uses EQ Beacon 5 AKA your Mortgage score PenFed uses EQ Fico 09  buy a 3B report from here for 29.95 look at those scores and app its just going to cost u 2 hard pulls they both use EQ.

[Gmood1]

Bethpage FCU has fantastic auto loan rates! It cost nothing to join. Just deposit $5. They pull EX FICO 8 for loans and you need a 730 in order to get the best rate. Joining is a soft pull.

[Anonymous]

Hey Fico Family!

So i plan to open memberhsip through PenFed organization and then apply for auto loan also. My questions are:

1) Can I apply for membership and auto loan upon approval in the same day?

2) When applying for auto loan, will i give the vehicles VIN number? Will I need to use the net price of the car on the website and does that include taxes or should i round up?

I guess what I'm asking on question #2 is how will PenFed determine how much i applied for based on the price of car? I want to make sure i apply for the correct amount. The internet says the car is $41,063 Net. So how much would I apply for? Any feedback is greatly appreciated.

PS my scores will all be above 720 and possibly over 750 in a couple weeks. So my scores will be in tact. LASTLY, CAN ALL THIS BE DONE FROM APPLYING TO DRIVING AWAY IN CAR WITHIN 2 DAYS?