Hi all,
Those of you with pricey used car loans on older cars might like to know that Pen Fed will finance older cars using NADA vailues. I was just approved for refinancing of my 11 year old car that I bought six months ago. I get to pay off my Chase loan at 15.99% with 1.99% money from Pen Fed. My payment is dropping by almost $100. I am pretty thrilled.
Pen Fed recently denied me for their Promise Visa, which was disappointing, but they used that same credit report for this loan app, so no hard inquiry.
I had pretty much resigned myself to the high interest rate until I could build a year's worth of history and then trade the car in for something else and get a better rate. Today is a good day!
@sterlingrose1 wrote:Hi all,
Those of you with pricey used car loans on older cars might like to know that Pen Fed will finance older cars using NADA vailues. I was just approved for refinancing of my 11 year old car that I bought six months ago. I get to pay off my Chase loan at 15.99% with 1.99% money from Pen Fed. My payment is dropping by almost $100. I am pretty thrilled.
Pen Fed recently denied me for their Promise Visa, which was disappointing, but they used that same credit report for this loan app, so no hard inquiry.
I had pretty much resigned myself to the high interest rate until I could build a year's worth of history and then trade the car in for something else and get a better rate. Today is a good day!
So they don't pull a new report if you applied for a Credit Card within the past 90 days?
Yes, that is my understanding from the customer service person I spoke to there. I said I didn't want a new hard inquiry and she looked at my record and said they would just use the report they pulled on May 19, and that this would be the case for 90 days after May 19. I read that elsewhere here on the forum, as well.
@sterlingrose1 wrote:Yes, that is my understanding from the customer service person I spoke to there. I said I didn't want a new hard inquiry and she looked at my record and said they would just use the report they pulled on May 19, and that this would be the case for 90 days after May 19. I read that elsewhere here on the forum, as well.
lol I guess you have to notify them first not to pull. I just applied for an auto loan and they pulled another report! I got denied on 5/23/2015 lol oh well
hmmm, that's odd. I've been a member for at least five years. Maybe it was indeed the fact that I said I didn't want another hard pull that alerted them to the fact that I had a recent credit pull on file.
In other similar news, I was approved for a Synchrony store account, so I thought why not get an Amazon store card on the same hard pull. Wrong. They pulled again (but they approved me, so that's good).
@Anonymous wrote:
@tonyjones wrote:
@sterlingrose1 wrote:Yes, that is my understanding from the customer service person I spoke to there. I said I didn't want a new hard inquiry and she looked at my record and said they would just use the report they pulled on May 19, and that this would be the case for 90 days after May 19. I read that elsewhere here on the forum, as well.
lol I guess you have to notify them first not to pull. I just applied for an auto loan and they pulled another report! I got denied on 5/23/2015 lol oh well
It's 90 days from membership date which is when they do the HP. It's not 90 days after you make your first application (unless you did that on the date you joined). Anything you apply for after the 90 days window will result in another HP.
I got membership on 5/23/2015 so........ so your statement isn't true.
Hope you get your car loan. I told the CS person that I had been denied for the card, and she said it's pretty easy to get a collateralized loan - turned out to be true for me anyway!