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PenFed Auto Approval!!!

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Regular Contributor

PenFed Auto Approval!!!

So this is my third post and I just want to say you all are super awesome! I posted my first post yesterday about some credit card issues and etc. In that post, someone realized I MrDFinance, HeavenOhio and more gave me some great information. They realized I had NFCU and USAA and advised I check out PenFed. I did and joined immediately. I found that joining gave me a hard pull so I was kind of bummed about that as I have 22 inquiries already.... (stupid advice from someone). I figured since I already had the hard pull, and seen that you can apply for other products and it still be a hard pull, that I should just apply for whatever I want. I wasn't approved for any CC, applied for 4, all went to "Sent to loan officer for review" along with the auto loan. I called this morning and was told that I was denied the cards, but was approved for the auto loan! 6.99% is my rate. This may not be much to you but seeing as how my Cap 1 rate was 19.55%, this is a huge win for me! Thanks MyFico for all your help! If it helps they pulled TU and my credit karma score with them is 647, 1 badie and 1 CC late, AAofA 9 months.

ETFCU Auto Loan - NFCU CLOC $15k

In My Wallet:

NFCU Flagship Visa $17k
ETFCU Prim Plus MC $5k
NFCU More Rewards Amex $3k
Amex Marriot Business Bonvoy $3k
DiscoverIT $2.2
Amex Hilton Honors $1k

Dresser Wallet:

Wayfair $9k
JC Penny $6k
Walmart $3k
Zales $2.45
Belk $1.5k

Business Accounts:

Amazon Corporate $4.5k
Fuleman Fleet $1.2k
BP Business Solutions $1.2k
Staples $1k
Office Depot $1k
Quill $0.1k
Uline $0.1k

Sock Drawer:

CapOne QS1 $1.55k
Merrick Bank $1.4k
Amex Delta Blue $1k
USAA Classic Amex $0.5k
CarCare $0.5k
PayPal MC $0.3k
Target $0.3k

RIP:

Best Buy Visa $4k (AA)
Sportsman Guide Visa $2.5 (AA)
Citi AAdvantage $2.5k (AA)
Mattress Firm $1.5k (Closed for no activity)
Finger Hut $1k (Closed for no activity)
Home Depot $0.5k (AA)
Shell Gas $0.5k (AA)
CapOne Platinum $0.7k (Combined into QS1)
Credit One MC $0.45k (Closed)
Credit One Visa $0.8k (Closed)
First Premier Visa $0.7k (Closed)
Indigo $0.3k (Closed)
Avant $0.3k (Closed)
Message 1 of 5
4 REPLIES 4
Valued Contributor

Re: PenFed Auto Approval!!!

Congrats.  PenFed can be a great relationship lender.  At one point I had a $25k credit card, $25k PLOC and a $40k auto loan with them.  

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,000, Wayfair $5,000, Blaze MC $3,000, Kohls $500
Infiniti Financial lease

AU Cards: CSP $37.7k; Chase Marriott $20k; Discover $7.8k; CapOne Venture $30k
Message 2 of 5
Established Contributor

Re: PenFed Auto Approval!!!

Refi rate at 1/3 the apr?  

That sounds nice, Congrats!

 

Have to let you cards mature if you want approvals.

Ease off the inquiries a bit too ...stuff happens we all know.



[Penfed Platinum Rewards 10k][TD Ameritrade-2k][BOA Cash Rewards 22k][NFCU cashRewards 25k][TDcash 5k][IHG 14.2k][BOA 15.8k][Amazon Prime Store 10k][Amazon PrimeVS 500][Amex BCE 6k][WellsFargo CashWise 14k][PNC Core 19.5k][WalmartMC 10k][SearsMC 12.5k][Lowes 35k][Toyota 15k][Capital One 5250][BP 10k][Home Depot 24.2k][Chase FU 6.6k][Discover 22.5k]
- [BOA CR $12.5k][Amex SC+ $13.5k][Amex B4B $35k][Chase Ink $45k][PNC $25k]
Message 3 of 5
Established Contributor

Re: PenFed Auto Approval!!!


@idolimage wrote:

So this is my third post and I just want to say you all are super awesome! I posted my first post yesterday about some credit card issues and etc. In that post, someone realized I MrDFinance, HeavenOhio and more gave me some great information. They realized I had NFCU and USAA and advised I check out PenFed. I did and joined immediately. I found that joining gave me a hard pull so I was kind of bummed about that as I have 22 inquiries already.... (stupid advice from someone). I figured since I already had the hard pull, and seen that you can apply for other products and it still be a hard pull, that I should just apply for whatever I want. I wasn't approved for any CC, applied for 4, all went to "Sent to loan officer for review" along with the auto loan. I called this morning and was told that I was denied the cards, but was approved for the auto loan! 6.99% is my rate. This may not be much to you but seeing as how my Cap 1 rate was 19.55%, this is a huge win for me! Thanks MyFico for all your help! If it helps they pulled TU and my credit karma score with them is 647, 1 badie and 1 CC late, AAofA 9 months.


Are you saying that PenFed pulled TU, or that Capital One did? I thought PenFed only pulled EQ, which is why I waited for my EQ report to be clean before I apped for any cards with them. Some dude with PenFed told me that they likely won't approve you if you have any collections on your EQ report, so as soon as mine dropped off, I apped and was approved. I can't believe they approved my initial car loan back when my score was in the 570's. Now my score is 100 points higher and I'm sticking with them for my new car as well.

 

Also, do you know your actual FICO scores? The one's on CK are FAKO scores (Vantage 3.0 model) and not used by any lenders. Congrats on the auto loan approval! What kind of car are you going to buy?

I’m probably never finding that garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 4 of 5
New Contributor

Re: PenFed Auto Approval!!!

@Queen_Etherea I just opened an account last week with PenFed and they only use Equifax. I found this out because I had a credit freeze on my Equifax report because I didn't think anyone used them much anymore. I asked the woman on the phone what FICO auto they used too and she said they use FICO auto 9 and they use Equifax for all their credit decisions.

Message 5 of 5
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