PenFed auto refinance RECON

[sihmud]

hello all,

I recently received my DC about a month ago and have gotten some awesome approvals and am off to a great start. I recently applied for an auto loan refi on my current vehicle (mainly because PefFed does NOT do a hard pull when approving the application) and my app was declined. I called a few days later to get the details and the denial was due to the following 

- accounts with late payments and delinquencies 

-amounts owed on credit lines

oddly, the denial did not state anything regarding the bankruptcy. since my discharge, all my accounts show current and IIB with a zero balance and 0 late payments. my utilization is around 4% so I'm not sure what they are talking about. I sent a message requesting RECON and stated my accounts are not late and show ZERO lates and my UTL is very low. I received a response to upload proof showing my credit report account statuses. I uploaded my Equifax report (since that is what they pulled).

just wanted to poke a few brains and see if anyone has any experience with a similar situation or if they have successfully gotten approval after RECON with PenFed auto Refinances. also, does anyone know why they would say late payments and amounts owed on accounts when my UTL is really low and after DC my account all showed current with ZERO lates?

thanks in advance!

[FireMedic1]

Could be the history before BK. Just because you filed doesnt wipe out the things that led to BK. They may approve you if they asked for a report. You may have jumped to soon when you applied and some things didnt update the BK. Thats maybe why they asked for the report. It dosent match what they have. Wait and see. Good Luck.

[sihmud]

Hey @FireMedic1 @I appreciate the response! Few questions, how would that have seen what led to the BK of all accounts show 0 balance and the pauamebt hisyory is wiped out and doesn't show balances? Do they pull a more detailed report? I pulled my report directly from equifax.

thanks again!

[FireMedic1]

The entire payment history is gone? Thats good in a way if you had lates. Accounts included in your bankruptcy will no longer show a balance owed, they will continue to show the history of the account, including any late payments made prior to the bankruptcy.

[sihmud]

@FireMedic1 

my payment history says unavailable, amount owed $0, and status is current.

update on PenFed. They sent me a message saying the documents I sent (equifax credit report) is not sufficient documentation. Not sure what else can show 0 lates other than a credit report!? Lol and they also stated they no longer do reconsiderations for auto loans so they just spun my wheels for no reason. Pretty misleading..

[FireMedic1]

Odd. Sorry this is happening. Really doesnt make sense. Maybe NFCU if you qualify to get in I guess. Theres always Cap1 Navigator. They'll pre-approve and tell you the APR before the HP.

[Guyatthebeach]

Sihmud,

Sorry to hear you're were having issues with PenFed.  I know they have changed their underwriting practices. I wasn't aware they were not allowing recons for car loans.  

You may want to pull your CR's and make sure is reporting correctly. I would also try to build up some positive payment history on your current loan before trying to refi, just my opinion.

I would visit a CU that you are a member of and talk to a loan officer before you apply for any new refi loans.

Guyatthebeach

[sihmud]

@Guyatthebeach 

thanls for the advise. I believe gardening for a while may help. However, I am going on 13 months of positive payment history on my current auto loan that I tried to refi with PenFed. I guess that's not enough. I recently got 3 revolving accounts that I will garden for 12 ml the and try again then. As for my CR reports it confuses me. I púleles the 3 reports from annual credit report.com and all my current and closed accounts show zero balance never late and current status but when I Check sites likes credit.com it shows lates and derogotry.