Anybody get an auto loan with Penfed?

Honeykissez · ‎12-18-2020

I just opened a savings with Penfed and wanted to apply for a car. I'm 4 months post dc. I've seen previously that they wanted you to be 2 yrs post but some ppl have gotten them less than a year. Tia!

Discharged BK 8/5/2020
Fico 8: Ex 537 - Tu 522 - Eq 572

8/5/21: Ex 653 - Eq 669 - Tu 727

Rebuilding: 8/21 Secured nfcu $200 - increased by nfcu on 11/7 to $600 - graduated 2/10 $2,000 ~ 9/10 Secured Discover It $200 - graduated 4/22 $1,800 ~ 12/8 Mercury MasterCard $750 unsecured ~ 4/8 Target $1,200 ~ 5/2 Apple Card $850 ~ 5/31 Quicksilver $2000 ~ 8/7 Nfcu Go Rewards $12,500

DebtStinks · ‎12-18-2020

Yes, what you heard about 2 years post discharge is the "norm."

I, however, got an auto loan from them only 3 months post discharge. I was told by the underwriter that they have an 'investor" that backs any of their auto loans where the consumer is less than 2 years post discharge...they said the minimum rate was 4.99 and I got 4.99.

I do now have another auto loan with them @ 2.99% on 72 months that I received around 3 years post filing.

Best of luck!

NFCU More Rewards AMEX $25000 (Opened 1/19) - NFCU Platinum $21000 (Opened 1/21) - TTCU Platinum Visa $10000 (Opened 10/18) - Discover $5500 (Opened 11/21) - Barclays View MC $5000 (Opened 1/19) - Capital One Platinum $3500 (Opened 2/19) - Capital One World Elite MC $1000 (Opened 3/21) - Target Store Card $2000 (Opened 10/18) - Floor & Decor Store Card $42500 (Opened 10/18)
Closed - PenFed $35,000 - Cap1 World Elite MC $11,200
Total CL - $115500

CH7 BK Filed 8/1/17 Discharged 11/7/17

Scores as of 2/18/21:

Inquiries Last 12 Months:

Honeykissez · ‎12-18-2020

@DebtStinks Oh wow that's great. Unfortunately I got denied so I'll continue to wait.

Discharged BK 8/5/2020
Fico 8: Ex 537 - Tu 522 - Eq 572

8/5/21: Ex 653 - Eq 669 - Tu 727

Rebuilding: 8/21 Secured nfcu $200 - increased by nfcu on 11/7 to $600 - graduated 2/10 $2,000 ~ 9/10 Secured Discover It $200 - graduated 4/22 $1,800 ~ 12/8 Mercury MasterCard $750 unsecured ~ 4/8 Target $1,200 ~ 5/2 Apple Card $850 ~ 5/31 Quicksilver $2000 ~ 8/7 Nfcu Go Rewards $12,500

DebtStinks · ‎12-18-2020

I'll say this...looking at your scores from August this year compared to December are a huge difference with any lender.

It might be worth a try looking at it again...either with another lender or soon again with PenFed.

Best of luck!

NFCU More Rewards AMEX $25000 (Opened 1/19) - NFCU Platinum $21000 (Opened 1/21) - TTCU Platinum Visa $10000 (Opened 10/18) - Discover $5500 (Opened 11/21) - Barclays View MC $5000 (Opened 1/19) - Capital One Platinum $3500 (Opened 2/19) - Capital One World Elite MC $1000 (Opened 3/21) - Target Store Card $2000 (Opened 10/18) - Floor & Decor Store Card $42500 (Opened 10/18)
Closed - PenFed $35,000 - Cap1 World Elite MC $11,200
Total CL - $115500

CH7 BK Filed 8/1/17 Discharged 11/7/17

Scores as of 2/18/21:

Inquiries Last 12 Months:

ballysdad · ‎12-18-2020

I'm 5 months post discharge CH7. Opened up Savings account 3 months ago with Penn Fed and Navy Fed. I only kept $500 in Penn Fed. I applied for a CC was appproved for $3.5k with Penn Fed. with a 707 Equifax score Fico 9. I also applied for refinance with Penn Fed was denied. Reason stated Bankrupsy.

I can only get secured card from Navy everything else was denied.

Honeykissez · ‎12-19-2020

@ballysdad Congrats on the card! I was denied for the card. Eq 9 is 666. I have the secured nfcu card also and hoping I graduate in February.

Discharged BK 8/5/2020
Fico 8: Ex 537 - Tu 522 - Eq 572

8/5/21: Ex 653 - Eq 669 - Tu 727

Rebuilding: 8/21 Secured nfcu $200 - increased by nfcu on 11/7 to $600 - graduated 2/10 $2,000 ~ 9/10 Secured Discover It $200 - graduated 4/22 $1,800 ~ 12/8 Mercury MasterCard $750 unsecured ~ 4/8 Target $1,200 ~ 5/2 Apple Card $850 ~ 5/31 Quicksilver $2000 ~ 8/7 Nfcu Go Rewards $12,500