cancel
Showing results for 
Search instead for 
Did you mean: 

PenFed/NavyFed Auto Loan BK Friendly?

PlasticBurns
New Member

PenFed/NavyFed Auto Loan BK Friendly?

Hello,

 

Does anyone know the auto lending guidelines for PenFed/NavyFed post CH7? I see posts saying 2 years, some say 1 year, and some are approved months after discharge. Can anyone comment to this?

 

Thanks!

Chapter 7 DC 12/2020
NFCU More Rewards AU: $25000 MissionLane: $1100 Credit One: $500 NFCU Cash Rewards: $2000
Message 1 of 16
15 REPLIES 15
wxman2021
Regular Contributor

Re: PenFed/NavyFed Auto Loan BK Friendly?

I am not sure, but I know 6 months out they denied me.  NFCU did.....I have been hearing a lot about 1 year.....

DC (5/25/2021)
Current: EQ8 656 EQ9 642
Current: EX8 640 EX9 642
Current: TU8 653 TU9 661
As of 12/08/21
$3300 C1 QS (good credit)
$2000 CashRewards NFCU (Secured Grad)
$500 Local CU
$5000 *newest card* Cap 1 Venture
1% Util
Message 2 of 16
pip3man
Valued Contributor

Re: PenFed/NavyFed Auto Loan BK Friendly?

PenFed is definitely BK friendly. I can't say the same for NFCU. My PF auto loan refi was approved at 5.8% exactly 1 year 1 month post BK7 filing and only 9 months post discharge. My credit card & auto loan apps with NFCU have all been declined till this day

Message 3 of 16
chalupaman
Super Contributor

Re: PenFed/NavyFed Auto Loan BK Friendly?

Penfed approved me for one of their cards and I wasn't even two years post discharge at the time. Sometimes there are exceptions to the rule. Wouldn't hurt to give it a try if you are over a year past BK just to see what happens. You never know. 

 

In my case I had an account with them for years, and they first gave me back an Overdraft LOC, so that might have also been in my favor. 

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 4 of 16
MileHigh96
Regular Contributor

Re: PenFed/NavyFed Auto Loan BK Friendly?

Not sure about auto loans, but I was just approved last week for a PenFed credit card and that was just barely 4 months post discharge. I would assume that if they are that BK friendly with unsecured credit that they would be as generous if not more with a secured credit product like an auto loan.
BK7 discharged - 06JUL2021

Loans:

Revolving Accounts:

FICO8 Scores on 08/19/2021:

FICO8 Scores on 11/22/2021:

FICO8 Scores on 05/18/2022:
Message 5 of 16
wxman2021
Regular Contributor

Re: PenFed/NavyFed Auto Loan BK Friendly?

@MileHigh96 

I am almost 6 months post BK DC, what card did you apply for with PenFed and did they counter or did you recon or anything?

DC (5/25/2021)
Current: EQ8 656 EQ9 642
Current: EX8 640 EX9 642
Current: TU8 653 TU9 661
As of 12/08/21
$3300 C1 QS (good credit)
$2000 CashRewards NFCU (Secured Grad)
$500 Local CU
$5000 *newest card* Cap 1 Venture
1% Util
Message 6 of 16
MileHigh96
Regular Contributor

Re: PenFed/NavyFed Auto Loan BK Friendly?


@wxman2021 wrote:

@MileHigh96 

I am almost 6 months post BK DC, what card did you apply for with PenFed and did they counter or did you recon or anything?


I applied for the Pathfinder Rewards card.  I wasn't paying attention and wanted to apply for a different one, but regardless, the application went thru no problem.  Instantly approved for a $6K credit limit, no muss, no fuss.  Just waiting for the physical card to show up in the mail now.

BK7 discharged - 06JUL2021

Loans:

Revolving Accounts:

FICO8 Scores on 08/19/2021:

FICO8 Scores on 11/22/2021:

FICO8 Scores on 05/18/2022:
Message 7 of 16
Hex
Established Contributor

Re: PenFed/NavyFed Auto Loan BK Friendly?

I got a great rate from Cap1 auto navigatior after about 10. Months post d/c. 2.99% I think. I got PenFed 2 years and 2 months past filing.at 1,99%

Message 8 of 16
wxman2021
Regular Contributor

Re: PenFed/NavyFed Auto Loan BK Friendly?

Awesome!

DC (5/25/2021)
Current: EQ8 656 EQ9 642
Current: EX8 640 EX9 642
Current: TU8 653 TU9 661
As of 12/08/21
$3300 C1 QS (good credit)
$2000 CashRewards NFCU (Secured Grad)
$500 Local CU
$5000 *newest card* Cap 1 Venture
1% Util
Message 9 of 16
coreyb80
Senior Contributor

Re: PenFed/NavyFed Auto Loan BK Friendly?

Penfed is definitely BK friendly.  I've been able to obtain 3 CCs and an auto loan with them in the past few months while at the tail end of my chapter 13.  NFCU not so much it seems now.

Message 10 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.