cancel
Showing results for 
Search instead for 
Did you mean: 

Haven't heard back from Penfed, is this loan a good idea?

Highlighted
New Member

Haven't heard back from Penfed, is this loan a good idea?

My Fico8 was at around 643/on time payment, no bankrupcy/2 open accounts/9 mo of credit history when I applied for a $3000 loan from Penfed 4 days ago, but haven't heard back yet. I was offered the option to sign up for membership after I completed my application, since it was presented as an option instead of requirement, I decided to decline for now and sign up for membership after I got approved...

-Should I have signed up for membership? Is that the reason I haven't heard back?

-Should I sign up for membership and try my loan application again? Would it do another hard pull?

-Or should I just call them?

-What is the likelyhood of being approve for this loan based on my credit score?

-The whole reason why I applied for the loan is the consolidate the debt I have on my 2 credit cards for lower interest rate at Penfed. My current interest rate on my CCs are 25% and it doesn't seem like I could get a balance transfer card with interest rate lower then that with my current credit score. Is applying for a personal loan to at Penfed a wise decision?

Thank you for any insight you can offer!

Message 1 of 9
8 REPLIES 8
Highlighted
Epic Contributor

Re: Haven't heard back from Penfed, is this loan a good idea?

I would call and speak to a live person.

 

ETA: Welcome to the forumsSmiley Happy

 

Message 2 of 9
Highlighted
Epic Contributor

Re: Haven't heard back from Penfed, is this loan a good idea?


@Creditsmores wrote:

My Fico8 was at around 643/on time payment, no bankrupcy/2 open accounts/9 mo of credit history when I applied for a $3000 loan from Penfed 4 days ago, but haven't heard back yet. I was offered the option to sign up for membership after I completed my application, since it was presented as an option instead of requirement, I decided to decline for now and sign up for membership after I got approved...

-Should I have signed up for membership? Is that the reason I haven't heard back?

-Should I sign up for membership and try my loan application again? Would it do another hard pull?

-Or should I just call them?

-What is the likelyhood of being approve for this loan based on my credit score?

-The whole reason why I applied for the loan is the consolidate the debt I have on my 2 credit cards for lower interest rate at Penfed. My current interest rate on my CCs are 25% and it doesn't seem like I could get a balance transfer card with interest rate lower then that with my current credit score. Is applying for a personal loan to at Penfed a wise decision?

Thank you for any insight you can offer!


Also You might check Discover card pre-qualify site ?? .. they like thin profiles .. and if you got a big enough SCL,

They usually offer 0% balance transfers for around 12 months.

 

@AllZero, you have anything to add for OP?  ..TIA

Message 3 of 9
Highlighted
Community Leader
Super Contributor

Re: Haven't heard back from Penfed, is this loan a good idea?


@Creditsmores wrote:

My Fico8 was at around 643/on time payment, no bankrupcy/2 open accounts/9 mo of credit history when I applied for a $3000 loan from Penfed 4 days ago, but haven't heard back yet. I was offered the option to sign up for membership after I completed my application, since it was presented as an option instead of requirement, I decided to decline for now and sign up for membership after I got approved...

-Should I have signed up for membership? Is that the reason I haven't heard back?

-Should I sign up for membership and try my loan application again? Would it do another hard pull?

-Or should I just call them?

-What is the likelyhood of being approve for this loan based on my credit score?

-The whole reason why I applied for the loan is the consolidate the debt I have on my 2 credit cards for lower interest rate at Penfed. My current interest rate on my CCs are 25% and it doesn't seem like I could get a balance transfer card with interest rate lower then that with my current credit score. Is applying for a personal loan to at Penfed a wise decision?

Thank you for any insight you can offer!


Hi and welcome to myFICO

 

First, some questions. What is the UT on these two cards? Are they your only cards? If no, please provide all datapoints: aggregate UT and individual utilization, loans, inquiries, any baddies. Also, 643 is low so something is going on in your credit profile. What are your 3 FICO scores?

 

Listing your DPs will give us a better idea of how to answer your questions. 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 4 of 9
Highlighted
Super Contributor

Re: Haven't heard back from Penfed, is this loan a good idea?


@M_Smart007 wrote:

Also You might check Discover card pre-qualify site ?? .. they like thin profiles .. and if you got a big enough SCL,

They usually offer 0% balance transfers for around 12 months.

 

@AllZero, you have anything to add for OP?  ..TIA


Thumbs Up Sign Emoji

Message 5 of 9
Highlighted
Super Contributor

Re: Haven't heard back from Penfed, is this loan a good idea?

PenFed normally pulls EQ9. What version FICO is 643?

 

As noted above, insufficient data to answer all your questions.

 

I don't know what the score threshold is for PenFed to consider creditworthiness. Score wise 643 may be too low. Besides scores, in general, they do look at your income and DTI Debt To Income.

 

Even if your loan application is not approved, I would recommend membership. Call in and see if they can recycle the HP. Always expect HP for any application. They would be a good credit union to be a member of for your future needs.

Message 6 of 9
Highlighted
New Member

Re: Haven't heard back from Penfed, is this loan a good idea?

Thank you @M_Smart007, @CreditInspired, @AllZero for your help! Just checked my mail and found the decline letter from them, per their Fico9 my score is 678, their given reason was too little credit history and too high credit utilization. I would check Discover, but I already have a IT card with them and in my current credit situation I doubt they would give me anything else. And yes, I agree, I should join Penfed regardless, they seem pretty good. Guess I just need to put my head down and just pay down the debt high interest and all... Smiley Sad

 

.

Message 7 of 9
Highlighted
Super Contributor

Re: Haven't heard back from Penfed, is this loan a good idea?


@Creditsmores wrote:

Thank you @M_Smart007, @CreditInspired, @AllZero for your help! Just checked my mail and found the decline letter from them, per their Fico9 my score is 678, their given reason was too little credit history and too high credit utilization. I would check Discover, but I already have a IT card with them and in my current credit situation I doubt they would give me anything else. And yes, I agree, I should join Penfed regardless, they seem pretty good. Guess I just need to put my head down and just pay down the debt high interest and all... Smiley Sad.


That's unfortunate about your denial. Hope you do join PenFed, to make use of that hard pull. They do value length of membership. Hopefully, your credit situation will improve and be able to be approved for future credit, loan products with PenFed.

Message 8 of 9
Highlighted
Epic Contributor

Re: Haven't heard back from Penfed, is this loan a good idea?


@Creditsmores wrote:

Thank you @M_Smart007, @CreditInspired, @AllZero for your help! Just checked my mail and found the decline letter from them, per their Fico9 my score is 678, their given reason was too little credit history and too high credit utilization. I would check Discover, but I already have a IT card with them and in my current credit situation I doubt they would give me anything else. And yes, I agree, I should join Penfed regardless, they seem pretty good. Guess I just need to put my head down and just pay down the debt high interest and all... Smiley Sad

 

.


@Creditsmores, Sorry for your denialSmiley Sad ..I have experienced a few over the years.

 

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.