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UPDATE: PenFed Auto Loan - Pending with Loan Officer

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Contributor

UPDATE: PenFed Auto Loan - Pending with Loan Officer

*Approved with a 4.19% APR

 

So I just applied for an auto loan with PenFed as I need a new vehicle. They weren't able to give me an instant approval (or denial, so yay!). Instead I got the following message: "PENDING WITH LOAN OFFICER". Can anyone tell me what to expect based on my DP's? 

 

  • Applied for 19k auto loan
  • Income: 45k individual yearly salary
  • $0 monthly housing payment (live with family)
  • Utilization: <1% on revolving credit cards, 6k on Amex charge card
  • Scores: Scores in my signature are current. All auto Fico scores are 720+
  • Inquiries: 1 in each bureau report. All made this month for new credit cards (still not showing up on my reports).
  • No baddies
  • 3 years, 4 months AAoA

 

Any feeback is appreciated Smiley Happy.

Current Cards

FICO Score 8 as of July 2020

Inquiries as of July 2020
3 REPLIES 3
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Community Leader
Super Contributor

Re: PenFed Auto Loan - Pending with Loan Officer

This is quite common. The 6k reporting may give them pause.

From what you've provided, you should be fine. But with how the economy has been as of late.

Who knows ?

 

Maybe it's a new policy for applications to automatically be forwarded to the UW, under certain conditions.

Fingers crossed you'll be approved today. 



My most prized tradeline.
Message 2 of 4
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Contributor

Re: PenFed Auto Loan - Pending with Loan Officer

Thanks @Gmood1! Just got an email stating I was approved for the loan amount with an APR of 4.19%. Not the best APR but I'll take it!

Current Cards

FICO Score 8 as of July 2020

Inquiries as of July 2020
Message 3 of 4
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Super Contributor

Re: UPDATE:PenFed Auto Loan - Pending with Loan Officer

Congratulations on your approval!

Message 4 of 4
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