@svali42 wrote:I need advice on this situation
Back in May, 2022 I applied for a personal loan with PenFed and I got rejected because of the following:
1. Debt deliquency (Already paid off).
2. Legnth of the accounts established3. Too many inquiries past 12 months (Due to opening a few credit card accounts).
In the month of August, 2022 I was approved for an auto loan with PenFed and I am planning to finish repaying the whole amount this November, 2022.
My question is......after I finish paying for the car loan, will this improve my chances to being approved for a personal loan (if I applied)?
Thanks in advance
I think so. But unsecured credit is harder to get with them than secured credit.
If there has been a significant change in the reasons for rejection I would say yes, however this was only 5 months ago. And as @SouthJamaica said this is a whole new ball of wax and the standards are much different.
You may find it easier to qualify for an additional credit card with them initially.
@svali42 When it comes to Credit Unions they consider everything you have with them before lending you more money! The underwriter would calculate credit card limit, auto loan, mortgage and etc. and then determine if you can borrow more secure/unsecured amount! You may want to try another credit union for better result.
I don't agree with @CYBERSAM
You have been building a nice relationship with PenFed. I don't
see why that shouldn't be your first stop if you apply for a personal
loan.