PenFed Denial :/

[AprilShowers4]

I tried to refinance my auto loan and was denied. It’s currently at 4.9% and my FICO is 666. I have some old collections. He said it was due to derogatory items. What makes me so mad is because I applied online and tried to save my app and it gave me an error message. I had to pay $22 to sign up. I called and the rep withdrew my application. I called today and the rep says we must pull your credit again just to hear denied. I have been working hard to get my credit score up but I do have some ugly marks. Any advice.

[Gmood1]

Wait for the email to give feedback. State your case. Someone will call you from Penfed. Many have used the survey to over turn a denial.
When I was denied a refinance. I called and made my case. The UW gave me the refinance in the end. With a 2.39 % rate 3 years ago.

[Appleman]

Given your current FICO score that is not a bad rate.

PenFed recently switched to FICO 09 scoring which helped some and hurt others.

[Anonymous]

Were you able to get a recon?

I’m in the same boat.  I applied for an auto refi last night, paid the fee even though the member services rep over the phone said I should be able to apply before paying the fee to join, and immediately got a denial online.  

I sent an email in to the email address the member services rep told me to send a recon request to.  I haven’t received a survey but I hope I get one. I’ve heard PenFed is one of the best for getting an auto refi or loan after a BK.   Our current auto is at 18.9% and yes I know that’s high but it’s due to the BK that has since been discharged.  I just want to lower the rate to something reasonable, lower the term, but keep around the same payment.  

We have no credit card debt at all.  We just have our mortgage, two auto loans, and my student loan.  Score they pulled was a 622. 

[Anonymous]

I got the survey yesterday and filled it out accordingly with what I was trying to accomplish and the scores I gave were mostly low.  

How much of a chance do I have to get a call from PenFed now that I did the survey?

[Anonymous]

I ended up calling PenFed this morning and while speaking with a Member Services representative and stating my situation he agreed to send my denial over to a loan officer for a recon.  They hadn't seen my email yet or the survey but after being placed on hold he found the email and sent that over to the loan officer that will be reviewing.  He did say that the loan officer said it could be 24-72 hours before I would have an answer, and most likely it would just be an email reply or an update on my PenFed dashboard.

I told them about our BK, and the reasons they stated for denial other than the BK didn't look right.  Balances high perportionate to limits doesn't make sense as the only things open on my credit are our two auto loans (my truck and this one we are trying to refi), and a line of credit through my home bank that we are under the limit for.  I had stated that in my email and the survey.  When I told the Member Services rep this he thanked me for being transparant and agreed to send it over to the LO at that time.

I logged in and I now see a new application number and it's in Pending Loan Officer Review status.  Not sure if that's good or not.  I also received an email from the Member Services rep just reiterating the 24-72 hour thing.

What are my chances of getting this overturned into an approval?  My only other options are to live with the 18.9% rate and wait, or trade it in and get financing with TFS with a lower rate but with a higher loan amount and term.

[Loquat]

There's always a chance.  Pending with Loan Officer means that someone is reviewing your info.  Hopefully you get a postive response quickly. PenFed has been really good to me.  I actually applied and was approved for 2 auto loans with them with an ACTIVE BK13 and have had 3 auto loans with them post BK.  My BK13 is still alive and well on my report for about another year and a half.  I have a $38k Platinum Rewards Visa and a line of credit with them.  I can say that are indeed BK friendly.  Best of luck OP!

[Anonymous]

The recon was also denied. Same reasons as why it was turned down initially.  Oh well, I was able to get a refi done with Blinker.