PenFed Denial...Recon?

[Anonymous]

Hi Everyone,

Just applied for a PenFed Used Auto Loan and saw they denied it: "Limited Credit Experience." They pulled EQ when I opened a savings with them a few days prior and 1.7k in the account. Here were the stats:

AAoA: 2Y 11m

Oldest: 3Y 10m

Util: 1%

Inq: 3

0 baddies

FAKO 774

6 Cards, 1 Alliant Loan

CL: $66,350

Income: $75,000

Was asking for a maximum $20,000 loan. Should I recon? I read a previous thread where a loan officer said they want to see at least 5 years on your oldest account.

[Harvey26]

@AnonymousI would try with alliant or chase looks like you have an existing relationship with both. You can also try the Cap One Auto Navigator. Is this your first auto loan ? Do you have any local credit unions in your area I would also look into them.

[Anonymous]

This would be my first auto loan. Will try calling PenFed tomorrow to discuss recon before moving on to Chase or Alliant with another HP.

I'm based in NYC, so I don't have a ton of other options for CUs near me.

[Anonymous]

Update, PenFed said they can't recon because the information was correct in my report and I did not want to re-apply with another applicant. So, I closed my account with them.

Applied with Alliant and was declined due to too many inquiries (2). I'll try Chase, but it looks like I will need to take whatever 15% APR a dealer will give me. Feeling defeated.

[Credit4Growth]

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@Anonymous wrote:

Update, PenFed said they can't recon because the information was correct in my report and I did not want to re-apply with another applicant. So, I closed my account with them.

Applied with Alliant and was declined due to too many inquiries (2). I'll try Chase, but it looks like I will need to take whatever 15% APR a dealer will give me. Feeling defeated.

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Wow, they denied you because of 2 inquiries... and DCU maybe because your oldest account ia not 5 years.  Lendind is rwally starting to look pretty bleek.   

Cap 1/Chase- I presume you have been with chase for close to 3 years?

[Anonymous]

@Credit4Growth, I don't want to use Chase because they don't work with any of the independent used car dealerships in my area to facilitate a loan. I am going to see what rates the dealer provides me, then I will check out DCU.

[Harvey26]

@AnonymousI would not recommend doing that. They probably will shot gun your credit for no reason. Have you asked what lenders the dealer works with?

[Credit4Growth]

I would agree.  Do not do that, many of them will pull your credit until it feels like they pull it anymore.  You really do not need that kind of a hit to your younger profile.  

[Credit4Growth]

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@Harvey26 wrote:

@AnonymousI would not recommend doing that. They probably will shot gun your credit for no reason. Have you asked what lenders the dealer works with?

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I would first find out this ^^^ and I would look into the few CU in and around NYC or near wherever you rest your head.  There really are at least a hand full around you... Jersey, L.I. or jusr pick a borough.  Just ask Siri or Google

[Anonymous]

Agreed with everything everyone has said and would suggest trying the Capital One auto navigator prequal so you can get an answer with only a soft pull. Plus they're a good first loan company.