Penfed dilima

[bsal]

Hey guys for anyone that's a penfed member. I been a member with them for a few years now back in 2013 -2014 it was a pretty rough year and I had a lot of late payments with my auto loan I mean quite a few but I still managed to pay the car loan completely off. Well luckily penfed was really nice enough to never report my lates to the 3 credit bureaus however I been back on track with my credit for a year or two now and I would love to get another loan with them so I called lastnight not to apply but to pull up my previous loan I had with them to see if they would be able to pull up the lates I had with them on my first auto loan and they were able to unfortunately, so now I'm a little skeptical on applying now. I ask to the members of penfed what do you think my chances are getting approval for another auto loan even if my scores are up to par ? Should I even bother?

[Anonymous]

This is a tough question to answer as know one knows what a lender is going to do based on what happened when you last had a loan with them. How much auto loan are you planning on getting if you don't mind me asking and what are your scores?

[bsal]

This is a tough question to answer as know one knows what a lender is going to do based on what happened when you last had a loan with them. How much auto loan are you planning on getting if you don't mind me asking and what are your scores?


Thanks for responding. That's how I feel right now I don't want to waste a hard pull just to get rejected

But my scores are in the very high 6 low 700's my debt to income will be less then 17% and the loan amount I'm looking for is roughly 45k with 10k down of my own money

[Anonymous]

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@bsal wrote:


Thanks for responding. That's how I feel right now I don't want to waste a hard pull just to get rejected

But my scores are in the very high 6 low 700's my debt to income will be less then 17% and the loan amount I'm looking for is roughly 45k with 10k down of my own money

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Since you had an auto loan with them prior and still paid it off, that reflects responsible behavior thus, not having the car repossessed and Penfed might look favorably on you than a new lender.  If the truck / car is a must have, I'd encourage you to give it a shot.  One hardpull might be worth it for truck/car.  It is all up to you...

[bsal]

I hear what your saying but I have also heard stories of penfed black listing so I have a 50/50 chance wish I knew some people who are members of penfed who have had experience like this and penfed gave them a 2nd chance

[lincar66]

Honestly I would say you have a pretty decent chance because you showed them that even when you struggled you were willing and able to pay them back and that's what credit is all about.

Also if you make the ltv in the 85% area that would help big time just being ahead on ltv is attractive to a lender

[bsal]

What is ltv lol ?

[lincar66]

It means loan to value and it is probably the most important thing next to credit and income

In easy terms it means how much money they will be loaning for the item in comparison to its value you really want to keep the ltv under100% and you having 10k will help

[bsal]

Ohhhhh ok lincar66 thank you

[Anonymous]

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@bsal wrote:
I hear what your saying but I have also heard stories of penfed black listing so I have a 50/50 chance wish I knew some people who are members of penfed who have had experience like this and penfed gave them a 2nd chance

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I am a member of Penfed but I have to admit I have never been in your situation.  so I understand your hesitancy...