First post, but have been reading up on peoples experiences since Sept, 2017. My back story and credit. I wanted to buy a new car and combed through the forums to learn what I needed to do with my credit to get it. Everyone suggested first thing is to sign up for credit report and give PenFed a try. I have a monthly sub to MyFico.com since then. Figured my credit was good enough and tried my hand. Here is how that transpired.
71K gross income with 15% util
$1k rent
Nothing else besides food, gas, small day to day expenses
Fico auto scores:
EQ: 760
TU: 645 1 derog
EX: 740
Only have one Cap One card with CLI to $1500 . Built my credit with it when it was $200 secured card 4 years ago.
Penfed Auto:
September 2017 - Applied and instantly approved for $40k w/gap and warranty. 3.5%apr 72mth HP through EQ. Ordered attainable dream car.
Oct 9th, 2017 - Applied for AMEX BCE. Instant approval 10K through EX
0ct 10th, 2017 - Car arrival at dealership. Gave me a speil about how they will have to process check first and I can't drive car home untill then.
I wanted to drive the car home bad, So I said screw it, run my credit. Hour later and 7 inquiries. Approved through a CU $40K 4.5% 72mths through EX. Had to show paystubs.
November, 2017 - Used same hardpull from Auto loan and applied for PenFed PCR. DENIED. Too short credit history. Cancelled auto loan check from Penfed
Garden for 6 months
May 9th, 2018 - Clicked CLI request for AMEX card and was denied. Didn't make big enough payments. Had charged the card up to $7,200. SP
May15th, 2018 - Pre-approved for Discover it and Chase Freddom at 24.5%
May 15th, 2018 - Applied for PenFed PCR. instant APRROVED $7,500 HP 16.6% apr
Couldn't decide between Dicover it, Chase, or PenFed PCR. Current auto loan does not report to EQ. Should I pull a loan throug PenFed to get an installment loan going with EQ?
Sitting on cloud 9 at the moment. Thank you all for sharing your stories. Hope mine helps someone out.
great story great dps thanks