Approved instantly for 20k with PenFed, but other lenders only offer a few thousand?

[Anonymous]

I'm very confused, and maybe it was just a stroke of luck.

I have applied for multiple loans from banks and credit unions.

Most flat out decline me or offer no preapproval, others offer something below $5,000.

One bank offered $8,000, and another $9000, but with interest rates between 20-30% and high origination/other fees.

One secured loan with my car for about $15,000, still at over 16%.

Then I give it one last try, at PenFed. Instant approval for the max amount, $20,000. No POI. Interest rate 12.99%. 5 year. Unsecured. Was not a member before applying for the loan.

So i'm wondering, did I just get extremely lucky, or does PenFed use some other method of approving people compared to other banks/credit unions? If I need a loan in the future I want to know how I can make this happen again rather than going around getting tons of inquiries.

I'm at 775 EQI, 800 TU, 776 EXP.

Possibly it could be unfavorable that i've been with my current employer less than a year? I do have a history of maxing out my credit cards, and a couple times I went over the limit, but I wouldn't think that would matter, would it? As long as the balances are under control in the present time.

[M_Smart007]

---

@Anonymous wrote:

I'm very confused, and maybe it was just a stroke of luck.

I have applied for multiple loans from banks and credit unions.

Most flat out decline me or offer no preapproval, others offer something below $5,000.

One bank offered $8,000, and another $9000, but with interest rates between 20-30% and high origination/other fees.

One secured loan with my car for about $15,000, still at over 16%.

Then I give it one last try, at PenFed. Instant approval for the max amount, $20,000. No POI. Interest rate 12.99%. 5 year. Unsecured. Was not a member before applying for the loan.

So i'm wondering, did I just get extremely lucky, or does PenFed use some other method of approving people compared to other banks/credit unions? If I need a loan in the future I want to know how I can make this happen again rather than going around getting tons of inquiries.

I'm at 775 EQI, 800 TU, 776 EXP.

Possibly it could be unfavorable that i've been with my current employer less than a year? I do have a history of maxing out my credit cards, and a couple times I went over the limit, but I wouldn't think that would matter, would it? As long as the balances are under control in the present time.

---

Hi @Anonymous Welcome to the forums

Congrats on your PF Loan Approval, they seem to be more generous as of late.

They pull Equifax FICO 9  .. so I would imagine that looks pretty good compared to your EQ FICO 8.

[dogmeat]

PenFed has been running hot & (relatively) loose on the UW these past few weeks, by all appearances from the Approvals forum.  I think this was a matter of timing, and not something you can replicate.  Congrats on the loan and terms.

[blindambition]

Congrats on the approval!! PF has been very generous over the past few months

You get a loan, you get a loan, you get a loan!! Just call PF the new Oprah!! 😂 😜 😎 

[M_Smart007]

---

@blindambition wrote:

Congrats on the approval!! PF has been very generous over the past few months

You get a loan, you get a loan, you get a loan!! Just call PF the new Oprah!! 😂 😜 😎 

---

@blindambition  "PF the new Oprah"

[AllZero]

Congratulations on your approval!