PenFed auto loan

[Anonymous]

Alright so I'm purchasing a new car next month as I was T-boned a few months ago at a total loss. I had my loan through my own credit union at 4% but wanted to take advantage of PenFeds payment saver product. My fico scores are currently 660-680 with 100% on time payments, no baddies and a derog (pif collection) that finally falls off this winter. I just paid off all my credit card debt except for one cc which will take the year to pay off. Not sure how high my scores will be once MyFico finally decides to change the paid amount.
My income is $108k and asking for $55k in an auto loan. What do you guys think my chance of scoring the loan and at a decent rate is? Feel free to ask a y questions. Thanks guys

[jeffm4688]

I got approved for penfeds best rate on an auto saver with FICO around 680 (however their NG score for me was a 720). I didn't end up taking though as my CU does the same type of loan and on trucks(where penfed didn't). Rate was 2.2%

[Anonymous]

Nice good to know.

[RonM21]

I think your income will help your chances, combined with the score jump. That jump will depend on how much your utilization dropped. If your talking like 30-40% drop or more, it can be pretty decent.

[Anonymous]

So here's where I'm at. I have 4 credit cards witch only my venture card has a balance. ($13k of $15k limit) and a private loan I owe only $4k. Initially I was going to pay off my private loan but was worried my score would take a hit which obviously I don't want right now.
How should I approach this to gain the most points towards my fico or the NG2 score system they use??

[jeffm4688]

Can't speak for the NG2 system but you'll probably gain a higher amount of points paying down the venture based on what you said.

[Anonymous]

Yeah that's what I'm leaning towards as I took a big hit when I paid off my car loan. I'm hoping for a nice 20+ point bump

[Anonymous]

So plan of action? Should I pay as much of my venture card off or pay some of my private loan and some of my CC? The first chunk I can pay is $4k and maybe another $2k in Sept. What do you guys think

[Anonymous]

So in looking for ways to improve my fico score and gain the most points as quickly as possible I thought about paying off my venture card ($13k balance) with a private loan before I applied for my car loan in mid Sept. Is this a wise idea? From my understanding your better off paying CC debt completely than having a instalment loan on file. Is this correct? This obviously benefit me as it would cut down my interest rate by 13%