NEW TO PENFED and Have questions

[Harvey26]

So I joined Penfed since Navy Federal was giving me such a hard time and I applied for Platinum Rewards card and to refiance my auto loan. EQ score is around 715 i think currently. I do have almost 40 inqs on my report not sure how they are with inqs. So any feedback would be appreciated.

[creditguy]

If you already applied what was the response? They seemed to have loosened up some recently with UW standards so that may bode well for someone with lots of inquiries, they used to be rather conservative and frowned upon high inquiries. If you have 40 inquires on EQ though, that may be a tough nut to crack. Also keep in mind they use a Next Gen EQ score.

[Harvey26]

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@creditguy wrote:

If you already applied what was the response? They seemed to have loosened up some recently with UW standards so that may bode well for someone with lots of inquiries, they used to be rather conservative and frowned upon high inquiries. If you have 40 inquires on EQ though, that may be a tough nut to crack. Also keep in mind they use a Next Gen EQ score.

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For both would be referred to loan officer and what score version is that will it make my score lower or?

[creditguy]

Ok, well at least it's not a flat out denial, if you were to be declined, you have a good shot at recon, but let's just hope for approval. Next gen scores can be lower than a EQ Fico 08 score by tens of points in some cases, can't recall ever seeing someone with a higher next gen than Fico 08 so I can't say if that's possible. I really don't know what goes into the next gen scoring but I wish they would use Fico 08 instead, oh well, can't always get what we want right? Anyhow good luck, keep us updated.

[Harvey26]

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@creditguy wrote:
Ok, well at least it's not a flat out denial, if you were to be declined, you have a good shot at recon, but let's just hope for approval. Next gen scores can be lower than a EQ Fico 08 score by tens of points in some cases, can't recall ever seeing someone with a higher next gen than Fico 08 so I can't say if that's possible. I really don't know what goes into the next gen scoring but I wish they would use Fico 08 instead, oh well, can't always get what we want right? Anyhow good luck, keep us updated.

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Approved for 5k at 16.24 on CC, reconing for higher SL and 2.49 for 36 months on auto

[echoecho]

Congrats on the approval. Currently my next gen score is 765, it was always higher than my EQ score of 740 ever since I've been with Penfed.

[Anonymous]

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@echoecho wrote:
Congrats on the approval. Currently my next gen score is 765, it was always higher than my EQ score of 740 ever since I've been with Penfed.

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Mine is also higher.

[jeffm4688]

Congrats on the approval.

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@creditguy wrote:
Ok, well at least it's not a flat out denial, if you were to be declined, you have a good shot at recon, but let's just hope for approval. Next gen scores can be lower than a EQ Fico 08 score by tens of points in some cases, can't recall ever seeing someone with a higher next gen than Fico 08 so I can't say if that's possible. I really don't know what goes into the next gen scoring but I wish they would use Fico 08 instead, oh well, can't always get what we want right? Anyhow good luck, keep us updated.

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In my case my nextgen is way higher than my FICO. My FICO 8 is like a 667 and my nextgen last pull was a 730. Makes no sense to me as I have a bazillion accounts and INQ's but I'm not complaining.