PenFed/NavyFed Auto Loan BK Friendly?

Anonymous · ‎11-12-2021

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!

wxman2021 · ‎11-13-2021

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 684 EQ9 669
Current: EX8 698 EX9 696
Current: TU8 718 TU9 724
As of 7/7/2023
UTIL 1%

pip3man · ‎11-15-2021

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

chalupaman · ‎11-15-2021

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

MileHigh96 · ‎11-16-2021

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 (in the order they were opened):

Ally Everyday Cash Back Mastercard (converted from Ollo Platinum Rewards Mastercard) $4800 CL

Upgrade Triple Cash Rewards Visa Card $17,500 LOC

Dell Pay Credit (converted from Dell Financial Services account) $6500 CL

Capital One Kohls Visa (converted from Kohls store card) $3000 CL

Upgrade Cash Rewards Visa Card $7,000 LOC

Capital One Quicksilver MC (PC'd from a Platinum card) $6000 CL

Merrick Bank Double Your Line MC $2500 CL

Capital One Quicksilver MC (downgraded from a Walmart Rewards MC and transfered CL to older QS card) $500 CL

Denver Broncos Extra Point Visa $6000 CL

Ally Unlimited Cash Back Mastercard $3000 CL

Service Credit Union Everyday Visa $2500 CL

Closed accounts:

Mission Lane Visa - first starter card after discharge

wxman2021 · ‎11-16-2021

@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 684 EQ9 669
Current: EX8 698 EX9 696
Current: TU8 718 TU9 724
As of 7/7/2023
UTIL 1%

MileHigh96 · ‎11-16-2021

@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 (in the order they were opened):

Closed accounts:

Hex · ‎11-16-2021

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%

wxman2021 · ‎11-16-2021

Awesome!

DC (5/25/2021)
Current: EQ8 684 EQ9 669
Current: EX8 698 EX9 696
Current: TU8 718 TU9 724
As of 7/7/2023
UTIL 1%

coreyb80 · ‎11-17-2021

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.