Personal Loan NFCU or Pen Fed

[caliguy1976]

Looking for a personal loan... 

I was leveraged about 2 months ago (I had a few cards over 50%) and had credit in the 690s but Pen Fed turned me down for a PL saying I had too high of balances. This wasn't a reason given but I am new with Pen Fed. I have a personal loan with Amex for $25k which this month will only be $9500 left.)

I got some family money and paid things way down and my CC balances are at about 17% about to be 11% (they were 34% before when I applied).  Scores are now EX 771 TU 768 and EF 764.

I deposited 10k into my Pen Fed last month and got a statement for last month showing it. 

I have 2 cards with NFCU (29k and 22k and a 15k PLOC) with low balances $0, $7k and $4k... 7 year relationship which includes paid off car.

I have read NFCU has the bigger limits and Pen Fed the lower rates. Does Pen Fed ask for income docs? 

Thanks for any advice before I do this!!

165k in cards - 24k in usage as of today - will be 18k on the 11th (3 days away) cut date.

[cashorcharge]

Happy you've been able to pay stuff down. Congrats!

While I have not applied for a loan, I have gotten 2 CC's with them recently and no POI was requested. 

I also have an account with NFCU and while I'm starting my relationship with them, they actually gave me a better APR on my first card.

[caliguy1976]

Thanks. Hmm. A few months ago, I had just popped $100 into a Pen Fed account and then applied a few days later. I am not really looking for new cards as I have too many as it is. Is that blasphemy in this forum?  

[cashorcharge]

Ultimately it depends on what your goal is with the additional credit

Ive found PenFed easy to deal with and generous lately as you'll read in the Approvals Thread. I wouldn't necessarily encourage huge balance transfers in this economic climate as some have reported "getting approved" then it flipping at the BT time. 

If your looking for extra credit room, trying PenFed may be a good approach. Their GOLD card has the lower APR...but no rewards....while the Power Cash Rewards offers % back

You can also check out the Personal Finance Threads as well regarding ways to consolidate debt...if that's the goal. 

[chiefone4u]

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@caliguy1976 wrote:

Looking for a personal loan... 

I was leveraged about 2 months ago (I had a few cards over 50%) and had credit in the 690s but Pen Fed turned me down for a PL saying I had too high of balances. This wasn't a reason given but I am new with Pen Fed. I have a personal loan with Amex for $25k which this month will only be $9500 left.)

I got some family money and paid things way down and my CC balances are at about 17% about to be 11% (they were 34% before when I applied).  Scores are now EX 771 TU 768 and EF 764.

I deposited 10k into my Pen Fed last month and got a statement for last month showing it. 

I have 2 cards with NFCU (29k and 22k and a 15k PLOC) with low balances $0, $7k and $4k... 7 year relationship which includes paid off car.

I have read NFCU has the bigger limits and Pen Fed the lower rates. Does Pen Fed ask for income docs? 

Thanks for any advice before I do this!!

165k in cards - 24k in usage as of today - will be 18k on the 11th (3 days away) cut date.

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When I got my personal loan late last year PenFed requested POI, as always YMMV... most likely different requirements for different profiles. 

[M_Smart007]

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@caliguy1976 wrote:

Looking for a personal loan... 

I was leveraged about 2 months ago (I had a few cards over 50%) and had credit in the 690s but Pen Fed turned me down for a PL saying I had too high of balances. This wasn't a reason given but I am new with Pen Fed. I have a personal loan with Amex for $25k which this month will only be $9500 left.)

I got some family money and paid things way down and my CC balances are at about 17% about to be 11% (they were 34% before when I applied).  Scores are now EX 771 TU 768 and EF 764.

I deposited 10k into my Pen Fed last month and got a statement for last month showing it. 

I have 2 cards with NFCU (29k and 22k and a 15k PLOC) with low balances $0, $7k and $4k... 7 year relationship which includes paid off car.

I have read NFCU has the bigger limits and Pen Fed the lower rates. Does Pen Fed ask for income docs? 

Thanks for any advice before I do this!!

165k in cards - 24k in usage as of today - will be 18k on the 11th (3 days away) cut date.

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@caliguy1976 

Penfed has a SP loan prequal link somewhere?

Neither Penfed or NFCU asked me for any docs or POI.

Penfed granted $25K at the lowest rate.

NFCU granted $10K @ a 3% higher rate than Penfed

Penfed

NFCU

[cashorcharge]

Great advice @M_Smart007 and thanks for sharing your experience with them 

I have never seen a PenFed Prequal link so of course, intrigued I tried to see if I could find it...couldn't 😏

[M_Smart007]

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@cashorcharge wrote:

Great advice @M_Smart007 and thanks for sharing your experience with them 

I have never seen a PenFed Prequal link so of course, intrigued I tried to see if I could find it...couldn't 😏

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@cashorcharge, Well I remembered where I had seen it, don't know if it is a targeted email offer?

Here is a list of other "SP" links ...

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-Soft-pull-PREAPPROVAL-Links-Updated-8...

[cashorcharge]

Yes, yes, yes...I got that email too last month. 
I remember thinking....nope don't need this...delete.  I guess I should save those for rainy days. 
Lesson learned. Thanks @M_Smart007 

[M_Smart007]

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@cashorcharge wrote:

Yes, yes, yes...I got that email too last month. 
I remember thinking....nope don't need this...delete.  I guess I should save those for rainy days. 
Lesson learned. Thanks @M_Smart007 

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@cashorcharge,

Yes, I learned my lesson years ago about saving emails.

Just never know when you have to go back for something.