PenFed & Auto Loan

[evesadam]

Hi,

I'm not new to the boards, but this is my 1st time posting.

Very interested in my wife refinancing her car with PenFed.  But, she's acquired quite a bit of new accounts in the last 3-4 months.  Although her utilization is well under 10% I'm wondering if PenFed would deny her based on their pyramiding denial.

Any thoughts on this?  Do you think she should go ahead and apply?  Her EQ is just a tad over 600.  By the way...her only baddies on EQ are BK7 (filed '04 & discharged '07); 1 judgment she's disputing; and 1 unpaid collection.  The rest of her report is clean except for the IIB accounts.

Thanks.

[jmbfl]

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evesadam wrote:

Hi,

I'm not new to the boards, but this is my 1st time posting.

Very interested in my wife refinancing her car with PenFed.  But, she's acquired quite a bit of new accounts in the last 3-4 months.  Although her utilization is well under 10% I'm wondering if PenFed would deny her based on their pyramiding denial.

Any thoughts on this?  Do you think she should go ahead and apply?  Her EQ is just a tad over 600.  By the way...her only baddies on EQ are BK7 (filed '04 & discharged '07); 1 judgment she's disputing; and 1 unpaid collection.  The rest of her report is clean except for the IIB accounts.

Thanks.

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Based on this absolutely not going to happen!

Message Edited by jmbfl on 09-25-2008 11:39 PM

[jaxstraw]

I would have to agree, they probably would deny based on the information you provided about her CR.

Does she have any other loan products with them at this time ?? If she was approved for something else with them than maybe, but otherwise it's most likely a denial.

Save the inquiry and use it for a lender that's more lenient with their approvals.

Jax

Message Edited by jaxstraw on 09-26-2008 04:58 AM

[spiritcraft1]

I recieved the pyramyd denial on a used auto loan from PenFed...  They were the only lender to deny me...  EQ FICO of 699, perfect auto history but 5 new revolving lines in last two months.... (13K reporting when pulled with a utilization less than 3%)

I went with Patelco

[adamseve]

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spiritcraft1 wrote:

I recieved the pyramyd denial on a used auto loan from PenFed...  They were the only lender to deny me...  EQ FICO of 699, perfect auto history but 5 new revolving lines in last two months.... (13K reporting when pulled with a utilization less than 3%)

I went with Patelco

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So, Patelco is more lenient?  Tell me more about your experience...what were your baddies & score at the time?  What type of interest rate did you get with them?

My rate now is 17.99% and I've got a local CU that's offering a little over 10%.  Hubby was hoping I'd be able to get the 4.75% w/ PenFed, but doesn't look like it's going to happen.

Message Edited by adamseve on 09-26-2008 06:49 AM

[spiritcraft1]

Patelco was (6.5%) but is a guaranteed  EX pull...  I was approved from them prior to PenFed foolishness...  They were great and I will likely go back for some unsecured debt after a few months of good payment hist.  They recommended that as well as wanting to have me as a mortgage customer...   I didn't have a baddies on EX but my last three auto loans had never reported there...  otherwise I might have gotten a lower rate...

What is your wifes best score?  Is it EQ?  How is her EX?

Are you upside down at all?  Are you in a position to trade in you car?

Message Edited by spiritcraft1 on 09-26-2008 07:32 AM