Reply
Contributor
92SelfMade
Posts: 84
Registered: ‎07-28-2011

PenFed Refinance Questions

I have a quick question for anyone that has been approved for penfed autoloans or have experience is there anything penfed is looking for Right now I have about 2years and 6 months of credit history no new account or inquires within last 1 year 4 months and I have 5 credit cards and 1 installment loan and 1 autoloan which Im trying to refinance my utilization is around 30%

Established Member
Barris
Posts: 113
Registered: ‎12-04-2012

Re: PenFed Refinance Questions

PenFed usually looks for 2-4 years of perfect payment history as far as current auto loans on your record are concerned. A strong payment history is necessary and a low CU is a must although the specifics are more than sketchy. That is the basic straightline of the matter. A buddy of mine got denied with a CU of 5 percent while on the other hand, I tried for the same deal and got approved for $50,000 at 1.99 percent for 5 years. My CU was 15 percent. The only difference was that my buddy had a BofA charge off on an auto loan from 3 years ago.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+