PenFed Pre-Approval Granted (after soft pull (SP) on Experian - they use Experian FICO 9 for Personal Loans (PL). For CCs & LOCs they use Equifax FICO 9)
(new member less than 30 days with $1,000 in savings - no other PenFed accounts prior to SP)
My Experian Fico 9 - 731
My Experian Fico 8 - 739
$20,000 pre-approved for
$10,000 only sought however
@ 17.99% APR
60 months
$254/mth payment
No POI requested for the pre-approval. Unknown whether they would have asked after HP.
My Annual Income: $102,000
DTI% around 32%
On current job for: 6 months
Something told me to try the personal loan offer that DCU had for me on my account screen
DCU Personal Loan Instant Approval (HP on Equifax FICO 5, 4 & 2 - Mortgage Score)
(new member less than 30 days with $1,000 in checking - they also had opened an advantage savings and regular primary savings. Those accounts had $0 balances prior to application)
My Equfiax FICO 5, 4 & 2 Mortgage Score - 716
$10,000 sought - instant approval (they make you call into the customer service line to verify your identity and reconfirm your information and income and job title, etc. After doing this they said you have been fully approved and would send docusign later in the day which they did. Within an hour of signing the docusign online the money was direct deposited into my Checking account)
@ 7.49% APR
60 months
$201/mth payment
No POI requested
My Annual Income: $102,000
DTI% around 32%
On current job for: 6 months
Additional Notes:
-Ch. 7 BK filed/discharged in early 2015 (only have 3 more years left on report)
-No derogatory accounts (All fell off 4 months ago - only the public record of the Ch 7 is still present)
-1% credit utilization (on both Equifax & Experian)
-1 inquiry was on Equifax prior to DCU PL application
-7 inquiries were on Experian prior to PenFed soft pull for PL
-Equifax Average Age of Accounts (AAOA): 8yr 1mo (Oldest Account: 16yr 7mo)
-Experian Average Age of Accounts (AAOA): 7yr 4mo (Oldest Account: 16yr 7mo)
Fun Fact:
*Same day as SP for PL, I applied for Platinum Rewards Visa Signature Card (HP on Equifax FICO 9 - 766) - INSTANT approval for SL $7,500 @ 16.99%
*Same day as HP for PL, I applied through Offers page on my account screen for DCU Platinum Visa (HP on Equifax 5, 4 & 2 - 716) - INSTANT approval for SL $10,000 @ 9.5% [their current lowest APR is 8.5% for this card]
**The DCU loan processor told me that the HP on my Equifax by them was good for 45 days from the application date. Therefore if there was another product that I wanted to apply for within that 45 days, I could come back and apply without a 2nd HP hit.
Now time to garden for a while and let the inquires fall off over next few years. I hope this data helps someone on the fence about applying. I did a lot of research and could not find a lot of data for personal loans for these institutions.
Tags: PenFed Personal Loan, DCU Personal Loan, DCU Platinum Visa, Platinum Rewards Visa Signature® Card
Last update: 4/8/2024
