PenFed Refinance?

[Nahgee]

No worries on the questions. I got my score through Cap1 360. I had a BK discharged in Sep 2013, but I have student loans from 2005, everything else from the bk going forward has been all on time payments, and typically low utilization.

DCU denied me twice as well bc of my BK (they pulled eq and ex) the credit union I just left was okay but the interest rate was horrible.

[Anonymous]

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@Nahgee wrote:
No worries on the questions. I got my score through Cap1 360. I had a BK discharged in Sep 2013, but I have student loans from 2005, everything else from the bk going forward has been all on time payments, and typically low utilization.

DCU denied me twice as well bc of my BK (they pulled eq and ex) the credit union I just left was okay but the interest rate was horrible.

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How did you get the PenFed Membership? 

sounds like you have a long credit history but mine only about 1 year 3 months.
 

[Hoya08]

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How did you get the PenFed Membership?
 

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Join 1 of 2 associations affiliated with PenFed.  It's a cheap 1-time due, $14 or $15.

[Nahgee]

I joined one of the associations as stated above.

[Anonymous]

thanks a lot for the information guys. will try to join with PenFed soon. about 3 months ago I tried to refinance my auto loan with DCU with FICO score of 674 and I got approved rate of 3.99% but unfortunatly it was declined after the sending the paystubs etc. they said insufficent income for the required amount of auto loan. 

I make only 1.2K per month and then after, my credit limit increase by $6000. $1000 each for 4 credit cards and $2000 new credit card.

since that time credit score dropped to 645 and still remianing the same. and I do have 18 credit inquiries on my credit report.

[Anonymous]

How soon after buying a car can you refi with Penfed and what are the requirements and how high do scores need to be? Thanks

[Anonymous]

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@Anonymous wrote:

How soon after buying a car can you refi with Penfed and what are the requirements and how high do scores need to be? Thanks

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You can re-finance immediately, but your scores generally must be in the Good to Excellent range. Once your established with PenFed, they are more concerned that your income can meet your debt.

PenFed is considered a conservative lender, but they don’t play games and their rates are fixed based upon what kind of loan your asking. You either qualify or don’t, they don’t adjust the terms to your qualification level like many banks do.

[trant3]

As mentioned prior, PenFed is very conservative. Scores must be in the "good" range, I would say at least an EQ of 650 or above. They pull exclusively EQ and do not use the FICO 8 model. I recently refi with them, got 4.5% not what I wanted buy grateful to lower the APR. However, they did double pull by EQ for some reason, the CSR said it was due to risk based pricing since I didnt get the lowest terms . Overall, they're awesome, check was overnighted to me, loan was transfered over in no time. 

[Anonymous]

Thanks for the info, I googled credit unions in my area and called several today, spoke to one that said once we have our discharge papers we can probably refi with them, didn't matter how long we had the vehicle. Im going to wait until sept when we have the papers and then try to refi.