I am trying to decide between applying for an auto refinance with Captial One and my local credit union. I think my local credit union would offer the best rate but I am unsure if I will be approved. Capital One pre-approved me with an interest rate of 9.4%. My current auto rate is 14.7% and I currently owe $16,000 at 72 months. I have had the car almost 2 years now and since I was able to but a substantial amount down, it is not upside down although I bought it brand new. My DTI is good, and I am in good standing on all credit cards and loans. My primary focus is to lower the terms but pay roughly the same monthly payment if necessary, although I wouldn't complain if it was lowered.
My question is how do I app for both and have the inquiry count as 1? I am trying to avoid multiple inquires if possible. I currently have roughly 5-7 on EQ, 5-7 TU, and 3 on EX. As you may have figured, I am in the rebuilding stage and have been for 6 months now. I have been able to raise my scores roughly 80 points but I still have a long ways to go. I inquired as to what scoring model they use at the credit union but they were only able to tell me that they use Equifax.
***Gardening 3/29/2018 until 9/25/2018***
@Appleman wrote:At any rate, going from 14.7% to 9.4% on $16,000 will reduce your interest by $3,177 over 6 years.
You don't list your scores so hard to make a prediction on approval.
By being selective with who you apply to you should be able to control the number of pulls.
At this point, you could call up the credit union and see if they will let you talk with an underwriter. They may have a better idea if you would qualify and for what rate. If they come back higher, go with Cap1.
I don't know which to list because they wouldn't tell me which scoring model they use. They are all in the low 6's though on Equifax with it being my lowest score of the three, unfortunately. I talked to the loan office but did not talk to an UW. She just told me to apply there or online.
Do you have a way in to Navy Fed? Broken record here, Penfed could be your best bet.
It's one pull for everything.
It's one pull for everything.
@Gmood1 wrote:
Do you have a way in to Navy Fed? Broken record here, Penfed could be your best bet.
It's one pull for everything.
The only person I have that is retired Air Force is an uncle and I don't think that qualifies. I've read quite a bit about Penfed on here but I have not joined. Do you think they would consider it with me being a new customer or do they like those with a more established relationship?
@A1Credit wrote:
@Gmood1 wrote:
Do you have a way in to Navy Fed? Broken record here, Penfed could be your best bet.
It's one pull for everything.
The only person I have that is retired Air Force is an uncle and I don't think that qualifies. I've read quite a bit about Penfed on here but I have not joined. Do you think they would consider it with me being a new customer or do they like those with a more established relationship?
Yes anyone can join Penfed. My brother got our 1st cousin in Navy. He just took her to a local branch and told them she was his cousin and wanted to make her a member. She's now a member. lol
Maybe your Uncle can do the same for you? It's worth a shot if he's a member.
She apped for her first real CC last week and was approved .
@Gmood1 wrote:
@A1Credit wrote:
@Gmood1 wrote:
Do you have a way in to Navy Fed? Broken record here, Penfed could be your best bet.
It's one pull for everything.
The only person I have that is retired Air Force is an uncle and I don't think that qualifies. I've read quite a bit about Penfed on here but I have not joined. Do you think they would consider it with me being a new customer or do they like those with a more established relationship?
Yes anyone can join Penfed. My brother got our 1st cousin in Navy. He just took her to a local branch and told them she was his cousin and wanted to make her a member. She's now a member. lol
Maybe your Uncle can do the same for you? It's worth a shot if he's a member.
She apped for her first real CC last week and was approved .
Thanks for the advice! Unfortunately, they live in another state but I will be sure to ask him to do it on my next visit, which will be shortly. He most definately a member.
What are your current Fico scores? Penfed isn't as consvervative as they use to be. Their rate might just beat your local CU.
@Gmood1 wrote:What are your current Fico scores? Penfed isn't as consvervative as they use to be. Their rate might just beat your local CU.
Remember I am in the rebuidling stage...My current auto fico 8 scores are: EQ 593 TU 601 EX 585 I want to cry
. I don't know why my auto scores are so low. My mortgage scores are all in the mid 600s. What gives? I remember the days when I would get 2.9% from NMAC.
Ah..ok..yeah you want to be in the mid 600s before apping with PenFed on a auto loan. I know how it is..been there done that as well. Good thing is..it's all temporary.