Want to App 3 CC's - better to do it before or after Applying for New Auto Loan?

[Anonymous]

Yeah, I can't wait til I get the Navy denial letter but I don't think I can wait for it to arrive before I try another bank..... 

I checked out the PNC online app but decided I will wait until I get the actual VIN on Monday and just go into the PNC branch and apply in person versus online...  hoping for better outcome...  would prefer apping w/ bank that uses TU since it is about 15 pts higher.  Still going to look into and research DPs on PenFed/DCU and Alliant tonight.  I appreciate everyones input and advice.

I am still scratching my head after reviewing the DPs in the "Loan Approval Thread" for hours last night.

[Anonymous]

Short update on Navy Fed denial - sent them a secure message yesterday inquiring about recon......  just received a reply  10 min ago

(" In order to be considered for an appeal to your recently declined loan application, a new application must be entered for a second review. To expedite the appeals process, please submit the request by speaking with a Consumer Loans Specialist. A written appeal is not needed" )  

and then called their consumer loan specialist......... he looked at the notes and said it's coded with something he does not recall ever seeing before and is referring to "limited credit" or "length of credit"  though he says he is not sure if that means with NFCU or just in general.....  He said he can't see my scores so I briefed him on my score and quick credit history/length of credit ......  and he said this is something you might want to appeal and have them do a manual review, this is something that might just need a human to look over...... 

My next question to him - if I seek a manual review will it result in additionl HP and he said "not always" but can't guarantee it won't and that they make sure to acknowledge the possilbe inquiry before submitting it for appeal/manual review. 

Either way, it can't be done until Monday but wondering do I just cut my losses and the 2 HPs NFCU already cost me or try again and possibly get hit again or just try elsewhere......  not knowing if whatever was coded in this denial as "limited credit" won't re-apear w/ other banks or CUs and try to have manual review done so I can actually see what thier issue is before moving on........... 

[Traveler101]

If it were me, I would wait until I have the vin, options, etc. I would then call navy, explaing the situation, about the 2 pulls and make your case then. I would not do it prior to having all needed info. If they are understanding, and consent to a manual review, youre all done at that point. Its a pretty great rate you are after. Navy was very generous with me on a cc. Never tried a car loan with them. Maybe someone could chime in on that. I do know, whenever Ive spoken to them, its been outstanding. I really do wish you luck. But definitely wait till you have your info to proceed.

[Anonymous]

Bet its referring to your short time with them and I bet manual review might do the trick, but I hate to say do it and it cost you another HP for nada.

Don't see why they'd have to do another HP, but they love their HPs. Maybe you can call Monday and talk directly with an analyst and question the reason for denial and request it be reconsidered without additional HP.

[Traveler101]

I think you are rite birdman. They are going to want to see the exact beast and vin, options and then make the determination. How I did mine, yes, I talked with penfed, no prequal, no association with cred union ever. I joined 2 weeks prior thru association. It can be processed the day of the deal, join and apply once paperwork for car in hand. But I opened a cc with them, 2 weeks prior to car deal. 1 inq, eq. I grabbed copy of vehicle, sat at a desk, she took vin, options, valued out the vehicle, put me on hold while she spoke to underwriter, came back on phone, approved, out of dealer in new 52k car in 20 min at best int rate. No prior c union history, a bk 5.5 years old, 3 accounts included in bk, 685 fico 9 eq. I wound up with 62k overall with penfed off 1 inq. Great day that day. I dont know about navy, with cars, I cant see them all that much different. Hes taken the pulls, hes done a great job on his homework. His scores way better and longer than me. Now its his time to take the denial, and get it overturned. Im fairly confident he will.

[Anonymous]

Ok, was up until 630am researching this forum, and still have dozens of tabs open I haven't finished reading yet.  Funny thing is when I started researching my credit last December to build and thicken my file I spent so much time reading this forum that I would have so many internet tabs opened at one time it would cause my computer to freeze/crash, I eventually had to go out and bump up my computer ram to 16gb so I could keep more than 100 tabs open for later viewing.

So this morning I got my VIN and window sticker.....   so have all the info I need....  I also joined PENFED with no issues and then started to join DCU until I was near completing the membership, the last screen popped up stating "Congratulations, you have been pre-approved for additional products.  1) You are pre-approved for auto loan up to $35k 2) You are pre-approved for Visa Platinum for $5k.   Then it gives me an option to "Accept" or "Remove" these options before I click next........   I decided to stop there and save my progress for later ---

First I was suprised to see these were pre-approvals, second - after all the research and reading I have done, I still know very little about the credit game.....  not sure how I can get pre-approvals here when at no point in this process did I submit my employment and income information, at this point in the process they have my SS# and address.  Now I don't know how to proceed, if I remove these offers will they be available after I complete my membership......  If I accept these offers and go to the next step I am sure it will be an immiediate HP or 2 HPs? 

This pre-approval is for $35k, I do not want to accept it now because I want to try for $45k, if I accept the offer for $35 can I contact them to recon for higher or maybe that total will auto change once I get to input my income?  The window sticker is $48,200  my final out the door price is $43,500 plus taxes/lic est.$5k.  Will put 10% or 20% down if needed.  Anyone with recent DCU experience that might be able to chime in while I go back and search through forum for DCU DPs.

It looks like DCU likes EQ   ----

EQ  -- Fico 8 - 799    Fico 5 - 777   Fico  Auto Score 8 - 817  Fico Auto Core 5 - 799  Fico Bankcard Score 8 - 825  Fico Bankcard Score 5 - 796

Fico 9 - 817    Fico Auto 9 - 826  Fico Bankcard Score 9 - 828 

[Traveler101]

You have your info. Call navy..explain about the pulls they have done. Ask to review off them pulls they have have done with all your info. I suspect they will due to circumstances. See if you can overturn your denial.

If not, compare your other 2 options. Look at best rate. Mho, you would be happy with penfed and it going to be an eq pull. Then you are done. Likely, if penfed still using the same eq pull, wait a week and call em back. See if they use same pull for a penfed cc. Get yourself 2 accounts if thats what you are aiming for. Let us all know how you do. Everyone wants to see your approval post.

[Traveler101]

Navy is there 24 7..every day of the year

[Anonymous]

ahhh, was going to wait until tommorrow because I assumed Sunday was an off day and didn't expect to get VIN today.  TY.

[Traveler101]

Lol, go get you your car. Just remember, tell em about pulls they have done and explain your situation. If they say no go for any reason, go give penfed a call if thats who you choose. Then after about a 20 min process, they will tell you what you need to so for your purchase order etc. You be in your new car today if dealer was open