cancel
Showing results for 
Search instead for 
Did you mean: 

Penfed POI For Debt Consolidation Loan Above 15k ?

Andy77
Valued Contributor

Penfed POI For Debt Consolidation Loan Above 15k ?

 

 

I have been a penfed member since 2010 and had a 14k auto loan I just PIF (wrote check for 14k and paid off)

two CC...Amex with 15k bal I just paid off, & cash rewards with 5k bal I just paid off

 

When I got the auto loan about 3 years ago they asked for POI and I sent it in.

 

 

Question is:

 

If I apply for a debt consolidation loan over 15k will they ALWAYS ask for POI ? (or maybe not due to my relationship and having paid off all my obligations with them)

 

My EQ is 705, bk discharged sept 2009, income north of 150k

Message 1 of 8
7 REPLIES 7
ddemari
Super Contributor

Re: Penfed POI For Debt Consolidation Loan Above 15k ?

PenFed could ask for additional documents for loans in the amount of $15,000.00+. They may or may not. They do value a relationship. I would just have your proof of income ready to be submitted to speed up the process if they want it. It's hard to say if they will always ask for it or not. 

 

On the personal line of credit page it says this:

Keep in Mind: Additional documentation is required for loans for $15,000 or more. 

 

But it doesnt say that on the personal loan page. 

Message 2 of 8
RonM21
Valued Contributor

Re: Penfed POI For Debt Consolidation Loan Above 15k ?

YMMV when it comes to this. as ddemari mentioned. Is there any reason to be concerned about the POI, or are you asking just because?
                

Total CL: $304.1kUTL: 3%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k |DISC-40.6k | PENFED-38.4k | AMEX-37k | NFCU-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-11.7k | CHASE-10k

Message 3 of 8
Andy77
Valued Contributor

Re: Penfed POI For Debt Consolidation Loan Above 15k ?

 

 

I submitted my POI for my car loan and my employer has not changed.  With my excellent relationship, I don't feel I should have to submit again and I sort of look at them asking, again, after I just would have paid them almost double the loan I am asking for, asking for 22k personal loan, just PIF 14k, 15k, & 5k, a slap in the face

 

My CR as a whole would have also shown a 75k debt drop so again, them asking for POI a second time leaves a bad taste in my mouth and, if asked, I will probably not submit.

 

Just my feeling

 

 

Message 4 of 8
Appleman
Valued Contributor

Re: Penfed POI For Debt Consolidation Loan Above 15k ?

Andy, don't let your ego get in the way of a financial product you are seeking. And I say that in the kindest way possible,

 

The banks need to protect themselves and ensure that people have the ability to pay it back. In fact it is part of the law now, why do they ask for income anytime they extend credit? They are required to.....

 

Credit is not personal, the lender is just protecting their interests. Plus this may look suspicious to the bank, you pay off a large amount of debt ($34,000) and now want a loan for $22,000.

Message 5 of 8
Andy77
Valued Contributor

Re: Penfed POI For Debt Consolidation Loan Above 15k ?

 

 

I certainly understand what you are saying and it's not my ego getting in the way.  It is hard work paying all your bills on time and how I look at it is, if I just paid 75k in debt and I have 20k remaining I want to put on a personal loan, if you (the creditor) can see, based on a credit report, that the person (me) had the ability to pay 75k in a months time, why would you (the creditor) want to see POI to see if they have the ability to pay back 22k, since they just paid 75k

 

 

Message 6 of 8
Appleman
Valued Contributor

Re: Penfed POI For Debt Consolidation Loan Above 15k ?

If you paid $75,000 of debt or purchase every month, they will roll out the red carpet for you.

 

If this is a one time event, the banks may be concerned as to where this large cash inflow came from to pay down debt. Let's say I get $75,000 left to me from Grandma. I want to do the smart thing and pay off debt. Money is gone and now I just have my income to pay back a loan. The banks need to be able to account for situation like this.

 

I think it is awesome you can pay down that amount of debt and I imagine your scores will get quite a boost. 

Message 7 of 8
chakita
Established Member

Re: Penfed POI For Debt Consolidation Loan Above 15k ?


@Andy77 wrote:

 

 

I have been a penfed member since 2010 and had a 14k auto loan I just PIF (wrote check for 14k and paid off)

two CC...Amex with 15k bal I just paid off, & cash rewards with 5k bal I just paid off

 

When I got the auto loan about 3 years ago they asked for POI and I sent it in.

 

 

Question is:

 

If I apply for a debt consolidation loan over 15k will they ALWAYS ask for POI ? (or maybe not due to my relationship and having paid off all my obligations with them)

 

My EQ is 705, bk discharged sept 2009, income north of 150k


I just received a $14,000 Debt Consolidation loan last week from PenFed.  I applied online and was approved the same day.  My fico according to their website was 690 and I have not been asked for any documentation and my paperwork & check are in the mail.

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.