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Penfed Personal Loan Prequalify Tool

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Community Leader
Super Contributor

Re: Penfed Personal Loan Prequalify Tool


@dafeagans wrote:

 

Preapproved personal loan or Used Auto loan?

 

Here is what I am preapproved for as a personal loan. This is an unsecured loan, so can I expect to be approved for a used auto loan for the same amount, but a lower rate?

No HP for personal loan preapproval.

HP to get auto loan approval, correct?

 

 


If they extended you an offer for an auto loan as seen under Your Offers online along the right side of the Accounts page it will be a SP, otherwise you'll take a HP.

 

Approval for an auto loan is a YMMV as for the amount but a 14.99% rate for a car loan would be crazy high.  I'm sure that if they approved you the rate would be much less.



(7/2020)
FICO 8 (EX) 798 (TU) 800 (EQ) 793
FICO 9 (EX) 817 (TU) 815 (EQ) 812

$1M+ club

Artist formerly known as ColdFusion
Message 11 of 17
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Established Member

Re: Penfed Personal Loan Prequalify Tool

Thanks for the info, I appreciate it.

Currently
EQ Fico 8 - 816 Fico 5 - 773 Fico 9 - 742 Fico 9 auto - 738
TU Fico 8 - 726 Fico 8 auto - 739 Fico 9 - 740 Fico 9 auto - 735
EX Fico 8 - 737 Fico 8 auto - 741 Fico 9 - 697 Fico 9 auto - 703
Discover since 11/19 1,000 CL balance always 10% or less, no lates
Student loan 11/2005 bal. $26
Student loan 11/2005 bal. $352
TU 90 days 12/2013, EX 90 days 10/2014 EQ Clean
Salary 75,000, no mortgage
Inquiries EQ 2, TU 1, EX 3
Penfed since 11/2019, savings account only
Message 12 of 17
Highlighted
Senior Contributor

Re: Penfed Personal Loan Prequalify Tool

I tried the Personal Loan pre-qual with EQ locked and got an error that they could not access my "frozen" EQ. I have a PF Home Equity LoC and thought they could access my locked EQ as an existing creditor, I do get their EQ Fico9 credit report. But I was only curious what kind of rate they would offer and as I really don't want or need a personal loan, so I just moved on.

 

Now I'm getting emails from their personal loan dept: "Upon attempting to access your credit information, we received notification that your credit information is locked (frozen). In order for us to perform our credit review processes, we will need access to this information. Please contact your credit information service provider and request that they unfreeze your credit file."

 

So I emailed them back yesterday: "I did NOT apply a Personal Loan. The page clearly states: Seeing your loan options will not affect your credit score.” “Seeing your options” is NOT a loan application. Please cancel anything in your system that indicates I “applied” for a Personal Loan, because I never applied for one."

Geez, at this point I wish I'd never tried the pre-qual. Smiley Frustrated


Message 13 of 17
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Valued Member

Re: Penfed Personal Loan Prequalify Tool

I was preapproved same as above for 14.99% pushed the continue button yesterday morning and now is under review. Got an email to call them to expedite it. So i called on my way home yesterday and was told myfico wasn't working for them yesterday so they were having some issues with it, but that the underwriter is working on it. Said i should get an email sometime today. Then she said if i didn't hear anything from them by Thursday to call back. 

 

**update was denied yesterday evening, told me the reason was in a portal tried to log into it. no reason there??? Oh well. So far no hp as of mid day today.

**update again, It gets weirder hehe. After denial on July 23rd I get an alert that they checked my credit so I tried for a cc since i didn't want the hp to go waste. Went to review then a few hours later was denied again. Was told the reason was on portal still couldn't see it. Thought oh well they just don't like me. Then on Friday the 24th I get an email that i need to call them about my Loan? So I'm at work and scratching my head going huh? So curiosity gets the better of me and i use the help feature to get them to call me. They call and said they counter offered at $6500. (I had asked for the full $20, 000.) So I ask what are the terms and she said a year and the payments are $500 a month! I said i can't afford that can i get 2 or 3 year terms. She says let me ask and i'll call you back. She calls back almost an hour later and says ok they were confused because this week had made the 3rd preapproval I had looked at and so they denied me because they thought I was looking for 3 loans! She said I was still ok for the original $20,000 or less if i still wanted. And that they are supposed to help their members not deny them. So she said they took the other preapprovals off. I could go play with terms and such of the one gave me the number and said she would call me back tomorrow. So i went to the website and asked for the full amount again. This time it went through and asked for POI. So here it is Saturday and now we wait and see again hehe. Wow this is weird

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Message 14 of 17
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Frequent Contributor

Re: Penfed Personal Loan Prequalify Tool

@bigpoppa09   Thanks for the info - I was just approved yesterday for the PCR card and went on to check personal loan options and I got 3 pre-approval offers.  Thanks again

AAoA 6yrs 8mos
Inquries: TU5/EQ7/EX6
Utilization: less than 12%
Mortgage: 1
Auto Loan: 2
Personal Loan: 1
Derogatory: 0



CREDIT UNION


EX- 585, TU- 583, EQ- 563
CURRENT SCORE UPDATED: 8/2020
Message 15 of 17
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Valued Member

Re: Penfed Personal Loan Prequalify Tool

@AddictedToApprovals  I haven't recieved a hp yet? It has only been half a day since they denied me though

Starting Score: 612
Current Score: 701
Goal Score: 750


Take the myFICO Fitness Challenge

Experian 681
Exquifax 701
Transunion 670

capital one spark visa $500 6/8/2002 17 yrs
Capital one Quicksilver $700 10/3/2004 15 years
CFNA $2800 6/14/2020 1month
Navy Fedearl CU cash rewards $7200 9/24/2014 5 years
Victorias Secret $3025 11/17/2014 5 years
Fingerhut $1500 11/23/2015 5 years
Amazon $5000 12/1/2015 4 years
Discover miles #1 $5300 1/19/2017 3 years
Navy Federal Amex $6500 7/6/2017 3 years
American Express Hilton honors surpass $1000 4/30/2019 1 year
Home Depot $1500 7/06/2017 3 years
Overstock $6800 5/12/2019 1year
Chase SLate $1800 9/24/2019 10 months
Discover IT #2 $5000 9/24/2019 10 months

Message 16 of 17
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New Member

Re: Penfed Personal Loan Prequalify Tool

I used the prequalify tool to check rates.    I was approved for both 15k and 20 k.  On the application tab it says conditinal approval.  For those of you that have used the tool is this what you were seeing as well.  I'm wondering if this means they are going to require POI.  From a previous post I understand it could go either way just wondering if this is standard verbiage until you complete the application and they do the hard pull.

 

Thank you

Message 17 of 17
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