PenFed personal loan approval

TC1212 · ‎08-02-2022

Did the preapproval for a personal loan. I entered 50k, and it came back preapproved for 20k. Rate is high, 17%, but it will help for a short term loan for something i'm working on. I then applied for a new auto loan refnance (60k), but was denied. The last time I checked my Experian score was 647. Opened PenFed checking/savings in January with $25. Approved in February for the Gold and Power credit card for $3,500 each. Will wait until after August 12th to apply for increases to both cards. Current utilization is 49% reporting (I paid 3 credit cards down to zero, but they haven't reported yet - will be 34% after they post).

ambivalent · ‎08-02-2022

Congratulations on your personal loan and good luck on your CLI next week!

Aiming for 700 across FICO 8 and $150K TCL

TC1212 · ‎08-02-2022

@ambivalent @Thank you. I just received an alert from experian so I guess that's who they used.

Cookiegrabber · ‎08-02-2022

Congratulations on your personal loan approval!

PenFed has saved my score twice, with a 5k Gold card when I had util creep (although... 18%? meh), and then the big one, PL for 30k, which I used to pay off my cards. Hopefully, PenFed keeps treating you better and better.

AmEx | Cash Magnet | $2,700 | 12/2018 (most of CL was transferred to BCP)

SyncB | Paypal Cashback World MC | $20,000 | 10/2019

Citi | Diamond Preferred | $10,900 | 01/2020

AmEx | Blue Cash Preferred | $20,000 | 02/2020

FHB | Priority Destinations World Elite | $7,500 | 08/2022

Starting Scores: No Scores (03/2018)
Current Scores: 779 - 789 (08/2023)
Goal Scores: 780 across the board
Current Total Credit Limit: $109,900 (08/2023)
Take the myFICO Fitness Challenge

TC1212 · ‎08-02-2022

@Cookiegrabber congrats to you also. Yes, I'm hoping to continue to grow with them. I just started one of my direct deposits with them on the 1st. I'm also considering a HELOC with them in the next few weeks. I need a 660 Equifax mortgage store for that. I should definitely be over 660 once my credit card zero balances post over the next 10 days.