PenFed post discharge

[Anonymous]

I was recently discharged from my Chapter 13 after 3 grueling years, and have been banking with Penfed for about 2.5 years. I checked my Fico score through Penfed and it’s at a 690. I’m currently going through underwriting on my first home so after it’s done in a few weeks time I will be needing to buy a vehicle, and maybe open up a credit line with them. Is a 690 going to be good enough? Also, will they approve me 1 month post discharge? I already have a CLOC for 500 that I somehow was approved for mid chapter 13 so I’m encouraged to try. What do you think?

[Remedios]

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@Anonymous wrote:
I was recently discharged from my Chapter 13 after 3 grueling years, and have been banking with Penfed for about 2.5 years. I checked my Fico score through Penfed and it’s at a 690. I’m currently going through underwriting on my first home so after it’s done in a few weeks time I will be needing to buy a vehicle, and maybe open up a credit line with them. Is a 690 going to be good enough? Also, will they approve me 1 month post discharge? I already have a CLOC for 500 that I somehow was approved for mid chapter 13 so I’m encouraged to try. What do you think?

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I dont know much about Penfed but I'll bumping thread  as they may be others who were in the similar situation. 

[dytch2220]

Also not sure about PenFed, although I do have an account with them I've never applied for credit through them.

I can tell you that I got financed for an auto loan with a credit score of 634 through Navy FCU at 7.09%.  That was liveable for me and I imagine you'd get better.  If you don't get approved through PenFed you may want to consider Navy assuming you're eligible.  Not sure how the discharge will impact you.  Also, I have a reasonably high income with very low rent and no payments to speak of so DTI was probably a factor that helped me.

[Queen_Etherea]

PenFed approved me for an used auto loan back when my scores were in the 580's. They would only approve me for $15,000, though. I also had a collection on my EQ report at that time. They actually gave me a decent rate as well. No one else would even give me $1,000 let alone $15k.