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PenFed Auto Loans

Lel
Moderator Emeritus

Re: PenFed Auto Loans

Nicely said, LilMirth.
Message 21 of 26
txjohn
Senior Contributor

Re: PenFed Auto Loans


@usmc58555 wrote:

@marty56 wrote:
Since multiple autoloan INQs count as 1, I would apply everywhere I could.  Also you may not have to join the CU unless the loan is apporved so keep that in mind.

 

Multiple inquiries count as one only over a finite period of time.

 

NFCU requires membership before they would consider your application.

 

And if txjohn is correct,and I have no doubt he is, I am surprised and hope that does work for you. i am surprised in this privacy era they would give out confirmation on even deceased SSNs.

 

 


Hey usmc, check out this link: 

 

https://myaccounts.navyfcu.org/cgi-bin/ifsewwwc?FindMyAccessNumber

 

If you are a member, you can test this by entering your own SSN, DOB and Last Name.....and alakazam - there's your NFCU Member Access ID.

 

 

Message Edited by txjohn on 06-30-2009 07:14 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Message 22 of 26
1fastZ
Contributor

Re: PenFed Auto Loans

I tried PenFed also to no avail.  Never had a late auto payment in my life.  680 credit score.  6 months of current payments (and I am also making extra payments), the car loan that I have now is less than the retail value, so I don't owe more than it's worth, actually less, because I got a great deal from the dealer....

 

I contributed to the NFMA ($50) to join (as I have no problem with this as it is for a good cause)  .... and they still refuse me.

 

I am trying to get my money out of that savings acct I opened.  Which is a huge hassle since I can't transfer it to another bank acct., I received no ATM card to withdraw.  There are only a few branch locations (all located in or around Wash., DC)....

 

I should have avoided them like the plague.  But I fell into that EQ crap also, "with your credit score these lenders will provide you blah, blah,blah"  PenFed was the first listed.

 

So down with PenFed, I will take my business to a local CU, get the same rates, have locally available branches, and no FEE's to join, as long as you meet their requirements for either working in that state or residing there.

>>>EQ: 791__TU:757
Message 23 of 26
ephy
Member

Re: PenFed Auto Loans

I'd thought I share with some of you my positive experience with PenFed seeing some negative feedback on this thread.  I first joined Penfed last month (June 09), fund the account with $5.00 and was approved for the Cashback Rewards Platinum Visa for $5,000 CL.  The loan dept. asked me to fax in two most recent pay stubs and after I did that..my application was approved.  My CC utilization was around 9.6% at this time.

 

Since opening the VISA card, i've charged $1,500 on it and had PIF before they can even cut the first statement to me.

 

4 days ago, realizing that I was about to be over my allowed mileage on my leased 07 Jetta, I thought to just payoff the car with a Used-Car loan for $13K.  Wasn't sure if PenFed was going to bite since I just joined them but I know they will NOT do another hard inquiry since each inquiry is good for 90 days? So the loan request went into review for one day and they again requested 1) two most recent pay stubs and 2) payoff quote from VW.

 

In addition to the requested documents, I voluntarily faxed them my current registration and insurance paperwork to show them that I am the Lessee and everything is in good order.  The very next day, they approved my loan for 3.99%. (very painless).

 

Now here is my credit profile:

EQ: 696

CC Utilization: 9.6%...and as of today, 7%

DTI Ratio: 22.9% - including total owed on studen loans (not monthly pmts) 

Never late on my car lease payments during the lease term and on-time CC payments for 3+ years

One paid medical collection in 2004 (for $200)

 

So yes, they will approve ppl with less than 700 fico score if your overal credit profile looks attractive to them.  My new car payment will be $240 a month, which is only 5.5% of my monthly NET income Smiley Happy  I am VERY happy with PenFed.

Message Edited by ephy on 07-10-2009 12:38 PM
Message 24 of 26
usmc58555
Valued Contributor

Re: PenFed Auto Loans


@ephy wrote:

 

 

Now here is my credit profile:

EQ: 696

CC Utilization: 9.6%...and as of today, 7%

DTI Ratio: 22.9% - including total owed on studen loans (not monthly pmts) 

Never late on my car lease payments during the lease term and on-time CC payments for 3+ years

One paid medical collection in 2004 (for $200)

 

So yes, they will approve ppl with less than 700 fico score if your overal credit profile looks attractive to them.  My new car payment will be $240 a month, which is only 5.5% of my monthly NET income Smiley Happy  I am VERY happy with PenFed.


We have never stated anything to the contrary.

Many people (including myself) taking advice in this Forum do not qualify, which you do. So for many  it is easily a waste of $25.00 to join, and a useles inquiry.

 

 

Message Edited by usmc58555 on 07-10-2009 12:29 PM
Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Message 25 of 26
1fastZ
Contributor

Re: PenFed Auto Loans

I guess in reality, I should really blame EQ for the misleading info, and myself for not contacting PenFed first to find out their requirements.

 

Even with my credit score and never a NSF on my checking acct., they even refused to give me a checking acct for 6 months. Some probationary period?

 

I, like the above post, have never had a late payment on a auto loan in my life.  I had one 30 day late 3 years ago on a CC.  The ONLY debt I have now is my car payment.  No other debt and I make $74000/year with the same company for 8 years...$30000 available in credit...

 

I've also paid on this vehicle for 7 months, (maybe they require a year of payments?)  And the car is worth more than the loan for a Re-Fi...

 

I must say, you are one of the lucky ones...

 

 

 

 

 

>>>EQ: 791__TU:757
Message 26 of 26
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