No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
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?
Congratulations on your approval!
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.
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.
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.
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.
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.
@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 r
+1