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Strategy for getting approved for Higher Loan Amounts

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pizzadude
Credit Mentor

Re: Strategy for getting approved for Higher Loan Amounts


@creditguy321 wrote:

You all were correct. Just got Pre-Approved through PenFed for $80K no issue. 

 

Thank you!


Congrats !!  What interest rates / terms are they offering ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 11 of 15
creditguy321
New Contributor

Re: Strategy for getting approved for Higher Loan Amounts

None that I'm going to accept lol. 

 

48 Months at 8.54%

60 Months at 8.69%

66 Months at 9.39%

72 Months at 9.39%

 

 

I figure this will give me a good opportunity to keep shopping better rates/strenghten my credit to get better offers. 

Current Credit Cards: AMEX Platinum (NPSL) AMEX Green Card (NPSL) AMEX Gold Card (NPSL) American Express Blue Cash Preferred (14.7K) American Express Delta Platinum ($5.1K), Discover Chrome IT ($3.5K), Apple Card ($3.5K),

August My Fico 8: Experian- 694 Transunion- 658 Equifax- 702

Rebuilding since September 2020- Experian 496
Message 12 of 15
gokarter24
New Member

Re: Strategy for getting approved for Higher Loan Amounts

What's your current score and income if you don't mind in the next 6 months to a year I'm looking at getting approved for the same car haha!

Message 13 of 15
creditguy321
New Contributor

Re: Strategy for getting approved for Higher Loan Amounts

Income was $144k


Current Beacon 691 Equifax, 675 Equifax, 642 Transunion

Just took 25-30 point drops across all the Credut Bureau's after my last car loan was paid off last month. 

Current Credit Cards: AMEX Platinum (NPSL) AMEX Green Card (NPSL) AMEX Gold Card (NPSL) American Express Blue Cash Preferred (14.7K) American Express Delta Platinum ($5.1K), Discover Chrome IT ($3.5K), Apple Card ($3.5K),

August My Fico 8: Experian- 694 Transunion- 658 Equifax- 702

Rebuilding since September 2020- Experian 496
Message 14 of 15
805orbust
Valued Contributor

Re: Strategy for getting approved for Higher Loan Amounts

BOOM Baby!!!  Told you!  When the time comes you'll be in even better shape score-wise so the interest will very even more favorable. DW got pre-approved thru CapOne and I gotta say i like how it worked. You can even look thru their portal for the car you want at your dealer. Just take your approval# to the dealer and that's it. Easy peasy.  Just a suggestion for when the time comes. 



Message 15 of 15
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