@alexak wrote:Hey all! I took a shot at an auto refi with PenFed last week and was approved! Super excited to start a relationship with them (opening an checking account as well). My question is, how long should I wait before trying to apply for a personal loan to consolidate two upstart loans with an absurd interest rate? I tried their preapproval site about 2 months ago and was not preapproved. Just curious if this new auto loan will help my chances in the near future.
thanks in advance!
IMHO there is no relationship at all between a credit union's willingness to give you a mortgage or auto loan and its willingness to give you unsecured credit. Every credit union I've joined has been manic about trying to sell me an auto loan or mortgage.
But there's no reason to wait if you think you have the credentials to get the loan. You can often get a preapproval from PenFed.
I don't know that getting an auto loan with them will help. But, you can keep checking their preapproval site to see if there are any offers for you.
I guess it's one of those YMMV things, but I joined PenFed (due in large part to all of the talk on myFICO) in August of 2021 (leaving WF in the dust).
The sole purpose was to apply for the Platinum Rewards card. They approved me, and I opened up the required savings account. Not even a week later, I was thinking I could get a good refinance deal on my car loan with someone. I think at least at the time, they had the prequalify option and went for it. I was approved for an even better deal than I expected.
At that point, super impressed with their customer service (and their trust in me), I opened up a checking account and switched my direct deposit info over to them and canceled Wells Fargo. I decided a week later (a week after the auto refinance) to apply for the Pathfinder Card and was approved.
About two months later, my fiancee had been revolving a balance (I think less than $3,000) on a card but needed a score boost before car shopping. I applied for a personal loan (I think it's also a prequalification/preapproval option that is a soft pull) and was approved. Literally went from no experience with PenFed to an auto loan, personal loan, two credit cards, an overdraft line of credit, checking and savings in a matter of weeks (a matter of months if you include the personal loan).
I had numerous inquiries at the time of joining the credit union (> 10 across the board) and credit scores between 725 and 750.
And most importantly! Congrats with being approved and for joining the PenFed family!
Overall, I've been happy with them. My biggest gripe is that I'm out of state (AZ) and they just recently sent out letters saying you can no longer make deposits at partner credit unions or something to that effect. My only option to make physical check deposits are mobile deposits via the app, or snail mail (cringe).
Your chances are probably high to get a personal loan, but getting larger personal loan might be more of along shot. (I think if you apply, then will tell you the amount you qualify for--which may be less than what you need.) Just depends on your profile and how much mula is required.
@azdude480 wrote:
Overall, I've been happy with them. My biggest gripe is that I'm out of state (AZ) and they just recently sent out letters saying you can no longer make deposits at partner credit unions or something to that effect. My only option to make physical check deposits are mobile deposits via the app, or snail mail (cringe).
I joined PenFed and NFCU in the last month... and I will say that if it weren't for the gold card I'd be closing my Penfed accounts. I think their website is complete and utter garbage... their prequal CC links were a total crock and crashed the website for over a week... every transfer I've made from my other banks has been a 5 day hold (???)... I'm done with them.
To each their own. 
