cancel
Showing results for 
Search instead for 
Did you mean: 

Got in with PenFed!!! Auto loan recon..?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Member

Got in with PenFed!!! Auto loan recon..?

Where to start, so I’ve been trying to get decent SLI and most of my cards are in the rebuilding selection (cap 1 QS and Plat., Discover It secured, Credit One, etc) and I barely found out about PenFed a few nights ago. I’m trying to buy a new laptop for school and was debating going with Affirm (total bummer but they approved me for $2500) which is good though. My highest limit card unsecured is my capital one platinum at 1500 so I decided to start a membership with PenFed and applied in the morning for their Power Cash ( heard great things) and lo and behold...I was APPROVED for $5500! Way above what I was expecting! My interest is 17.99 which is their highest I believe but I’m glad to be in with a card that offers a lower Interest than any card I have by a little less than half. My question is, should I try for the Platinum also? I applied for an auto loan but was declined and am considering calling them for a recon because I need a new car. I was in a pretty bad accident in late October (not my fault) where my car was a total loss and they paid out 16k which was the value of my car plus my original down and basically the $1k I made in payments for the 6 months I had my poor car. I’d rather finance through PenFed since they offer lower interest than Cap 1 auto nav. Who was the Lien holder for the car and they’ve just been payed off.

Any advice for me? Maybe I messed up in asking for a credit card instead of an auto loan but I’m glad to have a card that makes me feel like all my progress hasn’t been for naught. Smiley Happy happy to be with PenFed now though and will continue to grow that relationship. I just really need a car and don’t want a high apr. with cap one I get 8.75 but I’d love to get a lower rate with pen and just focus on building that relationship.

I’m new to the forums so my scores are as follows:
Experian 633
Equifax: 640
Transunion: 665

Cards:
Capital one platinum 1500
Capital one quicksilver 500
Discover it secured 600
Credit one 750
B and H photo 1500 (joint) just got that card
Capital one auto ( now 0 balance due to insurance pay off)
I have a few negatives but nothing recent except a target card that’s reflecting a negative balance of 323 in closed act.
10 REPLIES 10
Highlighted
Community Leader
Mega Contributor

Re: Got in with PenFed!!! Auto loan recon..?

No clue on the car recon but im impressed they approved you for $5500 on a 640 score. They are very selective on who they give credit to so well done indeed. Good luck on getting your c as rSmiley Happy
Message 2 of 11
Highlighted
Moderator

Re: Got in with PenFed!!! Auto loan recon..?

Auto loans are typically easier than CC's as they are secured debt as you don't pay they simply repo it.  Congrats on your CC approval.

 

What is your DTI ratio?  How much were you asking for on the auto loan and do you have sufficent income for said auto loan in PenFed eyes?  What i am suprised about is the instant approval on the CC and not auto loan.  What else can you share about your profile?

Message 3 of 11
Highlighted
Senior Contributor

Re: Got in with PenFed!!! Auto loan recon..?

Congratulations on your approval!

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 4 of 11
Highlighted
Member

Re: Got in with PenFed!!! Auto loan recon..?

I was pleasantly surprised to say the least! I was thinking that they would offer something small, I just wanted to get my foot in the door but when I submitted my app. I did it over the phone and the nice woman asked me to hold while she forwards my info over to an LO and she came back with $5500 and I assume their highest APR at 17.99%. Even so, much better than what I was expecting. I did want to mention that I've been reading on the forums and my scores listed are based on Credit Karma but when I was declined for the auto loan I got the declination letter with my EQ score (maybe the Next Gen score) at 679. So, I think the way that they calculate their scores are diff. because my FAKO score is 640.

Message 5 of 11
Highlighted
Member

Re: Got in with PenFed!!! Auto loan recon..?

Of course! Happy to share what info I have to give hope to others. I think a major factor is an account that I have from years ago with a friend who allowed me to be an authorized user of the card. That has been left in good standing so it helps becase it forces them to consider that card which has aged at 12 years. I think that might be a factor other than that, I do have a few baddies: Jareds (derog.) Target (still owe a balance) but that one is closed. My total credit card balances are at 16% ($1390 out of $8650) I have 3 hard inq. on my EQ through CK all from this year beg. Feb, then two in May. If there is anything you want to know specifically, let me know! Happy to help. 

Message 6 of 11
Highlighted
Member

Re: Got in with PenFed!!! Auto loan recon..?

UPDATE

 

I furnished a reconsideration letter earlier today to see if they will let me get an auto loan after the declination. I told them about my car loan being paid off and not being reflected in my credit report yet because it was just cleared and closed this week so I'm hoping that when they see that, they consider my DTI ratio has significantly dropped, a little brown nosing as well in there such as relationship building, etc but it's all true. I feel like PenFed is the first credit union I can say I want to have a good financial relationship with to grow and nurture. I'll keep everyone posted if anyone is interest in how the Recon goes. Wish me luck! Hope to hear back tomorrow, even if they don't, I'm stoked on my largest line of credit. Smiley Happy

Message 7 of 11
Highlighted
Frequent Contributor

Re: Got in with PenFed!!! Auto loan recon..?

If you needed a car bad you can always go with cap 1 and then refinance it through Penfed in a few months when your score goes up.

 

 







Biz Cards
Message 8 of 11
Highlighted
Member

Re: Got in with PenFed!!! Auto loan recon..?

UPDATE***

 

It's been a whirlwind the last week searching for cars but I finally heard back from PenFed and was approved for $16,000! A lot for me since I was only planning on putting $5,000.00 down just to have some equity in the vehicle.

 

Initially, when I asked for the used car loan they denied and then approved me recently with a RECON, I attached photos of the insurance pay off of the previous vehicle and mentioned that it would decrease my liabilities, etc. and upon review, they approved me at 5.8% for a 48-month term. I noticed that I need more than $12,999.00 to purchase my vehicle (I guess I messed up and put the wrong numbers and didn't account for taxes on the vehicle when putting in my request) and had to increase the loan request amount to $16,000 to account for my $5k down payment, so I asked them while I was at the dealership if I could do a 60-month term instead and they said it may be another HP and likely my APR would go up from 5.8% well surprise surprise my APR went down to 5.4% and I was able to bring my monthly payment to a comfortable number that allows me to put extra money towards paying off my credit cards and continue to better my credit. 

 

Anyway, recon successful!!!! Thank you for the positive thoughts guys. 

Message 9 of 11
Highlighted
Valued Contributor

Re: Got in with PenFed!!! Auto loan recon..?


@AverageJoesCredit wrote:
No clue on the car recon but im impressed they approved you for $5500 on a 640 score. They are very selective on who they give credit to so well done indeed. Good luck on getting your c as rSmiley Happy

+1

American Express Business Gold(NPSL 10k) Chase CSP (25k) Pier 1(23.5k) BofA CR Siggy (20.8k) BofA BBR (22.1k) Amex BCP(18k) Overstock (21.1K) Lowes (17K) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (15k) J Crew( 11.9k)Venture WMC (10.25k) Amex Everyday (10k) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Discover(9.5k☝️) PayPal Cashback Mastercard (8k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (9.5K) Citi Double Cash (8.5k) Fidelity® Rewards Visa Signature® Card (6.5K) PenFed PCR (5K) PayPal Credit (4550)Discover (4.5k✌️) Kohls (3k) Chase Freedom (1500)

Mortgage May 2017 - 2 auto loans (1 PenFed and 1 Navy) Aug 2018=98K
Gardening until Aug 2020

FICO 8 Scores EX 693(7) EQ 687(9)TU 708(10)
AAOA 4yrs TCL=332,600
Message 10 of 11
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.